Compare Best offshore Forex Brokers Accepting US clients in 2023
Offshore Forex brokers accepting US clients offers restriction-free trading environment and several unique advantages to US traders looking to diversify their portfolios globally. In this article, we will explore what offshore Forex brokers are, why US traders prefer them, the risks involved, and finally provide an updated list and in-depth review of the best offshore Forex brokers in 2023 while keeping in mind the traders’ investment goals, trading strategy and risk tolerance.
No. 2 Offshore Broker
1. Leverage 1:1000, No FIFO rule, Hedging, Scalping, EA trading allowed.
2. No markup and super-tight spread from 0.2 pips, No Requotes.
3. 100% credit bonus,15% recovery bonus (withdrawable/tradable).
4. Withdrawal within 2 hours. No deposit or withdrawal fees. Minimum deposit — $50. Accept Bitcoins.
5. Forex 46 pairs, Indices 9, Metal & Oil 7, Commodities 5, Shares 15 instruments.
6. Offers 3 different accounts, with fixed and variable spreads.
7. Win $1750/month trading on demo account in the Earn and Learn Contest.
8. Totally free — 7 essential Forex calculators and economic calendar.
9. 24/5 multilingual Live Chat support.
No. 1 Offshore Broker
1. Leverage 1:1000, No FIFO rule, Hedging, Scalping, and EA trading allowed.
2. Full STP execution — Spread from 0.1 pips, lightning-fast execution, No Requotes.
3. 100% deposit bonus from $250 to $20 000 (withdrawable).
4. No deposit/withdrawal fees. No withdrawal complaints. Minimum deposit — $20. Accept Bitcoins.
5. Forex 71 pairs, Indices 11, Metal & Oil 6, and Commodities 4 instruments.
6. Offers 5 different account types to meet the needs of all types of Forex traders.
7. Daily free chart analysis, market news and economic calendar.
8. PAMM account for Fund Managers and Investors.
9. 24/5 multilingual Live Chat support.
No. 3 Offshore Broker
1. Leverage 1:500, No FIFO rule, Hedging, Scalping, EA, news spike trading allowed.
2. Ultra-fast STP execution, spread from 0.2 pips, No Requotes.
3. No KYC documents are required for live trading.
4. Withdrawal requests are reviewed within 30-minutes. Min. deposit — $10. No deposit/withdrawal fees. Accept Bitcoins.
5. Forex 52 pairs, Indices 10, Metal & Oil 6, Shares 73, Crypto 38 instruments.
6. 24/7 Cryptocurrency trading without any interruption.
7. PayPal via Coinbase is available for withdrawals.
8. Daily free market analysis and market news.
9. 24/7 multilingual Live Chat support.
Best offshore Forex brokers that accept US clients in 2023: Detailed Review
- Ehren Alscher
- 18 min Read
- Updated on: May 19, 2023
While searching for offshore forex brokers, you may have noticed that only a few, less than 15, offshore forex brokers are willing to accept US clients in 2023.
We have no hesitation about admitting that finding and reviewing the top 3 offshore forex brokers even among these 15 offshore brokers is a difficult undertaking.
This is because, none of these 15 offshore forex brokers that accept US clients are regulated, and many of them incorporated just a couple of years ago.
Despite their lack of regulation, a few of these offshore forex brokers are safe and trustworthy, and have been providing great forex brokerage services and fund security to US clients for a long time.
Our review team has created the best-in-industry methodology to find and review top 3 offshore forex brokers accepting US clients in 2023.
We hope this post helps you find the best offshore Forex broker to meet your trading requirements.
What are offshore Forex Brokers?
Offshore forex brokers are those who have their headquarters in countries other than the trader’s home country.
They often operate in countries with less strict financial regulation, allowing them to provide services and promotions that domestic brokers may be unable to provide.
While offshore forex brokers might provide unique benefits, there are also risks. Before creating an account with any offshore forex broker, it is critical to conduct thorough research.
Why do US clients prefer Offshore Forex Brokers?
1. Freedom: Because offshore forex brokers are based in less stringent jurisdictions, they are allowed to offer leverage ranging up to 1:1000, with no FIFO or PDT rules, no hedging limits, no scalping or EA trading restrictions.
2. Greater Results: Because of competitive trading conditions and execution quality, chances of making greater results increases with the offshore brokers.
3. Less Hassle: US clients do not have to meet a lot of requirements with offshore Forex brokers as opposed to the list of boxes that they have to tick if they opt for US regulated forex brokers.
4. Excellent Trading Conditions: Because of the stiff competition from worldwide forex brokers, offshore forex brokers offer tight spreads, lightning fast order execution, and less commissions and swap fees, which improves the trading experience and results for US clients.
5. Valuable Promotions: Offshore forex brokers offer valuable promotions such as 100% deposit bonuses, free deposits/withdrawals, free VPS, free analytical tools that US clients might not otherwise get with domestic US brokers.
This is because offshore forex brokers are registered in tax heaven and can transfer some portion of tax savings to their clients.
6. No Limitations: With offshore Forex brokers there are no limitations whatsoever which means that US clients can take up any trade that appeals to them and use any technique or strategy that they think fit to be successful in Forex trading.
Why most Forex Broker don't accept US clients?
Mostly because Dodd-Frank Act requires that forex brokerage company who wants to do business with US clients must first be registered with both CFTC and NFA.
Many offshore forex brokers, including the big ones, find this very difficult and costly operation with tedious reporting requirements.
