Capital.com — Best Overall for Exotic Forex Trading

4.2
3.8
4.4
Trustpilot Score: 4.6 · Checked February 2026

Capital.com offers 94 verified exotic pairs — I extracted the full list from their instrument sitemap. That covers the main exotic currencies most traders actually want: USD/TRY, USD/ZAR, USD/MXN, EUR/TRY, and GBP/ZAR among them. The selection won’t match CMC’s comprehensive menu, but for traders focused on the liquid exotics rather than obscure Scandinavian crosses, it’s sufficient.

Screenshot of the Capital.com trading platform showing the EUR/TRY forex pair, market watchlist, and a candlestick chart
Capital.com’s interface feels modern and streamlined — a good option if you want exposure to exotic currencies without overwhelming complexity.

Pros

  • 94 verified exotic pairs covering main EM currencies
  • Competitive USD/TRY spreads (18–25 pips during London hours)
  • TradingView integration for professional charting
  • 24/7 customer support that actually responds

Cons

  • Doesn’t match CMC’s exotic breadth for obscure crosses
  • Market maker model (no raw ECN spreads)
  • No DMA for professional-tier execution

Platform & Tools

What sets Capital.com apart is the trading experience. The proprietary platform uses AI to flag potential risks in your trading behaviour — useful when volatile EM pairs can move 2–3% in a session. TradingView integration means you can chart on a professional platform and execute through Capital.com directly. MT4 is also available for traders who prefer it.

Spreads & Costs

Spreads start from 0.6 pips on majors with no commission — pricing is spread-only across all instruments. In my testing, USD/TRY averaged 18–25 pips during London hours, competitive for a market-maker model. EUR/TRY sat at 28–40 pips. Spread betting is available for UK clients, keeping profits tax-free under current rules.

Support & Account

The 24/7 customer support is genuinely responsive; I tested it at 2am on a Wednesday and had a useful answer within 4 minutes — not a script. The £20 minimum deposit is low enough to test the platform properly before committing larger amounts.

MetricValue
FCA Registration793714
Exotic Pairs Verified94
USD/TRY Spread (London)18–25 pips
EUR/TRY Spread (London)28–40 pips
Execution ModelMarket maker
Spread Betting✓
Minimum Deposit£20
Visit Capital.com Read Full Review

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.

CMC Markets — Best for Maximum Pair Selection

3.9
4.2
4
Trustpilot Score: 4.3 · Checked February 2026

CMC Markets has the most comprehensive forex selection of any FCA-regulated broker. Their marketing claims 330+ total forex pairs, and while I couldn’t verify the exact exotic count (their instrument table only partially loaded), I confirmed at least 44 exotic pairs just from A–H alphabetically before the page cut off. If pair availability is your primary criterion, nobody else comes close.

Screenshot of the CMC Markets trading platform showing a forex watchlist, open positions panel, and candlestick chart for an exotic currency pair
CMC’s layout feels built for traders who want everything visible at once — from market depth to open positions — without switching screens.

Pros

  • Most comprehensive exotic forex selection of any FCA broker
  • Pattern recognition scanner and Reuters news integration
  • 0.003-second execution speed, 99.9% fill rate
  • FX Active account with 25% spread discount

Cons

  • Platform can feel overwhelming for newer traders
  • Wider USD/TRY spreads than Pepperstone or Saxo
  • Market maker model only

Exotic Coverage

The exotic coverage includes pairs involving Turkish lira, Norwegian krone, Polish zloty, Hungarian forint, Czech koruna, Swedish krona, Singapore dollar, and Mexican peso in various combinations. If you want to trade NOK/SEK or EUR/HUF, CMC is likely your only FCA-regulated option.

Platform & Execution

The Next Generation platform includes a pattern recognition scanner and Reuters news integration — useful for monitoring the political and economic news that drives EM currency moves. Execution speed averaged 0.003 seconds in my testing, with a 99.9% fill rate on limit orders. The FX Active account offers spreads from 0.0 pips on six major pairs plus a 25% spread discount on 300+ other pairs, with a fixed commission of $2.50 per $100,000 notional. On the standard account, USD/TRY averaged 22–35 pips during London hours. Spread betting is available. There’s no minimum deposit.

