Going offshore to escape the CFTC

[Clint]

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Monday, July 22, 2019

OFFSHORE BROKERS

This icon precedes
recent changes in posts #1 thru #5.

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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.

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Definition — Offshore Broker
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.

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Group 1

Offshore Brokers That Will Continue to Accept New U.S. Clients

— 10 Brokers —

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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, the account referenced is the account requiring the smallest initial deposit.

Several brokers in Group 1 accept Bitcoin for deposits and withdrawals. In the listing below, these brokers are labeled Bitcoin accepted.

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

The offshore brokers in Group 1 have been discussed and reviewed in various posts throughout this thread. For LINKS to recent posts (going back several years) relating to Group 1 brokers, see Post #2.

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.

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U.K. / EUROPE

• LMFX (Macedonia) — Trusted Broker

Type: STP (Premium account, and Fixed account); ECN (Zero account).
Regulator: not regulated.
Platform: MT4 (including WebTrader, iPhoneTrader, iPadTrader, and Android Trader).
Min. initial deposit: 50 USD or 50 EUR (Premium account).
Max. leverage: 1000:1 (Premium account).
Min. position size: micro-lot (0.01 std. lot).
Spreads: EUR/USD 1.2 pips, GBP/JPY 3.5 pips (Premium account).
Website: https://www.lmfx.com/
Email: sales@lmfx.com (new customers), support@lmfx.com (clients)
Telephone: +44 2035192105 (UK)

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• Renesource Capital (Latvia)

Type: ECN/STP broker.
Regulator: Financial and Capital Markets Commission (FCMC), Latvia.
Platform: MT4, MT4 mobile, Integral, Currenex, and JTrader.
Min. initial deposit: 10 USD (micro account).
Max. leverage: 100:1.
Min. position size: micro-lot (0.01 std. lot).
Spreads: Note: information on spreads is ambiguous on this broker’s website.
Website: Renesource Capital
Email: info@renesource.eu
Telephone: +371 67 092 737 (Latvia)

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AFRICA / MIDDLE EAST / PERSIAN GULF

• Turnkey Forex (Mauritius) — Trusted Broker

Type: ECN/STP.
Regulator: not regulated.
Accounts: ECN, STP, Micro, Swap-free (Islamic), and VIP.
Other products: commodities, shares, stock indices, and ETF’s.
Platforms: MT4, Trade Station, and ZuluTrade (social trading).
Min. initial deposits: $5 (micro), $100 (STP), $200 (ECN and swap-free), $25,000 (VIP).
Max. leverage: 200:1 (negotiable to 400:1)
Min. position size: micro-lot (0.01) micro account.
Spreads: EUR/USD _____, GBP/JPY _____ (spreads from 0.2 pips on micro acct).
Commissions: $4 per std. lot, round-turn
Bitcoin accepted, subject to conversion to account currency. – No crypto trading.
Website: https://turnkeyforex.com
Email: contactus@turnkeyforex.com
Telephone: +44 20 3287 6032 (UK)

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• FXGlory (Dubai, United Arab Emirates)

Type: market-maker (dealing-desk broker).
Regulator: not regulated.
Established in UAE 2011, in Georgia 2012, and in Bulgaria 2014.
Domiciled in UAE, offices in Rep. of Georgia.
Platforms: MT4, MT4 mobile, FXGlory Web Trader. Optional free VPS.
Min. initial deposit: 1 USD.
Max. leverage: 3000:1.
Min. position size: micro-lot (0.01 std. lot).
Spreads: EUR/USD 2 pips, GBP/JPY 7 pips.
Bitcoin accepted.
Website: https://fxglory.com/
Email: Info@fxglory.com
Telephones: +995 (514) 000 000 (Georgia), +1 (888) 345-6995 (U.S. toll-free)

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CARIBBEAN / CENTRAL AMERICA

• Trader’s Way (Dominica) — Trusted Broker

Type: dealing-desk (D/D) and ECN accounts are offered.
Regulator: not regulated.
Address is a mail-drop in Dominica, phone is in the Dominican Republic area code.
Platforms: MT4, MT4 mobile, MT5, and CTrader (not available to U.S. residents).
Min. initial deposit: 0 USD for D/D accounts, 10 USD for ECN accounts.
Max. leverage: 1000:1 for D/D accounts and ECN accounts.
Min. position size: micro-lot (0.01 std. lot) for all account types.
Spreads: EUR/USD 2 pips, GBP/JPY 5.5 - 7 pips (dealing-desk account).
Bitcoin accepted,
Website: Best Forex MT4 Broker | Trader’s Way
Email: sales@tradersway.com
Telephone: +1 849 9370815 (Dominican Republic)

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• FX Choice (Belize) — Trusted Broker

Type: NDD/STP broker.
Regulator: International Financial Services Commission (IFSC) Belize.
Platforms: MT4 (Classic or Pro account), and MT5 (Pro account).
Min. initial deposit: 100 USD.
Max. leverage: 200:1.
Min. position size: micro-lot (0.01 std. lot).
Spreads: EUR/USD 0.5 - 1.5 pips, GBP/JPY 2 - 5 pips (Classic acc’t).
Spreads: from 0 pips + commission (Pro acc’t).
Bitcoin accepted.
Website: FX Choice
Email: info@myfxchoice.com
Telephone: + 501 227 27 32 (Belize)

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• Coinexx (St. Vincent and the Grenadines) — Trusted Broker

Type: ECN.
Regulator: not regulated.
Accounts: standard, PAMM, and MAM. – Segregated customer funds.
Account currencies: Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and USD.
Other products: commodities, stock indices, CFD’s, and cryptocurrencies.
Platforms: MT4 and MT5. – Server time zone: GMT+3 (eastern Europe).
Min. initial deposit: 0.001 BTC.
Max. leverage: 500:1.
Min. position size: micro-lot (0.01 std. lot).
Spreads: EUR/USD 0.02 pips average. – Commission: 2 USD per std. lot, round-turn.
Bitcoin accepted, along with Litecoin, Ethereum, Dash, and 25 other cryptos.
Website: https://coinexx.com/
Email: contactus@coinexx.com
Telephone: ___________________

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• PaxForex (St. Vincent and the Grenadines)

Type: market-maker (dealing-desk broker).
Regulator: not regulated.
Platform: MT4, MT4 mobile.
Min. initial deposit: 10 USD (mini acct.), 2000 USD (std. acct.).
Max. leverage: 500:1.
Min. position size: micro-lot (0.01 std. lot) mini account – mini-lot (0.1 std. lot) std. account.
Spreads: EUR/USD 1.3 - 5 pips, GBP/JPY 4.7 - 6 pips.
Website: PaxForex - Forex Bonus and Contest | Gold | Silver | Currency Trading | CFD
Email: info@paxforex.com
Telephone: +44 208 133 1627 (UK)

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• Real Trade Group (British Virgin Islands)

Type: market-maker (dealing-desk broker).
Regulator: not regulated.
Platform: Real Trader 4 (MT4), MT4 mobile.
Min. initial deposit: 20 USD (Monthly interest paid on free margin).
Max. leverage: 500:1. – Min. position size: micro-lot (0.01 std. lot).
Min. position size: (?)
Spreads: EUR/USD 1 pip, GBP/JPY 5 pips.
Website: FOREX — Real Trade (new website)
Email: info@realtrader.eu (new email address)
Telephone: +44 20 3287 3131 (UK)

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PACIFIC / ASIA

• LQDFX (The Marshall Islands)

Type: STP (Micro, Gold, and Islamic accounts) / ECN (VIP and ECN accounts).
Regulator: not regulated.
Platforms: MT4.
Min. initial deposit: 20 USD (Micro and Islamic accounts).
Max. leverage: 500:1.
Min. position size: micro-lot (0.01 std. lot) for Micro, Gold, ECN, and Islamic accounts.
Spreads: (?) – spreads are quoted as “from 1 pip”, no commission (Micro account).
Commissions: 3.50 USD per std. lot round-turn (ECN account), 2.50 USD (VIP account).
Bitcoin accepted.
Website: Forex Trading Broker - Online STP FX Trading | LQDFX
Email: Support@lqdfx.com
Telephone: +44 2035988261 (UK)

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(For Links to Discussions of Group 1 Brokers, see post #2)

[Clint]

— 2 —

Links to Discussions of Group 1 Brokers

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Note: Older post numbers are shown in plain text (black type).

Newer post numbers appear as live links (green type).

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Europe

• LMFX (Macedonia)

Posts - #3299, #3300, #3302, #3306, #3310, #3318, #3325, #3327, #3329, #3331, #3334, #3345, #3347, #3349, #3369, #3397, #3433, #3434, #3437, #3501, #3551, #3552, #3709, #3792, #3794, #3797, #3899, #3902, #3904, #3981, #4109, #4162,

#4164, #4209, #4211, #4213, #4265, #4276, #4277, #4279, #4297, #4300, #4304, #4308, #4309, #4310, #4340, #4439, #4450, #4468, #4621, #4631, #4696, #4697, #4698, #4705, #4717, #4718, #4720, #4721, #4725, #4774, #4794, #5135

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• Renesource Capital (Latvia)

Posts - #1971, #3894, and #3930

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Africa / Middle East / Persian Gulf

• Turnkey Forex (Mauritius)

Posts - #4409, #4410, #4451, #4671, #4672, #4673, #4675, #4695, #4702, #4727, #4729, #4730, #4731, #4737, #4830, #4841, #4842, #4845, #4880, #4887, #4921, #4923, #4924, #4928, #4931,

#4951, #5023, #5042, #5055 – thru – #5063, #5091, #5093, #5112, #5113, #5120, #5122, #5126, #5133, #5150, #5151, #5155, #5163, #5168, #5184, #5211, #5213, #5244

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• FXGlory (Dubai, UAE)

Posts - #2634, #3757, #3759, #4129. #5079, #5080

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Caribbean / Central America

• Trader’s Way (Dominica)

Posts - #2276, #2337, #2352, #2360, #2618, #2635, #2636, #2650, #2742, #2796, #2799, #2800, #2807, #3210, #3253, #3263, #3268, #3270, #3319, #3392, #3394, #3400, #3427, #3455, #3476, #3496, #3542, #3560, #3692, #3708, #3720, #3736, #3744, #3762, #3765, #3766, #3865, #3866, #3867, #3868, #3869, #3890, #3906, #3922, #3936, #3960, #3981, #3983, #4015, #4098, #4104, #4123, #4131, #4140, #4156, #4157, #4184, #4211, #4212, #4272, #4274, #4283, #4290, #4294, #4340, #4344, #4345, #4346, #4348, #4349, #4350, #4352, #4375, #4378, #4379, #4382, #4396, #4398, #4408, #4433, #4436, #4437, #4438, #4439,

#4441, #4450, #4502, #4505, #4507, #4513, #4515, #4516, #4518, #4519, #4520, #4635, #4639, #4640, #4786, #4827, #4829, #5009, #5023, #5042, #5091, #5133, #5143, #5144, #5145, #5213, #5403, #5405

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• FX Choice (Belize)

Posts - #2133, #2285, #2318, #2491, #2551, #2558, #2628, #2636, #2745, #3237, #3270, #3390, #3720, #3767, #3770, #3927, #3928, #3953, #3960, #3970, #3977, #3979, #3981, #3984, #3987, #3988, #3989, #3995, #4004, #4007, #4015, #4048, #4130, #4140, #4146, #4191, #4267,

#4268, #4269, #4271, #4272, #4288, #4381, #4423, #4465, #4571, #4606, #4608, #4610, #4853, #4993, #4994, #5000, #5009, #5091, #5403, #5405

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• Coinexx (SVG)

Posts - #4920, #4922, #4925, #4926, #4928, #4931, #4933, #4934, #4935, #4983, #5014, #5020, #5021, #5022, #5023, #5030, #5042, #5066, #5069,