Just license fee of NFA and CFTC is $20 million compared to maximum $1 million licence fee of even strict jurisdictions such as FCA (UK), ASIC (Australia), FSP (New Zealand) and CySEC (Cyprus).
To avoid such high fee, high operational expense and paper mess, offshore Forex brokers just stopped accepting US citizens. It is easier for them to decline the US citizens than incur the unforeseen expenses.
So, Dodd-Frank Act is the primary reason that has forced offshore Forex brokers to decline US citizens.
What are the risks of trading with Offshore Forex Brokers?
Although they are situated in tax haven nations like Vanuatu, Mauritius, Seychelles, Marshall Islands, Saint Vincent and the Grenadines, and Bahamas, due to their nature as offshore forex brokers, this does not always make them less trustworthy.
You will receive some protection because the broker must follow by regulatory rules in these nations. While offshore forex brokers accepting US clients may offer unique opportunities, traders should exercise caution and consider the risks involved:
- Lack of investor protection.
- No regulator to settle disputes.
- Insufficient risk disclosure.
- Counterparty risk.
- Limited legal resources.
Understanding the regulatory landscape, investor protection measures, security protocols, and transparency of the offshore broker is essential before making any investment decisions.
Can US clients deal with offshore Forex brokers?
Many US traders are unsure whether having or using a forex account with an offshore broker breaches any federal laws.
I would recommend to take advice from a local attorney who is knowledgeable with these laws.
When I tried to search the internet, I found that a large number of foreign governments have signed Memorandums of Understanding (MoUs) with US regulations (CFTC).
Although the MoU agreement put pressure on these foreign governments (who signed the MoU agreement) to deny US clients the ability to open a forex trading account with forex brokers in their jurisdictions, many countries have yet to sign the MoU agreements and thus are not bound by US pressure and regulations.
This means that offshore forex brokers can still accept US clients in countries where MoU has not been signed with the CFTC.
Top 3 Offshore Forex Brokers Accepting US clients in 2023
Quick Comparison Table: Offshore Forex Brokers LQDFX, LMFX and EagleFX
| Offshore Forex Brokers Comparison | LQDFX | LMFX | EagleFX |
|---|---|---|---|
| Foundation Year | 2015 | 2015 | 2019 |
| Trading Model | Market | Market | Market |
| Execution Type | ECN/STP | STP | ECN/STP |
| Spread | 0.1 pips (Variable) | 0.2 pips (Fixed + Variable) | 0.2 pips Variable |
| ECN Commission on FX | $2.5 per lot | $4 per lot | $6 per lot |
| Max. Leverage | 1:1000 | 1:1000 | 1:500 |
| Order Execution Speed | 200 ms | 300 ms | 250 ms |
| Min. Trade Size | 0.01 lot | 0.01 lot | 0.01 lot |
| Max. Trade Size | No Limit on VIP Account | 100 lots | 1000 lots |
| Max. Number of Open Trades | 300 trades | 200 trades | No Limit |
| Margin Call/Stop out % | 50/20 | 30/15 | 100/70 |
| Swaps (Short/Long) | -0.1/-4.5 | -0.17/-0.36 | 0.1/-3.47 |
| Requotes | No | No | No |
| Negative Balance Protection | Yes | Yes | Yes |
| Min. Deposit | $20 | $50 | $10 |
| Base/Account Currencies | USD, EUR | USD, EUR | USD, EUR, GBP, BITs |
| Deposit/Withdrawal Fees | No | No | No |
| Accept Crypto Deposits | Yes | Yes | Yes |
| Withdrawal time | 24 hours | 2 hours | 1 hour |
| Currencies | 71 pairs | 46 pairs | 52 pairs |
| Indices | 11 | 9 | 10 |
| Commodities | 4 | 5 | 5 |
| Metal & Energies | 6 | 7 | 6 |
| Stock CFDs | 0 | 15 | 73 |
| Cryptocurrencies | 13 | 0 | 38 |
| Crypto Trading | Yes | No | Yes |
| Trading Platform | MT4, Web, Mobile | MT4, Web, Mobile | MT4, Web, Mobile |
| PAMM/MAM | PAMM | No | No |
| Promotions | 100% deposit bonus | 100% & 15% bonus | No |
| EA/Robot Trading | Allowed | Allowed | Allowed |
| Scalping | Allowed | Allowed | Allowed |
| Hedging | Allowed | Allowed | Allowed |
| News Trading | Allowed | Allowed | Allowed |
| FIFO Rule | No | No | No |
| Islamic Account (Swap free) | Yes | No | No |
| Live Chat | 24/5 | 24/5 | 24/7 |
| Language Support | English, French, Italian, Russian, Arabic | English, Spanish, Portuguese, Japanese | English |
| Trading Accounts | 5 Account Types | 3 Account Types | 1 Account Type |
| Chart Analysis | Yes | No | No |
| Economic Calendar | Yes | Yes | No |
| Education | Yes | No | No |
| KYC documents | Required | Required | Not Required |
| Personal Account Manager | Yes | Yes | No |
| Ideal for | Scalper, EA & High Volume trading | Scalper, EA & High Volume trading | 24/7 Crypto trading |
Regardless of the fact if you are a beginner in forex trading or have been doing it for years, a trustworthy offshore forex broker accepting US clients is something you are definitely interested on your side.
However, the question is: what makes a perfect offshore forex broker?
In this LQDFX review, we will go over every aspect of the company in detail that US clients looks for in an offshore forex broker in 2023.
Pros of LQDFX
- Full STP execution.
- Maximum Leverage 1:1000.
- No requotes and lightning fast execution.
