Best Offshore Forex Brokers for US Clients 2020

Best Offshore Forex Brokers for US Clients 2020

If you are searching for the best offshore forex brokers for US clients or the top ones accepting US residents, you are definitely fed up with the restrictions, set out by NFA and CFTC, such as low leverage or the FIFO rule that basically prevents you from hedging, and you want to be free from all those shackles.

If you are a newbie, those conditions may save you from yourself and salvage your account from being razed to the ground, however, if you’re a professional trader, it would be a pain in the neck to trade using a $50k fund while you can have the same results only with a $5k account, thanks to a higher leverage.

All in all, it’s up to you whether to pick an offshore Forex broker or not but if you want to know more about the conditions of some offshore forex brokers for US clients, you can find out interesting stuff about them including what are their spreads and commission, their execution speed, the best one for day trading and scalping, the one that is best for long term trading, crypto trading, news trading, or gold trading and many more.

During my attempt to find the best offshore forex brokers, I found a handful of brokers accepting US clients and to top it all, not all of them even close to a standard forex brokerage.

Some of them don’t even answer your email and are not available online and you can only guess they accept US clients because you don’t see anything on their websites opposed to that.

Although there are some low standard offshore forex brokers for US residents, I’ve found some that are up to par and in some cases, even better than some of the best forex brokers in the industry.

We’ll talk about that but first…

…Without further ado, let’s become familiar with the offshore forex brokers that accept US clients.

You can find the methodology of the reviews at the bottom of this post

Best Offshore Forex Brokers Accepting US Clients

Here’s a list of the best offshore forex brokers accepting US residents and clients as well as a complete review of every one of them.


1- FXChoice

FXChoice is one of the few regulated offshore forex brokers for US citizens. It was founded in 2010 and is regulated by International Financial Services Commission (IFSC)

During my research for the best offshore forex brokers, I came across FXchoice. When I dug deeper, I figure out US traders are satisfied with what they get from this broker so I went through its website to have a look.

Seems OK, you can clearly see what they offer such as types of accounts and different trading instruments.

There’s also a section showing their live spreads, however, I want to see their average spreads as well but no big deal, I know where to find them.

So, let’s see how well they are on live chat.

I start asking many questions about everything and the customer service agent answers them one by one and is willing to give even more info.

Ok, I convinced that this forex broker is a good one so let’s test and see the different aspects of FXChoice.

FXChoice Overview

Location: Corner Hutson & Eyre Street, Blake Building, Suite 302, Belize City, Belize

Foundation Year: 2010

Regulation: IFSC (License number: IFSC/60/191/TS/19)

Types of Accounts: STP and ECN

Spread: floating

Minimum Account Size: $100

Minimum lot size: 0.01

MAX Leverage: 1:200 (forex), 1:50 (Indices), 1:33 (Oil), 1:10 (Cryptos)

Payment Methods for US Clients: Bank Wire, VLoad, Crypto currencies

Trading Instruments: 38 Forex pairs, 7 Indices, Gold, Silver, Oli, 3 Cryptocurrencies (LTCUSD, BTHUSD, BTCUSD)

Trading Platform: MT5 and MT4 (Desktop, Mobile, Web)

Trading Strategy: Automated trading (EAs): Allowed    Scalping: Allowed   Hedging: Allowed

Crypto trading: 5 days

Open Demo Account

Type of Account

FXChoice has two types of accounts: Classic and Pro

Classic account is the STP type of account with floating spreads and no commission.

Pro accounts is the ECN type of account with floating spreads and $3.5 commission per side for every lot ($7 round turn)

The lot size for both accounts start from 0.01 and leverage is 1:200

The minimum deposit for both accounts is $100

There are two differences between the Pro and Classic accounts:

1- Classic doesn’t have a commission but you pay commission for Pro

2- In Classic margin call level is 25% and stop out level is 15% while they’re 100% and 80% for Pro

There’s also a swap free or Islamic account which is not actually swap or interest rate free.

There are no interest rates involved, however, you pay a commission for holding your positions overnight.

The commission is 0.75 swap rates for the pairs with negative swap rates. If a pair has a positive swap, it turns into 0.

(for more info on types of Islamic account see here)

Spread and Commission

The spreads of FXCoice are not something impressive but they’re not bad either and are considered average among forex brokers.

