The most manipulated currency pairs and how to trade them

The most manipulated currency pairs (and how to trade them)

Forex markets aren’t always free – central banks and institutions frequently manipulate major currency pairs like USD/CNY and EUR/CHF. In this guide, you’ll learn:
✅ Which 5 pairs are most controlled (and why)
✅ How to spot manipulation signals (PBOC fixings, SNB speeches)
✅ Trading strategies to profit safely
✅ Top 5 brokers for navigating manipulated markets

The most manipulated currency pairs: USD/CNY, EUR/CHF, and more

The most manipulated currency pairs

Currency manipulation is a controversial yet real aspect of the forex market. While outright illegal manipulation is rare, central banks, hedge funds, and large financial institutions often influence exchange rates through interventions, monetary policies, and speculative trading.

Some currency pairs are more susceptible to manipulation than others due to economic policies, liquidity, and geopolitical factors. In this article, we’ll explore the most manipulated currency pairs, how they’re influenced, and trading strategies to navigate these waters.

 

USD/CNY (US Dollar vs. Chinese Yuan)

USDCNY

Why it’s manipulated

China has a long history of managing the yuan’s value to support its export-driven economy. The People’s Bank of China (PBOC) sets a daily “fixing rate” and intervenes in forex markets to prevent excessive volatility.

How to trade it

  • Watch PBOC announcements: Sudden changes in the fixing rate can signal intervention.
  • Trade around key levels: The yuan often moves in tight ranges; breakout strategies work when policy shifts occur.
  • Use options for hedging: Due to sudden interventions, options can protect against unexpected moves.

Hedging Forex trading: how to trade in falling markets

Example: In 2015, China devalued the yuan by nearly 2% overnight, catching traders off guard. Those monitoring PBOC signals could have positioned for a weakening yuan.

 

EUR/CHF (Euro vs. Swiss Franc)

EURCHF

Why it’s manipulated

The Swiss National Bank (SNB) is notorious for interventions. In 2015, they shocked markets by removing the 1.20 EUR/CHF peg, causing a 30% franc surge in minutes.

How to trade it

  • Avoid overleveraging: SNB actions can be sudden and extreme.
  • Follow SNB speeches: Hints about currency strength or weakness can precede moves.
  • Range trading with caution: The pair tends to stabilize between 0.95-1.05 unless SNB acts.

Forex risk management: effective strategies for safe trading

Example: After the 2015 peg removal, traders who shorted EUR/CHF with tight stops profited from the franc’s surge.

 

USD/JPY (US Dollar vs. Japanese Yen)

USDJPY

Why it’s manipulated

The Bank of Japan (BoJ) frequently intervenes to weaken the yen, helping exporters. They use verbal interventions, negative interest rates, and direct forex purchases.

How to trade it

  • Monitor BoJ statements: Phrases like “excessive volatility” signal potential intervention.
  • Trade with the trend (until intervention): USD/JPY trends well until BoJ steps in.
  • Use technical levels: Key supports/resistances (e.g., 150, 152) often trigger BoJ action.

Example: In 2022, Japan spent $60 billion defending the yen at 152—traders who faded the extreme move profited when intervention faded.

 

GBP/USD (British Pound vs. US Dollar)

GBPUSD

Why it’s susceptible to manipulation

While less direct than others, the Bank of England (BoE) and hedge funds influence GBP via rate policies and speculative attacks (like in 1992’s Black Wednesday).

How to trade it

  • Follow BoE policy shifts: Hawkish vs. dovish tones impact GBP sharply.
  • Beware of Brexit-like events: Political shocks cause extreme volatility.
  • Mean reversion at extremes: GBP/USD tends to revert after big drops (e.g., post-2016 Brexit crash recovery).

Forex mean reversion explained: strategies, indicators, and Top brokers

Example: In 2022, GBP crashed to 1.03 after Truss’s mini-budget but rebounded sharply when the BoE intervened.

 

USD/RUB (US Dollar vs. Russian Ruble)

USDRUB

Why it’s highly manipulated

Sanctions and capital controls make the ruble one of the most controlled currencies. Russia mandates exporters to sell forex earnings, artificially supporting the ruble.

How to trade it

  • Trade news-driven spikes: Sanctions or oil price changes cause sharp moves.
  • Avoid long-term positions: Government controls make trends unreliable.
  • Use CFDs with caution: Liquidity can vanish during crises.

Example: In 2022, USD/RUB spiked to 150 post-invasion but was forced back to 60 via capital controls.