- ForexPeaceArmy reviews – 3.5 rating and 134 reviews.
- Live Chat respond within 2 minutes.
- Zero deposit/withdrawal fee, no withdrawal complaints.
- Negative balance protection.
- PAMM accounts for fund managers.
Cons of LQDFX
- No MT5 and cTrader platform.
- No crypto or stock CFDs for trading.
- Assets of clients are not insured by compensation funds.
Overall Summary of LQDFX - Offshore Forex Broker
In 2015, forex industry got expanded by one more offshore forex broker accepting US clients that soon became award-winning and reached the top position among all offshore Forex brokers.
The online broker LQDFX is unregulated and operated by LQD LTD, and is based in the Saint Lucia.
By offering full STP execution, broker proved that they are one of the few transparent offshore Forex brokers who really care about their clients and act in their best interests.
When it comes to trading platforms, the broker offers MetaTrader 4 for Windows, Androids, iOS and Web Trader. The minimum deposit requirement to start live trading is just $20.
LQDFX offers highly competitive and full-featured trading portal that focusses on over 70 different currency pairs, indices, commodities, metals, stocks and even cryptocurrencies.
Moreover their clients are loyal to them and one of the reasons for such loyalty from them is attentive and helpful multilingual live chat support available 24/5 to solve any problems on the spot, quickly and efficiently.
Does LQDFX Accept US Clients?
Yes, LQDFX accepts clients from all over the world, including the UK, Canada, and the US. However, traders must ensure that registration does not violate any local country law or regulation.
There are several reasons why LQDFX is ranked No. 1 in our list of the best offshore Forex brokers accepting US clients, and we would like to draw your attention to the most important ones.
LQDFX STP Execution Model
LQDFX offers an STP trading environment that promises a fair and totally transparent trading environment for traders. STP execution guarantees transparency, a great speed of order execution, A-Book execution, no slippage and tight spread.
What is STP execution? and why it’s important to successful Forex trading.
The STP execution means that every time a client places an order, LQDFX has no conflict of interest, as well as no-requotes, instant execution and no intervention.
Every order is placed in their aggregator, which ensures the best price for your order, provided by a number of top liquidity providers.
No matter if you lose or win, this offshore forex broker will never take an opposite side of your trades, therefore they will not benefit on any occasion.
LQDFX Account Types - Offshore Forex Broker
Every trader is different, as are their trading needs. It is impossible to meet all of the needs of traders in a single account. Unlike, regular Forex brokers, which only provide a few account types, LQDFX has designed 5 account types to fulfil the needs of even the most demanding traders: Micro, Gold, ECN, VIP and Islamic account.
LQDFX Accounts Types - Comparison Table
| LQDFX Account Types | Micro Account | Gold Account | ECN Account | VIP Account | Islamic Account |
|---|---|---|---|---|---|
| Max. Leverage | 1:1000 | 1:300 | 1:300 | 1:100 | 1:300 |
| Spread | 1.0 pip | 0.7 pips | 0.1 pip | 0.1 pip | 0.7 pips |
| ECN Commission | $0 | $0 | $3.5 | $2.5 | $0 |
| Min. Deposit | $20 | $500 | $500 | $25000 | $20 |
| Min. Lot Size | 0.01 | 0.01 | 0.01 | 0.1 | 0.01 |
| Max. Lot Size | 5 | 40 | 40 | No Limit | 40 |
| Swaps | Yes | Yes | Yes | Yes | No |
| Best Suited for | Beginner | Swing | EA/Scalper | HNI | Muslim |
Some of the features are common to all 5 account types, so we haven’t included them in the above table, such as —
- Order Execution type — Market Execution
- Trading Model — STP
- Requotes — None
- Trading Platform — MT4 (Desktop, Android and iOS)
- Available Instruments — Forex (71 pairs), Indices (12 instruments), Commodities (5 instruments) and Metals.
- Education Material — Yes
1. Micro Account
The Micro Account has been designed for beginner Forex traders who want to trade in smaller lot sizes, such as 0.01 lot to try the live trading environment. Micro account allows beginner traders to start Forex trading with just $20 in a live account. Since June 2023, LMFX has increased the leverage on the Micro account from 1:300 to 1:1000.
2. Gold Account
If you already gained some experience and want to try your trading strategy for the next level, then Gold account is a perfect account for you.
The Gold account has been designed for traders who prefer a simple commission-free account, without the hassle of calculating commission separately while developing your trading strategy.
You only need to pay attention to the spread, which is extremely tight in Gold accounts. Min. deposit requirement in Gold account is $500.
3. ECN Account
The ECN Account has been designed for experienced and serious traders who are looking to trade on raw spreads starting from 0.1 pips in an STP/ECN environment.
The account charges a small commission on trades and is ideal for traders who prefer to trade in the short-term, especially EA and Scalper traders. Min. deposit requirement in ECN account is $500.
4. VIP Account
The VIP Account is designed to minimize the trading cost by offering interbank trading conditions to HNI, institutional and professional traders, who invest in higher equities ($25000 and up) and trade higher volumes (1000 standard lot and up in a month).
The maximum lot size for VIP accounts is unrestricted. It means that if you have enough equity on your VIP account, you can trade even 1000 standard lots or up in one order. Min. deposit requirement in VIP account is $25000.
5. Islamic Account
The Islamic account is identical to the Gold account in any way, including spreads and lot size limits. The only difference between the Islamic account and the Gold account is that no swaps are charged at rollover hours. Min. deposit requirement in Islamic account is $20.