The condition of Pro account is a bit better and you pay less as the cost of trades (spread + commission).

These are the average spreads + commission for some of FXChoice’s trading products:

AccountEURUSDGBPJPYGBPNZDGoldBitcoin
FXChoice Pro1.3536.23.825.67
FXChoice Classic1.453.256.53.1325.67

The condition can be more favorable and you can pay less if you trade with a larger size account or more lots.

As we saw in the previous section, Commission is $3.5 per side, however, it becomes lower for the accounts with larger equity and/or more traded lots and it can get to $1.5 per side ($3 round turn)

For example, if you have $10000 in your account, you pay $3 per side as commission.

OR

if you trade $25 million per month (for instance, 250 lots of forex pairs), the commission becomes $2.5 per side.

SwapRates

Like spreads and commission, the swap rates of FXChoice are neither expensive nor cheap and are in the average category.

The swap for bitcoin long/short is -25%. I converted them into pips in order to compare them with the one, Coinexx, that is not in percentage.

Here’s a selection of some FXCoice swap rates:

eurusd long eurusd short eurusd average gold long gold short gold average bitcoin long bitcoin short bitcoin average gbpjpy long sgbpjpy short gbpjpy average
-1.350.59-0.38-0.84-0.105-0.4725-0.63-0.64-0.6350.35-0.92-0.285

Customer Service

There are several options for you to contact FXChoice including: phone call, email, ticket, and online chat.

As I said early on, I chatted with their customer service and asked many questions about different subjects and the agent answered them professionally.

I chatted with them a few times and every time I contacted them, they responded very quickly and I didn’t have to wait to be connected.

There’s also an FAQ page on the website where you can find some of your probable questions and some of them may be on the knowledge base section.

Find out More

Payment Options and Costs

FXChoice offers a wide range of payment methods but most of them are not available for US clients, however, the ones that are accessible would be enough.

You can use bank wire as well as VLoad and cryptocurrencies such as Bitcoin, Litecoin, Ethereum, Ripple, and Tether.

FXChoice doesn’t charge for bank transaction but your bank may do.

The fee for depositing via VLoad is 6.5%

Funding through cryptos is subjected to a 0.5% fee

If you deposit $3000 or more, the funding costs are reimbursed by FXChoice.

Bonus

FXChoice offers a 15% deposit bonus which means you can receive 15% of your deposit as a bonus.

Bonuses always come with some terms and conditions that you need to meet them in order to redeem the bonuses.

FXChoice 15% bonus has its own conditions that you can read them completely from their bonus page; however, as a rule of thumb, you need to trade 0.5 lots for redeeming every dollar of your bonus.

It’s not exactly like that and it varies according to different instruments that you trade.

Visit FXChoice Website

Open Account


2- Coinexx

Coinexx is another forex broker for US citizens and clients. It was established in 2018 in Saint Vincent and the Grenadines and is not regulated.

I stumbled upon this broker for the first time when I was checking forex broker’s spreads on myfxbook and its spreads + commission caught my eyes.

The spreads and commission of Coinexx are one of the best and tightest ones in the industry. I’ve seen and reviewed many brokers and I can confidently say that it’s on top 3.

For example, the average spread for EURUSD is less than 0.4 pips and the whole cost you need to pay as spread and commission is 0.56 pips on average — commission is $1 per side per lot.

The craziest spread they offer is on BTCUSD or bitcoin. The average spread for BTSUSD in Coinexx is around 5.8 pips and the commission is as low as $0.2 per lot so you only pay around $6 for every lot that you trade on average.

It’s too low that I even talked to them on the phone for about 15 minutes in case I was wrong but they told me that it’s correct and they offer one of the lowest spreads on bitcoin.

Ok, let’s take a look at the overall condition of Coinexx.

