OFFSHORE FOREX BROKERS
This is our 14th Year on the Babypips Forum
Here is an updated list of the offshore brokers vetted so far in this thread, and the results of our inquiry into whether these brokers will open new accounts for U.S. residents, given the current regulatory regime imposed by the CFTC on retail forex trading in the United States.
A retail forex broker domiciled in a jurisdiction outside the U.S.,
not subject to the regulations of the U.S. CFTC and/or NFA.
Information on platforms, initial deposit, leverage, and spreads was obtained from broker websites. In some cases, this information is not readily retrievable. If you are able to fill in any of the missing information below, please do.
Some brokers offer more than one type/size of forex account (micro, mini, etc.). In each of the listings below (unless noted otherwise), the account referenced is the account requiring the smallest initial deposit.
Several brokers in Group 1 accept bitcoin (or other cryptocurrencies) for deposit and withdrawal. Several brokers host cryptocurrency trading. In the listings below, cryptocurrency particulars are shown for these brokers.
It is not practical to show spreads for all currency pairs, for each broker. Instead, two spreads — for the EUR/USD and the GBP/JPY — are shown for each broker, as a rough representation of their spread menu.
Email and telephone contact info is included for each broker in Group 1 for those who wish to make their initial contact without visiting the broker’s website. For information on this option, see THIS POST
Three of the brokers in Group 1 are designated as Trusted Brokers 
. In each case, the designation of Trusted Broker was determined by a consensus of thread participants — primarily participants who trade live accounts with the broker being vetted. Each of our Trusted Brokers was judged to be exemplary based on these criteria: (1) honesty and transparency in advertising their services, and in handling the funds and executing the trades of their clients; and (2) compliance with the laws and regulations of the countries in which they are domiciled. For some background on the selection of our Trusted Brokers, see THIS POST
EUROPE
• Renesource Capital (Latvia)
Type: STP/ECN multi-asset broker
Regulator: ESMA (European Securities and Markets Authority), and FCMC (local regulator in Latvia) — Investor Protection Law ensures clients to 90% of loss in the event of broker insolvency
Account types: accounts for forex trading: FX Micro (to 2,000 USD balance), FX Classic, and FX Pro — account types for trading stocks, ETF’s, bonds, commodities, options, and CFD’s (refer to website)
Account currencies: EUR, USD (all forex accounts)
Instruments: FX (90 pairs), gold, and silver (all forex accounts)
Platforms: forex: MT4. MT4 mobile — other instruments: Integral, Currenex, and JTrader (see website)
Minimum initial deposit: 10 USD (FX Micro), 500 USD FX Classic, 1,000 USD FX Pro
Maximum leverage: 100:1 (all forex accounts)
Minimum position size: one micro-lot (0.01 std lot), applies to fx and metals
Spreads: website says “interbank spreads from 0 pips” all forex accts — see MT4 platform for spreads
Commissions: no commission on FX Micro or FX Classic — 5 USD per std lot, round-turn, on FX Pro
Swaps: yes
Cryptocurrencies: no
Terms and Conditions: LINK
Website: Renesource Capital
Email: [email protected]
Telephone: +371 67 092 737 (Latvia)
AFRICA / MIDDLE EAST / PERSIAN GULF
• HankoTrade (Seychelles)
Type: NDD (no dealing desk) with STP/ECN execution
Regulator: not regulated
Account types: STP, ECN, ECN Plus (Islamic option available on all acct types)
Account currencies: USD, EUR, and CAD
Instruments: FX (62 pairs), gold, silver, WTI, Brent, indices (4), and cryptos (9 pairs)