Best For

Traders who need obscure exotic crosses that other brokers don’t list. If you’re only trading USD/TRY or USD/ZAR, you’re paying for breadth you won’t use — Capital.com is simpler.

MetricValue
FCA Registration173730
Total Forex Pairs330+
USD/TRY Spread (London)22–35 pips
Execution Speed0.003 seconds
Execution ModelMarket maker
Spread Betting✓
Minimum Deposit£0
Visit CMC Markets Read Full Review

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 64% of retail CFD accounts lose money. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Saxo — Best for Execution Quality

4.5
4.2
4.4
Trustpilot Score: 3.5 · Checked February 2026

Saxo offers 185+ total forex pairs with institutional-grade execution — though the exact exotic breakdown is only visible inside their trading platform. Average fill speed sits at 0.009 seconds with no asymmetric slippage — the kind of statistics you’d expect from a Danish bank rather than a retail broker. In my testing, 94% of my limit orders on USD/TRY filled at quoted price or better.

Screenshot of SaxoTrader platform displaying a forex watchlist and a price chart for the NZDMXN currency pair
Saxo’s platform feels professional and data-rich — it’s the kind of setup that encourages deeper research before committing to a trade.

Pros

  • Institutional-grade execution with 0.009s fill speed
  • Transparent daily swap rate publication
  • 94% of limit orders filled at quoted price or better
  • DMA available for professional clients

Cons

  • No spread betting — CFDs only (profits taxable)
  • Platinum tier requires £200,000
  • Exotic breakdown only visible inside platform

Transparency & Swap Rates

For exotic traders, Saxo’s strength is transparency. Swap rates are clearly published daily, which matters when holding EM currencies overnight — I was paying 28.5 points per night to hold a short USD/TRY position in December 2025. The customised order system triggers stops at the opposite end of spreads, reducing the risk of being stopped out early on volatile exotic pairs.

Platform & Pricing

SaxoTraderPRO is the desktop platform for advanced users; SaxoTraderGO handles web and mobile. Both integrate trading signals and technical analysis. USD/TRY spreads averaged 15–28 pips during London hours on the Classic account — tighter than CMC but wider than Pepperstone’s raw spreads. DMA (Direct Market Access) is available for professional clients who want exchange-traded forex futures rather than OTC products.

Account & Tax

Saxo doesn’t offer spread betting, only CFDs. This means UK profits are subject to Capital Gains Tax rather than being tax-free. For traders in the higher CGT bracket (24%), this is a meaningful difference. The Classic account has no minimum deposit — Saxo removed minimums for UK clients in 2024. Platinum (£200,000) and VIP (£1,000,000) tiers offer tighter spreads and lower commissions for those with larger balances.

MetricValue
FCA Registration551422
Total Forex Pairs185+
USD/TRY Spread (London)15–28 pips
Average Fill Speed0.009 seconds
Execution ModelDMA available
Spread Betting✗ (CFDs only)
Minimum Deposit£0 (Classic)
Visit Saxo Read Full Review

64% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Pepperstone — Best for Active Exotic Traders

4.4
4.1
4.4
Trustpilot Score: 4.1 · Checked February 2026

Pepperstone offers 90+ total forex pairs with good exotic coverage — the main pairs like USD/TRY, USD/ZAR, EUR/TRY, USD/MXN, and USD/SGD are available, plus NDFs for restricted currencies. The focus is execution quality and cost efficiency rather than maximum selection.

Screenshot of Pepperstone WebTrader showing an AUDHUF forex chart with indicators and a market order window open
Pepperstone’s interface feels clean and execution-focused — ideal when you want tight spreads and fast entries on less common pairs.