Coinexx Overview

Location: First St Vincent Bank Ltd Building, James Street, Kingstown, Kingstown 5Q2G+XR, VC

Foundation Year: 2018

Regulation: None

Types of Accounts: ECN

Spread: floating

Minimum Account Size: 0.001 BTC

Minimum lot size: 0.01

MAX Leverage: 1:500 (forex major, metals, oil, Indices), 1:300 (Forex Minor), 1:200 (Forex exotic), 1:5 (Cryptos)

Payment Methods for US Clients: Cryptocurrencies

Trading Instruments: 60+ Forex pairs, 11 Indices, Gold, Silver, Oli, 5 Cryptocurrencies (LTCUSD, BCCUSD, BTCUSD, ETHUSD, XPRUSD)

Trading Platform: MT5 and MT4 (Desktop, Mobile, Web)

Trading Strategy: Automated trading (EAs): Allowed    Scalping: Allowed   Hedging: Allowed

Crypto trading: 5 days

Open Demo Account

Type of Account

Coinexx has only one type of ECN account with floating spreads and the commission of $1 per side per lot.

Margin call level is 70% and stop out level is 50%

Spread and Commission

As I said, they have very competitive spreads and you can get one of the best deals in the industry.

It’s not just spreads, the commission is the lowest one, only $1 per side for every lot or $2 round turn. It’s the lowest one among Forex brokers — average is $6 round turn.

The best one is Bitcoin where, as I said, the average spread is 5.8 and the commission is only $0.2 round turn.

Here’s a list of some of Coinexx the spreads + commission:

EURUSDGBPJPYGBPNZDGoldBitcoin
0.581.145.51.846.1

Swap Rates

Coinexx swap rates are not impressive and are considered average. In some instruments such as bitcoin which is its strong suits in terms of spreads, swap rates turn into the Achilles heel of the broker and are not favorable.

That’s not so important if you are a day trader or even if you keep your trade open for a few days because the low spreads make up for that but if you are a position trader holding to your trades for weeks and months, swap rates could be a determining factor.

eurusd long eurusd short eurusd average gold long gold short gold average bitcoin long bitcoin short bitcoin average gbpjpy long gbpjpy short gbpjpy average
-0.890.19-0.35-1.6-0.37-0.985-1.91-1.84-1.875-0.03-0.71-0.37

Customer Service

Customer service is another strong point of Coinexx. I contacted them over and over and they answered my questions patiently.  Even when I asked them stupid questions such as tell me the spread of this or that pair right now 😀 , they checked that and came back with the answer.

When I asked a lot of questions about their spreads for bitcoin, they even called me to clarify the subject.

Overall, I give an A+ to their customer service.

The only thing that I don’t like about their support is not related to the customer service but it’s connected to their website which is out of whack and most of the features don’t work at all.

For example, there are calculators related to swap, spreads, etc that don’t work. You also can’t see the specification of trading instruments.

Long story short, everything on their website sucks except online chat box that works like a champ 👌

Payment Options

There’s only one payment option for deposit and withdrawal, Cryptocurrencies. You can deposit and withdraw using 30 types of crypto Currencies.

It takes 48 hours after requesting a withdrawal to receive your money.

Bonus

Coinxx has a 100% deposit credit which can be used to support your margin.

The bonus is not withdrawable and its purpose is to provide you with more margin so you can trade using larger lot sizes.

For receiving the bonus you need to deposit a minimum of $100.

There’s no limitation on withdrawing the profits earned over the bonus and you can withdraw your profits with no string attached.

For more information, you want to check the bonus page.

Visit Coinexx Website

Open Account


3- CryptoRocket

If you like to trade more instruments such as various stocks as well as more than 30 cryptocurrencies and can’t get enough of crypto trading, even on weekends, this offshore forex broker is right up your alley.

CryptoRocket was founded in 2019 in St Vincent and is not regulated.

The spreads of this broker are not too high nor too low and its commission is $6 round turn which is considered average.

The broker seems to be doing well and its clients are satisfied everywhere I see on the net, no nagging or noticeable concern or complaint.

Crypto Rocket Overview

Location: First Floor, First St Vincent Bank Building, James Street, Kingstown, St. Vincent and the Grenadines

Foundation Year: 2019

Regulation: None

Types of Accounts: ECN

Spread: floating

Minimum Account Size: No Minmum

Minimum lot size: 0.01

MAX Leverage: 1:500 (Forex and metals), 1:200 (Indices and energy), 1:100 (Crypto), 1:20 (Stock)

Payment Methods for US Clients: Bitcoins

Trading Instruments: 50+ Forex pairs, 12 Indices, Gold, Silver, platinum, palladium, Oil, Gas, 30+ Crypto currencies, 60+ Stocks, 1 Future (dollar)

Trading Platform: MT4 (Desktop, Mobile, Web)

Trading Strategy: Automated trading (EAs): Allowed    Scalping: Allowed   Hedging: Allowed

Crypto trading: 7 days

Open Demo Account

Type of Account

Crypto Rocket has only one type of account which is an ECN account with $6 round turn as commission.

