OFFSHORE BROKERS
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.
precedes
recent changes in posts #1 thru #4.
Group 1
Offshore Brokers That Will Continue to Accept New U.S. Clients
Notes
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
Five 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
• LMFX (Macedonia) — Trusted Broker
Type: STP
Regulator: not regulated
Account types: Premium, Fixed, and Zero
Account currencies: USD and EUR — segregated customer funds
Instruments: FX (48 pairs), shares (36), indices (9), commodities (5), metals and oil (7)
Platforms: MT4 (desktop, WebTrader, iPhone, iPad, and Android)
Minimum initial deposit: 50 USD (Premium acct), 100 USD (Zero acct), 250 USD (Fixed acct)
Maximum leverage: 1000:1 (Premium acct), 400:1 (Fixed acct), 250:1 (Zero acct)
Minimum position size: one micro-lot (0.01 std lot)
Spreads: EUR/USD 1.4 pip, GBP/JPY 3 pips
Commissions: 8 USD (per std lot) round-turn, on Zero acct — 0 USD on Fixed and Premium accts
Swaps: yes, on all accounts
Cryptocurrencies: no
Terms of Business: LINK
Website: https://www.lmfx.com/
Email: sales@lmfx.com (new customers), support@lmfx.com (clients)
Telephone: +44 2035192105 (UK)
• 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: info@renesource.com
Telephone: +371 67 092 737 (Latvia)
AFRICA / MIDDLE EAST / PERSIAN GULF
• Turnkey Forex (Mauritius) — Trusted Broker
Type: STP/ECN
Regulator: not regulated
Account types: Micro, STP, ECN, and Swap-free — also VIP (25,000 USD min. initial deposit)
Account currencies: USD, EUR (Micro, STP, and ECN accts), USD only on Swap-free acct
Instruments: FX (85 pairs), Commodities (5 metals, 2 oils), Stock indices, Shares, and ETF’s
Platforms: MT4, and Trade Station
Minimum initial deposit: 5 USD (Micro acct), 200 USD (STP and ECN accts), 100 USD (Swap-free acct)
Maximum leverage: 200:1 (Micro, STP, and Swap-free accts), 400:1 (ECN acct)
Minimum position size: one micro-lot (0.01 std lot) on all account types
Spreads: from 0.2 pip on Micro and STP acct, from 0 pip on ECN acct, from 1 pip on Swap-free account
Commissions: 2 USD per std lot, round-turn, on ECN acct
Swaps: yes, except on Swap-free account
Cryptocurrencies: Bitcoin and Etherium accepted for deposits and withdrawals — No crypto trading
Terms and Conditions: LINK
Website: https://turnkeyforex.com
Email: contactus@turnkeyforex.com
Telephone: +44 203 287 6620 (UK)
• FXBrew (Seychelles)
Type: ECN (all account types)
Regulator: not regulated
Account types: Micro, ECN, and VIP –- Segregated client funds –- Negative balance protection
Account currencies: USD, EUR, GBP, and BTC
Instruments: FX (60 pairs), commodities (gold, silver, oil, gas), indices, and cryptocurrency CFDs
Platforms: MT4 and MT5 – VPS available (free for VIP accounts)
Minimum initial deposit: 5 USD (Micro account), 100 USD (ECN account), 5000 USD (VIP account)
— deposits/withdrawals by bank wire or bitcoin (only)
Maximum leverage: 500:1 (all accounts)
Minimum position size: one micro-lot (0.01 std lot) all account types
Spreads: from 0.2 pips (Micro account), from 0 pip (ECN and VIP accounts)
Commissions: 2 USD per std lot, round-turn
Swaps: yes
Cryptocurrencies: BTC accepted for deposit and withdrawal — Crypto CFD trading hosted
Terms and Conditions: LINK
Website: https://fxbrew.com
Email: contactus@fxbrew.com
Telephone: (available on a call-back basis only)
• 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 cryptocurrencies (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) —
— 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: contactus@hankotrade.com
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: sales@aafxtrading.com and support@aafxtrading.com
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: FX Cryptocurrency Trading, Crypto Forex Broker - Coinexx —
— Note: this document pertains to the Coinexx website, not to Coinexx trading accounts —
— no other document is provided by Coinexx Support
Website: https://coinexx.com/
Email: contactus@coinexx.com
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: Info@fxglory.com and Support@fxglory.com
Telephones: +(1) 888 345 6995 (US, toll-free), and +(44) 800 086 9296 (UK, toll-free)
• PaxForex (St. Vincent and the Grenadines)
NOTICE — Following the recent attack on PaxForex by the CFTC and FBI, the PaxForex website was disabled, and the paxforex .com domain was seized. — New website, email, and telephone contact info (in the .org domain) is now available for PaxForex, and appears below.
