The best offshore forex brokers for US traders allow you to trade forex CFDs instead of spot and have leverage up to 1000:1. Most brokers have trading with the MetaTrader 4 trading platform and also offer crypto like Bitcoin.
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The CFTC or NFA does not regulate the brokers shown in this table which accept traders in the US. We created this page based on this demand but recommend considering locally regulated brokers first. We created a lot of the best forex brokers in the US in 2024 that are regulated and should be considered first.
These brokers offer CFD trading to US traders
| Broker | Our Rating | Regulation | Standard EUR/USD Spread |
Standard GBP/USD Spread |
Standard AUD/USD Spread |
Raw EUR/USD Spread |
Raw GBP/USD Spread |
Raw AUD/USD Spread |
Commissions (USD Base) |
MetaTrader 4 | MetaTrader 5 | cTrader | Execution Speed | Minimum Deposit | Currency Pairs | Crypto CFDs | Retail Leverage | Prof. Leverage | Read Full Review |
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30 | none | 0.9 | 1.7 | 1.3 | - | - | - | $5 |
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104ms | $100 | 55+ | 38+ | 500:1 | 500:1 |
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30 | none | 1.1 | 1.4 | 2.5 | 0.1 | 0.1 | 1.1 | $3.50 |
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35 | none | 0.7 | 1.3 | - | - | - | - | $3.00 |
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40 | none | - | - | - | - | - | - | $2.00 |
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40 | VFSC | 0.6 | 1.1 | - | - | - | - | $5.00 |
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The best offshore brokers accepting US clients, such as Hugo’s Way offer a trading experience comparable to onshore brokers: tight spreads, a wide selection of forex trading platforms, and access to the forex market. We recommend these unregulated brokers for experienced traders in search of high leverage.
Forex Panel Score
Average Spread
EUR/USD = 0.9
GBP/USD = 1.7
AUD/USD = 1.3
Trading Platforms
MT4
Minimum Deposit
$10
Why We Recommend Hugo's Way
We recommend Hugo’s Way due to competitive trading costs, fast execution speeds and trading account flexibility. Of all the offshore forex brokers, Hugo’s Way comes closest to providing a trading environment that measures up to onshore brokers, with the added benefit of high leverage. We also appreciate that Hugo’s Way offers clients the option to scalp or hedge, two strategies not usually available to American traders with onshore brokers.
Pros & Cons
Broker Details
Hugos’ Way Accepts US Traders For CFD Trading
Based in St. Vincent and the Grenadines, Hugo’s Way is a true STP broker, meaning they are a no dealing desk broker that provides STP/ECN execution through one account to connect you with liquidity providers compiled from over 50 banks to deliver you tight spreads.
This account has a USD$5.00 commission fee, adjusted based on the trade size selected, to keep the spread at the raw prices set by the liquidity providers. This ensures no manipulation of your spread costs done with Standard accounts and by market makers.
The broker has also recently launched an additional server to enhance trading conditions and improve your overall trading experience.
Fees and Commissions
Hugo’s Way has only one account option, their ECN account with STP/ECN execution for optimal trading conditions.
This comes with a low minimum spread of 0.7 pips while the commission is charged at 5 USD per lot.
The broker also allows flexibility in funding methods with Bitcoin funding and withdrawals. Scalping and hedging are also permitted allowing more diversity in trading styles.
Platforms and Products
As a MetaTrader specialist, Hugo’s Way only offers one forex trading platform option, MetaTrader 4 (MT4).
MT4 is available as a browser WebTrader, Mac and PC desktop versions, and also on iOS and Android mobile devices.
You can trade a range of Forex and CFDs using Hugo Way’s MT4 platform including 55 Forex pairs, over 100 shares and 31 cryptocurrencies with up to 100:1 leverage for some crypto instruments.
Forex Panel Score
Average Spread
EUR/USD = 0.1
GBP/USD = 0.1
AUD/USD = 1.1
Trading Platforms
MT4
Minimum Deposit
$20
Why We Recommend LQDFX
We recommend LQDFX for the variety of trading account types available to American clients, which include a Micro account and an Islamic/SWAP account. This broker also stands out for its risk management measures like negative balance protection and extensive educational resources.
