Best Offshore Forex Brokers for 2024

Last updated Dec 29, 2023
Nikolay Zavarov - Author
Nikolay Zavarov
Author
Andrey Bondarenko - Editor
Andrey Bondarenko
Editor

Forex trading has emerged as a highly favoured investment avenue globally. The offshore Forex market boasts diverse brokers, challenging traders to identify the most reliable and suitable options for their specific trading needs. This guide aims to simplify this decision-making process by delving into the intricacies of offshore Forex trading. We will also present a curated list of the top offshore Forex brokers for 2024, focusing on those with robust regulation and exemplary service standards.

List of the Best Offshore Forex Brokers

Логотип Roboforex
1
Foundation Year
2009
Minimum Deposit
$ 10
4.4/5
RegisterTrading CFDs carries high risks. You may lose all invested fundsRoboforex review34 reviews about Roboforex
Логотип AMarkets
2
Foundation Year
2007
Minimum Deposit
$ 100
4.4/5
RegisterTrading CFDs carries high risks. You may lose all invested fundsAMarkets review
Логотип Deriv
3
Foundation Year
2020
Minimum Deposit
$ 1
4.3/5
RegisterTrading CFDs carries high risks. You may lose all invested fundsDeriv review
Логотип Fibo Group
4
Foundation Year
1998
Minimum Deposit
$ 1
4.1/5
RegisterTrading CFDs carries high risks. You may lose all invested fundsFibo Group review
Логотип IFC Markets
5
Foundation Year
2005
Minimum Deposit
$ 1
4.3/5
RegisterTrading CFDs carries high risks. You may lose all invested fundsIFC Markets review
Логотип InstaForex
6
Foundation Year
2007
Minimum Deposit
$ 1
4.2/5
Register71.99% of retail investors lose money when trading CFDs with this brokerInstaForex review16 reviews about InstaForex
Логотип Alpari
7
Foundation Year
1998
Minimum Deposit
$ 20
4.1/5
RegisterTrading CFDs carries high risks. You may lose all invested fundsAlpari review5 reviews about Alpari
Логотип xChief
8
Foundation Year
2014
Minimum Deposit
$ 1
4.1/5
RegisterTrading CFDs carries high risks. You may lose all invested fundsxChief review
Логотип Grand Capital
9
Foundation Year
2006
Minimum Deposit
$ 10
4/5
RegisterTrading CFDs carries high risks. You may lose all invested fundsGrand Capital review
Логотип WorldForex
10
Foundation Year
2007
Minimum Deposit
$ 1
4/5
RegisterTrading CFDs carries high risks. You may lose all invested fundsWorldForex review

We have meticulously analyzed various international firms to find the best offshore brokers. Our assessments provide thorough profiles of each broker, enhanced by authentic feedback from Forex traders who have engaged with their services. Whether you're new to Forex trading or searching for the perfect ally for trading in the financial markets, our extensive reviews will steer you clear of typical pitfalls and direct you toward the best platform to meet your financial objectives in 2024.

1. RoboForex

Логотип Roboforex
1
4.4/5
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Regulators:
Trading Assets
ForexIndicesStocksETFPrecious MetalsEnergy CarriersAgricultural CommoditiesFutures
Trading Platforms
MetaTrader 5MetaTrader 4R WebTraderR MobileTraderR StocksTrader
Deposit/withdrawal:
Логотип Skrill
Логотип Neteller
Логотип AdvCash
Логотип Perfect Money
Логотип Касса24
Логотип SEPA
Логотип Visa
Логотип Mastercard
Логотип JCB
compare Roboforex trading accounts

Roboforex is suitable for both beginners and professional traders, thanks to its impeccable reputation, reliability, and fair conditions.

