The landscape of Forex trading in the US is distinctive due to its stringent regulations. This creates a unique market environment where offshore forex brokers provide alternative to US clients who seek higher leverage, competitive trading conditions, No FIFO rule, No PDT rule and Crypto trading instruments. In this review, we will explore 10 best offshore forex brokers accepting US clients in 2024, their best features, and risks.
Top 10 Forex Brokers Accepting
US Clients in 2024
Best Features
Website Link
(Click to learn more about Plexytrade)
#1. Trusted Broker - Plexytrade
Acquired LQDFX in May 2024
Full ECN/STP, Fast Order Execution: 46 ms
Leverage up to 1:2000, Min. Deposit $50
Low Spread 0.1 pips, $2 ECN Commission
Instant 120% Cash Bonus (up to $24 000)
PAMM account for Fund Managers
MT4 & MT5 trading platforms
24/5 Live Chat Support
#2. Trusted Broker: N1CM
ECN Order Execution Model
Leverage up to 1:1000, Min. Deposit $1
Spread 0.1 pips, $2.5 ECN Commission
Fast Order Execution Time: 211 ms
Free access to Autochartist™ tools
MT4 & MT5 Trading Platforms
35% First Deposit Bonus up to $5000
Scalping, Hedging, EA Trading is Allowed
(Click to learn more about N1CM)
#5. New Broker: zForex
STP Trading Environment
Leverage up to 1:1000, Min. Deposit $10
Low Spread 0.0 pips, $3 ECN Commission
MT5 trading platforms
50% First Deposit Bonus
Scalping and EA trading allowed
Deposit/Withdrawals are available in USDT
Swap Free account is available
(Click to learn more about zForex)
#6. Trusted Broker: XChief
Trusted by traders for over 10 years
STP/ ECN, No dealers, and No requotes
Leverage up to 1:1000, Min. Deposit $10
Tight Spread 0.1 pips, $5 ECN Commission
MT4 & MT5 trading platforms
"Cent" account for low volume traders
$100 No-Deposit Bonus, Contest $5000
PAMM account for fund managers
Allows Scalping, as well as Arbitrage
(Click to learn more about XChief)
#7. Old Broker: Hugo's Way
ECN/STP Order Execution Model
Leverage up to 1:500, Min. Deposit $10
Low Spread Starting 0.1 pips
PRO4 trading platform
55 Forex, 73 Stocks and 38 Cryptos
Bitcoin and Wire Transfer via Instacoins
Scalping, hedging and EA trading is allowed
24/7 Cryptocurrency trading + Live Chat
(Click to learn more about Hugo's Way)
#8. New Broker: MIDASFX
ECN/STP Order Execution Model, DMA
Leverage up to 1:1000, Min. Deposit $0
Low Spread 0.0 pips, $5 ECN Commission
MT4 and MT5 trading platforms
100% Deposit Bonus up to $10000
Cryptos, Cards & Wire Transfer via Instacoins
Scalping, News, Copy & EA trading is allowed
Account Currency in USD/EUR/GBP/JPY/CAD
(Click to learn more about MIDASFX)
#9. New Broker: Fyntura
Quick trade execution by ECN/STP model
Leverage up to 1:500, Min. Deposit $10
Low Spread 0.0 pips, $2 ECN Commission
MT4 trading platform
100% Deposit Bonus up to $50000
No KYC docs required for account verification
Scalping and hedging is allowed
PAMM/MAM account for Fund Managers
(Click to learn more about Fyntura)
#10. New Broker: Hankotrade
ECN Order Execution Model, NDD
Leverage up to 1:500, Min. Deposit $10
Low Spread Starting 0.0 pips
ActTrader trading platform
PAMM/MAM account for Fund Managers
Swap Free Islamic Account option
Arbitrage, Scalping, and EA is allowed
Negative balance protection
(Click to learn more about Hankotrade)
#3. Trusted Broker: AZAforex
ECN execution model. FIX API.