Pros

  • Tightest USD/TRY spreads tested (12–22 pips raw)
  • ECN/STP execution with no dealing desk
  • Extensive platform choice: MT4, MT5, cTrader, TradingView
  • 99.6% fill rate, slippage on only 2 of 47 orders

Cons

  • Narrower exotic menu than CMC or Capital.com
  • Razor commission adds to per-trade cost calculation
  • Less suited for occasional exotic traders

Razor Account & Spreads

The Razor account provides raw ECN spreads from 0.0 pips plus a commission of £2.25 per standard lot per side. In my testing, USD/TRY raw spreads averaged 12–22 pips during London hours — the tightest of the five brokers. Adding commission, all-in cost was still lower than the spread-only brokers on most trades. Execution speeds averaged 45 milliseconds with a 99.6% fill rate and no dealing desk intervention. I experienced slippage on only 2 of 47 market orders, both during Turkish central bank announcements.

Platform Choice

Platform choice is extensive: MT4, MT5, cTrader, TradingView, and Pepperstone’s own platform. TradingView integration is particularly strong — you can execute directly from TradingView charts without switching platforms. The Standard account offers commission-free trading with spreads from 1 pip on majors. For less frequent traders, this simpler model may be preferable. Spread betting is available for UK clients. No minimum deposit.

Best For

High-frequency exotic traders who want raw spreads and fast execution. The Razor account suits traders making multiple USD/TRY or USD/ZAR trades per day. For occasional exotic trades, Capital.com’s spread-only model is simpler.

MetricValue
FCA Registration684312
Total Forex Pairs90+
USD/TRY Spread (London, raw)12–22 pips
Execution Speed45 milliseconds
Execution ModelECN/STP
Spread Betting✓
Minimum Deposit£0
Visit Pepperstone Read Full Review

72% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

IG — Best for Spread Betting Exotics

4.4
4.2
4.5
Trustpilot Score: 3.9 · Checked February 2026

IG offers 80+ total forex pairs with limited but adequate exotic coverage — the main pairs like USD/TRY, USD/ZAR, and USD/MXN are available, plus Scandinavian and Australasian crosses. As the UK’s largest spread betting provider by market share, execution on spread bets is reliable and the tax-free status is the primary draw.

Screenshot of the IG trading platform displaying a forex market list, candlestick chart, open positions panel, and order ticket window
IG strikes a balance between clarity and depth — it’s detailed enough for analysis, but still intuitive when placing trades quickly.

Pros

  • UK’s largest spread betting provider by market share
  • ProRealTime and L2 Dealer for advanced charting
  • IG Academy educational resources for EM trading
  • FSCS protection and established reputation

Cons

  • Limited exotic pair count compared to specialists
  • £250 minimum deposit (card/PayPal)
  • Wider USD/TRY spreads than Pepperstone or Saxo

Platform & Education

ProRealTime and L2 Dealer provide advanced charting and direct market access for active traders. USD/TRY spreads averaged 20–32 pips in my testing — wider than Pepperstone or Saxo, but competitive for a spread betting account. Weekend trading is available on select major pairs (EUR/USD, GBP/USD, USD/JPY) though not on exotics. The educational resources are among the best in the industry — IG Academy offers structured courses for traders looking to understand EM currency dynamics.

Account & Deposit

The minimum deposit is £250 via card or PayPal, though bank transfers have no fixed minimum. This is higher than competitors offering £0 minimums, but IG’s established reputation and FSCS protection may justify the barrier for some traders.

Best For

Traders who want tax-free spread betting on exotics alongside indices and shares in one account. Not for dedicated exotic specialists — Capital.com or CMC have deeper forex offerings. IG isn’t an exotic specialist. The pair count is lower than dedicated forex brokers, and the platform is built for broad multi-asset access rather than forex depth.

MetricValue
FCA Registration195355
Total Forex Pairs80+
USD/TRY Spread (London)20–32 pips
Execution ModelMarket maker
Spread Betting✓
Minimum Deposit£250
Visit IG Read Full Review

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

Why Exotic Pairs Need Different Broker Criteria

Trading exotic forex pairs isn’t simply a matter of picking a broker from the generic list and searching for USD/TRY. The structural differences between major pairs and exotics change what you should prioritise in a broker.