If the deposit amount in an Islamic Account is $25000 or more, VIP account conditions will apply to Islamic accounts as well.
The Islamic account is only available to traders who practice the Islamic faith. Broker may request for proof.
LQDFX Trading Conditions
Among all best offshore Forex brokers accepting US clients around the world, the LQDFX trading environment has the most competitive pricing and flexible trading conditions. They are best for traders who need higher leverage (1:200 and above), fastest order execution, tightest spread and lowest swap rates. Let’s go over them all one by one.
1. Spread and ECN Commission
Something big that distinguishes them from other offshore Forex brokers is their aim to supply US traders with low-cost access to the forex market. LQDFX has a combination of spreads and commissions according to the account type you choose.
Micro, Gold, and Islamic accounts do not charge commissions and only charge a brokerage fee based on the typical spread starting just 1.0 pips on EURUSD.
On ECN and VIP accounts, the EURUSD spread is just 0.1 pips on average, with a round-turn commission of $7 for ECN accounts and $5 for VIP accounts per 1 standard lot traded.
If you trade 1 standard lot of EURUSD, the total brokerage fee will be $8 for an ECN account and only $6 for a VIP account.
LQDFX Spread - Account Wise Comparison
| LQDFX Spread (Pips) | Micro Account | Gold Account | ECN Account | VIP Account | Islamic Account |
|---|---|---|---|---|---|
| EURUSD | 1.2 | 1.1 | 0.1 | 0.1 | 1.1 |
| GBPUSD | 1.8 | 1.4 | 0.1 | 0.1 | 1.4 |
| USDJPY | 1.2 | 1.2 | 0.1 | 0.1 | 1.2 |
| Gold | 2.4 | 2.3 | 1.3 | 1.3 | 2.3 |
2. LQDFX Leverage
Leverage is a good method for increasing the exposure of markets since it lowers the requirements for the margin while trading. On the other hand, forex leverage can be a double-edged sword, so be cautious when using it.
The maximum leverage available with the Micro Account is 1:1000. Leverage is 1:300 on the Gold, ECN, and Islamic accounts.
Because traders on VIP accounts trade in higher volumes, the risks are higher for both trader and brokerage company, so the leverage on VIP accounts is limited to 1:100.
3. Swaps
Swaps are the fees in case you keep a position open overnight. Swaps can be positive or negative, and the good news is that positive swaps are credited to your account balance by LQDFX, which many offshore Forex brokers don’t credit.
Learn how forex swaps are calculated and its FAQs.
| LQDFX Swap (pips/lot) | EURUSD | GBPUSD | USDJPY | EURGBP | Gold |
|---|---|---|---|---|---|
| Short | - 0.1 | 3.6 | - 8.8 | 0.9 | 1.7 |
| Long | - 4.5 | - 8.8 | 3.6 | - 3.3 | - 12.1 |
4. Order Execution Speed
When placing an order, traders will experience less slippage, rejections, and requotes if the order execution speed is lightning fast.
When compared with other offshore Forex brokers accepting US clients, the STP model of LQDFX ensures no-requotes and lightning-fast execution in just 0.6 seconds, which is the fastest.
LQDFX Trading Products
Now, check this out; with offshore forex broker LQDFX, you will get to access multiple markets that are located around the world. The markets include Forex, Indices, Commodities, and Metals, for example.
They have 71 forex pairs made of 7 majors, 21 minors and finally, 43 exotics currency pairs.
You are able to trade 16 precious metals, including gold, silver, palladium and platinum.
In addition, you can also trade 21 global stock indices and 6 energy and agricultural commodities.
LQDFX Deposit/Withdrawal Options and Fees
LQDFX, as one of the best offshore Forex brokers accepting US clients, offers many convenient deposit and withdrawal options such as Mastercard, Visa, Cryptocurrencies, and PayRedeem.
For Visa and Mastercard deposits, it is $2,000 per one transaction and $15,000 maximum per card. The deposited funds will be in your account in just 30 minutes. Moreover, there are no fees which is an excellent aspect for the traders. Funds instantly go into trading accounts.
LQDFX also offer deposit via Cryptocurrencies such as Bitcoin, Litecoin, Tether, USDC, Ethereum, Solana, and Tronix where the min. deposit amount is just $20.
And another thing, withdrawing is just as essential in the trader’s work as the deposits.
Card withdrawals, Cryptocurrencies, and PayRedeem will take maximum 48 hours.
Other things to consider: the minimum sum for withdrawal is $20 for credit and debit cards, $15 to $75 for the different Cryptocurrencies, and $10 for PayRedeem.
LQDFX Unique Features - offshore Forex Broker
Trading seems easier now, thanks to the services LQDFX offers for its clients, making them the best offshore Forex brokers accepting US clients in 2023. Traders can use all the features to get the best trading experience and results. Here is a short explanation to the unique features you will get to use:
1. LQDFX PAMM Account for Fund Managers
With the help of the LQDFX PAMM program, fund managers have a great tool to manage client assets easily and focus on what matters most to them while exceeding their clients’ expectations with monthly returns.
Many investors understand the potential in forex trading, but lack the time or expertise to do so; by investing through a fund manager, investors can leave the trading to the professionals while still having full access to their investment twenty-four hours a day.
This PAMM feature will help you to understand the forex market and investing even better. So, you can learn about the market of your choice before getting started.
Learn how forex PAMM account works.
2. LQDFX Promotions and Bonuses
You can find a good number of different promotions and bonuses from the LQDFX. The best promotion is the 100% deposit bonus, which means that if you deposit $100, this offshore forex broker is giving you $100.