Spread from 0.1 pips, $3 ECN Commission
Leverage up to 1:1000, Min. Deposit $0
No requotes and freeze levels
PAMM accounts and Copy trading
Binary Options Trading: 60 instruments
Automatic Crypto deposits
16 fiat and 6 Crypto Base Currencies
(Click to learn more about AZAforex)
#4. Trusted Broker: SOLIDECN
Multiple account types on MT5
Leverage up to 1:1000, Min. Deposit $1
ECN/STP, Low Spread Starting 0.1 pips
Negative balance protection
24/7 Crypto trading available
Provide daily market analysis
All majors pairs Swap Fee (7 days)
Scalping, Hedging, News and EA is allowed
(Click to learn more about SOLIDECN)
What is an offshore Forex broker accepting US clients?
An offshore Forex broker accepting US clients is a Forex brokerage company that is registered in an offshore country to give Forex traders a restriction-free Forex trading environment, capacity to buy or sell foreign currencies online through trading platforms such as Metatrader, cTrader, ActTrader, TradeStation and Currenex. Depending on company's risk management and clientele, an offshore Forex broker might give you the underlying currency, or a non-deliverable spot contract, or a derivative like a contract for difference (CFD). To lessen your danger of getting conned, it's crucial to only open trading account with an offshore Forex broker who has received excellent ratings and reviews across a variety of review sites, offers professional live chat help around-the-clock, and process withdrawals within 24 hours.
Do US clients need an offshore Forex broker?
Following the 2008 global financial crisis, there were widespread calls for improved regulation of the various markets operating in the US. The Dodd-Frank Act was a direct result of this uproar. This law strengthened the CFTC, allowing it to oversee not only traditional financial markets, but also the trillion-dollar swaps market. Some of the changes that have had a direct impact on US Forex traders are as follows:
1. The introduction of the First In, First Out (FIFO) Rule completely removed the ability to hedge currency pairs. According to this rule, a position on an asset must be closed before another position on the same asset can be opened.
2. Leverage is set at 1:50 for major currencies and 1:20 for minor currencies and forex options trading.
Many US traders simply lost their competitiveness against global Forex traders as a result of low leverage and FIFO rule. Therefore US traders left the US market and transferred their funds to offshore Forex brokerage platforms in other countries, where they could benefit from a more liberal trading environment.
What are the advantages of using offshore Forex brokers in 2024?
There are four specific advantages of offshore Forex brokers accepting US clients in 2024:
1. Huge Leverage: In the US, leverage is limited to a reasonable 1:20 to 1:50 ratio. In comparison to US-regulated brokers, offshore Forex brokers offer incredible leverage — 1:500, 1:1000, and even 1:2000 in some cases. However, leverage is a double-edged sword; if you are new to forex trading, avoid using high leverage.
2. Get CFDs: The advantage of trading CFDs is that you do not have to buy the underlying asset. This enables you to take on large positions without investing a lot of money. CFDs can be extremely profitable, but they are also extremely risky. They are so risky that regulated forex brokers in the United States are not permitted to offer them. However, if you are an experienced Forex trader with a risk appetite, you can trade CFDs with offshore Forex brokers. Again, if you're new to forex trading, stay away from CFDs.
3. No FIFO Rule: Because offshore Forex brokers do not follow the FIFO rule, you can hedge your positions to avoid large losses.
4. No Restrictions on Trading Styles: You can use any trading strategy with an offshore Forex broker, whether you want to use an EA (expert Advisor), or scalping, or hedging or even arbitrage trading strategy is allowed.
What should US traders be cautious of when switching to offshore Forex brokers?
Here are some of the reasons why US traders should be cautious of offshore Forex brokers:
1. No Fund Security: Most offshore Forex brokers do not keep capital requirements separate as a sort of emergency fund to keep them solvent if something goes wrong. They are also free to do whatever they want, particularly when it comes to KYC compliance and keeping client deposits separate.
2. Frauds: Offshore territories are frequently used as a testing ground for everything from dubious marketing tactics to outright fraud. Here are a few examples: 1) Bonus restrictions, a marketing gimmick in which funds are restricted in a bonus scheme until a high turnover target is met. 2) Managed account fraud luring unsuspecting investors into virtually non existent managed funds. 3) Price manipulation is the practice of causing artificial movements to trigger stop-loss orders.