There’s no minimum deposit and the maximum leverage is 1:500. The maximum leverage for cryptos is 1:100 which is one of the highest ones among Forex brokers.

The minimum lot sizes across all markets are 0.01 and the following are the maximum lot sizes.

  • Forex: 1,000 Lots
  • Crypto: 10 Lots
  • Indices: 1,000 Lots
  • Stocks: 10,000 Lots

Margin call is 100% and stop out level is 70%

Spread and Commission

Spreads of CryptoRocket aren’t too tight and considered average in the industry. The commission of this broker is $3 per side per lot or $6 round turn.

The following table shows the spread + commission of some pairs.

EURUSDGBPJPYGBPNZDGoldBitcoin
1.332.65220.95

Swap Rates

Like the previous offshore forex brokers in our list, swap rates of CryptoRocket didn’t impress me, however, they are not expensive and I can put them in the average category.

The long and short swap rates for bitcoin is -25% and are converted into pips for comparison purpose.

eurusd long eurusd short eurusd average gold long gold shortgold average bitcoin long bitcoin short bitcoin average gbpjpy long gbpjpy short gbpjpy average
-1.150.43-0.36-1.280.46-0.41-0.63-0.64-0.6350.12-0.77-0.325

Customer Service

Phone call, ticket, email, and 24/7 online support are the available options you can contact CryptoRocket.

What I like about their service is that unlike the other two, this one has a 24/7 online support which is also very quick at responding.

I chatted with them on several occasions and asked them lots of questions and they were responsive and professional every time I contacted them.

The only problem that I have is not related to customer service but it’s with their websites.

There isn’t much helpful information on the website and you can’t even find their account type and its specifications because there’s none — you need to ask them about that kind of information.

Payment Options

Bitcoin and Coinbase are the transaction methods you can use for deposit and withdrawal, however, they have an option that you can use your credit cards to purchase bitcoin from your cabinet using a third-party provider and then charge your account.

The withdrawal time is very fast, and it takes only one hour on average to receive your money.

Bonus

CryptoRocket doesn’t offer any type of bonus at this moment.

Visit Crypto Rocket Website

Open Account


4- PaxForex

PaxForex was founded in 2011 in St.vincent & the Grenadines and registered by Financial Services Authority (FSA) but it’s not regulated.

The broker considers itself neither too big that can’t provide unique service to its customers nor small that is not able to meet their clients demand on time.

Ok, let’s take a look at this offshore forex broker.

PaxForex Overview

Location: 1825, Cedar Hill Crest, Villa, Kingstown, St. Vincent and Grenadines

Foundation Year: 2011

Regulation: None but registered by FSA, Registration Number 21973 IBC 2014 1825,

Types of Accounts: STP

Spread: floating

Minimum Account Size: $10

Minimum lot size: 0.0001

MAX Leverage: 1:500 (Forex, Indices), 1:100 (metals), 1:5 (stocks, Cryptos)

Payment Methods for US Clients: Bitcoins, Ethereum, Bank Wire, Skrill

Trading Instruments: 60 Forex pairs, 10 Indices, Gold, Silver, 4 Crypto currencies, 40+ Stocks, 2 Futures

Trading Platform: MT4 (Desktop, Mobile, Web)

Trading Strategy: Automated trading (EAs): Allowed    Scalping: Allowed   Hedging: Allowed

Crypto trading: 5 days

Open Demo Account

Type of Account

PaxForex has 5 types of accounts which helps it to cater to a variety of traders.

Whether you want to get your feet wet with a small size account or you’re a professional trader seeking better conditions, you can find them all on PaxForex.

Cent account: The minimum deposit for this type of account is $10 and you can only have access to forex pairs. The spreads are floating and higher than other types of accounts but the good news is you can trade with lot size as low as 0.0001.


