Best Offshore Forex Broker in 2024 - OANDA
TOP offshore Forex brokers:
OANDA - Best for trading with advanced technical analysis tools (TradingView charts support)
TenTrade - Variety of trading options (personal or funded account, social trading)
RoboForex - Best Forex broker for beginners ($10 min. deposit, copy trading)
Exness - Best raw spread account (avg. spread for major FX pairs 0.1-0.2 pips)
Eightcap - Best broker to trade directly from TradingView charts
FBS - A reliable broker with affordable offers (ASIC regulation, min. deposit 5$)
Many traders opt for brokers with offshore regulation for several reasons. In many countries around the world, only offshore branches of major brokers are available. Additionally, offshore brokers often offer more favorable trading conditions, including higher leverage and a greater variety of tradable instruments. Traders Union has compiled a list of such brokers that rank highly in the overall Forex broker rating of Traders Union and hold offshore registrations with attractive trading conditions. These brokers have been compared based on over 100 criteria.
The article discusses brokers regulated by the following authorities: FSC (Mauritius), Vanuatu Financial Services Commission (VFSC), Financial Services Commission (FSC) (Belize), FSA (Seychelles), FSA (Saint Vincent and the Grenadines), Financial Supervisory Commission (FSC) of Cook Islands, SCB (Bahamas), and British Virgin Islands Financial Services Commission (BVI FSC). However, these brokers often have additional regulations in non-offshore jurisdictions, so the trading conditions in your country may differ. Therefore, it is important to clarify with the broker in which jurisdiction your account will be opened when opening an account.
Warning:
There is a high level of risk involved when trading leveraged products such as Forex/CFDs. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
| Broker | Minimum Deposit | Leverage | Regulations | Spread | |
|---|---|---|---|---|---|
No |
Up to 1:200 |
FSC (BVI), ASIC, IIROC, FCA, CFTC, NFA |
From 0 p for currency pairs |
||
$25 |
Up to 1:500 |
FSA Seychelles |
Floating from 0 pips |
||
$10 |
1:2000 |
FSC |
Floating from 0 pips |
||
$10 |
1:unlimited for retail clients |
FCA, CySEC, FSA (Seychelles), FSCA, BVI FSC, FSC (Mauritius), CBCS, and CMA |
Standard: from 0.3-1 pips subject to the account type; |
||
100 USD |
Up to 1:500 |
ASIC, SCB, CySEC, FCA |
Floating, from 0-1 pips subject to the account type |
||
€10 |
1:3000 |
CySEC |
From 1 pip |
||
From USD 25 |
Up to 1:500 |
FSCA, MISA, CySEC |
From 0,6 pips |
||
$50 |
Up to 1:20 (for CFDs on stocks), up to 1:500 (for currency pairs) |
ASIC, FCA, FSCA, VFSC |
From $0 (Standard STP), from $3 (RAW), from $1.50 (PRO) |
||
100 (USD, EUR, GBP, CHF) |
Up to 1:500 subject to the jurisdiction. For example, maximum leverage for certain jurisdictions is up to 1:30 for currency pairs. |
FCA, CYSEC, FSCA, SCB |
from 0.0 pips |
||
$200 |
1:500 (FSA); |
ASIC, CySEC, and FSA |
Standard: 0.6 pips; |
| Broker | Trading platform | Instruments | Accounts | Account currency | Replenishment / Withdrawal | Margin Call / Stop Out |
|---|---|---|---|---|---|---|
WebTrader, MetaTrader4, Mobile platforms, MetaTrader5 |
FX, Indices, Bullion, Commodities, Crypto |
Standard, Core, Swap-free, Premium, Premium Core |
USD, EUR, HKD, SGD |
Visa, Mastercard, Skrill, Neteller and various Alternate Payment Methods |
Stop Out - 50% |
|
MT5 |
Currency pairs, NFTs, CFDs on indices, stocks, energies, cryptocurrencies |
Demo, Pro, ECN, Bonus |
USD, EUR, GBP |
Bank transfer, Visa, Mastercard, wire, Neteller, and Skrill |
100%/50% |
|
MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader |
Forex (currency pairs), ETFs, index CFDs, oil CFDs, CFD on European and U.S. stocks, real securities |
ProCent, Pro, ECN, Prime, R StocksTrader |
USD, EUR, GOLD |
SEPA, Bank transfer, Skrill, Neteller, AdvCash, Perfect Money, Visa/Mastercard, AstraPay, NganLuong Wallet, JCB. |
40% / 10% - 60% / 40% |
|
Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 |
Forex CFDs on: cryptos, commodities, indices, and stocks |
Standard type: Cent, Standard, and Plus |
EUR, USD, GBP, CAD, AUD, and CHF for all account types; |
Skrill, Neteller, Perfect Money, BTC, USDT, USDC, VISA, VISA Electron, Mastercard, Maestro, and internet banking |
Standard: 0%/60% |
|
MT4, MT5 |
CFDs on currency pairs, cryptocurrencies, indices, stocks, commodities, and precious metals |
Standard, raw, demo |
AUD, USD, GBP, EUR, NZD, CAD, and SGD |
Visa, MasterCard, POLI, wire transfer, BPAY, UnionPay, Skrill, Neteller, BTC and ETH wallets, PayPal, WorldPay, FasaPay, PayRetailers, and PSP |
80%/50% |
|
MT4, MobileTrading |
Forex, indices, metals, futures contracts |
Standard account, cent account, demo standard account, demo cent |
EUR |
Cards: Visa, MasterCard; e-wallets: Skrill, Neteller, Wire Transfer, Rapid Transfer |
40% / 20% |
|
MetaTrader4, MetaTrader5 |
32 currency pairs, 10 cryptocurrencies, 3 CFDs on energy resources, 10 indices, gold, silver and +150 CFDs on stocks |
Demo, Octa MT4, Octa MT5 |
USD, EUR |
Bank transfer, Neteller, Skrill, Visa/MasterCard, Bitcoin, cryptocurrency, instant bank transfer, local banks, e-wallets |
25%/15% |
|
MT4, MT5, WebTrader, Mobile Apps |
Currency pairs (57), CFDs on stocks (226), indices (26), and commodities (22), energy, ETFs, bonds, share SFDs |
Demo, Standard STP, Pro ECN, RAW ECN, SWAP FREE |
AUD, USD, GBP, EUR, SGD, and CAD |
Bank transfer, Visa and Mastercard, Neteller, Skrill, FasaPay, Thailand Instant Bank, and PayPal payment systems |
100/50% |
|
MT4, MobileTrading, MT5, cTrader, FxPro Edge |
Over 2,100 assets are available: currencies, stocks, indices, futures, metals, energies, and cryptocurrencies. |
FxPro MT4 Instant (with fixed spreads), FxPro MT4 Instant (with floating spreads), FxPro MT4, FxPro MT5, FxPro cTrader |
USD, EUR, GBP, CHF, AUD, PLN, ZAR and JPY |
VISA/MasterCard, Maestro, UnionPay, Cryptocurrency transfers, Perfect Money, Skrill, Neteller |
25/20 |
|
MT4, cTrader, MT5, TradingView |
Cryptos and Forex CFDs on indices, commodities, stocks, bonds, and futures |
Demo, Standard МТ4, Standard МТ5, Raw Spread МТ4, Raw Spread МТ5, Raw Spread cTrader, and Islamic (Swap Free) |
EUR, USD, GBP, CAD, AUD, HKD, NZD, CHF, SGD, and JPY |
All countries: Wire transfers, Visa, Mastercard, Skrill, PayPal, Neteller, RapidPay, and Klarna; |
50%/100% |
The name OANDA is an acronym for “Olsen & Associates” or “Olsen AND Associates”. It is registered in the United States and provides its clients with a wide range of financial services in most countries of the world. The company was founded in 1996 and is currently regulated in four jurisdictions. The main regulator of the broker is the UK Financial Conduct Authority (FCA). Oanda Canada is licensed by IIROC. The company has several significant awards to its credit, including a victory in the category "Best Forex Trading Technologies" from the UK Forex Awards, "Best Trading Platform" from FX Week, as well as "Best Customer Service" from the US Foreign Exchange Report.
👍 Pros
• Minimum deposit from 1 dollar.
• A large selection of the most popular trading instruments.
• Several reliable and reputable financial regulators.
👎 Cons
• Inconvenient and poorly functioning site.
• Lack of cent accounts.
• Lack of bonus programs.
