Thread: Going offshore to escape the CFTC

Tuesday, May 5, 2015

OFFSHORE BROKERS

Recent changes are shown in red.

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 climate imposed by the CFTC on U.S. retail forex.

DEFINITION OF 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.




Group 1

Brokers Who Will Continue to Accept New U.S. Clients

14 Brokers

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 forex account (nano, micro, mini, standard, etc.). In each of the listings below, the account referenced is the account requiring the smallest initial deposit.

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.

In many of the broker listings on this page and on page 2, you will find direct LINKS to other posts in this thread where those brokers have been discussed, reviewed and/or recommended.

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 more info on this option, see this post.



Europe


• AssetsFX (Finland)

Type: ECN/STP broker. -- Regulator: not regulated. -- Parent company: Oy Nettico Ltd (Finland). -- Est: 2002
Platform: MT4. -- Min. initial deposit: 200 USD. -- Max. leverage: 200:1. -- Min. position size: micro-lot (0.01 std. lot)
Spreads: variable (from 0 pips) plus commission (5.20 USD round-turn per std lot, or 0.052 USD round-turn per micro lot)

Website: AssetsFX
Email: Contact Us � AssetsFX
Telephone: +358-40-324-4839 (Finland)

For more information, see posts #2078, #2380, #2381, #2392, #2490, #2635, #2796,
and #2802

• Renesource Capital (Latvia)

Type: ECN/STP broker. -- Regulator: Financial and Capital Markets Commission (FCMC), Latvia.
Platform: MT4, MT4 mobile. -- 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)

For more information, see posts #967, and #1971

Mediterranean / Middle East / Africa

• Sensus Capital Markets (Malta) --- removed from Group 1, moved to Group 2

• FXGlory (Republic of Georgia)

Type: market-maker (dealing-desk broker). -- Regulator: not regulated. Exercise extra due diligence.
Established in U.A.E. 2011, in Georgia 2012, and in Bulgaria 2014.
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.

Website: https://fxglory.com/
Email: Info@fxglory.com
Telephone: +(995) 514 000 000 (Georgia)

For more information, see posts #1561, #1562, #1563, and #2635

• ProfiForex (Seychelles)

Type: NDD/STP broker. -- Regulator: not regulated.
Platform: MT4, MT5, mobile, web terminal. -- Min. initial deposit: $0.10 (for Cent Account). -- Max. leverage: 500:1.
Min. position size: micro-lot (0.01 std. lot).
Spreads: EUR/USD: 2 pips, GBP/JPY 7 pips.

Website: Profiforex Dealing Center
Email: support@profiforex.com
Telephone: +248 647 0181 (Seychelles)

For more information, see posts #1561, #1707, #1708, #1709, #1710, #1814, #2278, #2360, #2378, #2371, #2561, #2631, #2635, #2636, #2637, #2638, and #2807

• Real Trade (Seychelles)

Type: market-maker (dealing-desk broker). -- Regulator: not regulated. Exercise extra due diligence.
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).
Spreads: EUR/USD 1 pip, GBP/JPY 5 pips.

Website: Forex Trading - Real Trade - Best Forex Broker
Email: info@realtrader.org
Telephone: +370 67667053 (Lithuania), or +370 60435215 (Lithuania)

For more information, see posts #1310, and #1409

Pacific / Asia


• Forex Broker Inc (The Marshall Islands)

Type: ECN/STP broker. -- Regulator: not regulated. Exercise extra due diligence.
Parent company: Gridley Enterprises SA, incorporated in Republic of the Marshall Islands.
In 2014, the company relocated from Malta to Belize, and then from Belize to The Marshall Islands.
Platforms: MT4, MT4 mobile, SIRIX Webtrader. -- Min. initial deposit: 5 USD. -- Max. leverage: 500:1 (ECN Micro acct).
Min. position size: micro-lot (0.01 std. lot).
Spreads: EUR/USD 0.7 pip + commission (ECN Micro acct), GBP/JPY 5.2 pips + commission (ECN Micro acct).

Website: Forex Broker Inc | Forex Trading | CFD Trading
Email: support@forexbrokerinc.com
Telephone: +356 277 815 69 (Malta Satellite Office)

For more information, see posts #1801, #1802, #1803, #1960, #1961, #1966, #1994, #2145, #2149, #2152, #2278, #2341, #2342, #2344, #2631, #2634, #2636, and #2645

(continued in post #2)

.