This is giant! That means you can get bonus up to $20,000! Sounds impressive, right?
The 100% Bonus applies to all deposits of $250 or more, is available through all account types, and is credited to your live account instantly upon deposit.
3. Negative Balance Protection
The negative balance protection is a useful feature for all traders who do not want to take unnecessary risks. You can set this feature to stop your account from losing too much money.
And the best part? You can control your losses, and trading will not cause you to get debt. LQDFX will let you use this tool, and you can use it to protect your funds.
Even if you were an advanced investor, it is a helpful feature that we can totally recommend to use.
LQDFX Customer Support
In LQDFX, traders can contact 24/5 profession Live Chat support, and this service is also one of the reasons why the platform is so famous.
You can find multiple different languages for the support, so you can choose the most comfortable one for yourself and feel at ease.
You can reach them through various channels. The phone number to contact them is +44 20 8064 1038, and the email is support@lqdfx.com. Moreover, there is a professional and experienced live chat available as well.
Their customer service team is known to handle all account-related queries super efficiently. It deals with all different kind of issues, may it be document verification, PAMM or other error messages.
LQDFX Customer Reviews
ForexPeaceArmy is the most reliable and trustworthy forex review forum, with over 5 million visits every year. Traders gave LQDFX a 3.5 rating and over 125 reviews on FPA. We have picked a few trader reviews from FPA website. All reviews can be found at ForexPeaceArmy website.
LMFX is a cutting-edge foreign currency broker that serves a global clientele with both sophisticated institutional and retail trading conditions.
This broker offers traders everything they need to succeed in today’s financial markets! Fast execution, deep liquidity, automated profit withdrawals, and ensuring that money is put safely in segregated accounts are just a few of the features offered by the company.
If you’re looking for a reliable and trustworthy offshore forex broker accepting US clients in 2023, then LMFX is definitely worth considering.
In this review, we will delve into the various aspects of LMFX, including its unique features, trading costs, trading conditions, deposit/withdrawal options, security of funds, and customer support to help you decide if it’s the right broker for you.
Pros of LMFX
- ECN/STP Execution Model.
- 1:1000 Leverage.
- Win $1750/month on a demo trading contest.
- ForexPeaceArmy reviews – 3.2 rating and 143 reviews.
- Live Chat respond within 2-3 minutes.
- Automated withdrawal of profits within 2 hours during working hours.
- Negative balance protection.
- Fixed and Variable spread accounts.
Cons of LMFX
- No MT5 and cTrader platform.
- No crypto or stock CFDs for trading.
- No Swap free Islamic account.
- Cryptocurrencies are not available for trading.
Overall Summary of LMFX - Offshore Forex Broker
LMFX is an online forex broker operated by Global Trade Partners Ltd, a Macedonian company founded in 2015. Unlike US or EU-based brokers, this permits LMFX to provide restriction-free forex trading environment for all types of trading strategies such as hedging, scalping, EA trading, and news spike trading.
Additionally, LMFX is the only offshore forex broker that provides leverage of up to 1:1000. Forex traders can also take advantage of their 100% Credit Bonus and 15% Recovery Bonus.
For US and global clients, this online forex broker offers 49 currency pairs, 9 indices, 5 commodities, 7 metals and oils, and 15 share CFDs.
Also, they have three account types offering fixed and variable spreads.
With their Metatrader 4 trading platform, trader have more than 50 advanced indicators and tools available to help traders to analyse the price dynamics of financial instruments across nine time frames.
With their trading calculators, planning has never been so efficient.
There are desktop, mobile (Android and iPhone), and MT4 WebTrader versions of MT4.
Customer support provides professional live chat 24/5, phone support, email support, and a contact form.
According to our research, LMFX is placed second among top 3 offshore Forex brokers that accept US clients, and the best CFD broker globally.
Now, let’s have a closer look at all the unique advantages of LMFX, and trust me, you don’t want to miss this!
Does LMFX Accept US Clients?
Yes, LMFX accepts traders from all over the globe, including the UK, Canada, and the US. However, traders must ensure that registration does not violate any local country law or regulation.
Trading Products LMFX - offshore Forex Broker
LMFX offers a range of trading instruments in various markets, namely Forex, Indices, Commodities, Shares, Metals and Oil.
This offshore forex broker offers trading in 7 major, 21 minor and 21 exotic currency pairs with variable or fixed spreads and competitive commissions. What more could you ask for?
Rather than trading a single stock, they allows you to trade a basket of stocks called indices, including the USA100, UK100, GER40, USDIndex, and 5 more indices.
One of the great advantages of their trading products is that you can trade commodities such as raw materials, wheat, sugar, coffee, corn and metals, palladium, copper and platinum.
LMFX offers precious metals trading 24/5, with gold and silver prices quoted in the base currencies EUR and USD. Oil spreads are super competitive, and both are again traded as CFDs.
They also offers CFDs on individual stocks on global exchanges, including the NYSE, NASDAQ and LSE. Clients can buy and sell CFDs of shares of major companies such as Amazon, Google and Facebook with competitive leverage and commissions.
At the moment, LMFX does not provide Cryptocurrency trading. I hope they include cryptocurrency to their trading products shortly.
LMFX Account Types
LMFX has a range of flexible account types to meet all traders needs. These accounts are: Premium, Fixed and Zero account.