Pros & Cons
Broker Details
LQDFX have accounts for all types of traders
LQDFX have their headquarters in the Marshall Islands and has a solid customer base from Canada to Australia with the best variety of account types with Micro, Gold and ECN Account options for all levels of traders.
The broker also follows an STP, no dealing desk model providing direct market access and removing requotes.
LQDFX also offers a solid range of Forex market and CFD trading options, as outlined below.
Fees and Commissions
Non-Commission and Spread-based accounts are available depending on your trading preferences, style and experience level.
Their Micro Account is suited for beginners with a minimum deposit of just $20 with a minimum spread of 1.0 pips.
For more experienced traders, the Gold Account requires a higher $500 deposit, with a lower minimum spread of 0.7 pips.
Active traders will have the best trading conditions in the ECN Account, with a minimum deposit of $500, where the spread is 0.1 pips for a commission of $7.00 per round lot.
Platforms
Like Hugo’s Way, LQDFX only offers MetaTrader 4, which is still the best platform for foreign exchange trading.
In addition, MT4 also supports 39 languages, more than 2,000 technical indicators, 30 charting options, plus 9 timeframes. Alongside one-click trading and deep market histories, MT4 also facilitates automated trading through expert advisors (EAs).
You can download the MT4 platform on Windows and Mac computers from the LQDFX website.
LQDFX also offers mobile trading using a version of MetaTrader 4 designed for iOS and Android devices.
Solid Forex Offering
Pure Forex traders will find LQDFX an attractive choice with 71 currency pairs on offer, consisting of 7 majors, 21 minors, and 43 exotics.
A smaller range of commodities and index CFDs are also available to trade, including 11 global stock indices, 4 energy and agricultural commodities, and 4 cryptos.
Forex Panel Score
Average Spread
EUR/USD = 0.3
Trading Platforms
MT4
Minimum Deposit
$10
Why We Recommend Eagle FX
We recommend Eagle FX for its ultratight spreads, which are among the lowest of any offshore broker we reviewed for this list. Commissions are likewise competitive: just US $6 per lot, round turn. No minimum deposit requirement or withdrawal fees also help keep your trading costs down, which we like.
Pros & Cons
Broker Details
EagleFX has low spreads and low commissions
EagleFX is an award-winning FX broker with one of the lowest spread-based commission accounts.
Spreads start as low as 0.1 pips, between 0.6-0.7 pips typically for the EUR/USD, while EagleFX offers a $6 commission per round turn, the most competitive of any broker on this list.
EagleFX also has great customer support with 24/7 coverage across live chat, email or phone. If you value speaking to a real person, you can submit a ticket on their website and the broker will call you directly, to save waiting on hold.
Fees and Commissions
Eagle FX have variable spreads that start at 0.1 pips, with a typical EUR/USD spread of 0.7 pips.
The broker offers one standard account type for all clients with a minimum deposit requirement of just $10 using Bitcoin, and $50 using debit or credit cards. They also offer swap-free accounts for Islamic traders.
EagleFX also charges commissions at $6 per lot round turn. Overall these trading conditions are among the most competitive for offshore brokers.
The only other fees are swaps, which are charged when you hold open trades overnight
Platforms
Like most of the brokers’ on this list, EagleFX only offers MetaTrader 4.
Boasting dynamic charts and analytical functions, MT4 offers a practical and robust interface that allows you to trade orders straight from the chart with just one click.
The owner and CEO have also introduced online poker games for its users as a unique, point of difference and additional trading option.
Forex Panel Score
Average Spread
EUR/USD = 1.38
GBP/USD = 3.05
USD/CAD = 2.87
USD/JPY = 1.58
AUD/USD = 1.94
Trading Platforms
MT4, MT5
Minimum Deposit
$0
Why We Recommend Coinexx
We recommend Coinexx to any online trader ready to commit to trading cryptocurrencies. This broker truly goes all-in on crypto: from account funding to withdrawal to tokens to trade, it’s all about virtual currency. That said, if you’re new to trading crypto or using a digital wallet, the absence of educational materials might pose some challenges. Account opening, true to the spirit of blockchain, doesn’t require ID verification, so you can be up and running within minutes.
Pros & Cons
Broke Details
Coinexx has funding with cryptocurrencies like Bitcoin
Established in 2017, Coinexx has distinguished itself as a unique broker as it accepts deposits primarily in cryptocurrencies.