In addition to a free demo, a trader can open one of three real account types — Pro, ECN, or Bonus. The accounts differ in spreads and commissions. Spreads start from 0 pips, and the trading fee is either absent or amounts to $3.5 per full lot. This broker provides access to the following markets: currency pairs, NFTs, CFDs on indices, stocks, commodities, and cryptocurrencies. The leverage ranges from 1:1 to 1:500, with no trading restrictions; and scalping, hedging, news trading, and the usage of advisors are all allowed. The company offers a proprietary copy trading service for passive user earnings. TenTrade also provides traders with its prop capital for trading after they pass the evaluation. There are five tariffs with a one-time fixed fee starting from $300, and the company provides up to $500,000. A unique service is the Ten Academy, which includes dozens of tools for technical and fundamental analyses and plenty of educational materials. The platform regularly hosts lectures and seminars, and there is a personal coach service available.
👍 Pros
• There is a free demo account, and the minimum deposit for a real account is only $25.
• Three account types with different trading conditions allow traders to work at their own pace with complete freedom of action.
• Hundreds of trading instruments combined with moderate leverage provide high-profit potential.
• The social trading service enables traders of any level to earn through investing.
• The prop-trading feature allows experienced players to start trading with larger capital and minimal investment.
• The Ten Academy includes a significant volume of helpful information and analytical tools, making trading more accessible.
• Traders work through the MT5 trading platform, including web, desktop, and mobile versions of the software.
👎 Cons
• Traders do not have access to other trading platforms besides MetaTrader 5.
• There are some regional restrictions, and residents of certain countries cannot become this broker’s clients.
• Client support operates 24/5 and lacks a call center.
RoboForex is a brokerage company that was founded in 2009. RoboForex is a leading software developer in the Forex industry and one of the best Forex brokers based on client reviews.
RoboForex is recognized as a reliable partner by the most respected financial market experts. The company has won numerous prestigious awards. The RoboForex group of companies has an international license to provide services from FSC Belize (license No. 000138/437).
👍 Pros
• Availability of favorable trading conditions and a minimum deposit
• Unique investment program CopyFx
• Highest affiliate payments: up to 84% of the fee paid by the referral
• Market launch - STP and ECN
• Instant withdrawal of funds
• Minimum deposit - $10
👎 Cons
• A small number of currency pairs - 36, for accounts: Pro, Pro-Cent, ECN, Prime
• Lack of tools when trading on the R StocksTrader platform
The Exness brand is known worldwide due to its profitable trading conditions, high-security level, and wide range of financial instruments. It focuses on trading CFDs, especially currency pairs. Cryptocurrencies, commodities, stocks, and derivative stock indices are also available. Exness offers account types for novice traders, more experienced traders, and professionals. It allows traders to use a variety of strategies including passive ones, such as copy trading and algorithmic trading. The proprietary Exness platform for social trading is used by over 20,000 investors globally. The broker’s activities are legal and its services are available in over 130 countries. Exness is supervised by 8 financial commissions, including CySEC (Cyprus, 178/12), one of the strictest European regulators, and FCA (UK, 730729), FSA (Seychelles, SD025), FSC (BVI) SIBA/L/20/1133, CBCS (Curacao, 0003LSI), FSCA (South Africa, 51024), and CMA (Kenya, 162). The broker offers demo and cent accounts for novice traders, as well as standard and ECN account types for experienced traders.
👍 Pros
• Availability of 8 licenses and a membership in the Financial Commission with its own compensation fund to insure traders against losses;
• Wide choice of account types — Standard, Pro, Cent, Swap Free, and Demo;
• Wide range of CFDs, including over 100 currency pairs;
• Zero deposit and withdrawal fees;
• Proprietary platforms for active and social trading, as well as all versions of classic MT4 and MT5.
👎 Cons
• The broker’s website offers almost no educational materials;
• 24/7 support isn’t available in all languages.
Eightcap offers more than 800 trading instruments, namely CFDs [contract for (price) differences] on currency pairs, cryptocurrencies, indices, stocks, commodities, and precious metals. The broker has a minimum deposit of $100, a free demo account, and two live account types, which differ in trading costs. One account type has standard spreads without a fee, and the other has raw spreads that carry a brokerage fee. The maximum leverage is 1:500. Traders can use any strategy with minimal restrictions. Trading is carried out through MetaTrader 4, MetaTrader 5, and TradingView. Eightcap has two main features. First, the broker has a powerful training and analytical base. Second, the platform offers a number of unique tools, for example, Capitalise.ai, which provides automated trading with minimal risk. At the same time, there are no options for passive income, not even a referral program.
