OFFSHORE FOREX BROKERS
This is our 15th Year on the Babypips Forum
Here is an updated list of the offshore brokers vetted so far in this thread. Our vetting process focused on finding offshore brokers who will open new accounts for U.S. residents, given the current regulatory restrictions 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.
denotesrecent changes in posts #1 and #2.
Brokers are listed according to the geographic regions in which they are registered (domiciled). Within regions, they are listed alphabetically.
Information on platforms, initial deposit, leverage, etc. was obtained from broker websites.
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.
Some brokers in Group 1 accept bitcoin (or other cryptocurrencies) for deposit and withdrawal. Some brokers host cryptocurrency trading. In the listings below, cryptocurrency particulars are shown for those brokers.
It is not practical to show spreads for all currency pairs, for each broker. In some cases, two spreads — for the EUR/USD and the GBP/JPY — are shown as a rough representation of a broker’s 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
One of the brokers in Group 1 is designated as a Trusted Broker 
. The Trusted Broker designation was determined by a consensus of thread participants — primarily participants who trade live accounts with that broker. Our Trusted Broker 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 country in which they are domiciled. For some background on the selection of Trusted Brokers, see THIS POST
EUROPE — we no longer have a broker domiciled in Europe
AFRICA / MIDDLE EAST / PERSIAN GULF
• Capital Street FX (Mauritius) — aka CSFX
Type: Market-maker (STP execution, all accounts except VIP); ECN (VIP account)
Corporate names: Capital Street Intermarkets Limited (Mauritius),
and Capital Street Bancclear Corporation (SVG)
Regulator: not regulated
Headquarters location: Port Louis, Republic of Mauritius
Account types: Basic, Classic, Professional, and VIP
Account currency: USD only (all acct types)
Deposit and Withdrawal options: see Your Way to Pay: Flexible Payment Methods
Instruments: FX (50+ pairs), commodities, bonds, ETF’s, shares, currency options, —
— stock index futures, and cryptos
Platforms: ACT Trader, and Fortex 7 (both in desktop and mobile versions)
Minimum initial deposit: 100 USD (Basic acct), 200 USD (Classic acct), 1000 USD (Professional acct), and 10000 USD (VIP acct)
Maximum leverage: from 100:1 to 3500:1 (for FX - all acct types) - for other instruments see Low-Spread Trading with Capital Street FX
Minimum position size: one micro-lot (0.01 std lot)
Spreads: EUR/USD 3 pips fixed, 0.3 pip (avg) floating - GBP/JPY 8 pips fixed, —
— 1 pip (avg) floating
Commissions: 15 USD (round-turn per lot) negotiable (ECN - VIP acct only)
Swaps: yes
Cryptocurrencies: 14 cryptos available to trade — also crypto deposits / withdrawals
Website: Capital Street FX | 1:1000 Leverage, 0 Spreads & Up to 900% Bonus.
Terms and Conditions: CAPITAL STREET FX Account Forms: Your Trading Community
Email: [email protected]
Telephone: +1 (949) 391 1002 (note: 949 is an Orange County, California, exchange)
• DuraMarkets (Mohéli, Comoros)
Type: market-maker
Corporate name: DuraMarkets Ltd.
Physical Address: Dubai, UAE
Regulator: not regulated
Account types: Zero, VIP, Standard Account, and Swap-Free account
Account currencies: USD and EUR (all account types)
Deposit and Withdrawal options: via cryptocurrency (any crypto client prefers)
Segregated client funds: Yes
Instruments: 80 currency pairs
Platform: MT4
Minimum initial deposit: 10 USD (Zero and Standard Accounts)
Maximum leverage: 1000:1 (all account types)
Minimum position size: one micro-lot (0.01 std. lot) all acct types
Spreads: from 0 pips
Commissions: 0 USD (Zero acct), 2 USD (VIP and Swap-Free accts), —
— 5 USD (Standard acct) — commissions are per std lot, round-turn
Swaps: yes (on all acct types except Swap-Free acct)
Cryptocurrencies: required for deposits and withdrawals
— not available for trading
Website: https://duramarkets.com/
Terms and Conditions (Risk Disclosure): Risk Disclosure - DuraMarkets
Email: [email protected] and [email protected]
Telephone: +1 971 434 5122 (note the USA country code and the Oregon area code)
• HankoTrade (Mohéli, Comoros)
Type: NDD (no dealing desk) with STP/ECN execution
Regulator: not regulated
Corporate name: Hankotrade Global Markets Limited
Registration: (Mohéli, Comoros)
Physical location: Dubai, UAE
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)
Platform: ActTrader
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)
NOTE: AAFX has been acquired by BoForex LTD, a broker qualified to be on this List.
