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Best Cross Currency Pair Forex Brokers

A cross currency pair refers to a currency pair or transaction which does not involve the U.S. dollar and a cross currency transaction, will not make use of the U.S. dollar as a contract settlement currency. Cross Currency transactions have become a part of everyday financial life.  Cross currency transactions make international payments easier and markedly cheaper. Because an investor does not have to swap the currency into U.S. dollars first, only one transaction will take place, which means only one spread is crossed. Cross currency pairs are excellent tools for forex traders.

 

 

 

 

The most traded currencies are considered to be:

 

  • euro
  • US dollar
  • Pound sterling
  • Australian dollar
  • New Zealand dollar
  • Canadian dollar
  • Swiss franc
  • Japanese yen

 

A cross currency pair is considered to be when two of the major currencies above are traded, excluding the US dollar.  By trading currency crosses, traders will give themselves more options for trading opportunities because these currencies are not bound to the U.S. dollar and will have different price movement behaviours.  Traders should note – currency crosses tend to be volatile due to lower liquidity.

 

Here is an overview of the 11 Best Cross Currency Forex Brokers and Trading Platforms available:

 

IC Markets

 

IC Markets is a regulated Forex ECN and CFD broker which offers more than 236+ financial instruments across Forex, Commodities, Indices, Bonds, Cryptocurrency, Stocks and Futures on the MetaTrader 4, MetaTrader 5 and cTrader platforms for desktop, web and mobile.  IC Markets is regulated by the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), as well as the Seychelles Financial Services Authority (FSA).

 

IC Markets Pros and Cons:

 

Pros Cons
Segregates client funds Limited range of instruments
Established in 2007 Not FCA Regulated
Regulated by ASIC  
Min. deposit from $200  

 

IC Markets offers traders three main types of live trading accounts to choose from, including  Raw Islamic swap-free accounts and the use of a free demo trading account.

 

IC Markets Trading Benefits include:

 

Trading Features: Accounts offered: Funding methods:
Allows scalping Demo account Credit cards
Allows hedging Mini account Bank Transfer
Offers STP Standard account PayPal
Low min deposit Zero spread account Skrill
  ECN account Neteller
  Islamic account  

 

Customer support is available 24/7 via Live Chat, Phone and Email.

 

XTB

 

XTB is a European broker which was founded in 2002, and has offices in 13 countries across the globe.  XTB is regulated by the UK Financial Conduct Authority (FRN 522157) and has been listed on the Warsaw Stock Exchange since 2016.

 

XTB is a fintech company which combines financial services with innovative technology and it offers clients two platforms to choose from:

 

  • xStation5
  • MT4

 

XTB Pros and Cons:

 

Pros Cons
Lowest FX spreads Does not accept U.S. clients
Regulated by FCA (U.K.) Non-FX spread costs are high
Offers protection for client accounts No guaranteed stop loss
Emphasis on customer service No back-testing or automated trading capabilities

 

Traders can choose from 25 crypto CFDs (9 individual coins or 16 crypto pairs) which are available 7 days a week (from 3am Saturday to 9pm Friday). Traders can buy or sell digital coins with 2:1 leverage and 365-day expiry.

 

XTB Trading Benefits include:

 

Trading Features: Accounts offered: Funding methods:
Allows scalping Demo account Credit cards
Allows hedging Micro account Bank Transfer
Offers STP Mini account PayPal
Low min deposit Standard account Skrill
Guaranteed stop loss Islamic account Payoneer
Offers Negative Balance Protection   Neteller

 

XTB support a wide range of languages including English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian, Turkish, Arabic, and Russian.

 

FP Markets

 

FP Markets is a global, online broker regulated by the Australian ASIC and the Cypriot CySEC which was founded in 2005 and offer Forex trading and has a head office situated in Australia. When starting off with FP Markets traders will need to make a minimum deposit of $100 and a demo account is on offer with a wide variety of instruments and currency pairs on offer.

 

Over 100 instruments and over 60 currency pairs in total is on offer, on the popular MT4 forex trading platform.  FP Markets also offers traders mobile apps for Android and iOS.

 

FP Markets Pros and Cons:

 

Pros Cons
Low Forex Fees High Stock CFD fees
Easy Account Opening Limited Product Portfolio
Quick Deposit and Withdrawal Outdated Platform

 

FP Markets Trading benefits include:

 

Trading Benefits Accounts Offered Funding Methods
Allows scalping Mini Bank Transfer
Allows hedging Standard Credit/Debit
Offers STP ECN Electronic Wallets
Low min deposit STP  
Offers Negative Balance Protection Managed  

 

All accounts support a wide range of languages including English, Spanish, Portuguese, Romanian, Bulgarian, Arabic, Russian, French, Italian, Greek, Philippines, Latvian, Polish, Indonesian, Thai, Malay, German, Vietnamese.