- 2 -

Central America / Caribbean


• forex-metal (Panama)

Type: market-maker (dealing-desk broker) on micro accounts. ECN accounts (requiring larger initial deposit) also available.
Regulator: not regulated. Serious warning: exercise extreme due diligence with this broker.
Platform: MT4. -- Min. initial deposit: 0 USD. -- Max. leverage: 500:1 (for balance up to $500), 200:1 (for balance over $500).
Min. position size: micro-lot (0.01 std. lot).
Spreads: EUR/USD 2.3 - 3.9 pips, GBP/JPY 5 - 8 pips. (Spread rebates are offered.).

Website: https://forex-metal.com
Email: support@forex-metal.com
Telephone: 1-866-464-0944 (toll-free USA)

For more information, see posts #1308, #1309, #1409, #2157, and #2466

• FX Choice (Belize) — TRUSTED BROKER

Type: NDD/STP broker. -- Regulator: International Financial Services Commission (IFSC) Belize.
Platforms: MT4 (Classic account), MT4 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).
Forex binary options offered (SpotOption white-label platform).

Website: FX Choice
Email: info@myfxchoice.com
Telephone: + 501 227 27 32 (Belize)

For more information, see posts #1407, #2133, #2285, #2318, #2491, #2551, #2558, #2628, #2636, and #2745

• Real Forex (Belize)

Type: ECN/STP broker. -- Regulator: not regulated. Incorporated in France, owned by Finocorp (Belize). Exercise extra due diligence.
Platforms: MT4, Real Stream FX. -- Min. initial deposit: 500 USD. -- Max. leverage: 200:1.
Min. position size: mini-lot (0.1 std. lot).
Spreads: EUR/USD (?), GBP/JPY (?). -- Spreads are not revealed on their website; you have to register to learn their spreads.

Website: Real-Forex.com | Exclusive ECN broker
Email: cs@real-forex.com
Telephone: +44-203-4688634 (UK)

• IKOFX (British Virgin Islands)

Type: market-maker (dealing-desk broker). -- Regulator: not regulated. Exercise extra due diligence.
Platforms: MT4, MT4 mobile, Web Trader. -- Min. initial deposit: 1 USD. -- Max. leverage: 1000:1.
Min. position size: nano-lot (0.001 std. lot) 1¢ per pip.
Spreads: EUR/USD 2 pips, GBP/JPY 7 pips.

Website: FOREX TRADING | METATRADER4 | IKOFX
Email: account@ikofx.com and support@ikofx.com
Telephone: +64 9368-7020 (New Zealand)

For more information, see post #2207

• Trader's Way (Dominica) — TRUSTED BROKER

Type: dealing-desk (D/D) and ECN accounts are offered. -- Regulator: not regulated. Russian (?) broker.
Address is a mail-drop in Dominica, phone is in the Dominican Republic area code. Exercise extra due diligence.
Platforms: MT4, MT4 mobile, cTrader, cTrader mobile.
Min. initial deposit: 0 USD for D/D accounts, 100 USD for MT4-ECN account, 50 USD for cTrader-ECN account.
Max. leverage: 1000:1 for D/D accounts and MT4-ECN account, 500:1 for cTrader-ECN account.
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).
Forex binary options offered (SpotOption white-label platform).

Website: Best Forex MT4 Broker | Trader's Way
Email: sales@tradersway.com
Telephone: +1 849 9370815 (Dominican Republic)

For more information, see posts #1316, #1564, #1809, #1810, #1814, #2276, #2337, #2352, #2360, #2618, #2635, #2636, #2650, #2742, #2796, #2799, #2800, and #2807

• PaxForex (St. Vincent and the Grenadines)

Type: market-maker (dealing-desk broker). -- Regulator: not regulated. Exercise extra due diligence.
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)

For more information, see posts #1412, #1581, #1814, #1816, #2067, #2261, #2298, #2635, and #2810

• SmartTradeFX (St. Vincent and the Grenadines)

Type: ECN/STP broker. -- Regulator: not regulated. Exercise extra due diligence.
Platforms: MT4 (ECN), Web Trader (STP), Mobile Platform (STP). -- Min. initial deposit: 100 USD. -- Max. leverage: 300:1.
Min. position size: micro-lot (0.01 std. lot).
Spreads: [EUR/USD (?), GBP/JPY (?). -- Broker claims to offer tight spreads which include commission, but does not reveal them.