👍 Pros
• The broker is registered in the Bahamas and Seychelles, and is regulated by the Securities Commission of the Bahamas (SCB, SIA-F220), ASIC (391441), FCA (921296), CySEC (246/14). Also, it partners with many proprietary firms;
• Traders need to deposit only $100 to open a live account, and the broker imposes few trading limits on its clients;
• Hundreds of the most popular CFDs are available, and the pool is constantly expanding;
• Eightcap provides one of the most profitable trading costs with really tight spreads;
• Almost all options for depositing/withdrawing funds are available and the broker does not charge a withdrawal fee;
• The broker’s clients can work through any of the three top trading platforms, including mobile versions of the MetaTrader solutions;
• The company provides high-quality training, extensive analytics, and its own developments for automated trading.
👎 Cons
• No joint accounts, copy trading, referral program, or other options for passive income;
• Eightcap has some regional restrictions. For example, some services are not available in Australia;
• The broker's technical support is efficient and competent, but it is not available on weekends.
FBS (fbs.com) is an international broker operating in 190 countries. The brokerage company has been on the market for over 10 years, and during this time it has earned about 40 international awards. It is regulated by the CySEC under license number 331/17 and provides flexible conditions for Forex trading. In addition to classic currency pairs, the company's clients can trade indices, futures contracts, exotic currencies, and metals. FBS is especially popular in Asian countries such as India, Malaysia and Indonesia.
👍 Pros
• negative balance protection;
• a large selection of trading instruments;
• the support service works 24/7.
👎 Cons
• no cryptocurrency;
• auto copying is not available;
• no PAMM accounts;
• not suitable for short-term trading, such as scalping;
• the support service works in a limited number of languages;
• only two real accounts.
For those who are yet unfamiliar, an offshore regulation is a regulation used to help manage how offshore trades are regulated. Although many people gravitate towards offshore brokers because they have far fewer regulations that other, more traditional brokers, there are still some regulations that those who use this trading method must adhere to.
Cayman Islands
Belize
Germany
Switzerland
Singapore
Hong Kong
Belize
Panama
The Republic of Seychelles
Nevis
Mauritius
However, offshore forex investing is more like to be regulated in the following areas:
Belize International Financial Services Commission (IFSC)
Seychelles Financial Services Department (SFSA)
Saint Vincent and the Grenadines Islands Financial Regulatory Authority (SVG FSA)
Financial Services Commission BVO (FSC BVI) of Virgin Islands (Great Britain)
Securities Commission of The Bahamas
If you are wondering about the pros of offshore forex investing, they are:
•Bigger leverage: One of the top benefits of offshore forex investing is that it offers bigger leverage of up to 1:1000.
•More deposit and withdrawal options: Another advantage of offshore forex investing is that you gain access to more deposit and withdrawal options. Unlike traditional brokers, offshore investing comes with fewer regulations, which allows users more options in terms of deposits and withdrawals.
•They accept clients from countries: Another benefit of offshore forex investing is that they accept clients from other countries. This means you do not have to live in or near the brokers in order to take advantage of these services.
•There are no local forex regulators: Many offshore brokers don’t have local forex regulators. These are mostly developing countries.
•Forex bonuses offered: Moreover, many of these brokers offer forex bonuses.
•Diversification: Offshore investing provides investors with access to more financial products, which makes it easier to diversify your portfolio.
On the other hand, there are also disadvantages to offshore forex investing. They are as follows:
•Less investor protection: One of the top disadvantages of offshore forex investing is that it offers less protection to investors.
•More risks: Since there are fewer regulations, offshore forex investing is more risky.
•Increasing regulatory scrutiny: Many countries have realized how much revenue is being lost by the lack of regulations. Therefore, there is more scrutiny surrounding the lack of regulations.
The most important factor when choosing an offshore broker is the presence of regulation in other jurisdictions with stricter rules. For example, these could be the Financial Conduct Authority (FCA) in the UK, the Commodity Futures Trading Commission (CFTC) in the US, the Australian Securities and Investments Commission (ASIC), and CySec in Cyprus. In this case, you can combine the advantages of offshore brokers with the reliability of brokers regulated at the highest level. I have had experience trading with such companies, as most international brokers only open accounts in their offshore subsidiaries for citizens of my country. However, I immediately limited the leverage to avoid excessive risk. If you are a novice, it's better to do the same, as the risks are disproportionate to the earning potential with leverage greater than 1 to 10.