What factors should US traders consider when selecting an offshore Forex broker?
Opening a Forex trading account and making a deposit with an offshore Forex broker is something you should take very seriously. You are entrusting some of your capital to an offshore company, and in return, you should expect them to provide you with a restriction-free and competitive trading environment that you will not find in the US. You should also expect that your profits and, more importantly, deposits will be kept in safe custody in a segregated account, and that you will be able to withdraw funds quickly.
The following is a list of factors to consider when evaluating any offshore Forex brokers accepting US clients in 2024:
1. Reputation: It takes years to build a good reputation, high ratings, and positive reviews on a reputable Forex review forum such as ForexPeaceArmy. While it is difficult to find a popular broker with no complaints, there is a fine line between reputable and sketchy offshore Forex brokers that accept US clients. Before opening an account with any Forex broker, it is always a good idea to read the reviews and ratings on ForexPeaceArmy.
2. Trading Conditions: Aside from high leverage and tight spreads, traders should also consider execution speed, slippages, requotes, swap charges, deposit/withdrawal options and fees, margin call/stop out levels, minimum and maximum trade sizes, and range of trading instruments. A reliable Forex broker should provide high-quality execution and good liquidity. This is because trading is simpler under these circumstances, and loss-causing occurrences like slippage are less likely. Trade entry and exit should be simple, without any delays or platform freezes.
3. Live Chat Support (24/5): Imagine having an urgent issue like MT4 freezing, login failure, deposit/withdrawal delays, slippages, or entry exit order not triggering during the 24/5 operation of the Forex market. During such critical time, you need an experienced support person by the broker's side to address these issues on an expedient basis. Live Chat is the simplest, quickest way to get in touch with the support staff 24/5. Therefore, it is extremely important to confirm whether your offshore Forex broker accepting US clients provides 24/5 professional live chart support. Also, it was noticed that several offshore Forex brokers who promote Live Chat rarely have agents available. Make sure you test Live Chat and ask several questions to ensure that a qualified crew is on hand in case of an emergency. If email or contact form is only means of communication with the broker, expect to wait at least 24 hours for a response.
4. Trading Costs: Spreads, ECN commissions, Overnight Swap charges (important if holding position for more than a week), deposit and withdrawal fees (important for higher amounts and higher frequency) are all part of the trading costs. The total cost per trade is a factor that many traders frequently overlook even though it can have a significant impact on trader's final results. Before opening an account, ensure that the spread on EURUSD is less than 1.5 pips, the ECN commission is less than $7 per standard lot per round turn, the swap charges are both positive and negative, and the broker charges no additional deposit/withdrawal fees.
5. Ease of Deposit and Withdrawal: The ability to make a deposit or withdrawal on your own terms, as well as a wide range of secure, instant, and simple deposit and withdrawal options, is critical to your trading experience. It is also a good idea to check the withdrawal time, as no one would like to wait a week or more for their profits to be deposited into their bank account. When selecting an offshore Forex broker, it is best to deposit a small amount of money, make some trades, and then withdraw. You can then consider whether there were any problems, how long the withdrawal process took, and whether you feel comfortable making a larger deposit.
6. Account Types: Every Forex trader is different, as are their trading needs and goals. A good offshore Forex broker understands this and will provide various account types to meet the specific needs of individual traders. Forex brokers provide a wide range of account types such as Standard, Mini, Micro, Cent, as well as VIP, ECN, Classic, Swap free, and managed accounts such as PAMM and MAM. It is important to choose a broker who provides a variety of account types.
7. Trading Platforms and Tools: Almost all offshore Forex brokers provide their clients with access to the MetaTrader 4 (MT4) trading platform, which is available on desktop, mobile, and web platforms, and a few even provide MT5 and cTrader, which are then enhanced with additional trading tools and resources such as trading alerts, strategy builders, copy trading, EA trading, automated technical analysis tools, and tools for market analysis, insights, and sentiment.
Given the large number of Forex brokers available, it's critical to choose an offshore Forex broker that is trustworthy and offers all the services you require. You're one step closer to having a successful trading experience once you've selected a broker.