Platforms: MT4 (desktop, web-trader, Android, and iOS)
Minimum initial deposit: 10 USD (STP account) — 100 USD (ECN acct) — 1,000 USD (ECN Plus acct)
Maximum leverage: 500:1 (all accounts)
Minimum position size: one micro-lot (0.01 std lot) all accounts
Spreads: from 0.7 pip (STP account) — from 0.0 pip (ECN and ECN Plus accounts)
Commissions: zero USD (STP account) — 4 USD per std lot, round-turn (ECN account) , and 2 USD per std lot, round-turn (ECN Plus account)
Swaps: yes, except accounts with Islamic option
Cryptocurrencies: Bitcoin plus 7 altcoins accepted for deposit and withdrawal —Trading hosted in 9 cryptocurrency pairs
Terms and Conditions: LINK
Website: https://hankotrade.com/
Email: [email protected]
Telephone: (available on a call-back basis only)
CARIBBEAN / CENTRAL AMERICA
• AAFX (St. Vincent and the Grenadines)
Type: market-maker (Fixed Accounts), ECN (ECN Accounts)
Regulator: not regulated
Account types: Fixed, ECN, and VIP
Account currencies: USD, EUR, and GBP — segregated client funds
Instruments: FX (62 pairs), gold and silver, oil and gas, commodities (13), stock indices (11), bitcoin (2)
Platforms: MT4 (PC, mobile, tablet, and web trader), and MT5 (PC, Mac, mobile and tablet)
Minimum initial deposit: 100 USD for Fixed Account and ECN Account, 20k USD for VIP Account
Maximum leverage: 2000:1 (for accounts up to 20k USD), 1000:1 (for accounts over 20k USD)
Minimum position size: one micro-lot (0.01 std. lot)
Spreads: EUR/USD 2 pips, GBP/JPY 5 pips (Fixed acct) —
— EUR/USD 0.8 pip, GBP/JPY 2.6 pip ECN acct
Commission: no commissions (even on so-called ECN accounts)
Swaps: all accounts are swap-free
Cryptocurrencies: Bitcoin accepted for deposit and withdrawal (minimum 100 USD equivalent) — trading hosted in BTC/USD and BTC/EUR
Terms and Conditions: LINK
Website: https://www.aafxtrading.com/
Email: [email protected] and [email protected]
Telephone: none provided
• CedarFX (St. Vincent and the Grenadines) – recent listing
Type: Market-maker
Regulator: not regulated
Account types: Zero Commission Account, and Eco Account (with optional voluntary commission)
Account currencies: USD, GBP, EUR, and BITS (bitcoin)
Instruments: 55 FX pairs, 34 crypto pairs, 64 stocks, 10 indices, plus precious metals, and oils
Platform: MT4
Minimum initial deposit: 10 USD in bitcoin, or 50 USD by credit or debit card or bank wire
Maximum leverage: 500:1 on FX pairs and metals, 200:1 on indices and commodities, 100:1 on crypto pairs, and 20:1 on stocks
Minimum position size: one micro-lot (0.01 std lot)
Spreads: EUR/USD 0.6 pip, GBP/JPY ________
Commissions: none (except voluntary $1 comm per lot to support environmental causes, if selected)
Swaps: yes, on all accounts
Cryptocurrencies: various tradable crypto pairs; bitcoin only for deposit / withdrawal
Terms of Business: https://www.cedarfx.com/terms-and-conditions/
Website: cedarfx.com
Email: (address not disclosed)
Telephone: (available on a call-back basis only)
• Coinexx (St. Vincent and the Grenadines) — Trusted Broker
Type: ECN
Regulator: not regulated
Account types: Pro ECN Account — Segregated customer funds
Account currencies: Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and USD
Instruments: FX (60 pairs), metals, oil and gas, stock indices, and cryptocurrencies
Platforms: MT4, and MT5
Minimum initial deposit: 0.001 BTC (or equivalent) — equals roughly 11 USD at current BTC/USD price
Maximum leverage: 500:1 on forex, metals, energies, and stock indices — 5:1 on cryptos
Minimum position size: one micro-lot (0.01 std lot)
Spreads: ECN spreads, without retail mark-up
Commissions: 2 USD per std lot, round-turn
Swaps: yes
Cryptocurrencies: Deposits, withdrawals, and trading in more than 25 cryptocurrencies including Bitcoin, major altcoins, Bitcoin cross assets, etc.
