HKD Forex Account
Compare brokers that accept the Hong Kong dollar (HKD) as a base currency for your Forex trading account.
By Stefan on 27/09/2023
FP Markets is a true ECN broker with razor-thin spreads and deep liquidity. Trade CFDs on over 1,000 stocks, indices, commodities and currency pairs through MetaTrader 4 or 5. FP Markets supports all trading styles and EAs.
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Brokers that accept HKD
Open a trading account denominated in HKD with FPMarkets.com, an international broker with tight spreads. Fund your account through an international bank transfer, Visa, MasterCard or even PayPal. FP Markets will credit your MT4 or MT5 account instantly, with no deposit fees. It will go one step further and cover any fees charged by your bank or other intermediaries, up to US$ 50, for international bank transfers over US$ 10,000.
About the Hong Kong Dollar
The Hong Kong Dollar, abbreviated as HKD, is the official currency of the Hong Kong Special Administrative Region. In 2022, it was the 9th most traded currency by volume, according to the Bank for International Settlements(1).
The Hong Kong Dollar was pegged to the US Dollar in 1983, and trades in a narrow range between 7.75 and 7.85 HKD to 1 USD(2). This system, known as the Linked Exchange Rate System (LERS), compels Hong Kong's Monetary Authority (HKMA) to align its monetary policy on that of the Federal Reserve.
The peg is and remains a cornerstone of Hong Kong's financial stability. However, the ability and desire of the HKMA to defend its currency's peg against the US Dollar has, for decades, been the subject of speculation. Rising tensions between China and the United States have cast fresh doubts over its future(3).
- 1. Bank for International Settlements. (2022). Triennial Central Bank Survey: Foreign exchange turnover by currency, 1989-2022. https://stats.bis.org/statx/srs/table/d11.3
- 2. Hong Kong Monetary Authority. Linked Exchange Rate System. https://www.hkma.gov.hk/eng/key-functions/money/linked-exchange-rate-system/
- 3. Financial Times. (2022). Hong Kong's Dollar Peg is on Increasingly Thin Ice. https://www.ft.com/content/a045f068-7639-4d75-ba71-63a1f62d6767
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