With Coinexx, you can sign up and start trading with a minimal amount of hassle, and without the need to go through a cumbersome ID verification process that is common among most other brokers.
Fees and Commissions
Spreads start at 0.0 pips, among the lowest of any broker, while commissions are charged at USD 2 per lot on the broker’s standard Pro ECN Account.
As mentioned above, Coinexx accepts deposits and withdrawals in cryptocurrencies as a sign of the future from other brokers using more traditional funding methods. There are also no deposit and withdrawal fees.
One main benefit of signing up with Coinexx is that once an account has been funded, new traders are welcomed with a 100% bonus on their first deposit of USD 100 or more.
Platforms
Coinexx offers MetaTrader 4 and 5, including desktop, web and mobile versions of both platforms. MT4 is most popular among Forex traders while MT5 allows trading with a greater range of financial instruments.
With Coinexx, you can trade 70 Forex pairs among a variety of commodities and share CFDs as well as the most popular crypto markets.
Forex Panel Score
Average Spread
EUR/USD = 0.6
Trading Platforms
MT4, MT5
Minimum Deposit
$1
Why We Recommend Number 1 Capital Markets
We recommend Number 1 Capital Markets due to its status as a regulated offshore broker with competitive trading costs and high leverage. Due to more relaxed regulations in the Oceanic island of Vanuatu, traders have access to margins of up to 500:1 but don’t sacrifice all the protections that come with trading via a licensed, regulated brokerage.
Pros & Cons
Broker Details
Number 1 Capital Markets has leverage up to 1:10000
Due to relaxed financial regulations in Vanuatu, No1 Capital Markets can offer very high trading leverage, with Forex. On the most liquid assets like the EUR/USD forex pair, leverage can go as high as 1:1000.
There is also a good variety of account options for all levels of traders with different skill sets, trading styles and preferences.
No. 1 Capital Markets also accepts a truly wide range of funding options. In addition to the usual methods like SWIFT bank wire transfers, major payment cards, as well as popular e-wallet platforms like Skrill and NETELLER.
Fees and Commissions
There are three different account types: a Cent Account, a Standard Account and an ECN Pro Account.
We recommend the ECN Pro Account. This account has variable ECN spreads while charging a USD 5 commission per lot traded.
Alternatively, the Standard Account should be the preferred option for most medium-sized traders, while the Cent Account is most suitable for beginners.
Platforms
Another MetaTrader-only broker, Number 1 Capital Markets offers MT4 which is still the most popular Forex platform globally.
Additionally, the platform offers nearly endless opportunities for systematic traders or those who like to code their own trading algorithms.
You can trade a decent range of 50 Forex pairs, 5 major crypto pairs as well as a smaller range of index, metal and energy CFDs.
An offshore forex broker is a brokerage located in a jurisdiction other than the trader’s home country. For example, if you live in Australia but want access to higher leverage than the maximum allowed by ASIC, you could open an offshore brokerage account with New Zealand-based BlackBull Markets.
Yes, American citizens can trade with an offshore broker, provided that the broker holds a license from the NFA and is regulated by the CFTC. In practise, however, most offshore brokers decline to accept American clients to avoid sanctions from the CFTC that might jeopardise the status of their US subsidiaries.
Tempting though it may be to open a trading account with an unregulated offshore broker for purposes of accessing trading instruments like CFDs or binary options, we don’t recommend it. Day trading is an inherently high-risk activity even under the best trading conditions, skirting the law and assuming the added exposure of an unregulated broker is both illegal and unnecessarily risky.
Yes, trading with offshore brokers is safe, provided you opt for one that’s licensed and regulated. We never recommend trading with unregulated brokers, as this increases your risk of fraud and funds mismanagement. Always do your due diligence before opening a trading account. Review the broker’s reputation online and with any local better business bureaus.
Like other day trading decisions, the choice of whether to open an account with an offshore broker has pros and cons.
| Pros | Cons |
|---|---|
| High leverage - up to 500:1 | Fewer regulatory protections |
| Access to tools and platforms not offered onshore | Delayed payments |
| Greater liquidity | Lack of transparency |
| A more limited selection of financial markets and trading products |
Trading forex with an offshore broker carries additional risks, including:
Choose an offshore, regulated broker if your trading style or trading strategy requires access to higher leverage or specific trading platforms not available with an onshore broker.