Terms and Conditions: LINK — Note: this document pertains to the Coinexx website, not to Coinexx trading accounts — no other document is provided by Coinexx Support
Website: LINK
Email: LINK
Telephone: none provided
• FxGlory (St. Vincent and the Grenadines)
Type: market-maker, NDD execution model on all account types
Regulator: not regulated
Account types: Standard, Premium, VIP, and CIP
Account currency: USD (only) — Segregated client funds
Instruments: FX (34 pairs), metals, and oil
Platforms: MT4, MT4 WebTrader, and MT4 Mobile (iPhone and Android)
Minimum initial deposit: 1 USD (standard account)
Maximum leverage: 3000:1 (standard account)
Minimum position size: one micro-lot (0.01 std. lot)
Spreads: EUR/USD 2 pips, GBP/JPY 7 pips
Commissions: no
Swaps: all accounts are swap-free
Cryptocurrencies: Bitcoin, Etherium, Litecoin, Ripple, and others accepted for deposit and withdrawal — discounts (up to 10%) available on crypto deposits to offset USD/crypto volatility
Terms and conditions: LINK
Website: https://fxglory.com/
Email addresses: [email protected] and [email protected]
Telephones: +(1) 888 345 6995 (US, toll-free), and +(44) 800 086 9296 (UK, toll-free)
• ProsperityFX (St. Vincent and the Grenadines)
Type: STP/ECN
Regulator: not regulated
Account types: Standard, PRO, VAR, and Mini – Islamic accounts are available
Account currencies: USD, EUR, GBP, and BTC
Instruments: FX, stocks, indices, commodities, and cryptos
Platform: MT4
Minimum initial deposit: 10 USD via bitcoin – 50 USD via credit/debit card
Maximum leverage: 500:1
Minimum position size: one micro-lot (0.01 std lot) all accounts
Maximum position size: 1,000 std lots
Spreads: EUR/USD 0.8 pip, GBP/JPY 1.0 pip
Commissions: ___________________
Swaps: on all accounts (except Islamic) – Islamic accts incur service fees in lieu of swaps
Cryptocurrencies: ___________________
Terms and Conditions: Terms & Conditions | ProsperityFX
Website: https://prosperity4x.com/
Email: [email protected]
– or contact via this webpage: Contact ProsperityFX Customer Care - Get in Touch
Telephone: not disclosed – call-back available via this webpage:
– Request a Call Back - ProsperityFX We'll be in touch very shortly
• EagleFX (Dominica) — Trusted Broker
Type: ECN/STP
Regulator: not regulated
Account types: ECN/STP (ECN execution for forex, STP execution for other instruments)
Account currencies: USD, EUR, GBP, and BITs (note: one BIT = 0.000001 BTC)
Instruments: FX (55 pairs), spot metals (4), spot energies (2), shares (64), indices (11), and cryptocurrencies (50 pairs)
Platforms: MT4 (for PC, iOS, and Android), and Web Trader
Minimum initial deposit: 10 USD
Maximum leverage: 500:1
Minimum position size: one micro-lot (0.01 lot)
Spreads: ECN spreads, without retail mark-up
Commissions: 6 USD, EUR, or GBP per std lot, round-turn, for accts denominated in fiat currencies, and 600 BITs per std lot, round-turn, for bitcoin accounts
Swaps: yes
Cryptocurrencies: Bitcoin accepted for deposit to bitcoin accts, and (after conversion) to fiat accts — trading hosted in 50 cryptocurrency pairs
Terms and Conditions: LINK
Website: https://www.eaglefx.com/
Email: (address not disclosed)
Telephone: (available on a call-back basis only)
PACIFIC / ASIA
• LQDFX (The Marshall Islands) — Trusted Broker
Type: STP (Micro, Gold, and Islamic accounts) / ECN (VIP and ECN accounts)
Regulator: not regulated
Account types: Micro, Gold, ECN, VIP and Islamic
Account currencies: USD and EUR — Segregated customer funds
Instruments: FX (71 pairs), Indices (12), Commodities (5), and Spot Metals (4)
Platforms: MT4
Minimum initial deposit: 20 USD (Micro and Islamic accounts)
Maximum leverage: 500:1 (Micro account)
Minimum position size: one micro-lot (0.01 std lot) on all accts (except VIP acct – 0.1 std lot)
Spreads: EUR/USD 1.2 pip, GBP/JPY 3.7 pips (Micro account) —
— EUR/USD 0.1 pip, GBP/JPY 1.6 pip (ECN account)
Commissions: 7 USD per std lot, round-turn (ECN acct) — 5 USD per std lot, round-turn (VIP acct)
Swaps: yes, except Islamic account
Cryptocurrencies: Bitcoin and Litecoin accepted for deposits and withdrawals
Account Opening Agreement: LINK
Website: https://www.lqdfx.com/en/
Email: [email protected]
Telephone: +44 2035988261 (UK)
Historical Notes
During the first year of this thread – from September 2010 to September 2011 – we found and listed over 100 offshore brokers who (at that time) would accept new U.S. clients. One by one, all of those brokers – except one – have caved to pressure from the CFTC to sever ties with their U.S. clients. Of those original 100+ brokers, only Renesource Capital remains on the current List.