#5122, #5133, #5134, #5136, #5138, #5141, #5148, #5150, #5151, #5154, #5155, #5163, #5164, #5166, #5168, #5184, #5194, #5211, #5213, #5214, #5244, #5297, #5405, #5407, #5414, #5416, #5419

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• PaxForex (SVG)

Posts - #2067, #2261, #2298, #2635, #2810, #4242, #4612,#4863, #4864, #4867

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• Real Trade (BVI)

Posts - #3884, #3885

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Pacific / Asia

• LQDFX (Marshall Islands)

Posts - #3780, #3791, #3820, #3920, #4130, #4306, #4969, #4970, #4971, #5048, #5049, #5050, #5051, #5052, #5109, #5122, #5184, #5213, #5214, #5244

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(For Group 2 brokers, see post #3)

[Clint]

— 3 —

Group 2

Vetted Brokers That Will Not Accept New U.S. Clients

— 164 Brokers —

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Activ Trades (UK)

Advanced Markets - AMIFX (UK)

Alpari (UK)

City Credit Capital (UK)

City Index (UK)

Citypoint Trading (UK)

CMS Forex (UK)

Darwinex (UK)

ETX Capital (UK)

Finotec (UK)

Forex Ltd (UK)

FxPro UK Ltd (UK)

FXVan (UK) — new name of FX Company (Mauritius)

Hantec Markets (UK)

HY Markets (UK)

Liquid Markets - LQD Markets (UK) — formerly Tadawul FX — bankrupt

MF Global (UK)

ODL Markets (UK)

One Financial (UK)

TradeOrbitz (UK)

Uni FX (UK)

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AvaTradeEU Ltd (Ireland)

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C.I.M. Banque (Switzerland)

Dukascopy (Switzerland)

Forex .CH (Switzerland) — do not confuse with FXCH (Dominica)

MIG Bank (Switzerland) — see Swissquote (Switzerland)

PrimeTradeFX (Switzerland)

Swissquote (Switzerland)

Universal FX (Switzerland)

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dbFX (Germany)

FXM Financial Services GmbH (Germany)

Varengold (Germany)

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Saxo Bank (Denmark)

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Nord Markets (Sweden)

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Assets FX (Finland)

FinFX (Finland)

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HMS LUX (Luxembourg)

Internaxx (Luxembourg)

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Strato Markets (Netherlands)

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Broco Forex (Russia)

Insta Forex (Russia/BVI)

MasterForex (Russia)

Tradefort (Russia)

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Maximus Capital Markets (Latvia)

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Admiral Markets (Estonia)

AnnexFX (Estonia)

FXTradeweb (Estonia)

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ForexCENT (Czech Republic)

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X-Trade Brokers (XTB) (Poland)

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Atlantic FX (Bulgaria)

Bulbrokers (Bulgaria)

Deltastock (Bulgaria)

Varchev Financial (Bulgaria)

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AGEA (Montenegro) — formerly Marketiva (Montenegro)

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AAA FX (Greece)

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Investors Europe (Gibraltar)

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ACFX (Cyprus)

AFX Capital (Cyprus)

Ask-o-Bid (Cyprus)

EasyForex (Cyprus)

eToro (Cyprus)

Exness Ltd (Cyprus)

FIBO Group Holdings Ltd (Cyprus)

Finexo (Cyprus)

Forex Web Trader (Cyprus)

Forex Yard (Cyprus)

FXCC (Cyprus)

FXGM (Cyprus)

FxNet Ltd (Cyprus)

FxPro (Cyprus)

FXTM (Cyprus)

IronFX (Cyprus)

Markets .com (Cyprus)

Traders Trust - a.k.a TradingForex .com (Cyprus)

Trading Point (Cyprus)

United World Capital (Cyprus)

Windsor Brokers (Cyprus)

xCFD (Cyprus / New Zealand)

XGlobal Markets (Cyprus)

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RTFX - Realtime Forex (Malta)

Sensus Capital Markets (Malta)

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Swiss International (Kuwait) — trading name of BMFN (Australia)

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Royal Forex Trading - RFXT (Lebanon)

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GTL Forex (United Arab Emirates)

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ACM Gold (Mauritius)

FBS (Mauritius)

FX Cast (Mauritius)

FX Open (Mauritius)

FX Primus (Mauritius)

HotForex (Mauritius)

Nord FX (Mauritius)

You Trade FX (Mauritius)

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Accent Forex (Seychelles)

ProfiForex (Seychelles)

Tickmill Ltd (Seychelles)

UpFX (Seychelles)

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ACM Gold and Forex Trading PTY Ltd (South Africa)

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Ava Capital Markets Australia PTY Ltd (Australia)

Axi Trader (Australia)

Berndale Capital (Australia)

BMFN (Australia)

CLM - Core Liquidity Markets (Australia)

Direct FX Trading PTY LTD (Australia)

ForexCT PTY Ltd (Australia)

Forex FS (Australia)

Forex Nation (Australia)

Global Prime (Australia)

GO Markets (Australia)

Got Money FX (Australia)

Halifax Investment Services (Australia)

IBFX (Australia)

IC Markets (Australia)

IG Markets (Australia)

Kinetic Securities (Australia)

MXT Global PTY Ltd (Australia) — see Vantage FX PTY Ltd (Australia)

Pepperstone (Australia)

RubixFX (Australia)

SynergyFX (Australia)

Vantage FX PTY Ltd (Australia)

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FXPIG (New Zealand)

IntelFX (New Zealand)

Latitude FX (New Zealand)

Lucror FX (New Zealand)

OMFinancial (New Zealand)

PrimeFX (New Zealand)

Robo Forex (New Zealand)

Tenko FX (New Zealand)

UMOfx (New Zealand)

XM .com (Cyprus / New Zealand) — see Trading Point (Cyprus)

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Forex Broker Inc (The Marshall Islands)

Lite Forex (The Marshall Islands)

MMCIS (The Marshall Islands)

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IKON Group (Hong Kong) — do not confuse with IKON Global Markets (US)

SHK Direct (Hong Kong)

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Phillip Futures (Singapore)

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XE Markets (Malaysia) — see Trading Point (Cyprus)

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VertiFX (Canada)

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FXDD Global (Bermuda)

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eFOREX (Panama)

IamFX (Panama)

InovaTrade (Panama)

PipFixed (Panama)

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IV Brokers (Belize)

UFX Markets (Belize)

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AL Trade Inc (British Virgin Islands)

Ava FX (British Virgin Islands)

BForex (British Virgin Islands)

E-Global/Forex4You (British Virgin Islands)

Forex4You (British Virgin Islands)

Forex Club Ltd (British Virgin Islands ?)

Forex Place - 4xP (British Virgin Islands)

FXCBS (British Virgin Islands)

Gallant Capital Markets (British Virgin Islands) — see Yadix (British Virgin Islands)

IKOFX (British Virgin Islands / New Zealand)

iTrade Capital Markets (British Virgin Islands)

RVD Markets Ltd (British Virgin Islands)

Sterling Gent Trading Ltd (British Virgin Islands)

Think Forex (British Virgin Islands)

WFX Markets (British Virgin Islands ?)

Yadix (British Virgin Islands)

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2pipsForex (Dominica) — a.k.a. FXCH (Dominica)

EvenForex (Dominica)

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Evolve Markets (St. Vincent and the Grenadines) — formerly Group 1 broker, no longer accepts U.S. clients (effective Sep 2018)

Gainsy Inc (St. Vincent and the Grenadines)

Tallinex (St. Vincent and the Grenadines)

TradeWiseFX (St. Vincent and the Grenadines)

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Alphabetical List of Brokers

All Brokers Discussed in this Thread
(and in other BP threads, and on certain other sites)

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The list below consists of brokers in 7 categories, combined into a single, alphabetized listing.
The 7 categories are:

• Vetted offshore brokers that will do business with U.S. clients (shown in bold type in this Alphabetical List). These brokers are in Group 1 of our Offshore Broker List.

• Vetted offshore brokers that will not do business with U.S. clients. These brokers are in
  Group 2 of our List.

• Offshore brokers that have gone out of business. These brokers are no longer listed in either
  Group 1 or Group 2.

• U.S. brokers mentioned in this thread. These brokers are not offshore brokers, and are not
  included in either Group 1 or Group 2.

• U.S. brokers that have gone out of business.

• U.S. or offshore brokers that are introducing brokers (IB’s), divisions, subsidiaries, or parent-companies of other listed brokers.

• U.S. or offshore brokers that are still in business, that have been clearly identified as scams.

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Brokers currently in Group 1 of the Offshore Broker List are shown in bold type.

Other brokers in this list are shown with labels or notes to indicate their categories.

Brokers not otherwise labeled or noted are currently in Group 2 of the Offshore Broker List.

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1BillionForex (Belize) — IB for NordFX (Mauritius) — no U.S. clients

1Broker (Rep. of Marshall islands) — trading name of 1Pool Ltd (Marshall Is.) — stocks, indexes, and 22 currency pairs — crypto funded and denominated accounts — U.S. clients accepted — Sep 2018 sued by SEC and CFTC for failure to register, and failure to implement AML provisions, among other charges – website seized

1LotStp (Nevis) — (and parent company FX Systems) — out of business

1PipFix (Nevis) — (and parent company FX Systems) — out of business

2PipsFixed (Nevis) — (and parent company FX Systems) — out of business

2pipsForex - Global Clearing Group Ltd (Dominica)

24option .com (UK) - Richfield Capital Ltd (UK) — formerly binary options broker, no longer accepting new binary options clients, now focusing on FX and CFD’s — FCA regulated — no U.S. clients

360T (German) — div. of Deutsche Boerse AG — institutional broker and technology provider — purchased Gain Capital’s GTX institutional broker div. (May 2018)

4RunnerForex (British Virgin Islands) — (and parent company FX Systems) — out of business

4UFX (domicile?) — out of business

4xBank (domicile?) — out of business

4xP (British Virgin Islands) — see Forex Place

8Safe UK Ltd (UK) — re-branded trading name of Iron FX (UK) — FCA-regulated broker

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AAA FX (Greece)

ABC123Prime (Cyprus) — new broker (FX,CFD’s, and metals) licensed by CySEC.

Accent Forex (Vanuatu) – no U.S. clients

ACFX (Cyprus) — owned by Atlas Capital Financial Services Ltd (Cyprus) — suspended by CySEC, April 2016 — now bankrupt — client claims for restitution are being handled by ICF (Investor Compensation Fund)

ACM - Advanced Currency Markets SA (Switzerland) — see Swissquote (Switzerland)

ACM Gold (Mauritius)

ACM Gold and Forex Trading PTY Ltd (South Africa) — trading license reinstated (Oct 2015) by S. African FSB

ACM Group plc (UK) — aka Alpha Capital Markets plc (UK) — FX, CFDs and spread betting — no U.S. clients

ActivTrades (UK) — multi-asset brokerage: forex, CFD’s, spread-betting, commodities, shares, and indices — regulated in UK, Dubai, and Bahamas — no U.S. clients

ACY (Australia) - ACY Capital Group (Australia) — AISC-regulated forex and CFD broker — recently (Sept 2018) acquired Synergy FX (Australia) — rebranded (March 2019) as ACY Securities

ACY Securities Pty Ltd (Australia) — new name of ACY (Australia) after merging ACY with Synergy FX — currently (Jun 2019) eliminating their Chinese clientele per ASIC requirement

Adamant Finance (St. Vincent and the Grenadines) - recently removed from Group 1.