Advantages of Roboforex

  • A variety of trading platforms, including MetaTrader 4, MetaTrader 5, cTrader, and R StocksTrader.
  • Over 12,000 trading instruments, including currency pairs, stocks, indices, ETFs, commodities, metals, and cryptocurrencies.
  • Different types of accounts for traders of all experience levels, including accounts with ECN and STP access.
  • Competent 24/7 customer support.
  • Loyalty programs and bonus offers for clients.
  • Low spreads and commissions, as well as the ability to trade with high leverage.

Disadvantages of Roboforex

  • Regulation in an offshore jurisdiction.
  • Beginner traders may find a lack of educational materials.

2. AMarkets

Логотип AMarkets
2
4.4/5
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Trading Assets
ForexIndicesCryptocurrencyStocksBondsPrecious MetalsEnergy CarriersAgricultural Commodities
Trading Platforms
MetaTrader 5MetaTrader 4
Deposit/withdrawal:
Логотип Perfect Money
Логотип Neteller
Логотип FasaPay
Логотип Bank Transfer
Логотип Система быстрых платежей (СБП)
Логотип Visa
Логотип Mastercard
Логотип Мир
Логотип HUMO
compare AMarkets trading accounts

AMarkets is suitable for independent traders and investors due to various accounts, narrow spreads, and the possibility of engaging in copy trading.

Advantages of AMarkets

  • A wide range of trading instruments, including currencies, stocks, indices, commodities, and cryptocurrencies.
  • Extensive analytical capabilities using modern tools and trading robots.
  • No commissions on many operations.
  • Convenience and simplicity of opening an account and managing it.

Disadvantages of AMarkets

  • Not the most extensive educational materials. The broker offers essential resources such as a blog and FAQ but lacks deeper educational content such as webinars, courses, etc.
  • The broker does not offer a trading platform, which may disadvantage those seeking a unique trading solution.
  • On some assets, spreads are higher than those of competing Forex brokers.

3. Deriv

Логотип Deriv
3
4.3/5
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Trading Assets
ForexIndicesCryptocurrencyStocksETFPrecious MetalsEnergy Carriers
Trading Platforms
MetaTrader 5Deriv XcTrader
Deposit/withdrawal:
Логотип FasaPay
Логотип Perfect Money
Логотип Skrill
Логотип Neteller
Логотип WebMoney
Логотип PaySafeCard
Логотип Jeton
Логотип SticPay
Логотип Airtm
Логотип Boleto
Логотип Paylivre
Логотип OnlineNaira
Логотип Beyonic
Логотип AstroPay
Логотип 1foryou
Логотип AdvCash
Логотип Swift
Логотип Visa
Логотип Mastercard
Логотип Maestro
Логотип Diners Club
Логотип JCB
Логотип PayTrust88
Логотип Help2pay
Логотип DragonPhoenix
Логотип ZingPay
Логотип Ngan Luong
Логотип Trustly
compare Deriv trading accounts

Deriv is an appealing choice for a wide array of traders, particularly those who are just beginning or are at an intermediate level. Its user-friendly approach, diverse platforms, and low-cost structure make it ideal for individuals seeking a straightforward trading experience. While it may not fully satisfy the needs of highly advanced traders due to some limitations in educational and analytical resources, Deriv's overall offering is solid, making it a reliable and accessible broker for most trading requirements.

Advantages of Deriv

  • Relatively reliable with licenses from various global regulators.
  • Simple and fast account opening process.
  • A wide variety of account types cater to different trading needs.
  • Low commission structure.
  • A wide range of trading platforms is suitable for traders of different levels.
  • High-quality technical support with fast and effective responses.

Disadvantages of Deriv

  • Some essential asset classes are absent, and a limited number of CFDs on stocks exist.
  • Educational materials are confined to a blog and lack comprehensive learning resources.

4. FIBO Group

Логотип Fibo Group
4
4.1/5
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Regulators:
Trading Assets
ForexCryptocurrencyPrecious MetalsEnergy CarriersAgricultural CommoditiesIndices
Trading Platforms
MetaTrader 4cTraderMetaTrader 5
Deposit/withdrawal:
Логотип Neteller
Логотип Skrill
Логотип WebMoney
Логотип Swift
Логотип Visa
Логотип Mastercard
compare Fibo Group trading accounts

FIBO Group is suitable for various types of traders, including beginners and experienced ones. A wide selection of accounts and trading platforms allows every trader to find the right solution.