Website: SmartTradeFX - Forex | CFD’s | FX/ 4X Trade | Currency Trading | Forex
Email: SmartTradeFX - Leave a Message
Telephone: 1-888-613-7839 (toll-free USA)

For more information, see posts #2032, #2034, and #2298

• Tallinex (St. Vincent and the Grenadines) — TRUSTED BROKER

Type: ECN/STP broker. -- Regulator: not regulated.
Platforms: MT4, MT4 mobile. -- Min. initial deposit (micro account): 100 USD. -- Max. leverage (micro account): 1000:1.
Min. position size: micro-lot (0.01 std. lot).
Spreads (micro account): EUR/USD 2.5 pips (avg), GBP/JPY (?). -- Broker claims commission-free trading in ECN micro account.

Website: Tallinex - FX Trading Software
Email: info@tallinex.com
Telephone: +372 568 892 92 (Estonia)

For more information, see posts #1978, #1979, #1980, #2345, #2406, #2407, #2444, #2497, #2554, #2628, #2638, #2770, and #2773

(for Group 2 see post #3)

.

- 3 -

Group 2

Brokers Who Currently Will Not Accept New U.S. Clients

154 Brokers

_____________________________ _____________________________

Activ Trades (UK)

Advanced Markets - AMIFX (UK)

Alpari (UK)

City Credit Capital (UK)

City Index (UK)

Citypoint Trading (UK)

CMS Forex (UK)

ETX Capital (UK)

Finotec (UK)

Forex 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)
_____________________________ _____________________________

AvaTradeEU Ltd (Ireland)
_____________________________ _____________________________

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)
_____________________________ _____________________________

dbFX (Germany)

FXM Financial Services GmbH (Germany)

Varengold (Germany)
_____________________________ _____________________________

Saxo Bank (Denmark)
_____________________________ _____________________________

Nord Markets (Sweden)
_____________________________ _____________________________

FinFX (Finland)
_____________________________ _____________________________

HMS LUX (Luxembourg)

Internaxx (Luxembourg)
_____________________________ _____________________________

Strato Markets (Netherlands)
_____________________________ _____________________________

Broco Forex (Russia)

Insta Forex (Russia/BVI)

MasterForex (Russia)

Tradefort (Russia)
_____________________________ _____________________________

Maximus Capital Markets (Latvia)
_____________________________ _____________________________

Admiral Markets (Estonia)

AnnexFX (Estonia)

FXTradeweb (Estonia)
_____________________________ _____________________________

ForexCENT (Czech Republic)
_____________________________ _____________________________

X-Trade Brokers (XTB) (Poland)
_____________________________ _____________________________

Atlantic FX (Bulgaria)

Bulbrokers (Bulgaria)

Deltastock (Bulgaria)

Varchev Financial (Bulgaria)
_____________________________ _____________________________

AGEA (Montenegro) --- formerly Marketiva (Montenegro)
_____________________________ _____________________________

AAA FX (Greece)
_____________________________ _____________________________

Investors Europe (Gibraltar)
_____________________________ _____________________________

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 (Cyprus)

Trading Point (Cyprus)

United World Capital (Cyprus)

Windsor Brokers (Cyprus)

XGlobal Markets (Cyprus)
_____________________________ _____________________________

RTFX - Realtime Forex (Malta)

Sensus Capital Markets (Malta)
_____________________________ _____________________________

Swiss International (Kuwait) --- trading name of BMFN (Australia)
_____________________________ _____________________________

Royal Forex Trading - RFXT (Lebanon)
_____________________________ _____________________________

GTL Forex (United Arab Emirates)
_____________________________ _____________________________

ACM Gold (Mauritius)

FBS (Mauritius)

FX Cast (Mauritius)

FX Open (Mauritius)

FX Primus (Mauritius)

Hot Forex (Mauritius)

