Finding the best broker may be challenging as there are specific requirements to fulfill. Here are the top 10 online brokers for non-US residents to trade in the US market.
Choosing the right online broker can be tricky in one way or another. You can end up with a big loss if the broker can't keep their promise or is not completely honest with you. Non-US residents are especially prone to such fraud since they're not well protected by CFTC and NFA's strict regulations.
Therefore, if you're a non-US resident, some factors need to be considered before you register with a broker:
- Products they offer. The best option would be the ones that offer various assets to trade, including stocks, forex, mutual funds, futures, etc.
- Security of the broker. How secure a broker is can be seen by which regulatory body supervises it. Financial agencies from well-established countries such as the UK, Australia, and onshore European areas are typically more reliable than offshore ones.
- Trading cost. Always consider the cost and check if there's any additional fee that you should pay in advance. The lower the cost, the better it is for traders.
Considering the above criteria, here are 10 top international brokers that cater to non-US residents:
In this article, we will provide you with explanations of each recommended broker.
1. Interactive Brokers
- Products offered: Stocks, options, futures, currencies, cryptocurrencies, US Spot Gold, bonds, ETFs, and many more
- Security: ASIC (Australia), SFC (Hong Kong), IIROC (Canada), SFTC & NFA (US), FCA (UK), MAS (Singapore)
- Trading cost: EUR/USD spread is 0.2
Interactive Brokers is arguably the best option for online broker for non-US residents to trade in the American market. To begin with, the broker offers a wide variety of security classes including stocks, options, futures, bonds, currency pairs, etc.
Such wide options combined with relatively low fees have attracted millions of retail traders from all around the world. The company currently operates in 31 countries, 22 currencies, and 125 markets. It is considered very suitable for intermediate traders and well-experienced traders. The broker also offers educational materials for non-active investors.
It is convenient for international traders to fund their accounts given the several types of base currencies provided and then convert them at market rates if they want to purchase assets in other markets. In other words, no matter which market you are going to or from, you can make an order without having to have separate accounts or arrange conversion.
Interactive Brokers is a direct market access broker that provides execution, clearance, settlement, and prime brokerage for customers. Since it was found 41 years ago by Thomas Peterffy, the company has grown internally to become one of the premier securities firms with over $7 billion in equity capital.
First acknowledged as a popular broker for advanced traders, Interactive Brokers launched a second tier of service called IBKR Lite for more casual investors in 2019.
The IBKR Lite provides services on over 125 market destinations worldwide and gives direct access (online) trade execution and clearing services, both to institutional and professional traders for a wide variety of traded products including stocks, options, futures, forex, fixed income, and funds worldwide. Interactive Brokers Group and its affiliates execute over 859,000 trades per day.
Headquartered in Greenwich, Connecticut, Interactive Brokers has over 1,400 employees in the USA, Switzerland, Canada, Hong Kong, UK, Australia, Hungary, Russia, Japan, India, China, and Estonia companies. IBKR is regulated by the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), the Financial Conduct Authority (FCA), and is registered in the New York Stoch Exchange (NYSE).
Interactive Brokers offers a wide range of product-centered tools like the OptionTrader and Probability Lab for simplified single and complex multi-leg option trading; FXTrader for forex trading, Mutual Fund/ETF Replicator for helping traders find a lower cost on ETF alternatives, also fixed-income screeners for corporate and agency bonds. Overall, trading with Interactive Brokers would be provided with the most useful and updated tools to maximize trading and investing goals.
As a popular and regulated broker in the US, Interactive Brokers has won some awards. Recently, they were awarded by the Barrons as the 2019 Best Online Broker, which is categorized as the best broker for mobile, international, and frequent traders. Besides, they also won an award as Top Performing Broker by the Preqin Service Providers, and Best Overall Broker by Investopedia (Best for Low Costs, Best for International Trading, Best for Options Trading, Best for Day Trading, and Best for Penny Stocks). The awards are not only achieved during 2019. Since 2005, Interactive Brokers has won lots of awards regarding its best services for clients.