 

Customer Service is available via email, phone and live chat.

 

Roboforex

 

Roboforex are an online, global broker which was founded in 2009 and offers traders Forex and CFDs trading.  RoboForex is authorized and regulated by the International Financial Services Commission (IFSC) with license number IFSC/60/271/TS.

 

Roboforex Pros and Cons:

 

Pros Cons
Segregates client funds Limited range of instruments
Established in 2009 Not FCA Regulated
Regulated by IFSC Belize  
Min. deposit from $10  

 

When starting off with Roboforex traders will need to make a minimum deposit of $1 and there is an option available for a demo account for those who would like to get acquainted with the platform.  Roboforex can accommodate various levels of traders, from experienced to beginner, and they can trade a wide variety of instruments and currency pairs.  Roboforex offers over 100 instruments and over 35 currency pairs in total.   Roboforex offers traders both of the MetaTrader platforms; MT4 and MT5 plus the cTrader platform developed for traders.   Roboforex also offer mobile apps for Android and iOS.

 

Roboforex Trading Benefits Include:

 

Trading Benefits Accounts Offered Funding Methods
Allows scalping Micro Credit cards
Allows hedging Mini Bank Transfer
Offers STP Standard Payoneer
Low min deposit Zero Neteller
  ECN  
  STP  
  Islamic  

 

Customer support is available via phone, Webchat, Wechat, Skype, Viber, Telegram, Facebook chat, WhatsApp, email and a call-back request.

 

Pepperstone

 

Pepperstone was founded in 2010 and is regulated by the Australian Securities and Investments Commission (ASIC), as well as the UK’s Financial Conduct Authority (FCA).

 

Pepperstone Pros and Cons:

 

Pros Cons
Segregates client funds Limited range of instruments
Established in 2010  
Min. deposit from $200  

 

Trading platforms on offer include MetaTrader 4MetaTrader 5 and cTrader. All three FX trading platforms come with a free demo account which will allow traders to test out the forex broker and platform for 30 days.

 

Pepperstone Trading Benefits include:

 

Trading Features: Accounts offered: Funding methods:
Allows scalping Demo account Credit cards
Allows hedging Mini account Bank Transfer
Offers STP Standard account PayPal
Low min deposit MAM/PAMM account Skrill
Offers Negative Balance Protection Islamic account Payoneer
    Neteller

 

Pepperstone offers 24/5 multiple language support via email, phone and live chat.

 

EasyMarkets

 

EasyMarkets is one of the most popular choices for Beginners and is regulated by CSEC (Cyprus) and ASIC (Australia) and offers beginner forex traders:

 

  • Enhanced risk management tools as standard
  • Fixed spreads on all forex pairings
  • An easy-to-use forex trading platform

 

Pros Cons
Segregates client funds Doesn’t offer VPS
Established in 2003 Limited range of instruments

 

Regulated by CySEC and ASIC Not FCA Regulated
Min. deposit from $1  

 

The available trading platforms offered are MT4 and the EasyMarkets web platform.

 

EasyMarkets Trading Benefits include:

 

Trading Features: Accounts offered: Funding methods:
Allows scalping Demo account Credit cards
Allows hedging Micro account Bank Transfer
Low min deposit Mini account Payoneer
Guaranteed stop loss Standard account Neteller
Offers Negative Balance Protection Islamic account  

 

Customer Support is available 24/5 via  various chat channels, email, phone and web forms.

 

XM Group

 

XM Group (XM) is a group of regulated online brokers regulated by the Cyprus Securities and Exchange Commission.

 

XM Pros and Cons:

 

Pros Cons
• Low stock CFD and withdrawal fees • Limited product portfolio
• Easy and fast account opening • Average forex and stock index CFD fees
• Great educational tools • No investor protection for non-EU clients

 

XM offers traders more than 1000 financial instruments to trade on both the MT4 and MT5 platforms, including Forex Trading, Stocks CFDs, Commodities CFDs, Equity Indices CFDs, Precious Metals CFDs and Energies CFDsForex trading is available on over 55 pairs, including the major USD, GBP, EUR and JPY pairs.  Traders must take note that XM does not offer binary options or futures.