Nord FX (Mauritius)

You Trade FX (Mauritius)
_____________________________ _____________________________

Accent Forex (Seychelles)

Tickmill Ltd (Seychelles)

UpFX (Seychelles)
_____________________________ _____________________________

ACM Gold and Forex Trading PTY Ltd (South Africa)
_____________________________ _____________________________

Ava Capital Markets Australia PTY Ltd (Australia)

Axi Trader (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)
_____________________________ _____________________________

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)
_____________________________ _____________________________

Lite Forex (Marshall Islands)

MMCIS (Marshall Islands)
_____________________________ _____________________________

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

SHK Direct (Hong Kong)
_____________________________ _____________________________

Phillip Futures (Singapore)
_____________________________ _____________________________

XE Markets (Malaysia) --- see Trading Point (Cyprus)
_____________________________ _____________________________

VertiFX (Canada)
_____________________________ _____________________________

eFOREX (Panama)

IamFX (Panama)

InovaTrade (Panama)

PipFixed (Panama)
_____________________________ _____________________________

IV Brokers (Belize)

UFX Markets (Belize)
_____________________________ _____________________________

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)

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)
_____________________________ _____________________________

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

EvenForex (Dominica)
_____________________________ _____________________________

Gainsy Inc (St. Vincent and the Grenadines)
_____________________________ _____________________________

•




Alphabetical List
of
All Brokers Discussed in this Thread,

and in other BP threads, and on certain other sites

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

• Offshore brokers who will do business with U.S. clients. These brokers are in Group 1 of our Offshore Broker List.

• Offshore brokers who will not do business with U.S. clients. These brokers are in Group 2 of our List.

• Offshore brokers who 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 who have gone out of business.

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

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

•

Brokers currently in Group 1 of the Offshore Broker List are highlighted in blue.

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.

•

1BillionForex (Belize) --- IB for FX Choice (Belize)

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)

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

(alphabetical list - continued in post #4)

.

- 4 -

AAA FX (Greece)

Accent Forex (Seychelles)

ACFX (Cyprus)

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

ACM Gold (Mauritius)

ACM Gold and Forex Trading PTY Ltd (South Africa)

Activ Trades (UK)

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

Admiral Markets UK Ltd (UK)

Advanced Markets - AMIFX (UK)

AFX Capital (Cyprus)

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

AGM Markets Pty Ltd (Australia) --- license suspended by AISC

Alpari (UK) --- in liquidation --- client book has been sold to ETX Capital (UK)

Alpari (US) --- institutional forex only

Alpha Trading CM (India)

AL Trade Inc (British Virgin Islands)

Amana Financial Services (UK) --- subsidiary of SouqElmal (UAE) --- no U.S. clients

A-Markets (Russia) - AFMarkets Ltd --- formerly AForex (Russia)

AnnexFX (Estonia) --- subsidiary of AssetsFX (Finland)

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

Ask-o-Bid (Cyprus)

AssetsFX (Finland)

ATC Brokers (US)

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

Atlantic FX (Bulgaria)

Ava Capital Markets Australia Pty Ltd (Australia)

Ava FX (British Virgin Islands)

AvaTradeEU Ltd (Ireland)

Axi Trader (Australia)

Axi Trader USA (US) --- out of business

Back Bay FX (US) --- IB for various brokers

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

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

BForex (British Virgin Islands)

Blackwell Global Investments Ltd (Cyprus) --- no U.S. clients

BMFN (Australia)

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

Broco Forex (Russia)

Bulbrokers (Bulgaria)

Capital One Forex (unknown location) --- scam

Capital Trust Markets - CTM (New Zealand)

C.I.M. Banque (Switzerland)

City Credit Capital (UK)

CityFxPro (US)

City Index (UK) --- parent of 3 Australian brokerages; acquired by Gain Capital (US)

City Index Pty Ltd (Australia) --- subsidiary of City Index (UK) / Gain Capital (US)

Citypoint Trading (UK)

CLM - Core Liquidity Markets (Australia)

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

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

CWM FX (UK) --- broker operated by liquidity provider Leverate (Cyprus) --- operations suspended

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

dbFX (Germany)

Deltastock (Bulgaria)

Direct FX Trading PTY LTD (Australia)