To optimize clients' trading speed and efficiency, Interactive Brokers provides some powerful suites of trading platforms. Below is the list:
- Client Portal
A one-stop destination to check quotes and place trades, see account balances, Profit and Loss, as well as key performance metrics, funding, and reporting.
- Desktop TWS
A flagship platform designed for active traders and investors who trade multiple products and require power and flexibility. Opening an account in Interactive Brokers and using this platform allows traders to utilize the most advanced algorithms and trading tools, as well as a library of tools and asset-based trading layouts for optimum customization.
- IBKR TWS for Mobile
The IBKR TWS for Mobile is made for traders who want to easily trade and monitor their IBKR account on-the-go from either iOS or Android device (tablet or smartphone).
IBoT is a robot for finding information and placing orders using clients' own words. IBot is available on TWS for Desktop, IBKR Mobile, and Client Portal.
- IBKR WebTrader
IBKR WebTrader is made for traders and investors who prefer a simplified interface.
- IBKR APIs or IBKR Pro
This trading platform is provided especially for traders and investors who want to write their trading software or automated trading programs; third-party software users.
Overall, Interactive Brokers has always been a great choice for those who want to find out a credible and regulated broker for trading. Offering lots of trading platforms, Interactive Brokers has committed to provide their best services for both novices and professionals, since it is suited to every clients' needs.
- Products offered: Indices, forex, commodities, cryptocurrencies, and many more
- Security of the broker: FCA (UK), BaFin (Germany), FINMA (Switzerland), DFSA (UAE), FSCA (South Africa), MAS (Singapore), JFSA (Japan), ASIC (Australia), CFTC & NFA (US), BMA (Bermuda)
- Trading cost: 0.4 points is the average EUR/USD spread cost during peak trading hours
London-based IG stands out as a comprehensive trading powerhouse, encompassing top-notch trading tools, advanced research resources, and an extensive array of tradable markets. A trusted multi-asset broker with global regulation and a public listing, the company boasts a history dating back to 1974.
IG proudly leads as the world's premier CFD provider with a wide-reaching client base exceeding 178,000 across five continents, a diverse product range, competitive fees, and an unwavering reputation.
For non-US clients, IG offers traders access to over 80 currency pairs, accompanied by a user-friendly website, transparent fee structures, intuitive platform offerings, and a solid commitment to client education.
IG Markets is an online trading provider with decades of experience in the financial market. Founded in 1974, the world-leading company has gathered more than 178,000 clients worldwide with over 16,000 markets reached as of 2019. IG Markets is authorized and regulated by the Australian Securities and Investment Commission (ASIC). It is also important to note that being established in 1974 makes IG Markets one of the forefront online CFD brokers. Their service has expanded to 15 countries across five continents.
Aside from famous for its reliable experience, IG Markets is also known for its truly broad range of trading instruments. In fact, the broker has long been regarded as one of the most accomplished companies in offering the most trading assets to clients. The wide choice of instruments includes forex pairs, 26 indices, over 12,000 shares, hard and soft commodities, cryptocurrencies, as well as other markets such as bonds, rates, and options.
Forex trading in IG Markets is provided in two ways: CFD and DMA (Direct). Here are the conditions for each type of trading:
- Minimum spread: 0.6 pips
- Commission: None
- Platforms: Web, mobile apps, MT4, ProRealTime, L2 Dealer, terminals and APIs
- Trading size: Contracts
- Demo account: Yes
- Minimum spread: No details
- Commission: from $10 per $1 million traded
- Platforms: Web, mobiles apps, L2 Dealer, terminals, and APIs
- Trading size: Lots
- Demo account: No
Both ways of trading are available for all clients. However, DMA does not enable trading in MetaTrader 4. Clients are also not allowed to trade in a demo account for virtual trading. It is essentially a type of trading reserved for experienced traders with high necessity for the best pricing in the market, as DMA offers market depth from a range of exchanges (including full market depth from the LSE).