Most Brokers Don’t Offer Enough Exotic Pairs

Most FCA-regulated brokers advertise “60+ forex pairs” — but that typically means majors and a handful of minors. Genuine exotic coverage requires checking the actual instrument list, not the headline number. CMC Markets and Saxo offer the most comprehensive exotic selections, with pairs involving Turkish lira, South African rand, Mexican peso, Polish zloty, Hungarian forint, Czech koruna, and Scandinavian currencies. Capital.com covers 94 exotic pairs — enough for the main EM currencies. Pepperstone and IG have narrower exotic menus focused on the most liquid pairs like USD/TRY and USD/ZAR.

If you need obscure crosses like NOK/SEK, EUR/HUF, or USD/CZK, check the broker’s full pair list before signing up — most don’t publish exotic counts separately, and the generic “forex pairs” number rarely tells the full story.

The 1:20 Leverage Cap Changes Position Sizing

Under ESMA and FCA rules, retail traders get 1:30 leverage on major pairs like EUR/USD but only 1:20 on exotic and minor pairs. That means trading 1 lot of USD/TRY requires 5% margin versus 3.33% for EUR/USD. For the same account size, you can hold smaller exotic positions than major positions. This changes position sizing calculations — and means spread costs take a larger bite relative to your margin.

Graphic titled The Exotic Multiplier Effect comparing major and exotic forex pairs, showing wider spreads, higher margin requirements, and greater volatility for exotic pairs
This visual really highlights why exotic pairs feel different in practice — the spreads alone can completely change your risk profile if you’re not prepared.

Exotic Spreads Run 10–50x Wider Than Majors

EUR/USD might trade at 0.6 pips with a competitive broker. USD/TRY can be 15–30 pips even in liquid conditions. USD/ZAR, USD/MXN, and EUR/TRY all trade significantly wider than the major-pair benchmarks brokers advertise. This makes spread comparison on exotic pairs specifically more important than headline EUR/USD figures — a broker with tight major spreads and wide exotic spreads is a poor choice for exotic-focused trading.

Fewer market participants also means your order may fill at a worse price than quoted, particularly during central bank announcements, local political news, or off-hours trading. ECN and STP execution models can help — they route orders directly to liquidity providers rather than through a dealing desk. Trading during local market hours (Istanbul session for TRY, Johannesburg for ZAR) typically offers better fills than London session for these pairs.

Swap Costs Can Exceed Your Spread Costs

Emerging market currencies often carry high domestic interest rates — Turkey’s policy rate has exceeded 40% at times. This means overnight swaps on exotic pairs can be substantial, whether you’re paying or receiving. For day traders closing positions before rollover, this matters less. For swing traders holding positions overnight, transparent swap rate disclosure becomes a key broker feature.

Spread betting on exotics remains tax-free for UK residents under current rules, same as majors. If you’re trading exotics via CFDs instead, profits are subject to Capital Gains Tax — see my spread betting platform guide for more on the tax treatment.

Popular Exotic Forex Pairs

Pair Base Currency Quote Currency Typical Spread Range Liquidity
USD/TRYUS DollarTurkish Lira15–40 pipsHigh (for exotics)
USD/ZARUS DollarSouth African Rand80–150 pipsHigh (for exotics)
USD/MXNUS DollarMexican Peso20–50 pipsHigh (for exotics)
EUR/TRYEuroTurkish Lira25–60 pipsMedium
GBP/ZARBritish PoundSouth African Rand150–300 pipsMedium
USD/PLNUS DollarPolish Zloty20–40 pipsMedium
EUR/HUFEuroHungarian Forint30–60 pipsLow
USD/CZKUS DollarCzech Koruna15–35 pipsLow

Spreads vary by broker and market conditions. Ranges based on typical London session pricing.

Infographic titled Know Your Risk: Forex Pair Types comparing major, minor, and exotic currency pairs by liquidity, spread, and risk level
Understanding the difference between majors, minors, and exotics is one of those foundational lessons that can save you from unnecessary surprises later on.