The AAFX details listed below will be revised accordingly in the coming days.
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
• 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 and MT5
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, Ethereum, 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)
• Market101 (St. Vincent and the Grenadines)
Type: STP (on Classic Accounts) / ECN (on ECN Accounts)
Corporate name: Market101 Limited
Regulator: not regulated
Physical location:
Account types: Classic, ECN, and ECN Pro (Islamic accounts available)
Account currencies: USD, EUR, CAD, BTC, and ETH
Deposit/Withdrawal options: via crypto only (BTC, ETH, LTC, USDT, USDC)
Instruments: FX, cryptocurrencies, indices, metals, and energies
Platform: ACT Trader
Minimum initial deposit: 50 USD on Classic and ECN Accounts —
— 5,000 USD on ECN Pro Account
Maximum leverage: 1000:1 on all acct types
Minimum position size: one micro-lot (0.01 std lot) on all acct types
Spreads: from 1.2 pips on Classic acct — from 0.0 pip on ECN acct
Commissions: 3 USD/lot on ECN Acct — 1 USD/lot on ECN Pro Acct —
— zero commission on Classic Acct
Swaps: yes, except no swaps on Islamic acct
Cryptocurrencies: required for deposit/withdrawal — available for trading —
— accounts can be denominated in BTC or ETH (as well as fiat currencies)
Website: https://market101.com/
Client Agreement: https://client.market101.com/assets/pdf/agreement.pdf
Risk Disclosure: client.market101.com/assets/pdf/risk-disclosure.pdf
Email: [email protected]
Telephone: not disclosed
• MidasFX (St. Vincent and the Grenadines)
Type: market-maker for Standard accts, ECN broker for ECN accts
Regulator: not regulated
Physical location: not disclosed
Account types: Standard-MT4, ECN-MT4, Standard-MT5, and ECN-MT5
Account currencies: USD, EUR, GBP, JPY, and CAD (all acct types)
Deposit and withdrawal options: Crypto (7 options) —
— Fiat currency (thru Instacoins) via wire transfer, or credit/debit card
Instruments: Forex, Cryptos, Indices, Metals, and Crude Oil
Platforms: MT4 and MT5
Minimum initial deposit: 1 USD
Maximum leverage: 1000:1
Minimum position size: one micro-lot (0.01 std lot)
Spreads: from 0.7 pip on Std accts - from 0.0 pip on ECN accts
Commissions: 10 USD/std lot (round-turn) on ECN accts - zero commission on Std accts
Swaps: yes
Cryptocurrencies: available for deposit/withdrawal, available for trading
Website: midasfx.com/
Customer Agreement: https://www.midasfx.com/files/Client%20Agreement.pdf
Email: [email protected]
Telephone: (telephone contact information not disclosed)
• Ox Securities (St. Vincent and the Grenadines
Type: STP/CFD
Corporate name: Ox Securities Limited
Founded: as Ruizean Markets (Cyprus) 2013, re-branded as Ox Securities (SVG) 2020
Regulator: St. Vincent and the Grenadines Financial Services Authority (SVGFSA)
Headquarters location: ________
Account types: Standard, Pro, and Swap-Free accounts
Account currencies: USD, EUR, GBP, CAD, AUD, NZD, or SGD
Deposit and Withdrawal options: Crypto (any coin), credit card (Visa, M/C), —
— bank wire (USD, EUR, GBP, CAD, AUD, NZD, or SGD), Neteller, and Skrill —
— zero fees from Ox
Segregated customer funds: yes (all accounts)
Instruments (all specified as CFD’s): forex (45 pairs), indices (13 total), commodities (oils, metals), cryptocurrencies (BTCUSD and ETHUSD) —
– shares (on IRESS platform)
Platforms: MT4, MT5, and IRESS
Minimum initial deposit: 0 USD
Maximum leverage: 500:1
Minimum position size: one micro-lot (0.01 std lot)
Spreads: from 1 pip (Standard, and Swap-Free accounts) – from 0 pip (Pro account)
Commissions: 0 USD (Standard and Swap-Free accounts) – 7 USD (Pro account)
Swaps: yes, except on Swap-Free account
Cryptocurrencies: yes, for deposit, withdrawal and trading
Website: https://oxsecurities.com/
Terms and Conditions: https://oxsecurities.com/wp-content/uploads/Ox-Securities-Ltd-Client-Account-Terms-2024-2.pdf
Email: [email protected]
Telephone: +1(213)459-3544 (US tel. number, not toll-free)
• TradeSmart (St. Lucia) — new broker
Type: market-maker
Corporate name: TradeSmart Capital Limited