Admiral Markets (Estonia) — broker is advising clients to transfer accounts to Admiral Markets UK

Admiral Markets UK Ltd (UK)

ADS Securities, L.L.C. (UAE)

Advanced Markets Ltd (Australia/Cayman Islands) — ASIC-licensed institutional broker with offices in Cayman Islands — no retail clients — new branch opening in London (Nov. 2018)

Advanced Markets UK — new branch of Advanced Markets Ltd (Australia) — institutional clients only

ADVinvests (UK) — scam — the FCA has identified this company as a clone (fake broker)

AETOS Capital Group UK Ltd (UK) — FCA-regulated subsidiary of AETOS (Australia)

AETOS Capital Group Pty Ltd (Australia) — regulated in Australia — previously targeted Chinese market — Jun 2019 AETOS’ Chinese clientele were acquired by MultiBank Group (Hong Kong)

AFX Capital Markets Ltd (Cyprus) — subs. of AFX Group (CySEC-regulated)

AFX Group (Cyprus) — new name of AFX Capital after re-branding in May 2016

AFX Markets Ltd (UK) — sub. of AFX Group (FCA-regulated)

AGEA Jinrong Doo (Montenegro) — formerly Marketiva (Montenegro)

AGM Markets Pty Ltd (Australia) — license (previously suspended) has now (Nov. 2018) been canceled by AISC for unethical conduct

AKFX (Malta) - AKFX Financial Services Ltd (Malta) — new retail division of GKFX (UK) after re-branding — includes a subsidiary called GKFX EUROPE to service European retail customers

AKFX Financial Services Ltd (Malta) aka Global Kapital Group (Malta?) — parent of AKFX (Malta) and GKPRO (UK)

Alfa-Forex - Alfa Capital Holdings (Cyprus) Ltd (Russian, domiciled in Cyprus) — no U.S. clients

Alpari-Broker Ltd (Russia) — FX, metals, cfd’s and binary options broker, licensed and regulated by the Central Bank of Russia — largest Russian forex broker by client base and average monthly volume

Alpari Japan K.K. (Japan) — acquired by Dukascopy (Switzerland), and renamed Dukascopy Japan K.K.

Alpari Limited (Belize) — license in Belize will be voluntarily surrendered (Dec 2018), and clients will be moved to Alpari Limited (SVG)

Alpari Limited (SVG) — domicile of Alpari’s offshore (outside Russia) operations

Alpari (UK) — became insolvent following the SNB debacle in 2015 — client book has been sold to ETX Capital (UK)

Alpari (US) — out of business — NFA membership removed (2015)

Alphabet Broker (Scotland) — trading name of Grow Invest LP (Scotland) — binary options broker — no U.S. clients

Alpha Capital Markets plc (UK) — see ACM Group plc (UK)

AlphaTrade - Nemesis Capital Ltd (SVG) — head office Sofia, Bulgaria — blacklisted by BCSC — UK license suspended

AlphaTrade UK Ltd (UK) — UK license reportedly suspended — out of business?

AlphaTrade Solutions SVG Ltd (Cayman Islands) — subs. of AlphaTrade UK Ltd (UK) — out of business?

Alpha Trading CM (India) — website currently taken down — (do not confuse with AlphaTrade UK Ltd)

AL Trade Inc (British Virgin Islands)

Alvexo (Cyprus) — website implies (but does not state) that U.S. clients are accepted

Amana Capital Group (UAE) — parent of Amana Financial Services (UK), Amana Financial Services (Dubai) Ltd, Amana Captial SAL (Lebanon), Amana Capital (Cyprus) Ltd, and AFS Global (Malasia)

Amana Financial Services (UK) - part of Amana Capital Group (UAE) — FCA-regulated — no U.S. clients

A-Markets (SVG) — offices in Montenegro, Kazakhstan, Rep. of Georgia, and Albania —formerly AForex (Russia) — no U.S. clients

AnnexFX (Estonia) — subsidiary of AssetsFX (Finland)

Apex One Trading Group (Panama) — appears on Ontario Securities Commission (OSC) Warning List

Arena Capital (New Zealand) — fictitious scam FX broker trading as BlackfortFX — in liquidation

Arab Financial Brokers - AFB (Kuwait) — out of business

Ask-o-Bid (Cyprus)

AssetsFX (Finland) — no longer accepts U.S. clients

ATC Brokers (Cayman Islands) — new (October 2018) subsidiary of ATC Brokers (UK)

ATC Brokers Ltd (UK) — FCA-regulated, parent of ATC Brokers (Cayman Islands)

ATC Brokers (US) — introducing broker (futures and forex) — prior Chapter 11 bankruptcy resolved in 2016

ATFX – parent of AT Global Markets Ltd (UK), ATFX Global Markets Ltd (Cyprus), AT Capital Markets Ltd (UAE), and AT Global Markets (Malaysia) — no U.S. clients

ATG Marketplex - a.k.a. Aaron Trading (US) — out of business

Atlantic FX (Bulgaria)

Atom8 - Atom8 Financial Services LLP (UK) — London ECN broker, FCA-regulated — acquired by Vantage Global Prime (Australia) — hired fraudster Nicky Kundnani as Managing Director

ATS Markets - ATS Markets Global Ltd (Belize) — scam — the ATS certificate of incorporation is a forgery (IFSC - Belize)

Ava Capital Markets Australia Pty Ltd (Australia) — subs. of Ava Trade EU Ltd (Ireland)

Ava Capital Markets Pty (South Africa) — subs. of Ava Trade EU Ltd (Ireland)

Ava Trade Ltd (British Virgin Islands) — subs. of Ava Trade EU Ltd (Ireland)

Ava Trade EU Ltd (Ireland) — parent of the subsidiaries listed here — planned acquisition by Israeli gaming company Playtech nixed by Ava shareholders — no U.S. or New Zealand clients

Ava Trade Japan K.K. (Japan) — subs. of Ava Trade EU Ltd (Ireland)

AxiCorp Financial Services Pty Ltd (Australia) — parent of AxiTrader (Australia) — currently (Aug 2018) acquiring One Financial Markets (UK)

AxiTrader (Australia) — retail div. of AxiCorp (Australia) — ASIC regulated

AxiTrader USA (US) — out of business

ayondo markets Ltd (UK) — spread-betting, CFD trading — no U.S. clients

ayondo portfolio management Gmbh (Germany) — social trading of investment portfolios, including currencies — no U.S. clients

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Back Bay FX (US) — IB for various brokers

BCFX Broker .com (Cyprus) — trading name of Best Choice FBC Ltd (Cyprus) — license revoked by CySEC (Feb 2018)

BDG Financial Services Ltd (Belize) a.k.a. The Collective FX Global — out of business

BDSwiss - BDSwiss Holding Plc (Cyprus) — FX, CFD’s and binary options dealer

Beam FX (US) — IB for Institutional Liquidity - ILQ (Australia)

Berndale Capital (Australia) - Berndale Capital Securities Pty Ltd (Australia) — license to operate canceled by AISC (Dec. 2018) for financial reporting deficiencies — no U.S. clients

Best Choice FBC Ltd (Cyprus) — see BCFX (Cyprus)

BForex (British Virgin Islands)

BinTrader - trading name of Trader X Ltd (SVG) — Russian binary options broker

Black Bull Markets - Black Bull Group Ltd (New Zealand)

Black Bull Group UK Ltd (UK)

BlackfortFX (New Zealand) — scam — see Arena Capital (New Zealand)

BlackPearlFX (UK) — no U.S. clients

Blackwell Global Group (Cyprus / New Zealand) — multi-asset broker – recently acquired precious metals broker NZF Group Ltd (NZ) – now listed on NZ stock exchange – no U.S. clients

Blueberry Markets (Australia)

BMFN EAD (Bulgaria) — financial intermediary company licensed in Bulgaria, regulated by MiFID (EU) — parent of BMFN Ltd (Vanuatu) and BMFN Pty Ltd (Australia) — currently (March 2018) being forced by the Chinese government to exit the fx market in China

BMFN Ltd (Vanuatu)

BMFN Pty Ltd (Australia)

Boston Prime Ltd (UK) — bankrupt — out of business

Brightwin Securities and Finance (New Zealand) — has applied to NFA/CFTC for membership and registration as U.S. RFED

Britannia Markets (UK) — new name of Destek Markets (UK) after sale by Destek Markets (Turkey) and subsequent re-branding

Broco Forex (Russia)

Bulbrokers (Bulgaria)

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Capital City Markets (Vanuatu) — acquired the U.S. & Canadian accounts of Tallinex (SVG) March 2017

Capital .com (Cyprus) - Capital .com SV Investments Ltd (Cyprus)

Capital .com UK — new FCA-regulated branch of Capital .com (Cyprus)

Capital Index Cyprus Ltd (Cyprus) — as of July 2018, has voluntarily surrendered its Cyprus (CySEC) license following ESMA’s increased regulatory pressure on retail forex in the EU.

Capital Index UK Ltd (UK) — FSA-regulated broker

Capital Investment Brokers Ltd (Vanuatu) — see CIBfx

Capital Markets Elite Group (Trinidad and Tobago) — see CME Group

Capital One Forex (unknown location) — scam

Capital Trust Markets - CTM (New Zealand / Sri Lanka ?) — scam — website disabled

CFD Capital Markets (Morocco) — appears on Ontario Securities Commission (OSC) Warning List

CFD House - Spot Capital Markets Ltd (Cyprus) — CFD’s and crypto trading — no U.S. clients

CFI - Credit Financier Invest (Cyprus and UK) — retail and institutional CFD and FX broker regulated by CySEC in Cyprus and FCA in UK

CharterPrime Ltd (New Zealand) — FX, commodities, metals, index CFD’s — no U.S. clients

CIBfx (SVG) - Capital Investment Brokers Ltd (SVG) — fx and cfd’s — office in London —
registered (not regulated) in SVG — no U.S. clients

C.I.M. Banque (Switzerland)

City Credit Capital (UK)

CityFxPro (US)

City Index (UK) — parent of 3 Australian brokerages; acquired by Gain Capital (US) — beginning in Spring 2019, to be phased out by Gain Capital in coming months

City Index Pty Ltd (Australia) — subsidiary of City Index (UK) / Gain Capital (US) — beginning in Spring 2019, to be phased out by Gain Capital in coming months

Citypoint Trading (UK)

Clear Point FX - CPFX (St. Vincent and the Grenadines)

Click365 (Japan) — world’s first margin forex trading exchange, part of Tokyo Financial Exchange Inc (TFX)

CLM - Core Liquidity Markets Ltd Pty (Australia) — no U.S. clients

CMC Markets Canada Inc (Canada) — accepts Canadian citizens and permanent residents only

CMC Markets UK plc (UK) — spread-betting and CFD — no U.S. clients

CME Group (Trinidad and Tobago) — aka CMEG, Capital Markets Elite Group, and cmelitegroup .com — retail forex broker welcomes U.S. clients

CMS Forex - Capital Market Services UK Ltd (UK) — owned by Prime Mantle Corp Plc (Ireland)

CMS Trading (SVG) — trading name of Safe Side Trading Ltd (SVG) — do not confuse with CMS Forex

CMTrading - Global Capital Markets Trading (South Africa)

Coinexx (St. Vincent and the Grenadines) — newly-designated Trusted Broker
— acquired Trusted Broker Finpro Trading (UK) effective December 2018

Colmex (Israel)

CommexFX (Cyprus) — scam — Cyprus Investment Firm (CIF) license revoked by CySec, April 2017

Concorde Forex (Ukraine) — scam

CPFX (St. Vincent and the Grenadines) — see Clear Point FX

CWM FX (UK) — subs. of liquidity provider Leverate (Cyprus) — City of London fraud charges pending — SCAM

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(Alphabetical List - continued in post #4)

[Clint]

— 4 —

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Darwinex (UK) — formerly TradeSlide (UK) — hybrid social trading / copy trading program

dbFX (Germany)

Deltastock (Bulgaria)

Destek (Turkey)

Destek Markets (UK) — former FCA-regulated UK subsidiary of Destek (Turkey), recently sold and re-branded as Britannia Markets (UK)

Direct FX (New Zealand) — do not confuse with Direct FX Trading Pty Ltd (Australia)

Direct FX Trading Pty Ltd (Australia) — business license permanently canceled by ASIC (October 2018) for ongoing compliance issues

Divisa UK Ltd - Divisa Capital (UK) — prime broker, now entering the retail market (May '17) —
re-branded (2018), see Equiti Capital (UK)

DMM .com Securities (Japan) — forex/CFD broker — parent of DMM FX Australia — no U.S. clients

DMM FX (Australia) — will cease operations on July 30, 2016

Dorman FX (US)

Dukascopy Japan K.K. (Japan) — new name of Alpari Japan K.K. after acquisition by Dukascopy (Switzerland)

Dukascopy (Switzerland) — FINMA-regulated online bank/broker — no U.S. clients

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EasyForex (Cyprus) — renamed EasyMarkets (December 2015)

Easy FX Trade (UK) - aka Easy Trade Global (UK) — according to the FCA (Dec. 2018), this is a scam broker operating as a clone of Hantec Markets (UK)

Easy Invest (Montenegro)

EasyMarkets (Cyprus) — formerly EasyForex (Cyprus) — no U.S. clients

Easy Trade Global (UK) — see Easy FX Trade

EES FX (US) — IB for Pepperstone (Australia)

eFOREX (Panama)

E-Global (British Virgin Islands)

Emporium Capital (Cyprus) — new broker offering fx, CFD’s, futures, stocks, options, and bonds

England Foreign Exchange - EFX (Panama) — out of business

EQL-X (UK) — trading name of ACM Group Plc — no U.S. clients

EQL-X, LLC (US) — introducing broker for EQL-X (UK)

EQMarkets (SVG) — operated by Russian firm Infinity Trade Ltd (SVG)

EQTrades - Global Equity Brokers Belize Ltd (Belize) — Russian-owned — affiliated with EQMarkets ?