LMFX Accounts Types - Comparison Table
| Account Types | Premium Account | Fixed Account | Zero Account |
|---|---|---|---|
| Max. Leverage | 1:1000 | 1:400 | 1:250 |
| Spread | 1.0 pip | Fixed | 0.1 pip |
| ECN Commission | $0 | $0 | $4.0 |
| Min. Deposit | $50 | $250 | $100 |
| Min. Lot Size | 0.01 | 0.01 | 0.01 |
| Max. Lot Size | 60 | 75 | 100 |
| Max. Open Traders | 100 | 150 | 200 |
| Margin Call/Stop Out | 50/20 | 30/15 | 30/15 |
| Best Suited for | Beginner | EA/Scalper | High-Volume |
Some of the features are common to all 3 account types, so we haven’t included them in the above table, such as —
- Order execution type — Market Execution
- Trading Model — STP
- Requotes — None
- Trading Platform — MT4 (Desktop, Web Trader and Mobile Android and iOS)
- Available Instruments — Forex (49 pairs), Indices (9 instruments), Commodities (5 instruments), Metals and Oils (7 instruments) and 15 share CFDs.
- Personal Account Manager — Yes
1. Premium Account
Premium Account has been carefully tailored to meet the trading needs of beginners forex traders who want to try their hand with live account with minimum appetite for risk.
LMFX requires just $50 to start live trading on Premium account.
Minimum lot size that you can trade is 0.01 lot and maximum trade lot size you can trade on this account is 60 standard lots.
This account offers a Leverage of 1:1000 and average spread of 1 pips without any addition commission.
2. Fixed Account
Fixed account is a fixed spread account and best suited for traders who want greater control over their trading and improved accuracy when calculating positions. This account is ideal for Expert Advisors (EAs) that outperform with fixed spreads.
LMFX requires just $250 to start Live trading on Fixed account.
This account offers a Leverage of 1:400 and spread is fixed. Maximum trade lot size you can trade on this account is 75 standard lots.
3. Zero Account
Zero account is for experienced and institutional forex traders looking for the best offshore forex brokers accepting US clients, whose strategy demands interbank spreads for high-volume trading.
This account seemingly a low trading cost account with No mark-ups and super-tightened spreads starting at 0.0 pips, as the name suggests Zero account.
Ideal for scalping and high-volume trading.
LMFX requires a minimum deposit of just $100 to start live trading on Zero account.
This account offers a Leverage of 1:250 and interbank spread with No mark-ups. ECN commission per standard lot per side is just $4.
LMFX Leverage, Spread, Commission, Swaps
LMFX is known for providing a superior trading experience that offers each and every client the most competitive trading conditions. Let us examine each of these trading conditions one by one:
1. LMFX Leverage
What you have to know is that LMFX leverage is up to 1:1000. No one other offshore forex broker accepting US clients offers 1:1000, except LMFX.
High leverage trading has various advantages, but you should be aware that employing high leverage can be a double-edged sword in your forex trading strategy.
2. LMFX Spread and Commission
LMFX have Fixed and Variable spread from 0.0 pip (but it would be 0.4 pip including commission).
Their commission is 2 dollars per 1 standard lot for trading Index CFDs. The commission is charged along with the spread, so you need to cover the spread and 2 dollars per 1 lot extra commissions.
LMFX Spread - Account Wise Comparison
| Spread (Pips) | Premium Account | Fixed Account | Zero Account |
|---|---|---|---|
| EURUSD | 1.2 | 1.9 | 0.1 |
| GBPUSD | 2.2 | 2.5 | 0.8 |
| USDJPY | 1.6 | 1.8 | 0.4 |
| Gold | 3.3 | 3.8 | 1.5 |
3. LMFX Swap Rates
LMFX has swap charges, if you hold an open position overnight.
Although the swap charge occurs at server time midnight, the process might take some minutes, so the time is not very precise. Tripled swaps on Fridays are only for index CFDs; whereas forex pairs, stock CFDs, commodities and metals have the tripled swap charge on Wednesdays.
LMFX Swaps Comparison
| Swap (pips/lot) | EURUSD | GBPUSD | USDJPY | EURGBP | Gold |
|---|---|---|---|---|---|
| Short | - 4.0 | -1.0 | - 21.1 | - 1.5 | - 11.92 |
| Long | - 9.7 | - 4.2 | - 12.2 | - 5.6 | - 26.1 |
LMFX Trading Platforms
MetaTrader 4 is the most widely used trading platform in the world, and the LMFX MT4 trading platform makes it simple for you to enjoy lightning fast trade execution, high liquidity, and the incredibly intuitive interface.
One more important feature that attracts more traders to them is availability of their MT4 trading platform on desktop platform, WebTrader, iPhone trader, iPad trader and Android trader.
With their MT4, you have more than 50 free inbuilt indicators and tools at your disposal to assist you analyse the market trends of currencies across 9 time frames, speculate trends and estimate entry and exit points.
LMFX Bonuses and Promotions
Well, you can’t miss LMFX’s bonuses and promotions which are a great opportunity offered by the best offshore forex brokers accepting US clients!
- Phoenix recovery Bonus: Traders will get 15% recovery bonus, which is applicable on first deposit. This bonus is withdrawable and tradable. Isn’t it awesome!
- Deposit Match bonus: It is a 100% credit bonus which aims to increase account leverage. If volume requirements are met, bonus can be withdrawn.
- Learn and Earn Contest: This contest is only held with the demo account with virtual money. However, you can win total prizes amount in real money i.e. real $1,750/month.
LMFX Customer Support
One of the best features of LMFX is its knowledgeable live chat service, which is available 24/5 during trading hours.
That means you can start chatting anytime with the their support team if you have any questions or need help with anything and you will get your answer instantly.