 

Top 5 FX and CFD brokers to start trading

If you’re looking to trade manipulated currency pairs (or any forex/CFD instruments), choosing the right broker is crucial. Here are the top 5 brokers from your list, along with key details to help you decide:

XTB

✅ Best for: Low spreads, advanced traders, regulatory trust
🔹 Regulation: FCA (UK), KNF (Poland), CySEC (Cyprus)
🔹 Platforms: xStation 5 (award-winning), MT4
🔹 Spreads: From 0.1 pips (EUR/USD)
🔹 Leverage: Up to 1:30 (EU), 1:500 (Global)
🔹 Minimum deposit: $0 (no deposit required to open an account)
🔹 Bonus: Free educational resources, no commissions on some accounts

Why XTB?

  • One of the most trusted brokers in Europe.
  • Excellent trading tools and research.
  • No hidden fees on standard accounts.

98
Min. deposit
-
Min. Spread
0.5
Bonus
Max. leverage
1:500
Used by
656997+
Trading platforms
Own Platform
MetaTrader 4
MetaTrader 5
Web trader
Deposit methods
Bank Transfer, PayPal, Credit/Debit Cards, Neteller, Skrill
! Trading is a risky activity. Up to 69-80% of traders lose their money
Regulated by
FSC
CNMV
KNF
FCA
CySEC
98
Min. deposit
-
Max. leverage
1:500
Bonus
Used by
656997+
Min. Spread
0.5
Trading platforms
Own Platform
MetaTrader 4
MetaTrader 5
Web trader
Deposit methods
Bank Transfer, PayPal, Credit/Debit Cards, Neteller, Skrill
Regulated by
FSC
CNMV
KNF
FCA
CySEC
Broker type
Forex & CFDs
Open account
! Trading is a risky activity. Up to 69-80% of traders lose their money

 

AvaTrade

✅ Best for: Beginners, automated trading, global traders
🔹 Regulation: ASIC (Australia), FSCA (South Africa), CBI (Ireland)
🔹 Platforms: MT4, MT5, AvaTradeGO, DupliTrade (copy trading)
🔹 Spreads: From 0.9 pips (EUR/USD)
🔹 Leverage: Up to 1:400 (non-EU)
🔹 Minimum deposit: $100
🔹 Bonus: Free demo account, Islamic accounts available

Why AvaTrade?

  • Strong regulation and long-standing reputation.
  • Supports automated trading (Expert Advisors).
  • Great for beginners with a user-friendly app.

97
Min. deposit
50$
Min. Spread
0.1
Bonus
Max. leverage
1:400
Used by
350000+
Trading platforms
Web Platform
ZuluTrade
MetaTrader 5
MetaTrader 4
Deposit methods
Bitcoin, Sofort, UnionPay, Credit/Debit Cards, Neteller, Wire, Skrill
Regulated by
ISA
ADGM
FFA of Japan
FSA of Japan
FSCA of South Africa
Central Bank of Ireland
CySEC
FSC of BVI
ASIC
97
Min. deposit
50$
Max. leverage
1:400
Bonus
Used by
350000+
Min. Spread
0.1
Trading platforms
Web Platform
ZuluTrade
MetaTrader 5
MetaTrader 4
Deposit methods
Bitcoin, Sofort, UnionPay, Credit/Debit Cards, Neteller, Wire, Skrill
Regulated by
ISA
ADGM
FFA of Japan
FSA of Japan
FSCA of South Africa
Central Bank of Ireland
CySEC
FSC of BVI
ASIC

 

BlackBull Markets

✅ Best for: ECN trading, tight spreads, professional traders
🔹 Regulation: FMA (New Zealand), FSA (Seychelles)
🔹 Platforms: MT4, MT5, TradingView
🔹 Spreads: From 0.0 pips (ECN account)
🔹 Leverage: Up to 1:500
🔹 Minimum deposit: $0 (Standard), $200 (Prime ECN)
🔹 Bonus: No dealing desk execution, fast deposits/withdrawals

Why BlackBull?

  • True ECN broker with deep liquidity.
  • Ideal for scalpers and high-volume traders.
  • Supports crypto and commodities trading.

