Which broker has the tightest spreads on USD/CNH and USD/HKD?
Verdict
- Pepperstone is our pick for Hong Kong traders who deal in USD/CNH or USD/HKD, but we can't call it the tightest: neither it nor Capital.com nor XS publishes an average spread for either pair in the data we verify.
- What tips it to Pepperstone is the account itself: HKD is a listed base currency, Razor commission can be paid in Hong Kong dollars (HK$28.17 per side), and its published averages on major pairs are among the lowest we can source.
- Pepperstone has no SFC licence; Hong Kong residents are served by Pepperstone Markets Limited in the Bahamas (SIA-F217).
- Before you trade, open both pairs in the platform and compare the live spread with the other brokers you are considering.
USD/CNH and USD/HKD are the two pairs Hong Kong traders follow most closely, and they are also the two where published pricing is hardest to find. We would rather say that than invent a ranking. This page sets out what we can verify, why Pepperstone is still where we would open the account, and how to test the spreads yourself.
Our pick is Pepperstone, with a data gap we won't hide
Pepperstone lists 93 FX CFDs on its international account table (March 2025 data), but our verified data does not break that list down by pair or give spreads for USD/CNH or USD/HKD. So we can't promise either pair is available on your account type, or what it costs. What we can verify is that Pepperstone's averages on the majors are tight, 0.1 pips on EUR/USD and 0.3 on USD/JPY for Razor, and that the account can run in Hong Kong dollars.
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What we could verify, and what we couldn't
| Pepperstone | Capital.com | XS | |
|---|---|---|---|
| USD/CNH average spread | Not published in our data | Not published | Not published |
| USD/HKD average spread | Not published in our data | Not published | Not published |
| HKD base currency | Yes | Not in our data | No (USD, EUR, JPY) |
| SFC licence | No | Not listed | Not listed |
Why an HKD account matters for these pairs
If you earn and spend in Hong Kong dollars, a USD-based account adds a conversion every time you deposit or withdraw. Pepperstone lists HKD among ten base currencies, and on Razor the commission is then charged in HKD at HK$28.17 per side rather than $3.50. Profits and losses on USD/HKD settle into the same currency you bank in.
How to test the spreads yourself
- Search for USD/CNH and USD/HKD in each broker's symbol list and confirm they are offered on your account type.
- Note the live spread during Hong Kong hours and again during the London session.
- Check the contract size and pip value: a pip on USD/HKD or USD/CNH is worth a different dollar amount from a pip on EUR/USD.
- Add the commission and the overnight swap if you plan to hold positions for days.
Account terms for a Hong Kong resident
- Pepperstone Markets Limited, Bahamas, SCB licence SIA-F217; no compensation scheme named.
- Retail FX leverage up to 1:200.
- Funding by card, e-wallet, crypto or bank transfer; no FPS method is published.
- Retail clients are not liable for a negative balance under the Bahamas terms.
Sources
Figures as published by each broker or regulator on its own site.
Does Pepperstone offer USD/CNH?
Our verified data does not list individual pairs beyond the majors. Search the symbol in Pepperstone's platform to confirm availability and the live spread.
Can I hold a Pepperstone account in HKD?
Yes. HKD is a listed base currency on Pepperstone's international funding page.
Is USD/HKD trading at Pepperstone regulated in Hong Kong?
No. Pepperstone holds no SFC licence; Hong Kong residents deal with its Bahamas entity.
Leveraged CFD trading carries a high risk of rapid losses and is not right for every investor. This article is information only, not a recommendation to trade and not investment advice. Verify costs and eligibility directly with the broker.