Regulator: not regulated
Physical location: Sofia, Republic of Bulgaria
Account types: Micro, Standard, Raw, and VIP
Account currencies: USD and EUR (all acct types)
Deposit and Withdrawal options: see Deposits and Withdrawals | Tradesmart
Segregated client funds: yes (all acct types)
Instruments: FX (100+ pairs), Indices, Crypto, Commodities, and Stocks
Platform: MT5
Minimum initial deposit: 50 USD (Micro acct) — 300 USD (Standard and Raw accts) —
— and 10,000 USD (VIP acct)
Maximum leverage: 2000:1 (Micro acct) — 500:1 ( Standard and Raw accts) —
— and 400:1 (VIP acct)
Minimum position size: One micro-lot (0.01 std lot) all acct types
Spreads (FX): from 0.7 pips (Micro and Standard accts) — from 0.0 pip (Raw and VIP accts)
Commissions (FX): zero (Micro and Standard accts) — 4 USD/lot, round-turn (Raw acct) —
— and 2 USD/lot, round-turn (VIP acct)
Swaps: yes (Micro acct) — 7-day swap-free (Standard, Raw, and VIP accts)
Cryptocurrencies: 8 cryptos available for trading
Website: https://tradesmart.com/
Terms and Conditions: Legal Documentation | Tradesmart
Email: [email protected] and [email protected]
Telephone: +359 2 496 3327 (Bulgaria)
• zForex (St. Vincent and the Grenadines) — new broker
Type: market-maker (on Standard and Swap-Free Accts), ECN (on ECN Acct)
Corporate name: Z Forex Capital Market LLC
Regulator: Mwali International Services Authority (MISA)
Physical location: Sofia, Bulgaria
Account types: Standard Account, ECN Account, and Swap-Free Account
Account currency: USD
Deposit and withdrawal options: _________
Minimum initial deposit: 10 USD (for Standard Account and ECN Account)
— 2,500 USD (for Swap-Free Account)
Instruments: FX, stocks, indices, and commodities
Platforms: MT5 and cTrader
Maximum leverage: graduated leverage based on account equity
— from 1000:1 (for account <1,000 USD) to 100:1 (for account >75,000 USD)
Minimum position size: one micro-lot (0.01 std. lot)
Spreads: ________
Commissions: 10 USD on FX, 15 USD on metals (round-turn per std lot)
Swaps: yes, except for Swap-Free Account
— note: Swap-Free Accounts are available to all traders (no religious stipulation)
Cryptocurrencies: accepted for deposit/withdrawal; not available for trading
Website: https://zforex.com/
Customer Agreement: https://zforex.com/services/file/customer_agreement-1.pdf
Email: [email protected] and [email protected]
Telephone: +44 744 147 7121 (United Kingdom)
PACIFIC / ASIA
• Number One Capital Markets (Vanuatu) — aka N1CM
Type: market-maker (Cent account, and Standard acct) - ECN (ECN account)
Corporate name: Number One Capital Markets Limited
Regulator: not regulated
Physical location: Port Vila, Vanuatu - office phone:+678 29365 (Vanuatu)
Account types: Cent Account, Standard Account, and ECN Account
Account currency: USD
Deposit and Withdrawal options: Crypto only (for U.S. clients, for deposit/withdrawal)
Instruments: FX only (Cent acct) —
— FX, stocks, oil, metals, commodities, and cryptocurrency (Std acct, and ECN acct)
Platforms: MT4 (Cent acct), MT4 and MT5 (Standard acct, and ECN acct)
Minimum initial deposit: 1 USD (Cent acct), 10 USD (Standard acct, and ECN acct)
Maximum leverage: 1000:1 (all acct types)
Minimum position size: 1 micro-lot (0.01 std lot)
Spreads: EUR/USD 1.2 pip average (Cent acct), GBP/JPY ___________
Commissions: on FX trades, Zero commission (Cent acct, and Standard acct) —
— 8 USD per std lot, round-turn (ECN acct)
Swaps: yes - see Swap Rates | N1CM
Cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, Dash, Litecoin, Ripple and Polkadot — (cryptos versus USD)
Website: https://www.n1cm.com
Terms and Conditions: https://www.n1cm.com/documents/N1CM_Terms_Conditions.pdf
Client Agreement: https://www.n1cm.com/documents/N1CM_Client_Agreement.pdf
Email: [email protected]
Telephone: +44 20 4525 9759 (for customer support - this is a London phone number)
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 have either gone out of business, or have caved to pressure from the CFTC to sever ties with their U.S. clients. Of those original 100+ brokers, not one remains on the current List.