Advantages of Fibo Group

  • A wide selection of trading and investment accounts.
  • Low spreads, which facilitates more profitable trading.
  • A wide range of payment methods for convenient deposit and withdrawal of funds.
  • Availability of various trading platforms, such as MetaTrader 4, MetaTrader 5, and cTrader.
  • Comprehensive analytics and educational materials for traders of all levels.

Disadvantages of Fibo Group

  • An inactivity fee can be burdensome for traders who do not trade actively.
  • Withdrawal fees can be unpleasant for clients, especially with small amounts.
  • The absence of stocks and ETFs in the range of instruments may limit investment opportunities in these assets.

5. IFC Markets

Логотип IFC Markets
5
4.3/5
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Regulators:
Trading Assets
ForexStocksETFIndicesCryptocurrencyPrecious MetalsEnergy CarriersAgricultural Commodities
Trading Platforms
NetTradeXMetaTrader 4MetaTrader 5
Deposit/withdrawal:
Логотип AdvCash
Логотип WebMoney
Логотип Perfect Money
Логотип Bank Transfer
Логотип Visa
Логотип Mastercard
compare IFC Markets trading accounts

IFC Markets is suitable for traders looking for various trading instruments and platforms but may not be ideal for those who require an ECN account.

Advantages of IFC Markets

  • Instruments. The broker offers various trading instruments, including currency pairs, stocks, indices, commodities, metals, and cryptocurrencies.
  • Platforms. IFC Markets provides access to popular trading platforms such as MetaTrader 4 and MetaTrader 5 and its proprietary platform NetTradeX.
  • Educational materials. The company offers educational materials for traders of all experience levels, including videos, articles, webinars, and analytical materials.
  • Customization. IFC Markets offers tools for creating synthetic instruments (PCI), allowing users to create their own trading instruments based on multiple assets.
  • Multilingual support. The broker offers support in various languages, which can be helpful for clients from around the world.

Disadvantages of IFC Markets

  • Lack of ECN accounts. IFC Markets does not offer trading on the ECN market, which may disadvantage experienced traders who prefer trading with direct market access.

6. InstaForex

Логотип InstaForex
6
4.2/5
Register71.99% of retail investors lose money when trading CFDs with this broker
Countries of registration:
Trading Assets
ForexIndicesCryptocurrencyStocksETFPrecious MetalsEnergy CarriersAgricultural Commodities
Trading Platforms
MetaTrader 5MetaTrader 4InstaForex Webtrader
Deposit/withdrawal:
Логотип Skrill
Логотип Neteller
Логотип YooMoney
Логотип PayCo
Логотип AstroPay
Логотип Swift
Логотип Visa
Логотип Mastercard
compare InstaForex trading accounts

InstaForex is suitable for beginner traders looking for simple conditions and education but may be unsuitable for professionals with large deposits due to wide spreads and low liquidity.

Advantages of InstaForex

  • Large selection of trading instruments.
  • PAMM accounts and the ForexCopy automatic trade copying service for passive income.
  • 24/7 efficient customer support.
  • Wide range of methods for depositing and withdrawing funds.
  • Decent analytical section.

Disadvantages of InstaForex

  • Trading commissions are above average.
  • No trading accounts with market execution of orders (ECN or STP).
  • Broker commission on fund withdrawals.

7. Alpari

Логотип Alpari
7
4.1/5
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Regulators:
Trading Assets
ForexIndicesCryptocurrencyPrecious MetalsEnergy CarriersStocks
Trading Platforms
MetaTrader 5MetaTrader 4
Deposit/withdrawal:
Логотип Perfect Money
Логотип VLoad
Логотип AdvCash
Логотип WebMoney
Логотип Касса24
Логотип Neteller
Логотип Wallet One
Логотип Skrill
Логотип TC Pay
Логотип Swift
Логотип Visa
Логотип Mastercard
compare Alpari trading accounts

Alpari is suitable for both beginners and professional traders, thanks to a wide selection of accounts, instruments, and educational programs.