Best offshore Forex brokers for beginner traders
Over the years, Forex trading has gained a lot of attention as more and more people try to find ways to make money in their free time or from home, and many inexperienced traders are looking into it as a way to increase their existing income.
Unfortunately, most people don't understand the complexities, and others take huge risks in the hopes of making a lot of money quickly.
Also, a beginner Forex trader's trading requirements differ significantly from those of an experienced Forex trader. For instance, beginner traders require from a broker Forex training and trading education, limitless demo accounts to practice, free Forex analytics every day by experts, Nano or Cent or Micro accounts, promotions and bonuses, trading calculators, live chat assistance 24/5, high leverage and a minimum deposit requirement of less than $100.
According to our analysis, Plexytrade, N1CM, and AzaForex are the best offshore Forex brokers accepting US clients for beginner traders in 2024 who offer most of the aforementioned features.
Best offshore Forex brokers for US Scalpers
Scalping, a popular Forex trading strategy, is described as opening and closing a large number of trade orders in a very brief period of time, lasting no more than a few minutes or seconds, with the aim of achieving small profits but in large quantities.
Instead of holding a position for several hours, days, or weeks, the goal of scalping strategy primary goal is to repeatedly grab relatively little amounts of pip during the busiest periods of the day.
So a scalper's trading needs are very different from a beginner trader's. Forex scalpers need trading accounts with low spreads, very low ECN commissions, deep liquidity, low latency for extremely fast order execution, and the capacity to place orders without any requotes.
We have tested several offshore Forex brokers for spread, ECN commission, latency, liquidity and found that Plexytrade, SOLIDECN, and N1CM, are the best offshore Forex brokers accepting US clients for scalper traders.
Best offshore Forex brokers for Crypto CFD trading
Crypto CFDs are derivatives, and due to the availability of leverage nowadays crypto CFD trading is becoming increasingly popular alongside Forex trading over the past few years. It allows you to speculate on cryptocurrency price movements without buying the underlying coins.
The option to trade crypto CFDs via a Forex broker rather than direct buy and sell on crypto exchanges has numerous advantages:
1. First off, Crypto CFD trading involves investing a portion of the total cost - known as margin - of an crypto asset and borrowing the rest from the best offshore Forex broker accepting US clients. This means that you can take a large position on Crypto while only paying for a portion of it in advance to a broker.
2. CFDs do not have an expiry date, so you can position yourself in the market at any time to buy or sell. Also, trading crypto on an exchange will almost certainly incur fees, you will not incur fees for your positions set when trading Crypto CFDs with an offshore Forex broker.
3. Crypto CFDs are highly liquid; when it comes time to open or close a position, the action is instant, allowing you to benefit on the current price right away.
4. Buying and selling cryptos on an exchange takes time and results in a loss of opportunity. Whereas before entering your CFD contract with a Forex broker, you can also set your Take Profit and Stop Loss, allowing you to manage your risk and save time by partially automating your trading.
5. Cryptocurrency exchanges are often hacked, exposing all of your crypto assets stored with them. When trading Crypto CFDs with a Forex broker, you don't directly own a crypto asset, but you do maintain the right to the underlying asset between yourself and the brokerage and instead speculate on its price movement.
Considering above advantages of Crypto CFD trading we analysed some of the offshore Forex brokers who offer practically all of the Crypto assets to trade while taking the aforementioned benefits of crypto CFD trading into consideration. According to our research results, Plexytrade, N1CM, AZAforex, HugoFX, and MIDASFX, have a wide range of Crypto CFD assets to trade, Crypto and several other fiat currency deposit/withdrawal options, tight spread, low latency, and extremely low ECN Commission which makes them the best offshore Forex brokers accepting US clients in 2024 for Crypto CFD trading.
Best offshore Forex brokers for Day Trading
Day trading is a popular trading strategy in which traders buy or sell currencies over the course of a single trading day in order to profit from price movements during the day. Day trading strategies are riskier due to the increased frequency and speed of trades and require traders to remain at their trading platform for the full day session in order to monitor the real-time price charts.