Trading platforms in IG Markets are accessible via web, mobile app, and desktop. They are offered with 2 main varieties: Core Platforms and Specialist Platforms. The core platform is meant for all types of trading with the add-ons of DMA, ProRealTime access, and Forex Direct. Meanwhile, Specialist Platforms consist of L2 Dealer, ProRealTime, and MetaTrader 4.
The first two platforms charge fees that include minimum $2000 balance and monthly fees for shares data and level 2 prices (for L2 Dealer), as well as platform fees amounting to $40 per month and monthly fee for shares data (for ProRealTime).
IG Markets does not require a minimum balance to open an account. It also provides a swap-free account that frees clients for any interest, rollover, or swap charges on overnight positions. Yet, All costs and charges are built into the spread. This account suits well with long-term traders who need to keep their positions open for days or even weeks.
For beginners, IG Markets builds an IG Academy that gives interactive education and online trading courses. This way, clients can get a grip on the financial markets with the essentials of trading provided in infographics, video explainers, and end-of-course quizzes. Even better, the IG Academy is already integrated into its mobile app so clients can always learn about financial markets in much more efficient ways.
In conclusion, IG Markets is a client-friendly broker with more than 40 years of experience to back up its credibility. Their efforts and commitments to provide the best varieties of trading platforms are proven in the unique Core and Specialist Platforms.
Traders with little experience can apply to Forex CFD account in either Core Platforms or MetaTrader 4, while professionals can achieve the best experience in the financial market with IG Market's DMA trading and L2 Dealer or ProRealTime platforms.
- Products offered: Forex, indices, equities, cryptos, energy and commodities, and many more
- Security: ASIC (Australia), FCA (UK), DFSA (UAE)
- Trading cost: 0.1 pips is the average EUR/USD spread cost during peak trading hours
Since its establishment in 2010, Australian broker Pepperstone has rapidly ascended to prominence in the online brokerage landscape.
This dynamic firm offers an extensive trading platform encompassing forex, shares, indices, metals, commodities, and cryptocurrencies. With a modest minimum deposit of 200 units in the base currency, Pepperstone welcomes new traders, added by leverage up to 500:1.
Pepperstone's commitment to non-US residents extends through segregating customer accounts from company funds. The platform diversity is abundant, spanning desktop, mobile, and web-based interfaces, complemented by a well-rounded product catalog, comprehensive educational resources, competitive spreads, and multiple account options.
Pepperstone was founded in 2010 by a team of experienced traders with a shared commitment to improve the world of online trading. Based in Melbourne, Australia, they grew to become one of the largest forex brokers in the world. If traders want to find a broker that provides low spreads, fast execution, and award-winning support, then the answer is Pepperstone.
Pepperstone has a strong legality guarantee because it has been licensed by the Australian regulator ASIC and FCA. Traders' funds can be deposited in segregated accounts at top Australian banks, one of which is the National Australia Bank (NAB). Therefore, the safety of funds is not a concern if a trader chooses to open an account in Pepperstone.
They succeeded in collaborating with 23 top banks to bring Bid to investors instantly via optical fiber. This allows all orders to be executed 100 percent automatically with low latency up to 0.05 milliseconds, without dealing desk intervention and requotes, as well as with super low trading costs.
Trusted by over 73,000 traders around the world, Pepperstone processes an average of USD12.55 billion of trading volumes every day. Because of that, they have many awards such as:
- The Best Global Forex ECN Broker 2019 and Best Forex Trading Support-Europe
- Best Australian Broker and Best Trading Platform 2018 by Compareforexbrokers.com
- Best Forex ECN Broker, Best Forex Trading Support, and Best Forex Trading Conditions by UK Forex Awards 2018
With the many rewards gained, Pepperstone hopes to attract more and more traders from all over the world. The rising performance of Pepperstone is not only due to the super-tight spreads and fast execution that it provides, but also because many traders are interested in trading with deposits in currencies other than US Dollars.