Dorman FX (US)

Dukascopy (Switzerland)

EasyForex (Cyprus)

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

eFOREX (Panama)

E-Global (British Virgin Islands)

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

eToro (Cyprus)

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

ETX Capital (UK) --- this broker has acquired the client book of bankrupt Alpari (UK)

EvenForex (Dominica)

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

Exness Ltd (Cyprus)

Exto Capital (Switzerland) --- out of business

Falco FX (Cyprus) --- out of business

Fast Brokers (US) --- IB for various brokers

FastQuote Securities (Belize) --- institutional broker

FBS (Mauritius)

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 accepts U.S. clients

Finotec (UK)

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

Forex Broker Inc (Marshall Islands)

ForexCENT (Czech Republic)

Forex.CH (Switzerland)

Forex Club LLC (Russia)

Forex Club Ltd (British Virgin Islands ?)

Forex.com - GFT (US) --- division of Gain Capital (US)

ForexCT Ltd - Forex Capital Trading Ltd (Vanuatu)

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

Forex FS (Australia)

Forex Ltd (UK)

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

forex-metal (Panama)

Forex Nation (Australia)

Forex Place - 4xP (British Virgin Islands)

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

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

Forex Web Trader (Cyprus)

Forex Yard (Cyprus)

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)

FXCM (US)

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

FXDD Global (Bermuda) --- no U.S. clients; accepts Canadian clients

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

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

FXGlory (Republic of Georgia)

FXGM (Cyprus)

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

FXM Financial Services GmbH (Germany)

FxNet Ltd (Cyprus)

FX Open (Mauritius)

FXPIG (New Zealand)

FX Primus (Mauritius) --- owned by Prime Mantle Corp. Plc (Ireland)

FxPro Financial Services Ltd (Cyprus)

FXPro UK Ltd (UK)

FX Salt (British Virgin Islands) --- out of business

FX Solutions (Australia) --- subsidiary of City Index (UK) / Gain Capital (US)

FX Solutions (US) --- out of business

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

FXTM - Forex Time Ltd (Cyprus)

FXtradeweb (Estonia)

FXT Swiss (Switzerland)

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

FXVV (United Arab Emirates) --- out of business

Gain Capital (US)

Gainsy Inc (St. Vincent and the Grenadines)

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

GemFX (UK)

GFT Markets (UK) --- trading name of Gain Capital - Forex.com (UK)

GFT Markets (Australia) --- trading name of Gain Capital - Forex.com (Australia)

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

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

Global Futures (US)

Global Prime (Australia)

GMO Click (Japan)

GO Markets (Australia)

Got Money FX (Australia)

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

GTL Forex (United Arab Emirates)

Gulliver FX (UK) --- out of business

Halifax Investment Services (Australia)

Hantec Markets (UK)

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

HMS LUX (Luxembourg)

Hoard FX (Belize) --- scam

Hot Forex (Mauritius)

HY Markets (UK)

IamFX (Panama)

IBFX (Australia)

IC Markets (Australia)

ICM Capital Ltd (UK) --- no U.S. clients

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

IG Markets (Australia)

IKOFX (British Virgin Islands)

IKON Global Markets (US)

IKON Group (Hong Kong)

InovaTrade (Panama)

Insta Forex (Russia/BVI)

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

IntelFX (New Zealand)

Interactive Brokers (US)

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

Internaxx (Luxembourg)

InterTrader.com (UK) --- spread-betting

Invast Financial Services Pty Ltd (Australia) - subsidiary of Invast (Japan) --- no U.S. clients

Investors Europe (Gibraltar)

IronFX (Cyprus) --- caution: this broker may be facing reorganization

iTrade Capital Markets (British Virgin Islands)

IV Brokers (Belize)

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

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

Kinetic Securities (Australia)

Latitude FX (New Zealand)

Leverate (Cyprus) --- liquidity provider --- see CWM FX

Libra FX (Anguilla) --- out of business

Lite Forex (Marshall Islands)

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

London Capital Group (UK) --- large (20K) retail accounts only

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

LQD Markets (UK) --- see Liquid Markets

Lucror FX (New Zealand)

MahiFX (Australia) --- no U.S. clients

Marketiva (Montenegro) --- see AGEA (Montenegro)