Type: market-maker
Regulator: not regulated — registered with Financial Services Authority (SVG)
Account types: Cent, Mini, Standard, and VIP — Islamic acct (upon request, swap-free)
Account currencies: USD, EUR, GBP — USD only on Cent accts — segregated customer funds
Instruments: FX (60 pairs), stocks (42) on Standard and VIP accts only, stock indices (9), gold and silver
Platforms: MT4 desktop, mobile, and multi-terminal
Minimum initial deposit: 10 USD (Cent), 100 USD (Mini), 2,000 USD (Standard), 10,000 USD (VIP)
Maximum leverage: 500:1 on all accounts
Minimum position size: one micro-lot (0.01 std lot), except 10 units (0.0001 std lot) for Cent acct
Spreads: EUR/USD 1.8 pip, GBP/JPY 5.5 pips (average, on Mini acct)
Commissions: none
Swaps: yes, except on Islamic accounts
Cryptocurrencies: no
Terms and Conditions: LINK
Website: https://paxforex.org/
Email: info@paxforex.org
Telephone: +44 203 504 0303 (UK)
• SageFX (St. Vincent and the Grenadines)
Type: STP
Regulator: not regulated
Account types: Standard, Pro, Variable, and Mini — Segregated client funds
Account currencies: USD, EUR, GBP, AUD, CAD, and BTC
Instruments: FX (53 pairs), cryptos (11 USD pairs), metals (4), indices (8), oil and gas (3), stocks (60)
Platforms: MT4 (desktop, lap-top, tablet and phone)
Minimum initial deposit: 10 USD (in currency or bitcoin)
Maximum leverage: 500:1
Minimum position size: one micro-lot (0.01 std lot)
Spreads: EUR/USD 0.9 pip, GBP/JPY 1.4 pip
Commissions: 8 USD, EUR, or GBP, round-turn, on Standard account and Pro account —
— 1 USD, EUR, or GBP, round-turn, on Mini account — no commission on Variable account.
Swaps: yes
Cryptocurrencies: Bitcoin accepted for deposit and withdrawal — Crypto trading hosted in 11 USD pairs
Terms and Conditions: LINK
Website: https://sagefx.com/
Email: support@sagefx.com
Telephone: (available on a call-back basis only)
• 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 —
— 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: Forex Trading Broker - Online STP FX Trading | LQDFX
Email: Support@lqdfx.com
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 two – have caved to pressure from the CFTC to sever ties with their U.S. clients. Of those original 100+ brokers, only Renesource Capital and Pax Forex remain on the current List.
In late 2011 and early 2012, we added additional brokers to our List, one of which survives to this day: FxGlory.
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 two new brokers: FXBrew and EagleFX. One broker, Real Trade, which was on our List for more than 7 years, has gone 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.
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. For the five brokers we have designated as Trusted Brokers, we have included 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
Pax Forex (St. Vincent and the Grenadines) – originally domiciled in British Virgin Islands
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
LMFX (Macedonia)
January 12, 2016 – mentioned for the first time in this thread
January 19, 2016 – added to Group 1
July 17, 2017 – designated Trusted Broker
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
Turnkey Forex (Mauritius) – originally domiciled in the U.K.
January 22, 2018 – mentioned for the first time in this thread
January 23, 2018 – added to Group 1
June 24, 2018 – 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
FXBrew (Seychelles)
Mar 3, 2019 – mentioned for the first time in this thread
August 26, 2019 – added to Group 1
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
SageFX (St. Vincent and the Grenadines)
September 27, 2020 – mentioned for the first time in this thread
October 1, 2020 – added to Group 1
currently being rebranded as Triton Capital Markets Ltd (Malta) — no U.S. clients
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