For this reason, Pepperstone is one of the most market-responsive brokers because it is willing to accept deposits in 10 currencies, which include AUD, USD, EUR, CAD, GBP, CHF, JPY, NZD, SGD, and HKD.
Trading in Pepperstone would allow traders to choose between 11 trading platforms: MT4 for desktop, MT4 Mac, MT4 iPhone, MT4 Android, MT4 iPad/Tablet, MT5, WebTrader, cTrader WebTrader, cTrader cAlgo, and cTrader Mobile. The choice of trading platforms may seem confusing to novice traders, but actually, it is very useful because it has fast execution.
When trading forex, traders can enjoy raw spreads from 0.0 pips on Razor accounts, over 61 currency pairs, and commission-free account funding on a wide range of deposit options. In addition to currency pairs, Pepperstone provides many types of trading instruments, including CFDs for indices and shares, commodities, and cryptocurrencies.
Instruments in commodity trading are pretty much diversified. Not only metal, gold, and silver, but traders can also trade with soft commodities such as cotton, sugar, coffee, cocoa, and orange juice. Pepperstone also provides trading on energy (oil and gas).
There are two types of accounts provided by Pepperstone, namely Razor accounts, and Standard accounts. If you area beginner, it is recommended to choose a Standard account with an average EUR/USD spread of 1.0-1.3 pips and free commission.
Those with particular trading styles such as scalpers and algorithmic traders may enjoy the lower cost setup traditionally seen in a Razor account, with a commission from AUD7 round turn of 100k traded. You can start trading with a minimum lot of 0.01 (micro) and 1:400 leverage.
As a Pepperstone client, a trader can fund and withdraw with alternative methods including Visa, Mastercard, POLi internet banking, bank transfer, BPay, PayPal, Neteller, Skrill, and Union Pay.
If you are new to trading or looking to practice your trading strategies in a risk-free environment, you can create Demo Account in Pepperstone. But if you are an experienced trader or prefer to learn by doing, Pepperstone provides a Live Account that allows you to trade with live executions and pricing.
Traders can also follow and copy strategies from popular traders using third-party services while learning how to improve their trading abilities. Pepperstone has partnered with a range of social trading platforms that traders can choose from, such as Myfxbook, ZuluTrade, Mirror Trader, MetaTrader signals, and Duplitrade.
- Product offered: Shares, ETFs, forex, cryptocurrencies, indices, bonds, and many more
- Security: FCA (UK), FINMA (Switzerland)
- Trading cost: 1.6 pips is the average EUR/USD spread cost during peak trading hours
Unlike the brokers mentioned above, Swissquote is also an investment bank that was founded in 1996. The company is divided into two parts: a Swiss unit for trading stocks, futures, funds, and options, and a company operating in the UK for forex and CFDs.
More than 330,000 clients across Europe, Asia, and the Middle East have trusted Swissquote as now the broker has become one of the most highly reputed brokers in the world.
Swissquote is considered safe for non-US clients because it has a banking license, is listed on the Swiss stock exchange, and has a long track record. Although it takes $0 for a minimum account deposit, the broker generally charges relatively high fees, especially in stocks and ETFs fees. There is no inactivity fee, but you will be charged for withdrawals.
As a leading Swiss banking group, Swissquote is considered one of the most well-known online financial and trading services providers. The company is listed on the SIX Swiss Exchange since May 2000, but their story originated back in the 1990s, where Marc Bürki and Paolo Buzzi set up a business in financial software.
Swissquote's main vision is to enable private investors to access real-time prices free of charge. They follow a mission of "democratizing banking" by upholding the values of transparency, integrity, and unbiased information for the benefit of clients, in turn allowing them to make independent decisions.
Today, Swissquote is a global financial services provider with official branches in several major areas in the world like the European area, Middle Eastern, and Asian financial centers. From 2017 to 2018, it claims as the first online bank to offer crypto trading and participation in Initial Coin Offering (ICO).
