With countless forex brokers accessible online, spanning from highly regulated to unregulated, it’s essential to explore the unregulated segment of the forex trading industry. This article spotlights the top unregulated forex brokers of 2024.
After a comprehensive analysis of numerous platforms, we’ve identified the standout brokers. To cater to traders of all types, we’ve ensured a varied selection of unregulated forex brokers is featured.
Best unregulated brokers in 2024:
- SimpleFX – An online trading platform with a slick user experience
- PrimeXBT – Speculate on forex, crypto, and more with high leverage
- AMarkets – Solid overall forex trading platform with extremely high leverage
- Octa – Popular online forex broker catering to a broad audience
- NordFX – Forex broker with copy and PAMM trading features
- Trader’s Way – Forex broker with a diverse selection of account types
Before we take a closer look at each of the unregulated forex brokers we’re featuring on our list, let’s first consider the main advantages and downsides of trading with an unregulated broker.
Are unregulated forex brokers worth it?
Before you deposit your money to a forex trading platform, you should carefully weigh the risks and benefits. While the practice of forex trading is risky by itself regardless of which broker you’re using, you can take on additional risks depending on the broker you choose.
While unregulated forex brokers do have their advantages, using them comes with risks that customers of regulated forex brokers don’t have to worry about. Here’s a quick breakdown of the pros and cons of unregulated forex brokers.
The advantages of using unregulated forex brokers
One of the most attractive advantages of unregulated forex brokers is that they tend to support higher leverage than their regulated counterparts. When it comes to unregulated forex brokers, it’s not uncommon to see leverage ratios of 500:1 or even higher.
This allows for greater flexibility and provides the potential to make substantial profits even with a small account. However, the fact that you can access such high leverage also means that you can quickly blow up your account if you don’t carefully manage your risk levels.
Another advantage of unregulated forex brokers is that they tend to offer a greater variety of trading products. Many such brokers don’t just offer forex pairs but also allow users to speculate on cryptocurrencies, precious metals, and market indices such as the S&P 500 and the Nasdaq 100.
If you want to create an account with an unregulated forex broker, there are usually fewer hoops to jump through compared to registering with a regulated platform. In addition, forex brokers tend to have lax minimum deposit requirements, so traders can get started by depositing just $100, or even less in some cases.
The disadvantages of using unregulated forex brokers
Even though unregulated forex brokers offer some advantages, they also come with risks that warrant serious consideration.
Since these brokers operate with effectively no regulatory oversight, customers of unregulated forex brokers are more vulnerable to fraud. For example, the platform and its market makers could engage in activities such as stop hunting to make a profit at the expense of its customers.
Unregulated forex brokers are not required to publicly disclose their financial status, which means you might be using a broker that’s in a terrible financial condition without even knowing it.
In case the unregulated forex broker you’re using goes under and you can’t access your money, there might be no realistic way for you to get compensated for the lost funds.
Simply put, your money is less safe with an unregulated forex broker than with a regulated one. Therefore, it would be prudent to not deposit larger sums of money to unregulated platforms.
The best unregulated forex brokers in 2024 – A closer look
Now that we understand the benefits and risks of using unregulated forex trading platforms, let’s take a look at our list of the best unregulated forex brokers in more detail.
1. SimpleFX – An online trading platform with a slick user experience
SimpleFX is an online trading platform that prides itself on delivering a highly intuitive user experience.
In terms of forex trading, SimpleFX offers 60 currency pairs and supports the popular MetaTrader 4 trading software. Of course, users can also access SimpleFX’s markets through a standard web interface with charts powered by TradingView, providing quite a few customization and technical analysis options.
Traders on SimpleFX can access leverage of up to 1,000:1. However, the amount of leverage that’s allowed decreases as the user’s account balance increases. The highest leverage level of 1,000:1 is only permitted for users who have an account balance of $1,000 or below.
In addition to forex markets, SimpleFX also caters who those who also like to explore other markets. The platform also offers products for trading cryptocurrency, popular indices, and precious metals, such as gold.
Key features of SimpleFX:
- SimpleFX offers 60 currency pairs and supports MetaTrader 4, enhancing the trading experience with robust tools.
- Traders can use leverage up to 1,000:1, with the highest available for accounts holding $1,000 or less.
- In addition to forex, SimpleFX allows trading in cryptocurrencies, indices, and precious metals.
2. PrimeXBT – Speculate on forex, crypto and more with high leverage
PrimeXBT is an online trading platform that provides an extensive selection of trading instruments, including forex, stock indices, commodities, and cryptocurrencies. With industry-leading high leverage traders can access a broad variety of trading strategies.
The selection of trading products listed on PrimeXBT enables traders to create a diversified portfolio spanning various asset types. PrimeXBT also allows traders to make informed trading decisions thanks to features such as the watchlist and a comprehensive set of technical analysis tools. These tools include over 30 indicators, drawing tools, and multiple time frames, enhancing the accessibility for traders to make well-informed decisions.
In terms of leverage, PrimeXBT offers up to 1:1000 for forex pairs, up to 1:200 for Bitcoin and Ethereum, and 1:100 for indices and commodities as well as altcoins (alternative cryptocurrencies).
PrimeXBT accepts cryptocurrency deposits, as well as fiat currency deposits through AdvCash. Alternatively, customers can use their credit card to buy crypto and directly fund their account in this manner.
Key features of PrimeXBT:
- PrimeXBT offers a wide range of assets, including forex, cryptocurrencies, commodities, and stock indices for portfolio diversification.