The majority of the time, day traders base their trade decisions heavily on technical analysis.
Any day trading strategy's success is largely dependent on factors like deep liquidity, low spread, low ECN commission, low latency, zero requotes, minimal chart freezing, latest technical analysis and trading information, and an advanced trading platform such as MT4 or MT5.
According to our research, SOLIDECN, Plexytrade, and N1CM are the best offshore Forex brokers for day trading. They offer most of the important day-trading features competently, including lightning fast order execution, chart analysis, MT4/MT5 trading platforms, and low spread and ECN commissions.
Best offshore Forex brokers for High Volume HNI traders
The term high-net-worth individual (HNI) refers to a financial industry classification that denotes a person with liquid assets in excess of at least $1 million in liquid financial assets.
HNI clients want the best service possible with the least amount of effort, so VIP accounts are tailored to selected HNI traders, Institutional traders and Fund Managers with large deposits, who actively trade in large volumes and looking for the superior trading conditions on all products, one-to-one priority support, direct market access (DMA) trading using ECN or STP protocol, access to advanced technical analysis tools, FIX API, Free VPS, and unlimited maximum trade volume.
We looked into a number of foreign Forex brokers who could accommodate HNI traders' needs and, to our surprise, realised that only two foreign Forex brokers — Plexytrade and AzaForex — are the best offshore Forex brokers accepting US clients and offering VIP accounts.
Final Thoughts
Because of regulatory pressure, there are only a few offshore or foreign Forex brokers who accept US clients and provide a restriction-free trading environment. The good news is that some of them can meet the demands of different types of Forex traders.
If you are a beginner Forex trader, and looking for high leverage, Cent or Nano accounts, and a minimum deposit of $20 or less, Plexytrade, N1CM, and AzaForex are the best options.
If you have prior trading experience and want to try a scalping strategy, Plexytrade, SOLIDECN, and N1CM the best foreign Forex brokers accepting US clients because they provide quality order execution, tight spreads, and low latency, all of which are critical for the success of any scalping strategy.
If you want to trade a wide range of Crypto assets while paying low ECN commissions and receiving withdrawals within few hours, Plexytrade, N1CM, AZAforex, HugoFX, MIDASFX will meet your needs with over 100 Crypto CFD assets to choose from.
If you are a day trader looking for short-term trading, SOLIDECN, Plexytrade, and N1CM provide the majority of the necessary trading environment without any unnecessary slippage or requotes.
For high volume traders there aren't many offshore Forex brokers that accept US clients. Only 2 offshore Forex brokers, Plexytrade and AzaForex, provide VIP accounts that meet all of the needs of HNI traders.
Methodology
We developed a comprehensive methodology that evaluates over 100 different criteria points across 8 key areas mainly trading conditions, ease of account opening, trading platforms, trading costs, range of trading instruments, reputation, client support and ease of deposit/withdrawal in order to give you thorough reviews and rankings of offshore Forex brokers accepting US clients.
Our goal is to make the process of finding the right online offshore Forex broker easier for you. Everything on this website is based on trustworthy data and unbiased information. Our 10+ years of finance experience, combined with trader's reviews at various Forex forums, forms the foundation of our review methodology.
Our evaluation process is a thorough examination and evaluation of the broker's trading environment. We look at every aspect of the broker's offering: trading conditions, trading platforms, ease of deposit/withdrawals, 24/5 live chat support, security of funds, different accounts to meet requirements of different traders, thorough testing of the broker's exclusive trading tools and softwares, online reputation, reviews and ratings at ForexPeaceArmy, charts analysis, education materials or different promotions that Forex traders might find interesting.
We revise our methodology on a regular basis, fine-tuning all of our criteria and broker's data to be able to evaluate any Forex brokerage service without errors.
Written by
Rob Evans
Expert trader and Portfolio Manager
Rob Evans is a seasoned trader, financial market analyst, and portfolio manager with over eight years of experience working in financial institutions. Rob focuses on the analysis of currencies, stocks, commodities, and alternative investment markets like cryptocurrencies.
When away from the keyboard, Rob enjoys travelling, cycling, discovering new craft beers, and spending time friends and family.
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