In late 2011 and early 2012, we added several brokers to our List – only one of which, FxGlory, survives to this day.
Then, for 3½ years, none of the new offshore brokers we found and added to our List managed to stay on our List, again, due to the threats and intimidation of the CFTC — aided and abetted by various regulatory agencies in other countries acting in concert with the CFTC — which was (and is) bringing pressure to bear on any foreign broker who dares to do business with Americans.
Between 2016 and 2018, we were able to add and retain four new offshore brokers: LMFX, LQDFX, Turnkey Forex, and Coinexx.
In 2019, we added EagleFX to our List. Unfortunately, Real Trade, a broker which had been on our List for more than 7 years, went out of business and was removed from the List in October 2019.
In 2020, we added three new brokers — AAFX, HankoTrade, and SageFX. And we designated two new Trusted Brokers – LQDFX and EagleFX. Unfortunately, we lost three brokers in 2020 – CryptoRocket, Trader’s Way, and FX Choice – all three now refusing to host new U.S. clients.
In 2021, we lost 2 brokers. and added one broker. In the loss column, FXBrew (on our List since August 2019) has gone out of business; and PaxForex (one of our legacy brokers, dating back to 2011) no longer accepts U.S. clients. In the plus column, in March 2021, we added ProsperityFX, which became (at that time) the eleventh broker on our List.
In 2022, our List remained unchanged through October. In November, we removed Sage FX, after being informed that they will no longer host new U.S. clients. Then in December, we added Cedar FX, restoring the total number of Group 1 brokers to eleven.
So far in 2023, we have removed Turnkey Forex (on our List since January 2018), now out of business, and LMFX (on our List since January 2016), no longer accepting new U.S. clients. The List now contains nine brokers in Group 1.
We continue to monitor the performance of our offshore brokers to be sure that they continue living up to the standards that got them onto the List. And we continue to look for new offshore brokers who meet our criteria.
Here is a list of our Group 1 brokers, arranged in chronological order according to the dates on which they were added to our List. Three of the nine brokers on our List have been designated as Trusted Brokers. Noted below are the dates on which those designations were made.
Renesource Capital (Latvia)
August 12, 2011 – mentioned for the first time in this thread
August 14, 2011 – added to Group 1
FxGlory (St. Vincent and the Grenadines) – previously domiciled in Dubai, UAE.
May 24, 2012 – mentioned for the first time in this thread
June 13, 2012 – added to Group 1
LQDFX (The Marshall Islands)
October 11, 2016 – mentioned for the first time in this thread
December 27, 2016 – added to Group 1
April 17, 2020 – designated Trusted Broker
Coinexx (St. Vincent and the Grenadines) – originally domiciled in Scotland, U.K.
June 21, 2018 – mentioned for the first time in this thread
June 24, 2018 – added to Group 1
January 20, 2019 – designated Trusted Broker
EagleFX (Dominica)
August 25, 2019 – mentioned for the first time in this thread
August 26, 2019 – added to Group 1
November 20, 2020 – designated Trusted Broker
AAFX (St. Vincent and the Grenadines)
April 8, 2020 – mentioned for the first time in this thread
June 17, 2020 – added to Group 1
HankoTrade (Seychelles)
September 27, 2020 – mentioned for the first time in this thread
October 1, 2020 – added to Group 1
ProsperityFX (St. Vincent and the Grenadines)
February 1, 2021 – mentioned for the first time in this thread
March 16, 2021 – added to Group 1
CedarFX (St. Vincent and the Grenadines)
January 28. 2021 - mentioned for the first time in this thread
December 15, 2022 - added to Group 1
— 2018 acquired Finpro Trading (UK)
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