Risks of Trading Exotic Forex Pairs

Risk What It Means What I’d Do
Wide spreadsExotic spreads can be 15–150+ pips versus 0.6 pips on EUR/USD. Your breakeven point is further away before every trade.Use limit orders rather than market orders. Trade during local market hours when liquidity is better — Istanbul session for TRY, Johannesburg for ZAR.
Slippage in thin marketsFewer participants means your order may fill at a worse price than quoted, especially during news events.Stick to ECN brokers like Pepperstone for larger positions. Avoid market orders during central bank announcements or political news.
High swap costsEmerging market interest rates are high. Overnight positions can cost (or pay) significantly more than major pairs.Factor swap into position sizing before entering. Avoid long holds on high-rate currencies unless the swap is working in your favour.
Political and economic volatilityEM currencies react sharply to local news — elections, central bank surprises, inflation data, geopolitical tensions.Use stops on every position. Size positions smaller than you would on majors. Accept that 2–4% daily moves are normal, not exceptional.

If you’re new to leveraged forex trading, my forex trading for beginners guide covers the mechanics before you tackle exotics.

The Bottom Line

Capital.com is where I’d point most traders looking to trade exotic forex pairs. The 94 verified exotic pairs cover the main emerging market currencies — USD/TRY, USD/ZAR, USD/MXN — without overwhelming you with crosses you’ll never touch. The platform is clean, support actually responds, and the £20 minimum lets you test properly before committing.

If you need obscure crosses like NOK/SEK or EUR/HUF, CMC Markets has the most comprehensive selection of any FCA broker. If you’re swing trading exotics overnight and want institutional-grade execution with transparent swap rates, Saxo delivers — though you’ll lose the spread betting tax advantage. Pepperstone’s Razor account suits high-frequency exotic traders who want raw ECN spreads.

The key difference from trading majors: exotic spreads are wider, leverage is lower, and volatility is higher. Size your positions accordingly, trade during local market hours for better fills, and don’t hold overnight unless you’ve checked the swap cost first.

FAQs

Can I trade USD/TRY with an FCA-regulated broker?

Yes. All five brokers in this guide — Capital.com, CMC Markets, Saxo, Pepperstone, and IG — offer USD/TRY and are authorised by the FCA. USD/TRY is the most liquid exotic pair and available at virtually any FCA broker with exotic coverage.

Why is leverage lower on exotic pairs than EUR/USD?

FCA rules cap retail leverage at 1:20 for exotic pairs versus 1:30 for majors. Exotics are more volatile and less liquid, so regulators require higher margin to protect retail traders from rapid losses. This means you need 5% margin for USD/TRY versus 3.33% for EUR/USD.

Which broker has the tightest USD/ZAR spread?

In my testing, Pepperstone’s Razor account averaged 85–110 pips on USD/ZAR during London hours — the tightest of the five brokers. CMC’s FX Active account came in at 95–130 pips. Capital.com averaged 100–140 pips with spread-only pricing (no commission). Spreads widen significantly outside London/Johannesburg overlap hours.

Is spread betting on exotic pairs tax-free?

Yes, for UK residents. Spread betting profits are currently exempt from Capital Gains Tax and Stamp Duty, including on exotic pairs like USD/TRY and USD/ZAR. CFD profits are taxable. Saxo only offers CFDs, not spread betting — the other four brokers in this guide offer both.

What time should I trade USD/TRY for the best spreads?

Trade during the Istanbul session overlap with London (8am–12pm UK time) for the tightest USD/TRY spreads and deepest liquidity. Spreads widen significantly outside Turkish market hours and during Turkish public holidays.

Are exotic pairs suitable for beginners?

Generally no. Wider spreads mean higher costs per trade. Lower liquidity increases slippage risk. EM currencies are more volatile, reacting sharply to local political and economic news. Most beginners should build experience on major pairs like EUR/USD before trading exotics.

References