Trading in SwissQuote guarantees a regulated environment, as the broker is licensed in some of the most well-known jurisdictions in the financial industry, including the Swiss Financial Market Supervisory Authority (FINMA) and the Financial Conduct Authority (FCA) from the UK.
The broker also has local regulations for other branches in other jurisdictions such as the Malta Financial Services Authority (MFSA), the Dubai Financial Services Authority (DFSA), and the Securities & Futures Commission (SFC) from Hong Kong to enable non-EU traders to register under its account with regulated services.
SwissQuote is notable for its wide variety of trading instruments, such as 8,500+ stocks and more than 800 ETFs. Forex pairs, cryptocurrencies, government bonds, and a range of commodity CFDs are also provided to clients.
The company presents a special deposit protection scheme that amounts to CHF100,000 in the event of bankruptcy proceedings. Traders from other countries are offered many choices of base currencies like EUR, USD, JPY, GBP, CHF, CAD, AUD, TRY, PLN, SEK, NOK, SGD, XGD, HUF, and CZK.
Opening an account in SwissQuote for forex trading is available in 3 different choices:
- Spreads: from 1.7 pips
- Commission: none
- Minimum deposit: $1,000
- Minimum trade: 0.01 lot
- Leverage: 1:100
- Spreads: from 1.4 pips
- Commission: none
- Minimum deposit: $10,000
- Minimum trade: 0.1 lot
- Leverage: 1:100
- Spreads: from 1.1 pips
- Commission: none
- Minimum deposit: $50,000
- Minimum trade: 1 lot
- Leverage: 1:100
Dubbed as the most popular account, Swissquote put Premium account as the recommended choice for forex traders, as it balances a competitive spread and affordable minimum deposit according to their standard.
For the trading platform, traders can choose between MetaTrader or Sawissquote's proprietary product called Advanced Trader. To provide traders with the best experience in trading, the company also puts complementary analytical tools such as Autochartist and Trading Central signals.
For MetaTrader fans with a desire to trade in an advanced trading environment, Swissquote offers the MetaTrader Master Edition.
As the company is more suitable to experienced traders with a medium deposit capability, they do not have a complete educational package to offer to new traders. However, they arrange free webinars for everyone who would like to continually upgrade their trading knowledge. This program is managed by professional figures in the financial industry and is available in 4 languages: English, German, French, and Arabic.
All in all, Swissquote is an ideal broker for traders with enough experience to trade with more than $1,000 as their starting deposit. Its long-standing history and qualified background as a member of a Swiss banking group provide high credibility and a guaranteed trading environment that not many can offer.
However, it is also important to note that Swissquote does not offer various deposit and withdrawal methods, as they mainly focus on bank transfer and credit card payments that they revolutionized in 2018 by launching a multi-currency credit card.
5. Saxo Bank
- Products offered: Crypto, forex, CFDs, stocks, commodities, bonds, and many more
- Security: FINMA (Switzerland), FCA (UK), Danish FSA (Denmark), MAS (Singapore), ACPR & AMF (French), Belgium (FSMA), SFC (Hong Kong), ASIC (Australia)
- Trading cost: 0.8 pips is the average EUR/USD spread cost during peak trading hours, using VIP pricing the spread can be as low as 0.4 pips
Established in 1992, Denmark-based Saxo Bank originally obtained a banking license but did not offer common banking products. Instead, the company identified itself as a "leading Fintech specialist focused on multi-asset trading and investment and delivering Banking-as-a-Service to wholesale clients".
The broker offers a lot of trading essentials, advanced user interfaces, and excellent research facilities to cater to non-US clients. There are thousands of instruments to choose from various types of assets like stocks, CFDs, currency pairs, and others.
However, the broker may be best used by expert traders and is not suitable for beginners because of the relatively high minimum deposits, limited support options, and high trading costs. Clients need to equip themselves with a minimum capital of EUR2,000 before opening an account with Saxo.
Their forex spreads are quite competitive, but there are various commissions applied to other instruments provided in the platform.