- Traders can access leverage up to 1:1000 for forex pairs, enabling various strategic opportunities.
- quipped with over 30 technical indicators, drawing tools, and multiple timeframes to support well-informed trading decisions.
3. AMarkets – Solid overall forex trading platform with extremely high leverage
AMarkets is an online broker that allows traders to speculate on the price movements of forex pairs, ETFs, stocks, indices, commodities and even cryptocurrencies. Depending on the trading instrument that’s being used, AMarkets makes it possible to access leverage of up to 3,000:1, which is one of the highest levels in the industry.
In order to cater to different types of traders, AMarkets provides four different types of accounts: Standard, Fixed, ECN, and Crypto. The most popular type of account is Standard, which features floating spreads, a minimum deposit amount of $100, and access to both instant and market order execution types.
Keeping up with the trends in the forex industry, AMarkets also offers a copy trading feature as well as the ability to deposit various cryptocurrencies, including Bitcoin and stablecoins.
Key features of AMarkets:
- AMarkets supports trading in forex, ETFs, stocks, indices, commodities, and cryptocurrencies.
- Offers leverage up to 3,000:1, one of the highest available in the industry.
- Provides four account types (Standard, Fixed, ECN, and Crypto) to cater to different trading needs.
4. Octa – Popular online forex broker catering to a broad audience
Octa is a popular online forex broker that supports MetaTrader 4, MetaTrader 5 as well as its own OctaTrader trading platform. Octa offers more than 300 trading instruments overall, ranging from foreign exchange pairs to stocks, indices, and commodities.
Overall, Octa’s platform is very sleek and offers a friendly user experience. Newer traders can benefit from Octa’s copy trading feature, while experienced traders can disclose their trades to others and earn extra income in addition to their trading profits.
In terms of deposit minimums, users can get started on Octa with as little as $25. You can deposit funds to Octa via Neteller, Skrill, Mastercard, as well as cryptocurrency.
While Octa’s platform for European customers is regulated by Cyprus-based regulator CySEC, its global entity is unregulated. Please keep in mind that Octa’s European and global versions don’t necessarily share the same features and trading products.
Key features of Octa:
- Octa supports MetaTrader 4, MetaTrader 5, and its own OctaTrader platform, offering over 300 trading instruments including forex, stocks, indices, and commodities.
- New traders can replicate the strategies of experienced ones, while seasoned traders can share their trades to earn additional income.
- Users can start trading with a minimum deposit of $25, using various payment methods including Neteller, Skrill, Mastercard, and cryptocurrencies.
5. NordFX – Forex broker with copy and PAMM trading features
NordFX is a forex broker with support for the MetaTrader 4 software. However, traders can also access the markets supported by NordFX through a mobile application for both iOS and Android devices.
At the time of writing, the NordFX platform supports trading in 33 different forex pairs, but users can also speculate on the price movements of various precious metals and equities. So, NordFX can be a suitable choice for those looking to occasionally branch off from exclusively trading the foreign currency markets.
NordFX customers can choose between three types of trading accounts: Fix, Pro and Zero. The higher tiers offer tighter spreads and higher quote precision, although they require higher minimum deposits. Still, even the highest “Zero” tier is still quite accessible, as the minimum deposit requirement is set at a reasonable level of $500.
The NordFX platform offers a copy trading feature, which allows users to automatically mirror the moves made by more experienced traders. Another relatively unique feature provided by NordFX is PAMM (Percent Allocation Management Module) trading, which allows users to allocate their funds to more advanced traders.
Key features of NordFX:
- NordFX supports MetaTrader 4 and has mobile apps for iOS and Android, ensuring flexible access to markets.
- Offers trading in 33 forex pairs, along with precious metals and equities for broader market exposure.
- Provides copy trading and PAMM trading, allowing users to follow experienced traders and allocate funds strategically.
6. Trader’s Way – Forex broker with a diverse selection of account types
Trader’s Way is a broker that offers markets in forex, metals, stock indices, commodities, and crypto. Trader’s Way supports a variety of trading platforms, including MetaTrader 4 and Metatrader 4, as well as cTrader.
Trader’s Way offers 4 types of accounts: MT4.ECN, MT4.VAR, MT5.ECN and CT.ECN. As you can see, three of the four accounts are based on ECN (Electronic Communication Network), which tends to offer better pricing and smaller spreads compared to other types of trading accounts.
The minimum deposit for all types of Trader’s Way accounts is $10. USD is supported as the account currency on all Trader’s Way accounts, but the platform also supports EUR, CAD, GBP, and BTC depending on the account. The maximum leverage on the platform’s MetaTrader-based accounts is 1,000x.
Key features of Trader’s Way:
- Wide Market Access: Trader’s Way offers trading in forex, metals, stock indices, commodities, and cryptocurrencies.
- Variety of Account Types: Provides four account options (MT4.ECN, MT4.VAR, MT5.ECN, CT.ECN) with a focus on ECN accounts for tighter spreads and better pricing.
- Low Entry Requirements: Minimum deposit is just $10, and accounts support multiple currencies, including USD, EUR, CAD, GBP, and BTC, with leverage up to 1,000x on MetaTrader accounts.
The bottom line
Unregulated forex brokers can be attractive due to the high amounts of leverage they offer as well as the ability to speculate on asset classes other than foreign exchange pairs. However, they also pose their own set of risks, as their customers are much less protected than those on regulated forex platforms.
If you want to learn more about forex trading, check out our article exploring whether forex trading is profitable or not.