Equiti Capital (UK) — new retail division of prime broker Equiti UK Ltd - formerly Divisa Capital (UK) —
— currencies, metals and CFD’s

eToro (Cyprus)

eToroUSA (US) — IB for eToro (Cyprus) — not yet operational

ETX Capital (UK) — ETX has acquired the client book of bankrupt Alpari (UK)

EuropeFX - Maxiflex Global Investments Corp Ltd (Cyprus) — no U.S. clients

EvenForex (Dominica)

EverFX Global (Cayman Islands) — trading name of ICC Intercertus Capital (Cayman) Ltd — licensed and regulated by CIMA, CySEC, and FCA — no U.S. or Canadian clients

Evolve Markets Ltd (SVG) — unregulated FX/commodities/indices broker operating out of London — accounts denominated in bitcoin only — no U.S. clients

Exante (Malta) — multi-asset broker — £10000 min. deposit

Excel Markets Ltd (New Zealand) — see Global Brokers NZ Ltd (New Zealand) — out of business

Exness Ltd (Cyprus)

Explore Markets Ltd (SVG / UK) — aka EM Financial Services Ltd — under FCA warning for falsely claiming UK regulation

Exto Capital (Switzerland) — out of business

EZTD (Cyprus) — new name of EZTrader (Cyprus) — recently licensed to operate in Japan — no U.S. or Canadian clients

EZTrader (Cyprus) — troubled (fined) Cyprus FX and CFD broker, recently renamed EZTD — no U.S. or Canadian clients

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Falco FX (Cyprus) — out of business

Falcon Brokers Ltd (Cyprus) — license revoked by CySec for segregated funds irregularities; customer positions ordered closed; principals fined and banned from the financial industry.

Fast Brokers (US) — IB for various brokers

FastQuote Securities (Belize) — institutional broker

FBS - FBS Markets (Belize)

FIBO Group Holdings Ltd (Cyprus)

FIG FX (Seychelles) — out of business

Finexo (Germany)

FinFX (Finland) — acquired by BCFX Ltd (Cyprus) effective 6/1/15 — no longer operates as a retail forex broker

Finotec Trading UK Ltd (UK)

FinproTrading (UK) — formerly Group 1 Trusted Broker, acquired by Coinexx (SVG) effective December 2018 — Finpro is no longer in business

First Rate FX (UK) — no U.S. clients

FIXI PLC (UK) — formerly FCA-regulated broker, ceased operations (Dec 2018) in coordination with the FCA

Fondex (Cyprus) - trading name of TopFX Ltd (Cyprus)

Forex4You - E-Global Trade and Finance Group, Inc (British Virgin Islands)

ForexBrokers .com (US) — broker rating service — do not confuse with Forex Broker Inc (Marshall Islands)

Forex Broker Inc (Marshall Islands) — no longer operates as a retail forex broker — now operates as an IB for 6 retail brokers

ForexCENT (Czech Republic)

Forex .CH (Switzerland)

Forex Club LLC (Russia)

Forex Club Ltd (British Virgin Islands ?)

Forex .com — retail division of Gain Capital Holdings Inc (US) — acquired client book of FXCM (US) Feb 2017

ForexCT Ltd - Forex Capital Trading Ltd (Vanuatu)

ForexCT Pty Ltd (Australia) — division of ForexCT Ltd (Vanuatu)

Forexee (SVG) — no U.S. clients — aka Forex.ee

Forex FS (Australia)

Forex Ltd (UK)

Forex Markets Ltd - forex-markets .org (Panama) — scam

ForexMart (Cyprus) — trading name of Instant Trading EU Ltd (Cyprus) — no U.S. clients

Forex-Metal (Panama) — recently removed from Group 1

Forex Nation (Australia)

Forex (NZ) Limited (New Zealand) — bankrupt (2017) scam broker convicted of Ponzi scheme

Forex NZ 2000 Limited (New Zealand) — separate company, same owner, as Forex (NZ) Limited — bankrupt scam broker

Forex Optimum - Forex Optimum Group Limited (Russian company, registered in St. Vincent and the Grenadines)

Forex Place - 4xP (British Virgin Islands)

Forex TG Pty (Australia) — aka FXTG — currently under fraud investigation by Australian regulator ASIC

Forex Time Ltd (Cyprus) — CySec-regulated subsidiary of FXTM (Cyprus) — FCA-regulated in the U.K. — no U.S. clients

Forex Trend (Ukraine / New Zealand) — scam — bankrupt

Forex Ukraine (Ukraine) — IB for Forex Ltd (UK)

Forex Web Trader (Cyprus)

Forex Yard (Cyprus)

Formula Investment House Ltd (BVI) — one of the companies of iForex (Cyprus?) serving non-EU online traders — see also iForex, iCFD, and Vestle.

Fort Financial Services (Belize) — est. 2010 — no U.S. clients

Fort FS (Belize) — see Fort Financial Services (Belize)

Fort-FX (UK) — unregulated multi-asset broker — permanently banned by The Financial Commission (self-regulatory organization) — do not confuse with either Fortrade Ltd (UK) or Fort FS (Belize)

Fortrade Ltd (UK) — multi-asset broker, FCA-regulated — licensed (March 2019) by Australian regulator ASIC

Fortress Prime (Dubai) — defunct prime brokerage, shut down by parent (Fortress Capital Investments) — SCAM — out of business

FP Markets (Australia) - First Prudential Markets (Australia) — CFD and FX broker — expanding into EU market via CySEC license (March 2019)

FreshForex (St. Vincent and the Grenadines) — Russian-owned — no U.S. clients

Friedberg Direct (Canada) — IIROC-regulated introducing broker, representing FXCM (UK) and AvaTrade (Ireland) — no U.S. clients

fsmSmart (Cyprus) — aka fsmSmart .com and FSM Smart Ltd — claims to have a “representative office” in Switzerland — blacklisted by Swiss regulator FINMA (Oct. 2018)

Fullerton Markets (New Zealand) — no U.S. clients

FT Global Ltd (Belize) — IFSC-regulated subsidiary of FXTM (Cyprus) — no U.S. clients

FX88 (Cyprus) - owned by Galactus Ltd (Cyprus) — CySEC-regulated — no U.S. clients

FXB Trading (St. Vincent and the Grenadines) - Fasco Capital Ltd (SVG)

FX Cast (Mauritius)

FXCBS (British Virgin Islands)

FXCC (Cyprus)

FXCH - Foreign Exchange Clearing House (Dominica) - a.k.a. Forex-Swiss.com (Dominica)

FX Choice (Belize) — Trusted Broker

FXCL Markets Ltd (Ireland)

FXCM Group LLC (US) - subsidiary of Global Brokerage Inc (US), and parent of FXCM UK, FXCM Australia, etc.

FXCM Inc - Forex Capital Markets Inc (US) — de-listed NYSE corp., renamed Global Brokerage Inc (now a de-listed Nasdaq corp.) in Chap.11 bankruptcy as of Nov 2017

FXCM LLC - Forex Capital Markets LLC (US) — banned from the U.S., Feb 2017 — client book sold to Gain Capital (US)

FXCM (UK, Australia, Germany, South Africa, Israel, etc.) - international subsidiaries of FXCM Group LLC (US)

FX Company (Mauritius) — out of business (re-branded) — see FXVan (UK)

FXDD Global (Malta) — no U.S. clients; accepts Canadian clients

FX Dealer Direct - FXDD (US) — now restricted (by the NFA) to acting as an IB only

FXFair (Russia)

FXFlat (Germany) — Wertpapierhandelsbank GmbH (Germany) — BaFin-regulated STP broker — forex, CFDs, cryptocurrencies, and US futures (through CME)

FXGL - FXGL Capital Group Ltd (unknown location) — scam

FXGlory (Dubai, UAE)

FXGM (Cyprus)

FxGrow (Cyprus)

FXM Broker Group (Costa Rica?) — out of business

FXM Financial Services GmbH (Germany)

FX Markets Capital (UK) — trading name of Markets Capital Ltd (UK) — unregulated in the U.K.

FxNet Ltd (Cyprus)

FxOnUs (Malta) — owned by MarketsOnUs Ltd (Marshall Islands) — see MFSA (Malta) warning

FXOpen Company (Russia) — no U.S. clients — subsidiaries: FXOpen AU Pty Ltd (Australia),
FXOpen LP Limited (New Zealand), FXOpen Ltd (UK), FXOpen Markets Ltd (Nevis) — charged by Russian self-regulatory organization AFD with operating inside Russia without a license from Bank of Russia

FXPIG - Prime Intermarket Group Asia Pacific Limited (Vanuatu) —no U.S. clients — Canadian clients accepted (depending on Canadian provincial regulations)

FX Primus (Cyprus) — trading name of Primus Global Ltd (Cyprus) — formerly known as FX Primus Europe Ltd (Cyprus) — do not confuse with Primus Capital Markets (UK) — no U.S. clients

FX Primus (Mauritius) — out of business — license suspended by Mauritius regulator in 2015

FxPro Financial Services Ltd (Cyprus)

FXPro UK Ltd (UK) — multi-asset broker — spread-betting added (UK residents only) Aug 2017

FX Salt (British Virgin Islands) — out of business

FX Solutions (Australia) — subsidiary of City Index (UK) / Gain Capital (US) — being phased out

FX Solutions (US) — out of business

FX Systems (domicile?) — parent company of 1LotStp, 1PipFix, 2PipsFixed, etc. — out of business

FXTF - FX Trade Financial Co. Ltd (Japan)

FXTG (Australia) — scam broker run by founder of Israeli scam broker UTrade — see Forex TG Pty (Australia)

FXTM (Cyprus) — parent of Forex Time Ltd (Cyprus) and FT Global Ltd (Belize) — has acquired a license in Mauritius (March 2019) — no U.S. clients

FXtradeweb (Estonia)

FXT Swiss (Switzerland)

FX United (New Zealand) — United Global Holdings Ltd (NZ) — not regulated — no U.S. clients — SCAM per ForexPeaceArmy

FXVan - FXVan Global Ltd (UK) — new name of FX Company (Mauritius) now out of business

FXVV (United Arab Emirates) — out of business

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Gain Capital Holdings Inc (US) — see Forex .com — largest U.S. forex broker (approx. 58% market-share as of Feb 2017)

Gainmax Capital Ltd (UK?) — scam, ponzi scheme (per FCA) — website currently blocked for malicious content (per Malwarebytes)