You can also contact them via phone (+44 2035192105) and email (support@lmfx.com). Their support is multilingual and available 24/5!
LMFX Deposit and Withdrawal
LMFX has various convenient deposit and withdrawal methods including Bitcoin, Wire Transfer via Instacoins, Master and JCB Card, and online payment processors such as Skrill, Neteller, Fasapay, and PayRedeem.
Not only they process withdrawals within 2 hours during business day but also the withdrawal process is fully automatic. It means you will not receive an email or phone call to confirm your withdrawal request.
Withdrawal time for Bitcoin is up to 2 hours during business days, withdrawals for PayRedeem, Skrill, Neteller and Fasapay are processed on the same business day. Withdrawal via Bank Wire Transfer, Visa and Master card takes 2 to 15 working days.
Good news: there are no deposit fees and no withdrawal fees.
Security of Funds by LMFX - Offshore Forex Broker
LMFX takes the security of its clients’ funds and personal information very seriously.
When depositing, they only use trustworthy payment gateway providers, who have been working in the marketplace for many years and have a great reputation.
When you send funds to LMFX, they are sent to special accounts called “Client Accounts”. These accounts are held separately to the operating funds held by the company.
These segregated accounts ensure that in the unlikely event that broker is no longer able to offer its services, Client funds will be returned to them.
LMFX Customer Reviews
Traders at ForexPeaceArmy gave LMFX a 3.2 rating and over 140 reviews. We have picked a few trader reviews from FPA website. All reviews can be found at ForexPeaceArmy website.
Are you looking for a reliable offshore forex broker accepting US clients in 2023 to invest your money? With numerous forex brokers available in the market, it can be challenging to find the right one that meets your trading needs.
Let us introduce you to EagleFX, the third best offshore Forex broker for US clients on our list.
In this review, we will take a closer look at EagleFX, a popular forex broker that claims to provide traders with a optimal trading conditions via institutional grade liquidity, ultra-fast execution and dedicated client support.
Pros of EagleFX
- ECN/STP Execution Model.
- 1:500 Leverage.
- 24/7 Cryptocurrency trading.
- ForexPeaceArmy reviews – 3.8 rating and 58 reviews.
- No KYC documents required for live trading.
- Automated withdrawals are reviewed within 30 minutes.
- 24/7 multilingual live chat support.
- No deposit fee. PayPal via Coinbase.
Cons of EagleFX
- No MT5 and cTrader platform.
- No education program.
- No promotion or bonuses.
- No swap free Islamic account.
Overall Summary of EagleFX - Offshore Forex Broker
EagleFX is a Dominica-based offshore forex broker that has been in operation since 2019.
This offshore broker offers a restriction-free trading environment to trade over 200 CFD instruments on Forex (55), Cryptocurrencies (37), Stock CFDs (70), Commodities (6), and Indices (10).
The instruments can be traded on award-wining MT4 desktop and MT4 mobile, just as on WebTrader.
The minimum deposit is incredibly low, only $10, which is perfect for traders with a low budget or who are still learning forex trading.
The leverage with 1:500 is average for the market and standard. With an incredibly fast speed for transactions, you can trade the minimum lot of 0.01 to your absolute best ability.
Customer service is rated way higher than average, with the availability of 24/7 professional live chat support.
Now, let’s have a closer look at all the unique advantages of EagleFX the made it the best offshore forex brokers accepting US clients in 2023, and trust me, you don’t want to miss this!
Does EagleFX Accept US Clients?
Yes, EagleFX accepts clients from all over the world, including the US. However, global traders must ensure that registration does not violate any local country law or regulation.
EagleFX Trading Products - 24/7 Crypto Trading
Crypto trading is possible 24/7, instead of the usual 24/5 at other forex brokers. You’ll be able to earn money trading during the weekends where you have more free time.
A total 37 Cryptos are available to trade with EagleFX.
Whereas other offshore forex brokers usually offer only about less that 10 cryptocurrencies.
Among the instruments to trade are forex (55), Indices (10), Stock CFDs (70), and Commodities (70).
How long is EagleFX Withdrawals?
Withdrawal requests with EagleFX are reviewed within 30-minutes.
They conduct security checks by sending a confirmation email to ensure that the requests are being sent out to the right person. After this, depending on blockchain traffic, your funds should arrive in your Bitcoin wallet within an hour or less with no traffic.
EagleFX recommends enabling 2FA. This could help you with faster withdrawals according to their team and makes your account extra secure.
Firstly, for placing your first deposit, you can use Bitcoin, Mastercard, or Visa, just as a Wire Transfer via Instacoins. The currencies of the wallets prepared include USD, BITs, EUR, and GBP.
To withdraw what you have earned, you can use Bitcoin as well. For withdrawing to a Coinbase wallet, you can do so via PayPal. This is offered as an option when starting the process for your convenience.
The broker does not require any form of fees for depositing or withdrawing, but you should be reminded that Bitcoin transactions via Blockchain are not free.
No KYC Documents Required
EagleFX does not demand a KYC document. Traders do not need to do this with EagleFX because of the anonymity of Bitcoin.
Traders can set up a live trading account within 10-minutes and start trading.
Other brokers want to see your KYC document first and then verify it, this could sometimes take up to a week, and sometimes traders get frustrated and loss all desire to trade.
Sometimes it is also difficult for traders to submit a valid address for proof, making it much harder to set up their account.
EagleFX Leverage
The leverage EagleFX offer on Forex is 1:500, Metals: 1:500, Indices: 1:200; Energies: 1:200; Cryptocurrencies: 1:100.
