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22 Best Unregulated Forex Brokers – (Reviewed) 2022

 

Even though the general rule is, Regulation is the first and most important factor to consider when choosing a forex broker, some unregulated forex brokers do function honestly and will appear to be very similar to regulated brokers. Here is an overview of the 22 Best Unregulated Forex Brokers and Trading Platforms who have reputable reputations.

 

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CryptoAltum

Broker type: STP

Leverage: up to 1:500

Platforms: MetaTrader 5

Instruments: Currencies, Crypto, Indices, Metals

CryptoAltum is a CFD broker based out of the Marshall Islands. Trading accounts can be opened in a number of different cryptocurrencies and at the time of this review, the available base currencies were Bitcoin (BTC), Bitcoin Cash (BCH), Ripple (XRP), Ethereum (ETH) and Litecoin (LTC).

Assets available for trade:

  • 10+ Currency Pairs
  • 60+ Crypto Pairs
  • 2 Indices CFDs
  • 1 Crypto Indices CFD
  • 1 Metal CFD

Customer Support is made available via live chat through either WhatsApp, Telegram, Facebook Messenger, or directly from the website.

 

XBTFX

Broker type: STP, ECN

Leverage: up to 1:500

Platforms: MetaTrader 5

Instruments: Currencies, Crypto, Indices, Metals, Energies, Stocks

XBTFX is a legally registered forex broker located in Saint Vincent and the Grenadines.

Trading accounts available from XBTFX can only be funded with cryptocurrencies, and no bank transfers or credit cards are accepted. The accepted cryptocurrencies currently include Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, Binance Coin, Cardano, Stellar Lumen, Dogecoin, and the US dollar-pegged stable coins Tether, USD Coin, PAX, Gemini Dollar, TrueUSD, and Multi-collateral DAI.

Assets available for trade:

  • 75+ Currency Pairs
  • 100+ Crypto Pairs
  • 12 Indices CFDs
  • 13 Metal CFDs
  • 3 Energy Spot CFDs
  • 120+ Stock CFDs

Customer Support is made available via email and live chat.

 

SageFX

Broker type: STP

Leverage: up to 1:500

Platforms: MetaTrader 4, FIX API (protocol)

Instruments: Currencies Crypto Indices Metals Energies Stocks

SageFX is a legally registered forex broker located in the Saint Vincent and the Grenadines.

Assets available for trade include:

  • 50+ Currency Pairs
  • 12 Crypto Pairs
  • 8 Indices CFDs
  • 4 Metal CFDs
  • 3 Energy CFDs
  • 60+ Stock CFDs

Customer Support is available 24/7 via the website.

 

Hankotrade

Broker type: STP, ECN

Leverage: up to 1:500

Platforms: Web, MetaTrader 4

Instruments: Currencies, Crypto, Indices, Metals, Energies

Hankotrade is a legally registered forex broker located in the Seychelles.

Assets available for trade include:

  • 50+ Currency Pairs
  • 9 Crypto Pairs
  • 4 Indices CFDs
  • 2 Metal CFDs
  • 2 Energy CFDs

Customer Support is made available via live chat.

 

Crypto Rocket

Broker type: STP

Leverage: up to 1:500

Platforms: MetaTrader 4

Instruments: Currencies, Crypto, Indices, Metals, Energies, Stocks

Crypto Rocket is a legally registered forex broker located in the Saint Vincent and the Grenadines.

Assets available for trade include:

  • 55+ Currency Pairs
  • 30+ Crypto Pairs
  • 12 Indices CFDs
  • 6 Metal CFDs
  • 3 Energy CFDs
  • 60+ Stock CFDs

Customer Support is made available via live chat and phone.

 

Coinexx

Broker type: STP

Leverage: up to 1:500

Platforms: MetaTrader4, MetaTrader5

Instruments: Currencies, Crypto, Indices, Metals, Energies

Coinexx is a legally registered forex broker located in Saint Vincent and the Grenadines.

Assets available for trade:

  • 50+ Currency Pairs
  • 5 Crypto Pairs
  • 11 Indices CFDs
  • 2 Metal Spot CFDs
  • 3 Energy Spot CFDs

Coinexx is a MetaTrader-only broker.

 

Evolve Markets

Broker type: STP

Leverage: up to 1:1000

Platforms: MetaTrader4, MetaTrader5

Instruments: Currencies, Crypto, Indices, Metals, Energies

Evolve Markets is a legally registered forex broker located in Saint Vincent and the Grenadines which accepts clients from all over the world excluding USA and some jurisdictions which are prohibited by the US.