Gainsy Inc (St. Vincent and the Grenadines)

Gaitame Online Co. Ltd (Japan) — owned by Compagnies Financière Tradition - CFT (Switzerland) – no U.S. clients

Gallant Capital Markets (British Virgin Islands) — acquired by WSM Invest (New Zealand) 2014 — declared bankruptcy April 2017

GBE Brokers (Malta) - a.k.a. Sensus Captial Markets (Malta) — sold to Nicky Kundnani, fraudster wanted by police in the U.S. for fraud and theft — SCAM

GDMFX (New Zealand) — no U.S. or New Zealand clients

Gem Forex (Seychelles) — may be the same company as G Forex (Seychelles)

GemFX (UK)

G Forex (Seychelles) — scam

GFT Markets (UK) — trading name of Gain Capital - Forex .com (UK) — being phased out

GFT Markets (Australia) — trading name of Gain Capital - Forex .com (Australia) — being phased out

GFX Group SA (Switzerland) — corporate name of Forex .CH (Switzerland)

GKPRO (UK) - AKFX Financial Services Ltd (Malta) — new name of GKFX (UK) after re-branding (May 2019) — institutional and professional customers only

Global Brokerage Inc (US) — successor to FXCM Inc (US) eff. Feb 2017 after the SNB debacle — now de-listed from Nasdaq – as of Jan 2018, no longer in Chap.11 bankruptcy

Global Brokers NZ Ltd (New Zealand) — bankrupt — out of business

Global Capital Markets Trading (South Africa) — see CMTrading

Global Futures (US)

Global FX - Global FX International LP (Canada) — FX/CFD broker with offices in USA, Singapore, Hong Kong, Cyprus and Russia — charged with illegal operation in Russia by self-regulatory organization AFD (March 2019) — no U.S. or Canadian clients

Global Prime (Australia)

GMO Click (Japan) — world’s largest fx brokerage (by trading volume) — trading member of the TFX Click365 system (see above)

GMO Financial Holdings Co. Ltd (Japan) — new name (as of Oct 2017) of GMO Click (Japan), see above

Golden Markets - Cool Markets Ltd (Estonia) — forex and cryptocurrency trading — currently a target of the FCA for unauthorized business activity in the UK

GO Markets (Australia)

GO Markets (UK) — former subsidiary of GO Markets (Australia), now re-branded as Infinox Capital (UK)

Got Money FX (Australia)

GQ Capital Inc (Belize) — new broker (March 2018)

Grand Capital Ltd (Seychelles)

Greenvault FX - GV Global Ltd (New Zealand) — no U.S. clients

GTCM (Cyprus) — parent company is Depaho Ltd (Cyprus) — appears to accept U.S. clients

GTL Forex (United Arab Emirates)

GTX - Gain GTX LLC (US) — institutional division (prime broker and ECN) of Gain Capital Holdings Inc (US) — sold to 360T (German) Deutsche Boerse AG institutional brokerage division for $100M (May 2018)

Gulliver FX (UK) — out of business

GVS AU Pty Ltd (Australia) — re-branded trading name of IronFX (Australia) — ASIC-regulated

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Halifax Investment Services Pty Ltd (Australia) — placed in receivership (Nov. 2018) and apparently bankrupt — suspended (Jan 2019) by Australian regulator ASIC

Hantec Markets (UK)

Heart Forex (Belize) — parent is Heart Capital Ltd (Belize)

Hedgestone Group (Belize) — binary options broker (Russian ?)

Henyep Capital Markets (UK) Ltd — FCA-regulated FX and CFD broker — UK subsidiary of Henyep Holdings (BVI) Ltd

HF Markets Ltd (Mauritius) — corporate name of HotForex (Mauritius) — no U.S. clients

HF Markets (DIFC) Ltd (UAE) — corporate name of HotForex (UAE) in Dubai — no U.S. clients

HF Markets (SV) Ltd (SVG) — corporate name of HotForex (SVG) — no U.S. clients

Hirose Financial Ltd (UK) — no U.S. clients

HMS LUX (Luxembourg)

Hoard FX (Belize) — scam

HotForex (Mauritius, UAE, SVG) — trading names of HF Markets Ltd (Mauritius), HF Markets (DIFC) Ltd (UAE), and HF Markets (SV) Ltd (SVG)

Hotspot FX (UK) — institutional ECN broker — owned by securities exchange BATS Global Markets

House of Borse (UK) — FCA-regulated broker catering to institutional clients in the Middle East and North Africa (MENA) region

HQBrokers (Marshall Islands) — scam — operated from Ukraine — shut down (along with Trade12 broker) by Ukrainian police as criminal enterprise (Dec 2018)

Hugosway (SVG?, Seychelles?) — appears to be successor to JAFX (SVG) — website lists address in Seychelles — Terms and Conditions specify SVG as place of incorporation

HYCM Europe (Cyprus) — CySec-regulated division of HYCM (UK)

HYCM - HY Capital Markets (UK)

HY Markets (UK) — renamed HYCM (see above)

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IamFX (Panama)

IBFX Australia, Pty Ltd (Australia) — owned by TradeStation (division of Monex Group - Japan) — being sold to Oanda (Aus)

IBFX (US) — forex brokerage division of TradeStation (US) — currently being sold to Oanda (US)

icetrader .com — domain name of Glistentree Holdings (Cyprus) — no longer authorized by CySEC — defunct, out of business

IC Markets (Australia)

iCFD (Cyprus) — one of the companies of iForex Group (Cyprus?) — re-branded (Jun 2018) as Vestle (Cyprus) in order to become an ESMA-compliant EU broker

ICM Capital Ltd (UK) — rebranded in August 2018 as ICM .com (UK) — no U.S. clients

ICM .com (UK) — new name of ICM Capital Ltd (UK) and other ICM entities worldwide — no U.S. clients

ICM Capital Markets (Belgium?) — do not confuse with ICM Capital Ltd (UK) — see iTrade Capital Markets

IFC Markets (British Virgin Islands) — no U.S. clients

iForex Group (Cyprus?) — parent of ICFD (Cyprus) online forex broker serving the EU, and currently (Jun 2018) being re-branded as Vestle (see below) — also parent of Formula Investment House Ltd (BVI) serving non-EU clients

IFX Markets (Australia) — subsidiary of City Index (UK) / Gain Capital (US)

IG Markets (Australia)

IG Markets (UK) — forex, CFD, and spread-betting broker — applying for CFTC/NFA registration as retail forex broker (RFED) in the U.S. (application dated November 2017)

IGM Forex Ltd (Cyprus) — license temporarily suspended by CySEC (July 2018) for capital adequacy issues

IKOFX (British Virgin Islands / New Zealand) — no longer accepts U.S. residents

IKON Finance Ltd (UK) — preparing to reenter retail FX market after successfully addressing suspension by FCA in March 2017 — do not confuse with IKON Global Markets (US) or IKON Markets Ltd (Belize/Bulgaria)

IKON Global Markets (US) — apparently not out of business (as reported here previously) — a U.S. court in Illinois entered a $23M fraud judgement against this broker in August 2017

IKON Markets Ltd (Belize/Bulgaria)) — boiler-room scam operating under various names: IKON Markets Ltd, Iconics PS Ltd, Hedgestone Group. Belize IFSC has issued a warning that these entities are unauthorized in Belize.

Infinox Capital (UK) — new name of GO Markets (UK), former subsidiary of GO Markets (Australia)

InovaTrade (Panama)

Insta Forex (Russia/BVI)

Institutional Liquidity - ILQ (Australia) — CFTC regulated, NFA member

Integral Forex (Turkey) — div. of Integral Menkul Degerler (Turkey) — partner of Dukascopy (CH)

IntelFX (New Zealand)

Interactive Brokers (US)

Interbank FX - IBFX (US) — owned by TradeStation (US) which is a subsidiary of Monex (Japan)

Internaxx (Luxembourg) — acquired by Swissquote (Switzerland) in March 2019

InterTrader .com (UK) — spread-betting

Invast Financial Services Pty Ltd (Australia) - subsidiary of Invast (Japan) — institutional and prime brokerage services

Investors Europe (Gibraltar)

IQ Option (Cyprus) — formerly options-only broker, now offering leveraged FX and CFD’s — no U.S. clients

IronFX Global Ltd (Cyprus) — CySEC-regulated — see 8Safe UK Ltd (UK) and GVS AU Pty Ltd (Australia)

iTrade Capital Markets (Belgium?) — do not confuse with iTraderFX (Israel) or with iTradeFX LLC (British Virgin Islands?)

iTraderFX (Israel) — binary options dealer now entering the FX market

iTradeFX LLC (British Virgin Islands?) — out of business

IV Brokers (Belize)

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JAFX Ltd (SVG) — call-centers in U.K. and Australia — no U.S. clients

JFD Brokers (Cyprus)

JFX - Jiffix Markets Ltd (Cyprus) — out of business — clients transferred to Traders Trust (Cyprus)

Juno Markets (New Zealand) — very new — mainly focused on the Asian FX market — no U.S. clients

JustForex (Belize) - trading name of IPCTrade Inc (Belize) — FX and crypto trading — no U.S. clients

---

KAB Strategy Ltd (Cyprus) — no U.S. clients

Kabu .com — Kabu .com Securities Co. Ltd (Japan) — subsidiary of Mitsubishi UFJ Financial Group — a TFX Click365 broker

Kinetic Securities (Australia)

KVB Kunlun (Hong Kong) — acquired by CITIC Securities (China) in 2015 — parent of FCA - regulated KVB Prime (UK)

---

LandFX UK Ltd (UK) — subsidiary of LandFX (New Zealand) — FCA license granted June 2016

Larson and Holz IT Ltd (Hong Kong) — no U.S. clients

Latitude FX (New Zealand)

LCG .com (UK) — see London Capital Group Ltd (UK) — no U.S. clients

LeadCapital Group (Cyprus) - parent of LeadCapital Markets Ltd — also parent of LeadCapital Partners (Seychelles) which operates newly-formed FINQ .com in the Asian market

LeadCapital Markets Ltd (Cyprus) — operates as Trade .com (Cyprus) in the European market

LegacyFX (Cyprus) — founded in 2015, owned by technology company Leverate (Cyprus) — operation suspended

Leverate (Cyprus) — liquidity provider — see CWM FX

Libertex - Indication Investments Ltd (Cyprus) — multi-asset broker, online platform

Libra FX (Anguilla) — out of business

Lionstone Investment Services (Russia) — binary options broker — reportedly going out of business

LiteForex (Marshall Islands) — unregulated subsidiary of LiteForex Ltd (Cyprus)

LiteForex Ltd (Cyprus) — CySEC-regulated broker — parent of LiteForex (Marshall Islands)

Liquid Markets - LQD Markets (UK) — bankrupt — seeking buyer

LMAX Exchange Group (UK) — FCA-regulated multi-lateral trading facility (MTF)

LMAX Global (UK) — new brokerage name, spun off from LMAX Exchange to meet new MiFID II requirements

LMFX (Macedonia) — Trusted Broker

London Capital Group Holdings plc - LCG Group (UK) — currently facing bankruptcy — financially troubled parent of London Capital Group Ltd (UK) (currently being spun off), and London Capital Group (Cyprus) Ltd.