Advantages of Alpari

  • A wide range of trading accounts. Broker Alpari offers a variety of trading accounts suitable for different types of traders and investors.
  • Flexible conditions for depositing and withdrawing funds. Broker Alpari provides flexible and competitive conditions for depositing and withdrawing funds.
  • Diversity of trading platforms. Alpari offers a variety of trading platforms that meet the needs of most traders.
  • Effective technical support. Alpari provides user support at all stages of service.

Disadvantages of Alpari

  • Licensing. Licensing in the Comoros does not provide the same level of investor protection as in countries with stricter regulators.
  • Fees for fund withdrawal and inactivity charges. Alpari may charge fees for fund withdrawal and inactivity, which can be off-putting for some clients.
  • Limited choice in terms of different asset classes. Although broker Alpari offers a wide selection of assets for trading, some competitors offer a greater variety in terms of different asset classes.

8. Forex Chief

Логотип xChief
8
4.1/5
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Regulators:
Trading Assets
ForexPrecious MetalsIndicesEnergy CarriersCryptocurrencyStocks
Trading Platforms
MetaTrader 4MetaTrader 5
Deposit/withdrawal:
Логотип Skrill
Логотип Neteller
Логотип AdvCash
Логотип WebMoney
Логотип Perfect Money
Логотип FasaPay
Логотип SEPA
Логотип Credit and Debit Cards
Логотип Онлайн банкинги
compare xChief trading accounts

xChief is suitable for traders looking for a wide range of trading instruments and low spreads. However, the broker is not suitable for those seeking a strong analytical section and educational courses

Advantages of xChief

  • A wide range of trading instruments.
  • Availability of cent and PAMM accounts.
  • Tight spreads and low commission per transaction.
  • Scalping and algorithmic trading allowed.

Disadvantages of xChief

  • Regulation in an offshore jurisdiction.
  • Weak analytical section.
  • No educational courses and webinars for beginner traders.

9. Grand Capital

Логотип Grand Capital
9
4/5
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Regulators:
Trading Assets
ForexIndicesETFStocksBondsPrecious MetalsEnergy CarriersAgricultural CommoditiesCryptocurrency
Trading Platforms
MetaTrader 4WebTraderMetaTrader 5
Deposit/withdrawal:
Логотип Perfect Money
Логотип PayRedeem
Логотип Credit and Debit Cards
compare Grand Capital trading accounts

Grand Capital is suitable for both beginners and experienced traders. A wide selection of instruments, bonuses, and education make it attractive for different levels of traders

Advantages of Grand Capital

  • Diversity of account types. Grand Capital offers an extensive selection of account types, allowing clients to choose the most suitable for their trading strategies and preferences.
  • Tight spreads. The broker provides competitive spreads, especially on major currency pairs, making trading more profitable.
  • Markets and products. Grand Capital features a wide range of trading instruments, including Forex, stocks, commodities, indices, and cryptocurrencies.
  • Support. Grand Capital provides multilingual support 7 days a week, 24 hours a day, ensuring prompt assistance to clients with any issues.

Disadvantages of Grand Capital

  • Regulation. Although the company is registered in the Seychelles, it is not regulated by leading financial regulators such as the FCA in the UK or ASIC in Australia, which may raise certain concerns among clients.
  • High fees. In addition to spreads, Grand Capital has other fees, such as the overnight position rollover fee (swap), which can increase the overall cost of trading.
  • Lack of MetaTrader alternatives. While MetaTrader 4 and MetaTrader 5 are widely used and recognized by traders, some clients may look for brokers offering alternative platforms, such as cTrader or proprietary developments.