98
Min. deposit
-
Min. Spread
0.0
Bonus
Max. leverage
1:500
Used by
-
Trading platforms
Own Platform
Web Platform
MetaTrader 5
MetaTrader 4
Deposit methods
Bank Transfer, FasaPay, Credit/Debit Cards, Neteller, Skrill
Regulated by
FMA
FSA Seychelles
98
Min. deposit
-
Max. leverage
1:500
Bonus
Used by
-
Min. Spread
0.0
Trading platforms
Own Platform
Web Platform
MetaTrader 5
MetaTrader 4
Deposit methods
Bank Transfer, FasaPay, Credit/Debit Cards, Neteller, Skrill
Regulated by
FMA
FSA Seychelles
Broker type
Forex

 

eToro

✅ Best for: Social/copy trading, beginners, long-term investors
🔹 Regulation: FCA (UK), CySEC (Cyprus), ASIC (Australia)
🔹 Platforms: eToro’s proprietary platform
🔹 Spreads: Variable, starts at 1 pip (EUR/USD)
🔹 Leverage: Up to 1:30 (retail), 1:400 (pro)
🔹 Minimum deposit: $50 (varies by region)
🔹 Bonus: Free demo account, copy trading feature

Why eToro?

  • Best social trading platform (copy top traders).
  • User-friendly for beginners.
  • Offers stocks, crypto, and ETFs alongside forex.

98
Min. deposit
50$
Min. Spread
0.5
Bonus
Max. leverage
1:30
Used by
30000000+
Trading platforms
Own Platform
MetaTrader 4
MetaTrader 5
Web trader
Deposit methods
Trustly, iDEAL, Rapid, Klarna, Wire
! 61% of retail CFD accounts lose money.
Regulated by
FCA
CySEC
ASIC
98
Min. deposit
50$
Max. leverage
1:30
Bonus
Used by
30000000+
Min. Spread
0.5
Trading platforms
Own Platform
MetaTrader 4
MetaTrader 5
Web trader
Deposit methods
Trustly, iDEAL, Rapid, Klarna, Wire
Regulated by
FCA
CySEC
ASIC
Open account
! 61% of retail CFD accounts lose money.

Risk disclaimer: eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 61% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

This communication is intended for information and educational purposes only and should not be considered investment advice or investment recommendation. Past performance is not an indication of future results.

Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk.

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.

 

Exness

✅ Best for: High leverage, fast withdrawals, scalpers
🔹 Regulation: FCA (UK), CySEC (Cyprus), FSA (Seychelles)
🔹 Platforms: MT4, MT5, Exness Terminal
🔹 Spreads: From 0.0 pips (Raw Spread account)
🔹 Leverage: Up to 1:Unlimited (for some accounts)
🔹 Minimum deposit: $1 (Standard), $200 (Pro)
🔹 Bonus: Instant withdrawals, no requotes

Why Exness?

  • One of the highest leverage brokers available.
  • Lightning-fast execution (good for scalping).
  • Low minimum deposit makes it accessible.

96
Min. deposit
10$
Min. Spread
0.3
Bonus
Max. leverage
1:Unlimited
Used by
360000+
Trading platforms
Own Platform
Web Platform
MetaTrader 5
MetaTrader 4
Deposit methods
Bitcoin, Perfect Money, Credit/Debit Cards, Neteller, Wire, Skrill
Regulated by
FCA
FSCA of South Africa
FSA Seychelles
FSC Mauritius
CySEC
FSC of BVI
96
Min. deposit
10$
Max. leverage
1:Unlimited
Bonus
Used by
360000+
Min. Spread
0.3
Trading platforms
Own Platform
Web Platform
MetaTrader 5
MetaTrader 4
Deposit methods
Bitcoin, Perfect Money, Credit/Debit Cards, Neteller, Wire, Skrill
Regulated by
FCA
FSCA of South Africa
FSA Seychelles
FSC Mauritius
CySEC
FSC of BVI

 

Most manipulated currency pairs - FAQ

The USD/CNY is heavily controlled by China’s central bank (PBOC), which sets daily exchange rates. Learn how to trade it in our full guide. Use our broker comparison tool to find the best platform for CNY trading.
Through interventions (e.g., SNB’s 2015 EUR/CHF shock), interest rate changes, or capital controls. Discover real-world examples and strategies in the article. Ready to trade? Sign up with a regulated broker like XTB or AvaTrade for safety.
Yes! By trading breakouts (USD/JPY), hedging with options (USD/CNY), or fading extreme moves (GBP/USD). See our step-by-step tactics inside. New to trading? eToro’s demo account lets you practice risk-free.
USD/RUB, due to sanctions and sudden Russian capital controls. We explain how to navigate it (or avoid it). For high-risk pairs, Exness offers ultra-fast execution - start with a $1 deposit.
BlackBull Markets (ECN) and XTB (low spreads) excel for fast execution. Compare all 5 top brokers in our review.