Assets available for trade include:

  • 50+ Currency Pairs
  • 12 Crypto Pairs
  • 10 Indices CFDs
  • 6 Metal Spot CFDs
  • 3 Energy Spot CFDs

Customer Support is available 24/7.

 

HQ Broker

Broker type: STP, ECN

Leverage: up to 1:400

Platforms: MetaTrader 4

Instruments: Currencies, Indices, Metals, Energies, Softs, Stocks, Bonds

HQ Broker is a legally registered entity located in the Marshall Islands which accepts clients from all over the world, excluding USA, France and Hong Kong.

 

Assets available for trade:

  • 50+ Currency Pairs
  • 15 Indices Futures
  • 2 Metal Spot CFDs
  • 3 Metal Futures
  • 5 Energy Futures
  • 9 Soft Futures
  • 4 Bond Futures
  • 500+ Stocks CFDs

Customer Support is made available via email and live chat.

 

LMFX

Broker type: STP

Leverage: up to 1:1000

Platforms: MetaTrader 4

Instruments: Currencies, Indices, Metals, Energies, Softs Stocks

LMFX is a legally registered forex broker located in Saint Vincent and the Grenadines which accepts clients from all over the world, excluding some jurisdictions where restrictions apply.

Accounts on offer include:

  • Premium Account
  • Fixed Account
  • Zero Account

Assets available for trade:

  • 45+ Currency Pairs
  • 12 Indices CFDs
  • 4 Metal Spot CFDs
  • 3 Metal Futures
  • 3 Energy Futures
  • 4 Soft Futures
  • 35+ Stock CFDs

 

Grand Capital

Broker type: STP, ECN

Leverage: up to 1:1000

Platforms: MetaTrader4, MetaTrader5

Instruments: Currencies, Crypto, Indices, Metals, Energies, Softs, Stocks, Bonds

Accounts on offer:

  • Crypto Account: 1.6% commission and spreads from 0.4 pips
  • ECN Prime Account: USD 5 commission and spreads from 0.4 pips
  • Standard Account: No commission on forex trading, spreads from 1 pip
  • Swap Free Account: No overnight swaps designed for Muslim traders
  • Micro Account: Commission-free trading and spreads from 1 pip
  • MT5 Account: Designed especially for algorithmic trading on the MT5 platform

Assets available for trade:

  • 70+ Currency Pairs
  • 10+ Currency Futures
  • 18 Crypto Pairs
  • 11 Indices Cash CFDs
  • 12 Indices Futures
  • 2 Metal Spot CFDs
  • 4 Metal Futures
  • 8 Energy Futures
  • 17 Soft Futures
  • 3 Bond Futures
  • 60+ Stock CFDs

Customer Support is made available 24/7 via email.

TradersWay

Broker type: MM, STP, ECN

Leverage: up to 1:1000

Platforms:  MetaTrader4, MetaTrader5, cTrader

Instruments: Currencies, Crypto, Metals, Energies

TradersWay is a legally registered forex broker located in Dominica which  accepts clients from all over the world, excluding some countries where restrictions apply.

Accounts on offer include:

  • MT4.FIX
  • MT4.VAR
  • MT4.ECN
  • MT5.ECN
  • CT.ECN

Assets available for trade:

  • 45+ Currency Pairs
  • 9 Crypto Pairs
  • 2 Metal Spot CFDs
  • 1 Energy Spot CFDs

Customer Support can be reached via a US phone number, live chat, or email.

 

MTrading

Broker type: STP | ECN

Leverage: up to 1:1000

Platforms: MetaTrader 4

Instruments: Currencies, Crypto, Indices, Metals, Energies, Stocks

MTrading is a legally registered forex broker located in Saint Vincent and the Grenadines which accepts clients from all over the world, excluding USA, Canada, Germany, New Zealand and Japan.

Accounts on offer include:

  • M.Premium
  • M.Pro.

Assets available for trade:

  • 35+ Currency Pairs
  • 5 Crypto Pairs
  • 10 Indices CFDs
  • 4 Metal Spot CFDs
  • 3 Energy Spot CFDs
  • 50+ Stock CFDs

Customer Support is available via phone and email.

 

SimpleFX

Broker type: STP

Leverage: up to 1:500

Platforms: MetaTrader4 

Instruments: Currencies, Crypto, Indices, Metals, Energies, Stocks

SimpleFX is a legally registered forex broker located in Saint Vincent and the Grenadines which accepts clients from all over the world, excluding USA and some countries where restrictions apply.