The main offshore regulators hail from countries as diverse as Belize, Seychelles and the Island of Vanuatu.
The specific protections offered by offshore brokers vary depending on their regulatory status and jurisdiction. In general, regulated offshore brokers will segregate client funds into separate accounts, and some offer negative balance protection. We always recommend contacting the broker directly and reviewing local regulations if you have doubts.
Yes, offshore brokers in some jurisdictions offer insurance for client funds. This is far from standard practice, however, so you’ll need to inquire with your preferred broker or check the local rules and regulations in the relevant country.
Yes, it’s generally safe to trust a regulated offshore broker. Many of the main offshore regulators require licensed brokers to follow basic best practices designed to keep clients safe. Almost all offshore brokers deposit client funds into separate accounts, for example, and some provide negative balance protection.
On the other hand, offshore brokers may not offer some of the protections that come standard when trading with a Tier-1 regulated broker. Most offshore brokers don’t carry indemnity insurance and only a very few have a ‘best execution policy’ that requires them to fill orders on terms most favourable to the client.
An offshore broker is any broker that operates outside of your country of residence, while an unregulated broker does not hold a license from any financial services regulatory authority.
Alex is an Australian day trader interested in trading forex with higher leverage than what’s allowed under ASIC regulations. He opened a trading account with Auckland-based BlackBull Markets, which holds a license from the New Zealand Financial Markets Authority. In this case, Alex is trading with an offshore broker, not an unregulated one.
Mike is an American day trader who also wants to experiment with higher leverage. He opens an account with Hugo’s Way, a brokerage firm based in St. Vincent and the Grenadines and not subject to any regulatory oversight. In this case, Mike is trading with an offshore, unregulated forex broker.
Offshore brokers may or may not be cheaper than their onshore counterparts, depending on daily turnover and business model. Some may use lower trading fees and tighter spreads to attract clients, while others have to compensate for lower activity with larger spreads.
Offshore brokers often offer higher leverage due to looser regulatory restrictions. Tier-1 regulators like the CFTC and the FCA typically cap leverage at 30:1 or 20:1. Offshore regulators, on the other hand, cap leverage for retail clients at 500:1.
Yes, you can, many offshore brokers offer the MetaTrader 4 and MetaTrader 5 trading platform which has copy trading with MetaTrader Signals. Some brokers may have other 3rd party copy trading tools such as cTrader Copy with cTrader or Myfxbook.
No, most offshore forex brokers will not accept US Clients. The National Futures Association which regulated online Forex Trading does not permit US citizens to trade with offshore brokers. These include brokers such as Trader’s Way and LMFX.
It is illegal for American citizens to trade CFDs, regardless of whether an onshore or offshore broker is used. Moreover, the Dodd-Frank Act prohibits offshore brokers from accepting American clients unless the broker complies with USA-specific regulations for derivatives brokers.
Although offshore brokers come with many benefits and a lot of flexibility, it’s important to be aware of the risks that come with offshore investment accounts for US clients.
Offshore brokers are brokers that are not licensed by the financial regulator of your country to offer brokerage services in your country. The broker might still be regulated or they might not be regulated but if they are, they are using a regulator that monitors a different jurisdiction that may not apply to your country. Brokers that allow American traders to open investment accounts need to be regulated by CFTC or NFA, any other broker is an offshore broker, regardless of any financial oversight they are using.
Pros of offshore brokers include flexibility of investment options, tax advantages, higher maximum leverage and privacy of your investment activity and customer protection.
Another advantage is the ability to get around the FIFO rule (first in first out) that the NFA (National Futures Association) introduced in 2009 for US-based brokers. This stipulates that a trader must exit a trade before entering a new trade. Another way to get around this is hedging (I.E. opening two trades in the opposite direction so the risks from each position can be offset.)
Despite the pros, there are risks. If the broker is unregulated, then you can’t be sure the broker is legit and might be a scam. Other concerns include a lack of avenues to settle disputes if there are issues with the broker’s services. A good regulator will have protections in place to reduce the risk of the broker going bankrupt and losing your funds.
While it’s important to do your own research and due diligence, you can rest assured all offshore brokers on this list have been carefully considered and vetted by the team of experts at Compare Forex Brokers.