The last leverage for crypto is possibly one of the best on the market.
These leverages are very decent when you compare them to their competition that often only offers a 1:5 or 1:20 leverage for cryptocurrency.
EagleFX Trading Platforms
Trading platforms offered on the website include, of course, the award-winning MetaTrader 4 desktop, mobile and Web Trader.
Desktop MT4 comes with full functionality i.e. lots of analytical functions such as 9 timeframes, 30 technical indicators, 24 graphical objects, interactive charts, EA back testing, and trade signals.
If you travel a lot, then MT4 is also available for your mobile phone. The MT4 mobile App is a convenient trading platform for iOS and Android-powered mobile devices.
The third platform is WebTrader, allowing you to trade Forex from any browser and operating system (Windows, Mac, Linux) with no additional software. All you need is an Internet connection.
EagleFX Account Types - Offshore Forex Broker
EagleFX offers all registered clients upon signing up more than just one account option. Apart from the live account, you can also start with a demo account simulating real trading.
Demo accounts allow you to trade with mock funds completely risk-free and can be opened in USD, EUR, GBP, and BIT currencies. You can start with any beginning balance you desire.
If you choose not to use your account for a specific time, there are no inactivity fees to pay with this Forex brokers accepting US clients.
Can EagleFX be trusted?
“Security and the protection of your funds is our top priority.” This is the first sentence on the EagleFX “Protection of client funds” part of the website and describes their attitude to customer data and safety very precisely.
They store your traded bitcoins in something that’s called cold storage.
This means that your funds are not present on their web server or any physical computer. Instead, these bitcoins are stored in an external storage device. This means that it is entirely safe from hackers who try to steal your valuable coins.
Of course, a small amount needs to be kept on their servers to process your withdrawal requests quickly. This amount is always anticipated, so you’ll always be able to withdraw them.
Bitcoin rate fluctuations never impact all funds because they are fully hedged on the largest global exchanges. EagleFX promises to always put the security of your funds as their number one priority.
24X7 instant Customer Service
EagleFX has impressive customer service. They provide their users 24X7 instant reply through three possible ways.
- Live chat: The fastest way of contacting them 24/7. You can solve general queries here in real-time. The response time for this method is almost instant, and you can talk to employees in real-time.
- Submit a support ticket: This is the perfect method for people who don’t have time to chat. You can send an email to EagleFX, and they’ll get back to you within 15 minutes on average, unlike other forex brokers that have 48 hours of ticket waiting time.
- Request a call: Clients are able to request a call with an employee who will typically respond in about 4 hours.
EagleFX Customer Reviews - Offshore Forex Broker
Traders at ForexPeaceArmy gave offshore forex broker EagleFX a 3.6 rating and over 50 reviews. We have picked a few trader reviews from FPA website. All reviews can be found at ForexPeaceArmy website.
Final Thoughts on Offshore Forex Brokers Accepting US Clients
To conclude, if you’re a day trader, searching for an offshore forex brokers accepting US clients and offering the lowest spreads and the fastest order execution possible without requotes, LQD is the ideal offshore forex broker for US Clients.
If you have a high risk appetite but have a modest investment budget, an offshore forex broker LMFX with high leverage 1:1000 is right for you.
EagleFX is an excellent choice for you if you are enthusiastic about the crypto market and want to trade Cryptocurrencies 24/7 without interruption alongside Fiat Currencies.
If you found this review helpful in understanding and choosing the best offshore forex brokers for US clients in 2023, I’d appreciate if you could share it via Twitter or Facebook to raise awareness about the freedom, flexibility, and earning opportunities available with offshore forex brokers. Thank you very much.
I wish you good luck in forex trading!
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Methodology
We are committed to providing traders with unbiased, comprehensive and updated review of the best offshore Forex brokers accepting US clients in 2023. Our review team created this best-in-industry methodology for ranking offshore forex brokers for US traders of all levels.
To collect data, we closely examined each offshore Forex broker’s website, opened accounts to conduct hands-on tests, conducted live chats with their managers, cross-checked trading data with third-party websites such as myfxbook, and researched genuine reviews of Forex traders on trusted review forums.
We evaluated all offshore forex brokers on more than 80 variables in 10 key categories, including:
- Broker’s Reputation — At Forex forums like ForexPeaceArmy, Trustpilot, and ForexFactory.
- Customer Service — Live Chat Support (24/5), Ticket System, email and phone support.
- Trading Experience — Order Execution Quality, Spread, Execution speed, Slippage, Requotes, Execution type, Negative Balance Protection, Margin call/Stop out levels.
- Trading costs — Spread, Commission, Swap rates.
- Leverage — Max. Leverage for different trading instruments.
- Security of fund — Segregated accounts.
- Ease of Account opening — KYC docs requirements, time required for documents approval, Website navigation.
- Stress-Free trading — Time taken for deposit/withdrawal, Speedy resolution of Customer’s Complaint.
- Range of Markets — Forex, Indices, Energies, Commodities, Cryptos, Stocks.
- Unique Features — PAMM/MAM, Chart Analysis, Charting Tools, Education, Trading Tools, Economic Calendar, VPS.
Written by:
Ehren has worked for prominent Forex firms for more than ten years as a finance market analyst. He has an MBA in economics. He is highly motivated and passionate about Forex trading. Ehren has a thorough understanding of market analysis, Forex brokers, expert advisors, Forex Signals, Copy trading and online trading courses which he enjoys sharing with fellow Forex traders.
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