Assets available for trade include:

  • 55+ Currency Pairs
  • 14 Crypto Pairs
  • 13 Indices CFDs
  • 8 Metal CFDs
  • 3 Energy CFDs
  • 100+ Stock CFDs

Customer Support is made available 24 hours a day.

 

FirewoodFX

Broker type: MM

Leverage: up to 1:1000

Platforms: MetaTrader 4

Instruments: Currencies, Metals

FirewoodFX is a legally registered forex broker located in Saint Vincent and the Grenadines which accepts clients from all over the world, excluding USA.

Accounts on offer include:

  • Micro account with spreads from 3 pips
  • Standard account with spreads from 2 pips
  • Premium account with spreads from 1 pip
  • Islamic account with swap-free trading

Assets available for trade:

  • 30+ Currency Pairs
  • 2 Metal Spot CFDs

Customer Support is made available via email and phone.

 

FxGlory

FxGlory is an offshore forex and commodities broker headquartered in Dubai.

Account types on offer include:

  • Standard
  • Premium
  • VIP
  • CIP

Trading Platforms on offer:

  • MetaTrader4

Trading Platform features include:

  • Nine timeframes
  • Three charting options
  • Risk management tools
  • Instant & pending order types
  • Dozens of technical indicators
  • Market for custom additional indicators
  • WebTrader

Assets available for trade include:

  • 34 major, minor and exotic forex pairs
  • Popular Cryptocurrency brands including Bitcoin and Ethereum
  • Oil and precious metals

Customer support is available 24/5 via phone and email.

 

LQDFX

LQDFX is an online Forex and CFD ECN brokerage firm headquartered in the Marshall Islands.

Accounts on offer include:

Micro Account

  • Minimum deposit $20
  • Typical spread 1 pip
  • No commissions
  • Leverage 1:500
  • Swaps charged

ECN Account

  • $3.50 per lot commissions
  • Minimum deposit $500
  • Typical spread 0.1 pips
  • Leverage 1:300
  • Swaps charged

Gold Account

  • Minimum deposit $500
  • Typical spread 0.7 pips
  • No commissions
  • Leverage 1:300
  • Swaps charged

VIP Account

  • Minimum deposit $25,000
  • $2.50 per lot commissions
  • Typical spread 0.1 pips
  • Leverage 1:100
  • Swaps charged

Islamic Account

  • Typical spread 0.7 pips
  • Minimum deposit $20
  • No commissions
  • Leverage 1:300
  • No swaps

All accounts are coupled with the market leading and ever-popular MetaTrader4 Trading platform.

Assets available for trade:

  • 7 majors currency pairs
  • 21 minors currency pairs
  • 43 exotics currency pairs
  • 16 precious metals including gold, silver, palladium and platinum
  • 21 global stock indices
  • 6 energy and agricultural commodities

Customer Support is available 24/5 via live chat, phone and email.

 

AMarkets

AMarkets is a Forex broker which provides online trading services.

Accounts on offer include:

Fixed account

  • Allows instant execution
  • No limitations to initial deposits.
  • No commission is required
  • Leverage up to 1:1000
  • Fixed spreads ranging from 3 pips

Standard account

  • Allows for both instant and market execution
  • No limitations to the initial deposits.
  • Leverage up to 1:1000.
  • Spreads float from 1.3 pips.
  • No commissions

ECN account

  • Deals with market execution
  • Initial deposit of $500
  • Leverage up to 1:100
  • Commission of $5/ £5 per 1 lot.
  • Spreads float from 0 pips

Bitcoin Account

  • Allows market execution.
  • No limitations to the initial deposit.
  • Leverage goes up to 1:100
  • Spreads floating from 1.3 pips.
  • No commissions.

Two types of trading platforms are on offer:

  • MetaTrader4
  • xStation

Customer Support is made available via phone and email.

 

Forex4You

Forex4You is a brand of E-Global Trade & Finance Group, Inc.

Accounts on offer include:

The Cent account:

  • Best suited to beginner traders
  • No minimum deposit requirement

The Classic and Class NDD (No Dealing Desk) accounts:

  • Best suited to regular traders who are looking for a steady profit
  • At least $100 is recommended to open this account

The Professional STP account:

  • Best suited to advanced traders
  • $100 is recommended to fund this account

All accounts are paired with the MetaTrader4 trading platform.