Mini account: The minimum deposit for mini account is $100 and you have access to all the available trading instruments except cryptocurrencies. The minimum lot size is 0.01. Spreads are lower than Cent account but they’re still above average and considered expensive.


Standard account: There’s a minimum deposit of $2000 for this type and you have full access to all the trading instruments. The minimum lot size is 0.1 and spreads are lower than mini accounts but they are considered average and not too low.


VIP account: This one is like standard account to a great extent except two main differences. First, you need to deposit at least $10000 and second, the minimum lot size is 0.01.


Islamic account: If you follow Sharia law and consider interest rates haram, you may want to use this type of account. You can turn every type of PaxForex accounts into an Islamic one. The conditions are the same except there are no swap rates but there are some commissions instead which are based on trading instruments.

So basically, just like FXChoice, this one is not free from overnight charges.

Spread and Commission

The spreads of PaxForex are rather high especially on cent and mini accounts. Standard and VIP account have better conditions but yet they are not inexpensive.

The spread for EURUSD is somehow low in standard and VIP accounts but this broker is not the right choice for crypto trading — the spread for bitcoin is 95.

I think the strength of this broker is not their spreads but the minimum lot size of 0.0001 is its trump card that provides a desirable condition for some style of trading and money management.

Type of AccountEURUSDGBPJPYGBPNZDGoldBitcoin
PaxForex standard0.83.5106.595
PaxForex Mini1.85.5127.5n/a
PaxForex Cent2.45.512n/an/a

Swap Rates

PaxForex swap rates are not good for a position trader. In some cases such as GBPJPY, it can be included in the average category; however, in other cases such as EURUSD, it’s expensive.

The long swap for bitcoin is -45% and the short swap is -35%.

eurusd
long
eurusd short eurusd average gold long gold shortgold average bitcoin long bitcoin short bitcoin average gbpjpy long gbpjpy short gbpjpy average
-6.60.4-3.1-1.150.105-0.5225-1.13-0.77-0.95-0.068-0.705-0.3865

Payment Options

PaxForex offers several options for deposit and withdrawal but not all of them are for its US clients.

The available payment methods for US traders are: Bitcoins, Ethereum, Bank Wire, Skrill

PaxForex doesn’t charge any fees for transactions, however, regarding your payment service you need to pay some fees.

For more than $3000 deposits, the cost of your transaction is covered by PaxForex.

Deposit Fees and Time

Deposit MethodsDeposit TimeMin DepositFees
Bank Transfer3 – 5 working days100 USDBank commission
Skrill / Moneybookers1 hour10 USD2.9% – 3.9% + 0.38 USD
BitcoinDuring one day0.010
EthereumDuring one day10

Withdrawal Fees and Time

Withdrawal MethodsWithdrawal TimeMin WithdrawalFees
Bank TransferProcessed within 1 business day, however takes 4 to 7 business days for the funds to be credited to your bank account, depending on your Bank100 USDBank commission
Skrill (Moneybookers)1 Working Day10 USDfrom 1% up to 3,9% + 0,35 USD
Bitcoin1 Working Day10 USD7% + 0.0006 BTC
Ethereum1 Working Day10 USD7%

Bonus

PaxForx has a 100% deposit credit which is offered to the clients who deposit $1200 or more.

The bonus is not withdrawable and acts as margin support.

100% of your deposit is divided into 12 slices and each portion is given to you every month if you’ve trade 10 lots within the previous month.

For example, you deposit $1200 and request for 100% credit ($1200). for the first month, you get $100, the next month another $100, and so on.

For more information check out the terms and conditions of PaxForex bonus.

Visit PaxForex Website

Open Account


5-Trader’s Way

Trader’s Way is the next offshore Forex broker on our list that accepts US clients. It was founded in 2011 in Dominica and is not regulated.

The broker has various types of accounts from fixed spreads to STP, ECN, and Islamic account.

When I looked at their websites, aside from its design, I saw everything a standard forex brokerage should have.

Besides a standard range of account types, they offer cTrader along with MT4/MT5 as trading platforms in all versions (mobile, web, desktop).

They also provide free VPS for the clients who have at least a $1000 account and trade 10 lots per month — see more about Trader’s way VPS here.