Are you looking for tips on how to choose an offshore regulated broker? Here are some we recommend:
Be sure it accepts clients from your country (usually offshore brokers don’t accept US clients, some of them have other exceptions).
Choose brokers that are also subject to EU, AU, or UK regulations as this makes them more reliable.
Evaluate trading conditions and fees before investing.
Check broker reviews to see which are most valuable to customers.
Find out about their educational tools and resources.
While offshore brokers promote the benefits of high leverage, low regulation, and anonymity, some of them may also come with hidden risks that traders should know before proceeding.
Offshore brokers may not face the same stringent financial requirements and oversight as regulated brokers. This potentially compromises the financial stability and security of customer funds held by offshore brokers in times of crisis or bankruptcy.
Seeking legal recourse against disputes or issues with offshore brokers can be extremely difficult, if not impossible. Different laws and jurisdictions make it challenging to take legal action, especially for small retail traders.
With limited regulation, offshore brokers may lack sufficient safeguards to protect sensitive trader data like personal information and fund details. Weaker data standards expose traders to heightened risk of fraud, identity theft or unauthorized access to trading accounts.
Brokers may engage in outright scams and manipulative practices that are never detected due to lax regulation. Deposits disappear, withdrawals blocked, and accounts show losses that cannot be explained. Offshore brokers are also notorious for opaque fee structures, vague trading policies, misleading leverage promises and lack of trading transparency.
Offshore brokers may be registered with regulators like Belize IFSC, Seychelles FSCA, or Saint Vincent FSA, but this does not necessarily eliminate the key risks involved.
Here is a rundown of why these offshore regulators have limitations:
Lower Standards. The regulatory standards and oversight Tend to be more lax compared to mature regulators like the FCA, CySEC, or ASIC. The requirements for capital, reporting, audits etc. are generally lower.
Enforcement Issues. These regulators struggle with consistent enforcement due to lack of resources, local political issues or lack of cooperation from brokers. Rules may exist on paper but practical enforcement is lacking.
Limited Compensation. Even if regulators take action against errant offshore brokers, the compensation to traders is typically small or absent entirely. The regulators lack the financial backup of larger, more established bodies.
Internationalization. Most major regulators have information sharing and cooperative agreements. This allows better oversight of international broker units. Offshore regulators tend to have weaker international cooperation.
On average, offshore forex brokers are cheaper than traditionally regulated ones. This is because they have less organizational costs due to low regulatory requirements. Therefore, there are fewer taxes, transactional fees, and other costs, making it far more cost-effective to invest with these brokers. However, that also comes at the cost of less protection for your investments.
Traders Union applies a rigorous methodology to evaluate brokers using over 100 quantitative and qualitative criteria. Multiple parameters are given individual scores that feed into an overall rating.
Key aspects of the assessment include:
Regulation and safety. Brokers are evaluated based on the level/reputation of licenses and regulations they operate under.
User reviews. Client reviews and feedback are analyzed to determine customer satisfaction levels. Reviews are fact-checked and verified.
Trading instruments. Brokers are evaluated on the range of assets offered, as well as the breadth and depth of available markets.
Fees and commissions. All trading fees and commissions are analyzed comprehensively to determine overall costs for clients.
Trading platforms. Brokers are assessed based on the variety, quality, and features of platforms offered to clients.
Other factors like brand popularity, client support, and educational resources are also evaluated.
Find out more about the unique broker assessment methodology developed by Traders Union specialists.
Offshore trading is a method of trading that involves forex trading using a broker that is located offshores. In other words, clients make trades via a broker who lives outside of your country of residence. They often live in secluded areas with fewer regulations.
When searching for an offshore broker, you should take the time to check reviews, ask reputable traders you trust, and discuss how their trading process works before deciding to trade with them.
No, using an Offshore broker is not illegal. However, these accounts are not covered by the same agencies that protect residents from fraudulent activity. Therefore, you must do your due diligence before investing.
Yes, as the world becomes more interconnected, it is possible that universal international restrictions may be created.
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).