London Capital Group Ltd (UK) — FCA-regulated broker (forex, CFDs, spread betting) owned (and currently being spun off) by LCG Group (UK)

London Capital Group (Cyprus) Ltd (Cyprus) — CySEC-regulated broker owned by LCG Group (UK)

London Spreads (UK) — see London Capital Group Ltd (UK)

Loyal Forex (British Virgin Islands) — (and parent company FX Systems) — out of business

LQDFX (The Marshall Islands)

LQD Markets (UK) — see Liquid Markets — do not confuse with LQDFX (The Marshall Islands)

Lucror FX (New Zealand)

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Magna FX - Magna Trust Securities and Investment Services, S.A. (Greece) — no U.S. clients

MahiFX (New Zealand) — retail fx broker and b2b fintech provider licensed in New Zealand, Australia and U.K. — currently (Mar 2019) selling its retail business to FXDD — no U.S. clients

Marketiva (Montenegro) — see AGEA (Montenegro)

Markets Capital Ltd (UK) — trading as FX Markets Capital (UK) — currently under scrutiny by the FCA

Markets .com (Cyprus) — owned by TradeFX Ltd - UK (recently acquired by gaming company PlayTech)

MasterForex (Russia/Georgia/Belize) — see Master Services (Russia/Belize), MFX Broker (Georgia), and MFX Broker (Belize)

Master Services Inc (Russia/Belize) — operating as MFX Broker Belize, and MFX Broker Georgia

Matador Prime (Bulgaria) — de-listed by Bulgarian FSC (October 2018) which results in de-listing by MiFID

MaximusFX (Ukraine / Russia / Nigeria) — trading name of Maximus Markets Ltd (SVG)

Mayzus Investment Company Ltd (Cyprus)

MB Trading (US) — acquired by TradeKing (US) — MB Trading exited the forex market October 2015

MCM FX - Miffs Capital Management Ltd (UK) — no U.S. clients

Mercor Index (UK) — former name of TigerWit Ltd (UK) prior to acquisition by TigerWit (Bahamas)

Merex Markets (Republic of Georgia) — scam

MEX Group Worldwide Ltd (domicile?) — parent of MultiBank Forex Exchange Corp (US), and MultiBank FX International Corp (BVI)

MF Financial (Belize) — see MFFX (Belize) — out of business

MFFX (Belize) — out of business

MF Global (UK) — in reorganization — formerly a subsidiary of MF Global Holdings Ltd (UK)

MF Global Finance USA Inc. (US) — bankrupt — subsidiary of MF Global Holdings Ltd (UK)

MF Global Holdings Ltd (UK) — bankrupt

MFX Broker Belize (Belize) — see Master Services Inc (Russia/Belize) — do not confuse with MFFX (Belize)

MFX Broker Georgia (Republic of Georgia) — see Master Services Inc (Russia/Belize)

MFX Trade (Australia) — retail trading platform of MahiFX (Australia) — do not confuse with MFX Broker (Belize / Georgia)

MIG Bank (Switzerland) — see Swissquote (Switzerland)

Milltrade Ltd (Marshall Islands) — scam — bankrupt — merged with MMCIS (see below)

MMA Forex (Dubai) — brokerage arm of MMA Group (Dubai) — SCAM — ponzi-scheme, shut down by Dubai authorities

MMA Bank GT (Dubai) — new name of reorganized MMA Forex — warnings issued in Sweden, Ireland, and Switzerland

MMCIS (Ukraine / Marshall Islands) — scam — bankrupt — merged with Milltrade Ltd (Marshall Islands)

Monex (Japan) — parent of TradeStation (US) — do not confuse with Monex Deposit Co. (US). or Monex Credit Co. (US), both charged with fraud by the CFTC in Sept '17.

Money Partners FX - Money Partners Group Co. Ltd. (Japan) — Japanese customers only

MRC Markets (Russia) — scam

MTrading (SVG) — trading name of ServiceComSvgLtd — no U.S. clients

MultiBank Forex Exchange Corp (US) —

MultiBank FX International Corp (BVI) — online broker with branches throughout Asia, UAE, Cyprus, and western Europe

MXT Global Pty Ltd (Australia) — renamed Vantage Global Prime Pty Ltd (Australia)

MXTrade - Lau Global Services Corp (Belize) — KROUFR blacklisted — scam — do not confuse with MXT Global (Australia)

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Nanshan Jinchuang Co. (China/Taiwan?) — has applied to NFA/CFTC for membership and registration as RFED in the U.S.

NatureForex (Belize) — no U.S. clients

NinjaTrader (US) — IB for FXCM (US)

NordFX (Vanuatu) — subsidiary of NFX Capital VU Inc (Vanuatu)

Nord Markets (Sweden)

NPBFX (Belize) — Russian-owned (subsidiary of Nefteprombank), offices in London and Belize — no U.S. or EU clients

NSFX (Malta) — no U.S. clients

---

Oanda (US) — second-largest U.S. forex broker (after Gain Capital) — controlling interest (98.5%) in Oanda purchased (June '18) by CVC Partners Asia Fund (private)

OctaFX (St. Vincent and the Grenadines) — no U.S. clients — FCA-licensed (UK) — focused on the APAC region — re-focused on the E.U. with newly-acquired (Feb 2019) CySEC license.

ODL Markets (UK)

Olsson Capital (Bulgaria) — forex, CFD’s and cryptocurrencies — targeting UK clients, currently blacklisted by FCA

OlympTrade (Seychelles / Cyprus) — binary options dealer owned by Smartex International Ltd (Seychelles) and Frandom Holding Ltd (Cyprus) reported to be Russian companies

OMFinancial (New Zealand)

Onasis IBC (Seychelles)

One Financial Markets (UK) — FSA (UK) and FSB (SA) regulated broker, focused on Middle East and s. Asian markets — being acquired by AxiCorp (Australia) as of August 2018

OneTrade (UK) — new STP broker with social- and copy-trading focus — owned by FxStat (UK)

Orbex Ltd (Cyprus)

OSG Forex - Optimum Standard International Group Ltd (domicile?) — claims to be Hong Kong domiciled and registered — but, in Oct 2017, Hong Kong SFC said those claims are fraudulent

---

---

(Alphabetical List - continued in post #5)

[Clint]

— 5 —

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Pacific Financial Derivatives Ltd (New Zealand) — no U.S. clients

Panteon Finance (Ukraine) — scam — bankrupt

ParFX (UK)

PaxForex (St. Vincent and the Grenadines)

Pellucid FX (Anguilla) — out of business

Pepperstone (Australia) — no U.S. or Canadian clients

Peregrine Financial Group - PFG Best (US) — out of business

PhillipCapital (Singapore) — exchange-traded equities, options and futures (including currency futures) — no OTC spot forex

PhillipCapital (UK) — FX, CFD indices and commodities — subsidiary of PhillipCapital (Singapore)

PipFixed (Panama)

Plus500 (UK) — trading name of Plus500UK Ltd (UK)

Prime CFD’s - TLC Consulting Ltd (Marshall Islands) — multi-asset broker

PrimeFX (New Zealand)

PrimeTradeFX (Switzerland) — no U.S. clients — accepts Canadian clients

Primus Capital Markets (UK) — FCA-regulated fx broker — acquired by crypto exchange Trade .io — will be re-branded TIO Markets (UK) — do not confuse with Primus Global Ltd (Cyprus)

Primus Global Ltd (Cyprus) — new name of FX Primus Europe Ltd (Cyprus) — do not confuse with Primus Capital Markets (UK)

ProbusFX (Cyprus) — CySEC-regulated (since 2017) retail broker — re-branded (Nov. 2018) to SquaredDirect (Cyprus)

ProfiForex (Seychelles) — does not accept U.S. clients

---

Q8 Trade - Q8 Securities Co (Kuwait) — multi-asset broker

Quaestor Zrt (Hungary) — bankrupt — business suspended by Hungarian National Bank

Questrade (Canada) — accepts Canadian citizens and permanent residents only

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Rakuten Securities, Inc. (Japan) — has acquired FXCM Japan Securities Co. Ltd. — no U.S. clients

Real Forex (Belize) — removed from Group 1 (May 2017)

Real Trade (British Virgin Islands)

Renesource Capital (Latvia)

RJ O’Brien (US) — institutional forex broker

RoboForex Ltd (Cyprus) – name will be changed to RoboMarkets in 2018

RoboMarkets (Cyprus) — see RoboForex

RoboTrade Ltd (Belize) — M/M subsidiary (for cent accounts) of STP broker RoboForex Ltd (Cyprus)

Royal Forex Trading - RFXT (Lebanon) — licensed by CySEC (Cyprus), Sep 2016, providing access to the European market

RTFX - Realtime Forex (Malta) — out of business as of 29 May 2015 — do not confuse with RFXT

RubixFX (Australia)

RV Markets (Hong Kong) — out of business — see UPME Group Ltd (British Virgin Islands)

RVD Markets Ltd (British Virgin Islands) — bankrupt

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Saxo Bank (Denmark)

Scope Markets (Belize)

Sensus Capital Markets (Malta) — a.k.a. GBE Brokers (Malta) — license to operate in Malta suspended by MFSA (Mar '16) — SCAM

SGT Markets - Sterling Gent Trading Ltd (British Virgin Islands) — no U.S. clients

SHK Direct (Hong Kong)

SimpleFX Ltd (St. Vincent and the Grenadines)

SkyFX (Cyprus) — subsidiary of Trademarker (Cyprus) — suspended by CySEC (May 2016)

SmartTrade FX (St. Vincent and the Grenadines) — recently removed from Group 1

Solidity Brokers (Cyprus) — out of business

Spreadex (UK) — spread betting dealer

SquaredDirect (Cyprus) — new name of ProbusFX (Cyprus)

StarfishFX - Starfish Markets Ltd (Vanuatu) — forex, CFD’s, commodities and binary options — offices in New Zealand — expelled from Financial Commission (Nov. 2018) for non-compliance

Sterling Gent Trading Ltd (British Virgin Islands) — see SGT Markets (BVI)

STForex (Russia)

STP Markets (UK) — directional options broker — not regulated (FCA warning in effect) — £1000 minimum deposit

Strategem FX (Belize) — out of business

Strato Markets (Netherlands)

SVSFX - SVS Securities Plc (UK)

Swiss International (Kuwait)

Swissquote (Switzerland) — acquired MIG Bank (Switzerland) in 2013 — acquisition of Internaxx (Luxembourg) completed March 2019

SynergyFX - Synergy Financial Markets (Australia) — recently (Sept 2018) acquired by ACY Capital Group (Australia)

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Tadawul FX — see Liquid Markets (UK)

Tallinex (St. Vincent and the Grenadines) — no longer accepts new U.S. clients as of October 2016

Tbilisi Traders Club LLC (Rep. of Georgia) — trading name of HDForex (Georgia)

TD Markets Ltd (UK) — owned by TDM Holdings Inc (St. Vincent and the Grenadines) — fx and binary options

TeleTrade - DJ International Consulting Ltd (Cyprus) – no U.S. client

Templer FX (SVG) — no clients from US, Canada, UK, EU, Japan, Israel, or Turkey

TempletonFX (UK) — one of the trading names of Templeton Securities Ltd (UK) — IB for ACM Group plc (UK)

Templeton Securities Ltd (UK) — parent of TempletonFX (UK) — not affiliated with Franklin Templeton Investments

Tenko FX (New Zealand)

TFI Markets Ltd - TFIFX (Cyprus) — no U.S. clients

The Collective FX Global (Belize) — see BDG Financial Services Ltd — out of business

TheTradersDomain (SVG) — hybrid MM/ECN broker — U.S. clients must register country of residence as “crypto” and deposit funds via cryptocurrency — after conversion, U.S. accounts are denominated in USD

Think Forex (UK and Australia) — see ThinkMarkets (UK)

ThinkMarkets (UK) — TF Global Markets (UK) Ltd, and TF Global Markets (Australia) Pty Ltd — formerly ThinkForex — entering South Africa market in 2019

ThinkOrSwim (US) — division of TD Ameritrade (US)

Tickmill Ltd (UK) — no U.S. clients — Canadian clients are accepted — Tickmill has acquired Vipro Markets (Cyprus) as of Sep 2017

TigerWit Financial Services Ltd (Bahamas) — fx (and copy-trading) broker — parent of TigerWit Ltd (UK)

TigerWit Ltd (UK) — FCA-regulated broker — formerly Mercor Index, prior to acquisition by TigerWit (Bahamas)

TIO Markets (UK) — new name of FCA-regulated fx broker Primus Capital Markets (UK) after acquisition by Trade .io (Nov. 2018)