Trader’s Way Overview

Location: 8 Copthall, Roseau, Dominica

Foundation Year: 2011

Regulation: None

Types of Accounts: Fixed Spread, STP, ECN

Spread: Fixed, Floating

Minimum Account Size: $1

Minimum lot size: 0.01

MAX Leverage: 1:1000 (Forex), 1:500 (metals), 1:125 (Oil & Gas), 1:20 (Cryptos)

Payment Methods for US Clients: Credit/Debit Cards via VLoad, Bank Wire, Cryptocurrencies

Trading Instruments: 40+ Forex pairs, Gold, Silver, 9 Crypto currencies, Oil, Gas

Trading Platform: MT4/MT5, cTrader (Desktop, Mobile, Web)

Trading Strategy: Automated trading (EAs): Allowed    Scalping: Allowed   Hedging: Allowed

Crypto trading: 5 days

Open Demo Account

Type of Account

Trader’s Way has 6 types of accounts that are different from each other in some ways.

The differences such as the type and size of spreads, minimum deposit, leverage, commission, number of trading instruments, and trading platforms.

Let’s take a look at them

MT4.FIX: it’s a fixed spread account and obviously no commission. There’s no minimum deposit and the maximum leverage is 1:1000. You have access to all the trading instruments except cryptocurrencies. The spreads are higher in this type but you know what deal you get in advance. MT4 is the trading platform in this account


MT4.VAR: It’s an STP type of account with floating spreads and no commission. The average spreads are lower than MT4.FIX and the maximum leverage is 1:1000. There’s no minimum deposit and you can trade all the available instruments. MT4 is the trading platform of this type of account.


MT4.ECN: as its name implies, this is an ECN account with floating spreads and a $3 commission per side for every lot ($6 round turn), however, the commission is calculated based on margin currency — see more in the next section.

The max leverage is 1:1000, the minimum deposit is $100, and you have full access to all available instruments. MT4 is the trading platform of MT4.ECN.


MT5.ECN: Everything in this type of account is like MT4.ECN except for the trading platform which is MT5.


CT.ECN: This account is based on cTrader platform. Just like the previous two, it’s an ECN account with floating spreads and a $3 commission per side per lot. The maximum leverage is 1:500 and the minimum deposit is $50. You can only trade Forex and metals having this type of account.


Islamic: Islamic or swap free accounts are only available for MT4.FIX, and MT4.VAR. You can turn them into Islamic one by sending an email to the support center and states your intention of such a request. There’s no swap involved, however, a $10 fee per lot is charged for every trade that goes to the next day.

Spread and Commission

Trader’s Way has various spreads for its types of accounts. The best deal in terms of trades’ cost is for ECN accounts where you pay less spread + commission.

On the website it’s mentioned that the commission is $3 per side per lot, however, as I said before, the commission is calculated based on margin currency.

For example, for usdjpy or usdchf, the commission is $6 but for gbpjpy or gbpusd ,the commission is $7.8, for eurusd is &6.5, for audcad is $4, and etc.

The spreads + commissions of ECN accounts are considered a little tighter than average for forex pairs and in some cases such as GBPNZD, which has the highest spread among minor/major FX pairs, it is one of the lowest in the industry.

You can see our spread + commission selection for the MT4.ECN account of Trader’s Way in the following table.

I wanted to show the spreads of other types of accounts as well but it seems the only type of account on myfxbook is related to the ECN account.

The information about some of the spreads of those types of accounts on Trader’s Way website don’t seem correct because I opened different types of demo accounts to double-check them and they don’t match

Anyway, you can open a demo account before a real account and check them all.

EURUSDGBPJPYGBPNZDGoldBitcoin
0.92.082.83.3825.8

Swap Rates

The swap rates of this broker, like other brokers on our list, are neither fantastic nor disastrous.

Maybe I’ve been hard on our offshore forex brokers because I’m comparing them with the best forex brokers in the industry.

Anyway, the swap rates of Trader‘s Way rank in the middle of our offshore broker list.

eurusd long eurusd short eurusd average gold long gold short gold average bitcoin long bitcoin short bitcoin average gbpjpy long gbpjpy short gbpjpy average
-1.560.34-0.61-1.60.29-0.655-0.1-1.53-0.8150.01-0.67-0.33

Customer Service

You can contact trader’s Way in several ways including phone call, email, ticket, and live chat.