10. World Forex

Логотип WorldForex
10
4/5
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Regulators:
Trading Assets
ForexStocksCommoditiesCryptocurrency
Trading Platforms
MetaTrader 5MetaTrader 4WebTrader
Deposit/withdrawal:
Логотип Payeer
Логотип Perfect Money
Логотип AdvCash
Логотип Moneta.ru
Логотип Apple Pay
Логотип Google Pay
Логотип Wallet One
Логотип Swift
Логотип Visa
Логотип Mastercard
Логотип Сбербанк Онлайн
Логотип Тинькофф Банк
Логотип Альфа Банк
Логотип Промсвязьбанк
Логотип Русский Стандарт
Логотип Homebank.kz
Логотип Privat24
compare WorldForex trading accounts

World Forex is suitable for beginners and experienced traders thanks to narrow spreads and a wide selection of trading accounts.

Advantages of WorldForex

  • Various trading accounts allow traders to choose the best option for their needs.
  • Low spreads, which can be beneficial for clients.
  • Availability of popular trading platforms, such as MetaTrader 4 and MetaTrader 5, providing convenience and functionality for trading.
  • A wide range of payment systems and broker-covered commissions on deposits.

Disadvantages of WorldForex

  • Limited selection of educational materials and a lack of a wide range of educational resources.
  • There is an absence of soft commodities and indices in the market and a limited number of available CFDs.
  • High swaps make trading long-term on the broker's platform unprofitable.

How We Compiled the List of the Best Offshore Forex Brokers

The list of the best offshore brokers has been compiled based on the following criteria:

  1. The positions of the brokers are based on our independent Forex broker ranking.

  2. The brokers have high ratings according to our methodology.

  3. The brokers are registered and regulated in one of the offshore jurisdictions such as the Comoros, Seychelles, Belize, Bahamas, Saint Vincent and the Grenadines, British Virgin Islands, Cook Islands, or Vanuatu.

These criteria ensure that the brokers in the list meet high standards that are critically important for security and optimal Forex trading.

Offshore Regulation of Forex Brokers

When considering offshore Forex brokers, it's crucial to recognize that they often operate from tax-haven countries like Vanuatu, Seychelles, Bahamas, and Bermuda. While their offshore status doesn't inherently undermine their trustworthiness, significant considerations and risks are involved.

  1. Varied Regulatory Standards. Many offshore countries have regulatory requirements for brokers, offering a degree of protection. However, these standards are generally lower than those of Tier 1 Forex regulators like the FCA in the UK, CySEC in Europe, DFSA in the UAE, MAS in Singapore, NFA and CFTC in the USA, and ASIC in Australia.

  2. Potential Lack of Regulation. Some offshore brokers may be unregulated, merely registered as a business without stringent oversight or compliance requirements. While they must obey local laws, this offers little assurance for traders in disputes or issues.

  3. Self-Administered Compliance. Offshore brokers might operate professionally, but their compliance is often self-administered. Traders must conduct in-depth research on the broker’s background and practice caution.

  4. Choosing a Broker. In many countries, traders must select brokers regulated by appropriate local authorities. Opting for a local, regulated broker offers numerous benefits:

    • Documented procedures for dispute resolution.

    • Published Product Disclosure Statements detailing services.

    • Financial stability through required reserve funds.

    • Segregation of client funds in reputable banks.

  5. Protection Against Malpractices. Regulated Forex brokers are less likely to engage in scamming activities, face bankruptcy due to low liquidity, or be involved in legal issues related to tax evasion. They provide a safeguard against untrustworthy practices.

In summary, while offshore Forex brokers may offer unique trading opportunities, the risks, and lower regulatory standards pose significant challenges. Traders are advised to prioritize regulated brokers, especially those complying with the regulations of their own country, to ensure maximum protection and transparency in their trading endeavors.

How to Choose an Offshore Regulated Broker?