TMFX (Cyprus) - trading name of Topic Markets, Ltd (Cyprus) — TMFX voluntarily renounced their CySEC license 5/5/17

Tokyo Financial Exchange Inc - TFX (Japan) — Japanese futures exchange; also Click365 margin-fx trading exchange (see above)

Topic Markets Ltd (Cyprus) — see TMFX (Cyprus)

Trade 12 (Marshall Islands) — KROUFR blacklisted — operated out of Ukraine — shut down by Ukrainian authorities (Dec 2018) — classified as criminal enterprise — see also HQBrokers

Trade-24 (UK) — unlicensed/unregistered broker, sanctioned by FCA (UK) and OSC (Ontario, Canada) for illegal operations

Trade .com (Cyprus) — trading name of Leadcapital Markets Ltd (Cyprus) — CySEC-regulated

Tradefort (Russia)

TradeFred - MagicPath Capital Ltd (Cyprus) — multi-asset broker licensed in Cyprus, Australia, and Vanuatu — no U.S. clients

TradeInvest90 (Montenegro ?) — trading name of Celestial Trading Ltd, which claims to be regulated in Montenegro — warning against this broker issued by Austrian regulator FMA (Feb 2019)

TradeKing Forex (US) — IB for Gain Capital (US) — acquired MB Trading, Aug 2015 — TradeKing is for sale as of Jan 2016

Trademarker (Cyprus) — parent company of SkyFX (Cyprus) — suspended by CySEC (May 2016)

TradeNext Ltd (UK) — no U.S. clients — facing reorganization — currently terminating some clients

Tradeo (Cyprus) - brand name of UR Trade Fix Ltd (Cyprus) — social trading platform for FX and CFD’s

TradeOrbitz (UK)

TradePulseFX (Seychelles) — registered and regulated in Seychelles, offices in Dubai UAE

Traders Choice FX (US) — IB for various brokers

Traders Trust Capital Markets Ltd - TTCM (Cyprus)

Trader’s Way (Dominica) — Trusted Broker

TradeStation Forex (US) — subsidiary of Monex Group (Japan) — parent of IBFX (US and Australia) being sold to Oanda

Tradeview Ltd (Cayman Islands)

TradeWiseFX (SVG) — recently removed from Group 1, and moved to Group 2

Trading 212 (UK) — trading name of Avus Capital UK Ltd

Trading .com Markets Inc (US) — new U.S. subsidiary of Cyprus broker XM’s parent, Trading Point — currently has applications pending with NFA and CFTC for membership and registration as U.S. RFED

Trading .com (UK) — new name (effective Jul 2019) of Trading Point’s FCA-regulated retail broker, formerly known as Trading Point of Financial Instruments (UK) Ltd

TradingForex .com (Cyprus) — domain name of Traders Trust Capital Markets Ltd (Cyprus)

Trading Point (Cyprus) — no U.S. clients — also see XM .com (Cyprus)

Tradomart Ltd (Cyprus) — see ForexMart (Cyprus)

Trust Capital S.A.L. (Lebanon) — multi-asset broker regulated by the Capital Markets Authority (Lebanon) — recently (Nov. 2018) also licensed by CySEC (Cyprus)

Turnkey Forex (Mauritius) — Trusted Broker — do not confuse with TurnkeyFX

TurnkeyFX (UK) — fintech company providing technical services and white-label trading platforms to brokers — partner to Finpro Trading

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UB4Trade (UK) - Finatex Ltd (UK) — this broker has been placed on a Warning list by New Zealand regulator

UBFS Invest (Cyprus) — suspended by CySEC (May 2016)

UFX .com - United Global Ventures LP (UK) — may be UFX Markets Global / ufxmarkets .com / UFX Bank, rebranded — SCAM

UFX Bank (UK) — out of business

UFX Markets Global Inc (British Anguilla) — Israeli company — no U.S. clients

U Markets (Belize / UAE) — registered in Belize, office in UAE, also UK phone number

UMOfx (New Zealand)

Uni FX (UK)

United World Capital - UWCFX (Cyprus)

Universal FX (Switzerland)

UpFX (Seychelles)

UPME Group Ltd - FXUP ME (British Virgin Islands) — formerly RV Markets (Hong Kong)

USG Capital (Israel) — subs. of Int’l USG Capital Ltd, owned by Atlantic Brokers (Bulgaria) — suspended by ISA — no longer brokering forex — do not confuse with USGFX (Australia)

USGFX (Australia) - trade-name of Union Standard International Group Pty Ltd (Australia) — ASIC-regulated forex broker — no U.S. clients

UTMarkets - United Trading Markets (Bulgaria?) — trade-name of T-Marketing Services Ltd (Bulgaria?) — warning from FSC

UTrade Premium Ltd (Israel) — algo-trading brokerage, banned by Israeli Securities Authority (ISA) — scam — CEO and other executives face fraud and racketeering charges in Israel

UWCFX — see United World Capital (Cyprus)

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Valbury Capital (UK) — no U.S. clients

Vantage FX Pty Ltd (Australia) — retail partner of Vantage Global Prime (Australia) — FX (ECN) only — no longer offers trading in binary options — no U.S. clients

Vantage Global Prime Pty Ltd (Australia) — institutional partner of Vantage FX (Australia)

Varchev Financial (Bulgaria)

Varengold (Germany) — will cease operation as a retail FX broker by May 2016

Varianse - trading name of Vibhs Financial Limited (UK) — FCA-regulated — no U.S. clients

Venbey Yatirim (Turkey) — scam

VertiFX (Canada)

Vestle (Cyprus) — new name of broker iCFD (Cyprus), one of the companies of iForex Group (Cyprus?) — ESMA-compliant broker serving EU clients

Victory International Futures (Indonesia) — Indonesian clients only

Vinson Financials Ltd (Cyprus)

VIPRO Markets (Cyprus) — no U.S. or Canadian clients — Vipro has been acquired by Tickmill (UK)

VistaBrokers (Cyprus) — no U.S. clients

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WFX Markets (British Virgin Islands)

Windsor Brokers (Cyprus) — licensed and regulated in Cyprus, and (as Seldon Investments Ltd) in Jordan.

WSD Global Markets (New Zealand) — out of business

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xCFD Ltd (Cyprus / New Zealand)

XE Markets (Malaysia) — see Trading Point (Cyprus)

XForex - XFR Financial Ltd (Cyprus) — currently being dissolved — clients are being transferred to Xtrade (Cyprus)

XGlobal Markets (Cyprus)

XM .com (Cyprus / New Zealand) — see Trading Point (Cyprus) — no U.S. clients

XoomForex (Cyprus) — out of business

Xtrade (Cyprus) - XFR Financial Ltd (Cyprus) — no U.S. clients — do not confuse with X-Trade Brokers (Poland)

X-Trade Brokers (XTB) (Poland) — expanding into South America and Belize

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Yadix (British Virgin Islands)

You Trade FX (Mauritius) — scam — do not confuse with scam broker UTrade Premium (Israel)

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Z .com (GMO-Z .com Trade UK Ltd) (U.K.) — subs. of GMO Click (Japan) — no U.S. or Japanese clients

Zecco Forex Inc (US) — merged with TradeKing (US)

Zinfinex Limited (UK) — new FCA-regulated (effective Mar 2019) FX and CFD broker

ZuluTrade (Greece) — copy-trading partner of fx/cfd broker BlackBull Markets (New Zealand)

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——— end of Alphabetical Broker List ———

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---

The 4½-page Offshore Broker List (above), compiled by members of this Forum
over the past 8 years, has been placed at the beginning of this thread, where it will remain.

What follows (below) was originally the first post in this thread, way back in September 2010.

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September 24, 2010

Going Offshore to Escape the CFTC

On the Broker Aid Station forum, a discussion got started about trading through foreign brokers who are outside the jurisdiction of the CFTC. That particular topic really doesn’t belong on that forum. So, I’m opening this thread, as a place where that topic can be continued.

I’ll start this thread with a rant about the CFTC (because I have some ranting to get off my chest). Then, in subsequent posts, we can talk about specific foreign brokers, and whether there are advantages to trading with them.

---

But, first things first. Here’s my rant:

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Getting free of the CFTC, the NFA, and the rest of the Nanny State

---

We’ve been conned. By Gary Gensler, the head of the CFTC. On another thread, I called Gensler “a sneaky, little weasel”, and I stand by that description.

Gensler set up a straw-man — the 10:1 leverage limit — and we all bravely attacked and destroyed the straw-man, thinking it was the enemy. In 9,000 public comments to the CFTC, we battled against that 10:1 straw-man, and we tore it to shreds; and we said, “If you ram this 10:1 thing down our throats, we’ll take our business offshore.”

All the while, Gary Gensler and his crew were saying, “Gotcha — you’ll take 50:1, and you’ll thank us for it. And, by the way, like hell you’ll take your trading business offshore!”

The CFTC never intended to impose a 10:1 leverage limit on retail forex in the U.S. From the very beginning, their objective was 50:1; and they achieved their objective completely.

The phony 10:1 proposed limit was so extreme that we were relieved when the CFTC “relented”, when they “listened to the voice of the forex community”, when they set the leverage limit at 50:1, instead.

Gensler wrote the sheet-music, and we sang the song. Have we been had, or what?

---

Many reasonable folks, including several on this forum, have pointed out the hazards of using too much leverage, and have endorsed the new CFTC limit. Which misses the point entirely.

It is not the proper business of government to regulate the way we live our lives. It is not the proper business of government to tell us how many calories we may consume, or how much we may drink, or how much of our paychecks we may spend on lottery tickets, or HOW MUCH FOREX LEVERAGE WE MAY USE.

And it’s not the proper business of government to tell U.S. residents where they may do their banking, or where they may do their trading.

Finally, it’s not the proper business of government to tell U.S. forex brokers where they may set up foreign branches, or whom they may accept as customers in those foreign branches.

It is appropriate for the government to require brokers to furnish full and honest disclosure of the risks involved in forex trading, and to furnish full and honest disclosure of the terms and conditions of the trading accounts which they offer.

And it is appropriate for the government to prosecute fraud wherever and whenever it occurs in any of the financial markets.

Beyond that, the government has no legitimate role, and they should butt out.

---

The CFTC has U.S. forex brokers by the throat: By threatening their ability to do business in the U.S., the CFTC can interfere with the rights of those brokers to do business outside the U.S.

But, the CFTC has no authority over foreign brokers who operate entirely outside the U.S. (See the Note, below). And under current law, the CFTC has no authority over individual traders who trade through foreign brokers that are beyond the reach of U.S regulation.

The U.S. government claims the authority, through the IRS, to require U.S. residents to report foreign accounts which we hold — bank accounts, brokerage accounts, etc. But, they cannot (yet) prevent us from having those accounts.

The CFTC, and their sock-puppet the NFA, are behaving like the rest of the Nanny State: They are acting like our rulers, rather than our public servants. These people seem to believe they have the right and the power to do anything they want to do.

They’ve never had that right, and they never will have it.

They may have the power — but, not for long.

——— end of rant ———

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Note (Edit - 8/26/13) — The statement noted above, is not entirely correct.

Soon after we began this search for offshore forex brokers, we discovered that the CFTC (and other U.S. regulatory agencies) have their tentacles deep inside many foreign governments, through a series of nasty, little agreements known as Memoranda of Understanding. These agreements have effectively extended U.S. regulation to cover U.S. residents doing business in countries which have signed the agreements.

There still are countries where these agreements do not (yet) exist — and we are eager to find reliable brokers within those countries who will do business with us. And there are a few offshore brokers, in Memorandum countries, who have the courage to defy the over-reaching U.S. regulatory authorities, and welcome U.S. residents as clients — and we are eager to identify these brokers, and to consider client relationships with them.