During some contacts that I had with them, they were responsive and answered all of my professional and stupid questions, however, you don’t need to contact them if you have general questions because you can find most of them on the website.

Payment Options

Trader’s Way has several payment methods, however, some of them available for US clients. You can deposit and withdraw via bank wire, VLoad, and a variety of cryptocurrencies such as bitcoin, Ether, Litecoin, Ripple, USD coin, Tether, and TrueUSD.

Withdrawal requests are processed within 48 hours on business days.

Transaction through VLoad is subjected to a 5% fee.

Bank wire transfers are through VLoad and the fee is 2% that will be reimbursed if you deposit $2500 or more.

Trader’s Way doesn’t charge any fees for cryptos withdrawal but the crypto networks charge a fee.

Bonus

Trader’s way offers a 100% deposit bonus, up to $5000.

The bonus is not withdrawable in the first place but you can trade and redeem it.

For every dollar to be redeemed, you need to trade 2 lots.

For example, you deposit $1000 and receive a $1000 credit in your account.

Then, you trade 2 lots with the $2000 account on the first day.

$1 is redeemed and added to your account. You can do the same to release the whole 1000 dollar credit.

It’s more like rebate or cashback systems.

Trader’s Way’s bonus is the winner in the bonus category of our list of the best offshore Forex brokers for US citizens.

Find more information on the bonus page.

Visit Trader's Way Website

Open Account


Note: For understanding the process of ranking the offshore Forex brokers for the following categories, you may want to read the methodology section

Best Offshore Forex Broker for Day trading

According to the examination that I had, Coinexx is the best offshore Forex broker for US day traders with tightest Spreads + commission.

When you are a day trader, your targets and limitations such as stop loss and take profit are not wide so spreads and commissions play a tangible role in your final results.

For finding the best offshore Forex broker for US traders, we should look into the spreads and commissions of them to find the lowest ones.

Having very low spreads and only $2 commission round trip puts this broker on the top spots of not only offshore Forex brokers but also all the Forex brokers in the industry.

BrokerEURUSDGBPJPYGBPNZDGoldBitcoin
Coinexx0.581.45.51.846.1
PaxForex standard0.83.5106.595
Trader’s Way ECN0.92.082.83.3825.8
CryptoRocket1.332.65220.95
FXChoice Pro1.3536.23.0825.67
FXChoice classic1.453.256.53.1325.67
PaxForex Mini1.85.5127.5n/a
PaxForex Cent2.45.512n/an/a

The best forex broker for US clients who trade on a daily basis is Coinexx.

Best Offshore Forex Broker for US Scalpers

The title for the best offshore forex brokers for US scalpers goes again to Coinexx with the lowest spreads and commission and fastest execution speed.

When you’re a scalper, not only do you need the tightest spreads but it’s also necessary that your orders are executed fast.

I tested the MT4 market and limit orders execution speed of the forex brokers on our list and Coinexx showed the best results with market execution speed of 105ms and limit execution speed of 95ms.

Execution Speed

BrokerMarket Order Execution SpeedLimit Order Execution Speed
Coinexx10595
FXChoice120130
CryptoRocket150190
Trader’s Way160200
PaxForex230180

The best offshore forex brokers for US clients who are chosen scalping as their trading strategy is Coinexx.

Best Gold Trading Offshore Forex Broker for US Clients

If you are a day trader or scalper, Coinexx has the best spread + commission of gold so in this case, Coinexx is the best offshore broker for US gold traders.

On the other hand, if you are a longer-term trader such as a position trader, you may want to consider CryptoRocket because it has the most favorable swap rates for gold.

BrokerSpreadSwap LongSwap ShortSwap Average
Coinexx1.84-1.6-0.37-0.985
CryptoRocket2-1.280.46-0.41
FXChoice Pro3.08-0.84-0.105-0.4725
FXChoice classic3.13-0.84-0.105-0.4725
Trader’s Way3.38-1.60.29-0.655
PaxForex standard6.5-1.150.105-0.5225
PaxForex Mini7.5-1.150.105-0.5225

With that said…

The best offshore broker for US clients interested in short term gold trading is Coinexx and for long-term gold trading is CrptoRocket — in terms of trades’ costs.

Offshore Brokers Slippage and News Trading

The best times for testing broker’s slippage are when the most volatile news events are released.