Selecting the right offshore Forex broker is essential for a successful experience in the global currency market. When choosing the best Forex brokers, consider several vital factors that align with your trading needs and preferences. Here are essential aspects to consider:

  1. Broker’s Reputation and Longevity. Assess the broker’s history and longevity in the market. A broker with a long-standing presence often indicates reliability and experience. Additionally, read reviews and testimonials about the broker's performance and customer service. Feedback from other traders can provide valuable insights into the broker's trustworthiness and operational quality.

  2. Account Types. Look for a broker that offers a variety of account types, catering to different levels of trading experience and investment capital. The right broker should provide options that meet your specific trading requirements.

  3. Trading Platforms. Evaluate the functionality and user-friendliness of the trading platforms offered. A broker that provides efficient and intuitive platforms can significantly enhance your trading experience.

  4. Trading Conditions. Carefully review the broker’s terms, including spreads, commission fees, leverage options, minimum deposit requirements, and the range of trading instruments available. These conditions should align with your trading strategy and risk tolerance.

  5. Customer Support. Check the quality of the broker’s customer service. Focus on the support team's responsiveness and the communication channels' effectiveness. Ensure they are accessible and convenient for you.

By carefully considering these factors, you can confidently identify a reliable offshore Forex broker that suits your trading needs. Starting with a demo account is recommended to experience the broker's services and determine how well they fit your trading approach.

FAQ

What is an Offshore Forex Broker?

An offshore Forex broker is a trading platform based in a country other than where the trader resides, typically in a jurisdiction with more lenient financial regulations. These brokers offer forex trading services to international clients and are often located in regions considered tax havens.

Yes, offshore Forex brokers are legal, but their legality depends on the country's regulatory environment where they are based and where the trader resides. Traders should verify the broker's compliance with relevant local and international laws.

Can US Traders Use Offshore Brokers?

US traders can use offshore brokers, but it's essential to understand the restrictions and regulations imposed by US authorities, such as the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). US traders should ensure that the offshore broker complies with these regulations.

What are the Risks of Trading with Offshore Forex Brokers?

The risks include lower regulatory standards, potential issues with fund security, limited legal recourse in case of disputes, and exposure to high leverage and associated risks. The lack of stringent regulatory oversight can also increase the risk of fraud or unfair trading practices.

Are Offshore Brokers Regulated and Reliable?

Some offshore brokers are regulated and reliable, but the level of regulation and reliability varies significantly. Traders should research and verify the regulatory status of an offshore broker and consider factors like reputation, track record, and customer reviews.

What is Leverage in Forex Trading with Offshore Brokers?

Leverage in forex trading is a tool that allows traders to control large positions with a relatively small amount of capital. Offshore brokers often offer higher leverage than regulated brokers in more strict jurisdictions, which can increase both potential profits and potential losses.

Do Offshore Brokers Offer Client Funds Insurance?

Some offshore brokers offer client funds insurance, but it's not universally available and depends on the broker's policies and regulatory environment. Traders should verify whether a broker provides fund protection measures like segregated accounts and compensation schemes.

How Do Regulations Differ for Offshore Forex Brokers?

Regulations for offshore Forex brokers vary widely depending on the jurisdiction in which they are based. Offshore jurisdictions generally have more lenient financial regulations, offering brokers more flexibility but potentially less protection for traders compared to brokers in tightly regulated markets like the US or EU.

Conclusion

In conclusion, selecting the best offshore Forex broker is a decision that requires careful consideration of various factors, including regulatory compliance, reliability, trading conditions, and the level of client fund protection. While offshore brokers can offer certain advantages, such as higher leverage and more flexible trading conditions, these benefits come with increased risks, particularly regarding regulatory oversight and fund security.

Nikolay Zavarov - Author
Nikolay ZavarovAuthor

Nikolay is an experienced specialist in financial markets and co-founder of IamForexTrader. He has been successfully trading Forex since 2014 and has been actively involved in the cryptocurrency market since 2017.

He develops investment strategies adaptable to any level of experience and has been actively investing in stocks, bonds and ETFs since 2018.