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September 24, 2010

Some things I learned this week about ACM and dbFX

Earlier this week, I called ACM in Switzerland, and dbFX in New York, and specifically asked whether they are subject to CFTC regulation in any way, and whether they accept U.S. residents as clients. Here’s what I was told:

ACM (Advanced Currency Markets, Geneva, Switzerland) is completely beyond the reach of the CFTC. They have canceled their plans to open a U.S. subsidiary (it was to be called ACM-US), and they now have no U.S. presence. ACM is regulated by FINMA in Switzerland; they have an application pending with the Swiss banking authorities to become a Swiss bank; and they welcome U.S. customers. Minimum deposit to open an account is $2,000.

Here is the ACM website — Online Forex Trading | Currency Trading | ACM

---

dbFX is the retail forex brokerage division of Deutsche Bank. As a bank, Deutsche Bank is domiciled and regulated in Germany. But, their forex operation, dbFX, is domiciled in the U.K., and regulated by the FSA. dbFX’s relationship to the CFTC is less clear-cut than ACM’s. Deutsche Bank (the German-domiciled bank) has a large presence in the U.S., and some of their operations (other than forex) are regulated by the CFTC. dbFX (the U.K.-domiciled forex broker) is awaiting legal opinions on whether they fall under the jurisdiction of the CFTC in any way. I have placed my name on a list of people to be notified when that determination is made, and I will pass that info on to you, when I get it.

Here is the dbFX website — Forex Trading | Online Currency Trading Rates | FX Research | dbFX

[o990l6mh]

Earlier this week, I called ACM in Switzerland, and dbFX in New York, and specifically asked whether they are subject to CFTC regulation in any way, and whether they accept U.S. residents as clients. Here’s what I was told:

ACM (Advanced Currency Markets, Geneva, Switzerland) is completely beyond the reach of the CFTC. They have canceled their plans to open a U.S. subsidiary (it was to be called ACM-US), and they now have no U.S. presence. ACM is regulated by FINMA in Switzerland; they have an application pending with the Swiss banking authorities to become a Swiss bank; and they welcome U.S. customers. Minimum deposit to open an account is $2,000.

Here is ACM’s website — Online Forex Trading | Currency Trading | ACM

dbFX is the retail forex brokerage division of Deutsche Bank. As a bank, Deutsche Bank is domiciled and regulated in Germany. But, their forex operation, dbFX, is domiciled in the U.K., and regulated by the FSA. dbFX’s relationship to the CFTC is less clear-cut than ACM’s. Deutsche Bank has a large presence in the U.S., and some of their operations (other than forex) are regulated by the CFTC. dbFX is awaiting legal opinions on whether they fall under the jurisdiction of the CFTC in any way. I have placed my name on a list of people to be notified when that determination is made, and I will pass that info on to you, when I get it.

Here is the dbFX website — Forex Trading | Online Currency Trading Rates | FX Research | dbFX

Have you looked at Dukascopy at all? They’re one of the largest, if not the largest, Swiss brokers as I understand it.

[Clint]

Have you looked at Dukascopy at all?..

Hello Magnus,

I’ve gathered some information from their website — Forex trading, ECN Broker, Managed accounts, Swiss FX trading platform — but I haven’t yet spoken personally with anyone at Dukascopy.

[sandpipper]

I currently use DukC and like em as a broker. I spoke with them yesterday to make sure that the CFTC NFA crap would not affect my account.

Due to the fact that they are a bank, there should be no problems, according to them.

I would recommend them.

[Clint]

I currently use DukC and like em as a broker…I would recommend them.

Hello, sandpipper

Long time no see. I wondered where you’d been hiding out.

Thanks for the update on Dukascopy.

.

[sandpipper]

Hello Clint,

Hope all is well with you. I have pretty much deforumed (if thats the word) due to the fact that I have a fulltime job, as well as try to trade as much as possible, so something has to go.

I do check in now and then but nothing like 6 or 8 months ago when I spent hours a week reading and commenting. Glad to see you still over here.

[dragofx]

dukascopy is not going to accept US clients, from what I was told. If you have any information to the contrary please let me know.

[sandpipper]

Not sure if they are continuing to accept us clients, as I didn’t ask.

I am already a client and they told me my account would cont. uninterrupted.

[dragofx]

Thanks for the info. I approached them a few days ago, and they said the wouldnt accept us clients. Maybe I was speaking to someone uninformed over there. I am going to call them again.

It seems as though most of the AUS firms will continue to accept us clients, vantage, gomarkets, forex fs. Plus the two from panama forex-metal, and eforex.

Do we know of any other quality international firms that will be accepting US clients.

Additionally, while I understand the issue with us based companies with international affiliates having to comply with the CFTC. What is the primary issue for non CFTC regulated firms refusing to accept us clients? If the CFTC has no jurisdiction, what could they possibly do? Thanks.

[Shr1k]

Does anyone know anything about liteforex I could not find any US locations listed on the website. I am interested in liteforex because of the small trade size allowed.

Clint I totally agree with your sentiment and frustration with our government making regulations under the pretense of protecting ourselves from ourselves. Its BS!!
In reality a 50:1 leverage cap should not affect a trader that uses any sort of risk management and has a few bucks in the account. 50:1 leverage does limit how you can trade a micro account if your balance is micro $500 or less if the minimum trade size is $1000.
The new regs as they are now will probably not affect my trading much. Its that dam slippery slope that has lower margin limits, higher minimum balances, limits on trade frequency, fees on transactions(trades), and the big one even higher taxes at the bottom of the slope that has me worried and considering finding a way to move offshore. I know it won’t matter where my broker is the tax man will send the bill to me living in the USA:rolleyes:

[nicklang]

Epic post Clint! Agree 100%! Im a US resident and im moving out by FOREX account, due to NFA being a puppet! :mad::mad::mad:

Edit: I would also like to ask:
As a US citizen, is my capital covered by EU, FSA, FINMA regulations if the broker I choose is regulated with one of these institutions?

[Clint]

I’ve spent some time this weekend on the [B]Forex Broker Guide[/B] site, sifting through their listing of forex brokers —

Forex Broker Guide | Rate, Review & Compare Online Forex Brokers | Forex | Forex Brokers.

I was using this particular site mainly because it has a longer list of brokers (over 300) than any other site that I am aware of. At the end of this post, I’ll explain a little about how this site gathers data, and how their [I]Advanced Search[/I] feature works (or doesn’t work).

I used this site to compile lists of “trusted” offshore forex brokers, sorted by country. For this post, I’m listing only brokers domiciled in Switzerland, Germany, Denmark, the U.K., Australia and New Zealand. More on what “trusted” means, or doesn’t mean, at the end of this post.

These lists have to be taken as raw data, at this point. The brokers listed here may or may not meet your particular criteria for a forex broker. For example, these lists have not been filtered for any of the following criteria: (1) are U.S. clients accepted?, (2) minimum deposit to open an account, (3) payment methods allowed, (4) platform type, (5) available leverage, (6) pip spreads, etc. In other words, there’s a lot of due diligence yet to be done.

U.K. Brokers

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CMS Forex — Forex - Forex Trading - FX - FX Trading - CMS Forex UK

Activ Trades — Activtrades - Forex, CFD, Futures. New MT4.Low or Zero Commission

Alpari UK — Forex trading (FX) with Alpari UK - Online currency trading

Finotec — Forex, Forex Trading, Online Forex Trading Platform - Finotec UK Trading

HY Markets — HY Markets Home

MF Global — Stock Trading, Shares & Currency Market Trading System | MF Global

One Financial — One Financial Markets | Trading Broker –Regulated by FSA | London, UK

ODL Markets — Forex Trading, Broker & Software provider for FX, Spead betting, CFDs- ODL Markets (Powered by FXCM)

Swiss Brokers

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ACM — Online Forex Trading | Currency Trading | ACM

C.I.M. Banque — CIM Swiss Forex Bank - Private Banking Geneva, forex broker

Dukascopy — Dukascopy Bank SA | Swiss Forex Bank | ECN Broker | Managed accounts | Swiss FX trading platform

MIG Bank — Home - MIG BANK

Tadawul FX — Online forex trading with leading online forex broker Tadawul FX

German Brokers

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Finexo Global Investments — Online Forex & CFD Trading|Trade Currencies, Gold, Oil and Major Indices

Forex Web Trader — Online Forex & CFD Trading|Trade Currencies, Gold, Oil and Major Indices

dbFX — Forex Trading | Online Currency Trading Rates | FX Research | dbFX

Varengold — Successful Forex Trading with Varengold Bank FX

Australian Brokers

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Axi Trader — Forex Trading | Forex Broker | Forex Brokers | Forex Trading Platform

GO Markets — Online Forex Trading | MetaTrader 4 Brokers - GO Markets

IG Markets - Australia — CFD Trading Account | CFD Account

Latitude FX — Trade foreign exchange online - Live currency trading

New Zealand Brokers

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Latitude FX — Trade foreign exchange online - Live currency trading

WSD — WSD Global Markets Ltd : The online trading provider matching highest standards in integrity and safety

Danish Broker

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Saxo Bank — Forex Trading Online | Trade FX, CFDs, FX Options at Saxo Bank

The [I]Forex Broker Guide[/I] site is owned and operated by a New Zealand company, and it seems to work this way: the website lists every forex broker they have ever heard of, and then those brokers are invited to furnish and maintain the information which is displayed in their own listings. In most cases, the brokers have furnished enough information that you can decide whether you want to take a closer look at them.

However, some brokers (for whatever reason) apparently do not furnish information about themselves, and this results in a number of bare-bones listings which don’t tell you much. In most of these cases, it’s not possible to tell from the listings even where those brokers are domiciled, or how they are regulated.

This site has an elaborate filter/search mechanism, called [I]Advanced Search[/I], which turns out to be a big disappointment. It supposedly allows you to search for brokers based on almost any criteria you can think of: country, language, regulation, type of platform, pip spreads, etc. However, the search feature seems to search only the minimal data which has been displayed by the brokers themselves in their respective listings, and this leads to search results that can be bizarre.

For example, I filtered the entire list of over 300 brokers with just two criteria: (1) brokers in the United States, and (2) brokers who accept U.S. clients. Obviously, every broker in the U.S. accepts U.S. clients, but that’s not what the [I]Advanced Search[/I] feature told me. The search feature returned exactly 6 results, and you’ve probably never heard of 4 of them. When I removed the “U.S. client” search criterion, and just asked for U.S. brokers, the search feature returned 51 broker names.

Obviously, the [I]Advanced Search[/I] feature is a work-in-progress. It does seem to work accurately when you search by country, and/or when you search for “trusted” brokers. So, those are the search criteria I used to compile the lists shown above.

Which brings us to the question: What is a “trusted” broker? I can’t answer that question, and the website does not reveal how they made the determination to award some brokers the “trusted” badge, and not others. I applied the “trusted” filter purely as a matter of expediency, to cut the lists down — not because I can vouch for the trustworthiness of any broker.

If you filter the entire list of 300+ brokers, to include just the 6 countries I have listed above, you will end up with 6 lists totaling 66 brokers altogether. That’s a formidable list of brokers to phone and chat with. Applying the “trusted” filter reduces 66 brokers down to the 24 brokers listed above.

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Is it just me, or do the Swiss have “girl’s banks” and “boy’s banks”?

C.I.M. Banque sure looks like a girl’s bank to me.

And MIG Bank is obviously a boy’s bank — they’ve got the Michael Schumacher Formula One race-car thing going on. Too cool.

[vosterfxandy]

Fxopen for me all the way.

[Shr1k]

Is it just me, or do the Swiss have “girl’s banks” and “boy’s banks”?

C.I.M. Banque sure looks like a girl’s bank to me.

And MIG Bank is obviously a boy’s bank — they’ve got the Michael Schumacher Formula One race-car thing going on. Too cool

Clint I just had a look at those banks you are not mistaken in your observation. to funny

[dragofx]

Varengold, does not, or is not currently accepting US clients

[dragofx]

Thank you for the list Clint. I am going to talk to as many as I can today, and get answers regarding US clients for anyone that is interested.