I watched the performance of our offshore forex brokers on one of the most volatile news events, Nonfarm payrolls (NFP) to see the maximum negative slippage you may receive and the deviation of EURUSD spread from average spread.

Unfortunately, I didn’t have access to this data for Paxforex because this broker is not registered on myfxbook.

Broker Average SpreadMax Spread on NFPMax slippage 
Coinexx0.582245%
CryptoRocket1.334.6246%
FXChoice classic1.455.9307%
Trader’s Way0.94.55406%
FXChoice Pro1.356.9411%

As you can see the lowest maximum spread you may get on NFP is related to Coinexx.

The spreads of eurusd in both Coinexx and CryptoRocket show the least deviation from their average which means you get lower negative slippage.

Lower spreads are better when trading on the news but lower slippage can help you make more precise money management decisions.

So the title of the best offshore Forex broker for US clients who trade on the news goes to Coinexx.

Methodology

For finding, testing and examining the best offshore forex brokers for US citizens or clients I went through many brokers’ websites to see if they accept US clients and if so, whether they have the average standard of a forex broker or not.

After finding some brokers accepting US clients, I did several tests on them including, contacting customer service; finding their spreads and commission, swap rates, and slippage through both their websites and a third party website called myfxbook on which there are many real accounts of around 200 forex brokers; and testing their execution speed using EAs.

For testing the brokers I picked 5 different pairs each can show one aspect of them.

  • EURUSD: The most liquid and traded Forex pair
  • GBPJPY: One of the most volatile pairs with high liquidity
  • GBPNZD: The pair with the highest average daily range in major and minor forex pairs
  • Gold: To assess Metal trading condition
  • Bitcoin: As the representative of cryptocurrencies

This is the process that I use to do a comprehensive review of forex brokers. You can find more details on the mentioned tests in the flowing links:

Speed test

Swap rates

Slippage and news trading

Islamic accounts

The Bottom Line

When it comes to picking an offshore forex broker, US citizens don’t have a wide range of choices.

It’s even worse when you look for an offshore broker that can be included in the best forex brokers category, however, there are a few of them that seem to provide good quality for their clients.

I tried to find the ones with standard quality and looked into them from different angles.

To wind up this review, let’s summarize our findings of the best offshore forex brokers for US clients.

If you are a day trader or scalper Coinexx is a good option in terms of spreads + commission, however, the broker hasn’t been around for a long time so you may want to give it a trial first.

If you can’t trust unregulated brokers, you can go with FXChoice.

If you like trading cryptos, there are a lot of them in CryptoRocket and their spreads and commission are reasonable.

If you’re a Bitcoin trader, you can find the best deal in Coinexx

If you’re looking for a cent account with the minimum lot size of 0.0001, PaxForex might be your solution.

If you look for a fixed spread account or you want to enjoy the sophisticated options of cTrader, or even seeking the best bonus, Trader’s Way is all that you need.

For news trading, Coinexx and CryptoRocket seem to be the right choice.

For longer-term trading such as swing or position trading, CryptoRocket, and FXChoice are the best picks.

david

I hope you enjoyed this post. My name is David and I've been in Forex Market since 2006. I created this site to convey my experience and try to help forex traders to make better decisions. Share this post if you liked it and let me know what you think about it in the comment section.

This Post Has 4 Comments

  1. online forex

    Hi! Would you mind if I share your blog with my twitter group?

    There’s a lot of people that I think would
    really enjoy your content. Please let me know.

    Cheers

    1. david

      Why not! glad that you liked it

  2. alister cedrick

    This was a nice compilation of brokers. Do you happen to know if fx leaders is can help me as I am starting up my trading journey? My friend recommended it and just checking all infos I can online.

    1. david

      glad you liked it. regarding your question, the website you mentioned seems ok as it has a learning part. I looked at it and in the learning section, there is some general information. I think their main focus is providing signals which is not a good approach to take for a person who wants to learn trading. self-study for learning forex trading through the net is a time-consuming journey and most of the times misleading, however, if you have enough time, you can start with babypips to learn forex and then forexfactory to learn various stuff. Tradingview has an active trading community as well.If you don’t have 2, 3 years to learn, going through trial and error, this post may help you. You can find success in both approaches, depending on the amount of time you have.

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