Assets available for trade:

  • CFDs
  • Commodities

Customer Support is made available 24/5 via email and live chat.

 

FortFS

Fort Financial Services (FortFS) is an award-winning trading broker which operates from St Vincent and the Grenadines.

Accounts on offer include:

  • Newbie (Cent) : Floating spreads. Market execution
  • Flex: Floating spreads. Market execution
  • Pro: Floating spreads. Market execution
  • Fort: Fixed spreads. Instant execution

Trading Platforms on offer are:

  • MetaTrader4

Features include:

  • 3 chart types
  • 9 time-frames
  • One-click trading
  • Multiple order types
  • Historical price data
  • Market Watch quotes
  • 20+ graphical objects
  • 30+ built-in technical indicators
  • Automated trading through Expert Advisors (EAs)
  • MetaTrader5

Features include:

  • 38 built-in technical indicators & 44 graphical objects
  • 21 time-frames & 3 chart types
  • Open 100 charts simultaneously
  • All order types supported
  • Expert Advisors (EAs)
  • Economic calendar
  • Netting & hedging
  • One-click trading
  • CQG

Features include:

  • CQG-exclusive TFlow charting and analytics tools
  • Trade from the chart with efficient routing tools
  • Access to Portfolio and Instrument Monitors
  • Export real-time market data to Excel
  • All popular order types
  • BQuality market data

The CQG QTrader costs $40 per month plus $0.25 per filled contract and the CQG Integrated Client terminal is $595 per month plus a $0.25 commission.

  • NinjaTrader
  • Unique and advanced features best suited to professional traders

Assets available for trade:

  • Over 50 currency pairs including majors
  • Over 50 shares
  • Indices
  • 13 cryptocurrencies including Bitcoin and Litecoin
  • Bonds, indices, metals, currencies, and energies
  • Commodities

Customer Support is made available via live chat, online contact form, phone and email.

 

SimpleFX

SimpleFX is a CFD broker based offshore in St. Vincent and the Grenadines. SimpleFX has a single account on offer coupled with the MetaTrader4 and SFX WebTrader trading platforms.

Assets available for trade include:

  • 178 assets spanning the Forex market, the commodity sector, equity and index CFDs, and cryptocurrencies.

Customer Support is made available via FAQ section, live chat, and e-mail.

 

PaxForex

PaxForex is an online Forex broker domiciled in Saint Vincent and the Grenadines.

Accounts on offer include:

The Cent account:

  • Best suited to beginner traders
  • A minimum deposit of only $10 is required
  • USD only
  • Minimum lot size of 1000
  • Leverage of 1:500
  • The spread is 3.0

The Mini account:

  • Best suited to beginner traders
  • Minimum Deposit – $10
  • Minimum spread of 1.8,
  • Leverage of 1:500

The Standard account:

  • Recommended deposit – $5000
  • Spread is 0.3
  • 1-on-1 education provided
  • Swap accounts can be opened.

Fix Account:

  • Recommended deposit – $1000
  • Best suited to experienced Forex traders

VIP account:

  • A personal manager
  • 1-on-1 education
  • Free VPS
  • Leverage of 1:500.
  • Recommended deposit – $50,000

Platforms available for trade include:

  • MetaTrader4

Assets available for trade include:

  • CFDs
  • Commodities
  • Metals
  • Stocks
  • Oil
  • Gold
  • Indices

Customer Support is made available via Email and Live Chat.

 

Schatz Markets

Schatz Markets is a foreign exchange broker.

Account Types on offer include:

Schatz Lite: 

  • Minimum deposit requirement – $1,000,
  • Spreads starting from 0.8 pips
  • Leverage up to 1:100

Schatz Pro: 

  • Minimum deposit requirement – $1,000,
  • Spreads starting from 0.4 pips
  • Leverage up to 1:500

Schatz Premium: 

  • Minimum deposit requirement – $2,000
  • Spreads starting from 0.2 pips
  • Leverage up to 1:100

Schatz Islamic: 

  • Minimum deposit requirement – $1,000
  • Spreads starting from 0.8 pips
  • Leverage up to 1:100

All accounts are coupled with the MetaTrader4 trading platform.

Assets available for trade include:

  • 60+ currency pairs
  • Metals and energies

Customer Support is made available 24/5 via email and phone.

 

You might also like: BEST NEW FOREX BROKERS REVIEW

 

In Conclusion

In general, be careful when choosing an unregulated forex broker. Even though some may be trustworthy, it may not be worth taking the risk.

 

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

Table of Contents

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