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

MasterForex - MFX (Russia)

Maximus Capital Markets (Latvia)

MB Trading (US)

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

MFFX (Belize) --- out of business

MF Global (UK)

MIG Bank (Switzerland) --- see Swissquote (Switzerland)

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

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

Monex (Japan) --- parent of TradeStation (US)

MRC Markets (Russia) --- scam

MXT Global Pty Ltd (Australia) --- see Vantage FX PTY Ltd (Australia)

NinjaTrader (US) --- IB for FXCM (US)

Nord FX (Mauritius)

Nord Markets (Sweden)

Oanda (US)

OctaFX (St. Vincent and the Grenadines) --- no U.S. clients

ODL Markets (UK)

OMFinancial (New Zealand)

One Financial (UK)

Orbex Ltd (Cyprus)

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

Panteon Finance (Ukraine) --- scam --- bankrupt

PaxForex (St. Vincent and the Grenadines)

Pellucid FX (Anguilla) --- out of business

Pepperstone (Australia)

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

Phillip Futures (Singapore)

PipFixed (Panama)

Plus500 Ltd (UK) --- CFD broker (currently being acquired by gaming company Play Tech) --- no U.S. clients

PrimeFX (New Zealand)

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

ProfiForex (Seychelles)

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

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

Real Forex (Belize)

Real Trade (Seychelles)

Renesource Capital (Latvia)

RoboForex Ltd (Cyprus)

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

Royal Forex Trading - RFXT (Lebanon)

RTFX - Realtime Forex (Malta) --- out of business as of 29 May 2015

RubixFX (Australia)

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

RVD Markets Ltd (British Virgin Islands)

Saxo Bank (Denmark)

Sensus Capital Markets (Malta) --- no longer accepts U.S. clients

SHK Direct (Hong Kong)

SkyFX (Cyprus) --- parent of Trademarker (Cyprus)

SmartTrade FX (St. Vincent and the Grenadines)

Solidity Brokers (Cyprus) --- out of business

Sterling Gent Trading Ltd (British Virgin Islands)

Strategem FX (Belize) --- out of business

Strato Markets (Netherlands)

Swiss International (Kuwait)

Swissquote (Switzerland)

SynergyFX (Australia)

Tadawul FX --- see Liquid Markets (UK)

Tallinex (St. Vincent and the Grenadines)

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

Think Forex (British Virgin Islands)

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

Tickmill Ltd (Seychelles) --- no U.S. clients

Tradefort (Russia)

TradeKing Forex (US) --- IB for Gain Capital (US)

Trademarker (Cyprus)

TradeNext Ltd (UK) --- no U.S. clients

TradeOrbitz (UK)

Traders Choice FX (US) --- IB for various brokers

Traders Trust Capital Markets Ltd - TTCM (Cyprus)

Trader's Way (Dominica)

TradeStation Forex (US) --- subsidiary of Monex (Japan)

Tradeview Ltd (Cayman Islands)

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

Trading Point (Cyprus)

UFX Bank (UK) --- out of business

UFX Markets (Belize)

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)

UWCFX --- see United World Capital (Cyprus)

Vantage FX PTY Ltd (Australia)

Varchev Financial (Bulgaria)

Varengold (Germany)

VertiFX (Canada)

Victory International Futures (Indonesia) --- Indonesian clients only

WFX Markets (British Virgin Islands)

Windsor Brokers (Cyprus)

WSD Global Markets (New Zealand) --- out of business

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

XGlobal Markets (Cyprus)

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

XoomForex (Cyprus) --- out of business

X-Trade Brokers (XTB) (Poland)

Yadix (British Virgin Islands)

You Trade FX (Mauritius) --- scam

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

- € £ $ ¥ ₣ -

.

______________________________

Note: The 4-page Offshore Broker List, compiled by members of this Forum over the past 4½ years, has been placed at the beginning of this thread, where it will remain. The following post was originally the first post in this thread.

______________________________

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:

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.* 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 ________________

* Edit (8/26/13) --- The statement marked with a red asterisk, 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.

_________________________________________

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

.

Originally Posted by Clint

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.

Originally Posted by o990l6mh

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.

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.

Originally Posted by sandpipper

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.

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.