In late 2011 and early 2012, we added several brokers to our List – only one of which, FxGlory, remains on our List 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 four new offshore brokers — LMFX, LQDFX, Turnkey Forex, and Coinexx. — one of which we still retain.
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. 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.
In 2023, we removed Turnkey Forex (on our List since January 2018), now out of business; LMFX (on our List since January 2016), no longer accepting new U.S. clients; EagleFX (on our List since August 2019), also no longer accepting new U.S. clients; Renesource Capital (a legacy broker, on our List since August 2011) no longer in the brokerage business; and CedarFX (on our List for less than one year) no longer accepting new U.S. clients. In late November, we added Forex Chief to our List,. And in late December, we added four brokers: MidasFX, FxSway, Number One Capital Markets, and Capital Street FX — restoring our Group 1 roster to eleven brokers.
In February 2024, we removed ProsperityFX (on our List for almost 3 years) after Prosperity merged with a broker not on our List, and ceased independent operations. In early May, we removed LQDFX (formerly a Trusted Broker, on our List for 7½ years) after LQDFX was acquired by PlexyTrade. Also in May, we removed ForexChief, now called xChief (on our List for only 6 months) as they no longer accept new U.S. clients; and we added PlexyTrade (successor to LQDFX), bringing the Group 1 roster to nine brokers. Then in mid-November, we added three brokers: DuraMarkets, Market101, and Ox Securities, bringing the Group 1 roster to twelve brokers.
In April 2025, we removed FxSway (on our List since December 2023), now out of business; and we added zForex. Then in May, we removed PlexyTrade (on our List for 13 months) no longer hosting U.S. clients; and we added TradeSmart. These changes maintained Group 1 at twelve brokers.
Going forward, 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.
FxGlory (St. Vincent and the Grenadines)
May 24, 2012 – mentioned for the first time in this thread
June 13, 2012 – added to Group 1
Coinexx (St. Vincent and the Grenadines)
June 21, 2018 – mentioned for the first time in this thread
June 24, 2018 – added to Group 1
January 20, 2019 – designated a Trusted Broker
AAFX (St. Vincent and the Grenadines) — see the NOTE above
April 8, 2020 – mentioned for the first time in this thread
June 17, 2020 – added to Group 1
HankoTrade (Mwali)
September 27, 2020 – mentioned for the first time in this thread
October 1, 2020 – added to Group 1
Capital Street FX (Mauritius)
December 16, 2023 - mentioned for the first time in this thread
December 20, 2023 - added to Group 1
MidasFX (St. Vincent and the Grenadines)
March 19, 2023 - mentioned for the first time in this thread
December 20, 2023 - added to Group 1
Number One Capital Markets (Vanuatu)
October 26, 2019 - mentioned for the first time in this thread
December 20, 2023 - added to Group 1
DuraMarkets (Mawali)
September 24, 2024 - mentioned for the first time in this thread
November 15, 2024 - added to Group 1
Market101 (St. Vincent and the Grenadines)
October 9, 2024 - mentioned for the first time in this thread
November 15, 2024 - added to Group 1
Ox Securities (St. Vincent and the Grenadines)
August 22, 2024 - mentioned for the first time in this thread
November 15, 2024 - added to Group 1
zForex (St. Vincent and the Grenadines)
April 6, 2025 - mentioned for the first time in this thread
April 23, 2025 - added to Group 1
TradeSmart (St. Lucia)
May 1, 2025 - mentioned for the first time in this thread
May 10, 2025 - added to Group 1
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