 

XM Trading Benefits Include:

 

Trading Features Accounts Offered Funding Methods
Negative Balance Protection Micro Wire Transfer
Low Spreads Standard Credit/Debit
Low Commission XM Zero Neteller
Hedging Allowed   UnionPay
Scalping Allowed   WebMoney
    Qiwi

 

Customer Service is available via live chat, Phone and email support.

 

FXPrimus

 

FXPrimus is an online broker founded in 2009 offering Forex trading, and Social Trading,

and is global broker with a head office in Cyprus.

 

  • Regulated by the Cyprus Securities and Exchange Commission (CySEC), The markets in financial instruments directive (MiFID)
  • Used by over 10,000 traders

 

FXPrimus Pros and Cons:

 

Pros Cons
Segregates client funds Limited range of instruments
Established in 2009 Not FCA Regulated
Regulated by CySEC, MiFID  
Min. deposit from $100  

 

FXPrimus has won numerous industry awards over the 11 years a wide variety of instruments and trading currency pairs.  FXPrimus offers over 125 different instruments to trade, including over 43 currency pairs.

 

FXPrimus Trading Benefits Include:

 

Trading Features: Accounts offered: Funding methods:
Allows scalping Demo account Credit cards
Allows hedging Micro account Bank Transfer
Offers STP Mini account Payoneer
Low min deposit Standard account Neteller
  ECN account  
  Managed account  
  Islamic account  

 

Customer Support is available via email, webform, phone and live chat.

Forex.com

 

Forex.com is a platform which can be used for trading foreign currencies and precious metals. Traders can trade over 80 currency pairs as well as silver and gold.

 

Forex.com Pros and Cons:

 

Pros Cons
Segregates client funds Doesn’t offer VPS
Established in 1999 Not ASIC Regulated
Regulated by Financial Conduct Authority  
Min. deposit from $50  

 

To open a live trading account, traders will need a minimum deposit of at least $50.

 

Forex.com Trading Benefits include:

 

Trading Features: Accounts offered: Funding methods:
Allows scalping Demo account Credit cards
Allows hedging Mini account Bank Transfer
Offers STP Standard account  
Low min deposit ECN account  
  Islamic account  

 

Customer support is available by phone, live chat, or email 24 hours a day during market hours.

 

City Index

 

City Index is a Spread Betting, CFD and Forex trading broker which is regulated by the UK Financial Conduct Authority (FCA)City Index offers traders the ability to trade on 12,000+ instruments covering Indices, Shares, Forex, Cryptos and Commodities, all on the MetaTrader 4 platform, the broker’s own proprietary, web-based HTML 5 trading platform or the AT Pro desktop download.

 

City Index Pros and Cons:

 

Pros Cons
Used by 140,000+ traders Doesn’t allow scalping
Established in 1983 Inactivity Fee
Regulated by Financial Conduct Authority, ASIC and MAS Limited range of instruments
Min. deposit from $25  
Used by 140,000+ traders  

 

City Index Trading Benefits include:

 

Trading Features: Accounts offered: Funding methods:
Allows hedging Demo account Credit cards
Offers STP Micro account Bank Transfer
Low min deposit Mini account Payoneer
Guaranteed stop loss Standard account  
  Managed account  

 

Customer support is available 24/5 via Live Chat, Telephone, Email and an Online Contact Form.

 

OctaFX

 

OctaFX is an online broker which was founded in 2011, offering Forex trading.  As OctaFX is regulated by the Financial Conduct Authority (FCA), each new client must pass a few basic compliance checks when signing up for an account.  OctaFX has won numerous industry awards over the course of 9 years and is one of the few brokers that offer both of the MetaTrader platforms; MT4 and MT5.

 

OctaFX Pros and Cons:

 

Pros Cons
Used by 300,000+ traders Doesn’t offer VPS
Established in 2011 Limited range of instruments
Regulated by FSA Not FCA Regulated
Min. deposit from $5  

 

OctaFX provides an array of educational tools to assist beginner traders to become more experienced and even professionals in trading.

 

OctaFX Trading Benefits include:

 

Trading benefits Accounts Offered Funding Methods
Allows scalping Demo account Credit cards
Allows hedging Micro account Bank Transfer
Offers STP Mini account Neteller
Low min deposit Standard account  
Guaranteed stop loss Zero spread account  
Negative Balance Protection STP account  
  Islamic account  

 

Customer Support is available 24/5 via Live Chat, Email, Phone, WhatsApp and an Enquiry Form across multiple languages including English, Indonesian, Hindi, Chinese and more.

 

In Conclusion –

 

While there may be a large number of costs associated with trading cross currency pairs, expanding into this area will provide traders with a number of benefits which can help them to generate multiple additional opportunities.

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

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