Saxobank was founded in 1992 in Denmark, which began as a brokerage business. At present, they have penetrated the online banking and forex trading business internationally. The company is known as one of the best in the industry.
Their innovative platforms have been used by Microsoft's global institutions, Barclays Stockbrokers Ltd, and TD Waterhouse. The platforms include SaxoTraderGO, an award-winning trading platforms and is offered as Saxobank's flagship. Two other platforms are SaxoTraderPRO and SaxoInvestors. Each platform has advantages and functions.
SaxoTraderPRO is suitable for use by advanced traders and institutional clients, which trade faster via quick-close all features and view exchange order books and execution reports in real-time. On the other hand, Saxo TraderGO is a platform for retail traders. This type of platform offers easy portfolio management from a single account. For example, traders can get live and historic reports of net holdings.
As for Saxo Investors which is a user-friendly case-product platform tailored to retail investors, there are several advantages including browsing curated themes and pre-made screenings. Also, clients can choose between diversified investment portfolios. It is a responsive platform accessible from any device.
The Saxobank website accommodates the needs of international clients, with dozens of languages available on the Saxobank website. Besides English, there are also Japanese, Mandarin, French, Italian, Indonesian, and many more.
When clients choose Saxo, clients are choosing to trade with a fully regulated industry leader, who adheres to strict regulatory requirements in 15 financial centers around the world, including the UK, Singapore, Hong Kong, and Denmark.
Another advantage is traders have so many choices of instruments that can be traded on Saxo, covering 40,000 instruments across 184 forex pairs, 9,000 CFDs, 19,000 shares, 200 Stock options, 2,500 ETFs, Futures, Gold, Silver, and many more.
Since the company also serves as a bank, the speed of execution at Saxo can be guaranteed. However, some traders may feel that Saxobank is not suitable for individual trading, as the minimum capital is too large and the spreads and commissions are considered burdensome for so many clients. The spread which is charged by Saxobank for each pair is quite large, so it is not suitable for scalpers. Meanwhile, the commission that must be paid by traders to this broker starts from USD1.
Furthermore, Saxobank often stops trading for a few seconds before the release of important news and only activates it again after the news is released. This makes news traders do not have the best opportunity to act on Saxobank.
Actually, The deposit value can be adjusted according to the level of account chosen by the clients. There are three levels in Saxo Accounts, including Classic (minimum funding is 500 Pounds), Platinum (minimum funding is 50,000 Pounds), and VIP (minimum funding is 1,000,000 Pounds). Clients can use leverage 1:200 and a minimum lot of 0.05.
Traders are spoiled with various kinds of facilities provided by Saxobank. Each aaccount level has its own facilities offering that can be adjusted to the needs of traders. The higher the level, the more complete the facilities provided.
For example, traders who have VIP accounts will get personal relationship managers, and direct access to trading experts 24 hours. These facilities are not found when traders choose Classic and Platinum accounts.
For Corporate Clients, Saxobank provides 40,000 instruments, with 1: 1 support from expert account managers and the security that comes from their 25+ year experience.
If clients meet professional criteria, they can join Professional Accounts at Saxobank. The criteria in question include having a financial portfolio that exceeds around 500,000 Euros, having placed at least 20 relevant trades in significant sizes over the last four quarters, and having worked in the financial sector for at least one year.
Moreover, Saxobank provides more than 100 institutional specialists operating from offices in key financial centers, including Denmark, London, Singapore, Shanghai, Hong Kong, Switzerland, and Dubai. The client can choose the location closest to their area. With this kind of support, Saxobank is optimistic for delivering the right solution for the business of clients.
From the explanation above, it can be concluded that Saxo is more suitable for deep-pocket forex traders who are interested in forex trading as an investment portfolio. The broker's business focus is also more towards institutional clients rather than retail clients.
- Products offered: Stocks, indices, forex, crypto CFDs, metals, and many more
- Security: FSC Belize (Belize)
- Trading cost: 1.7 pips is the Standard account's average EUR/USD spread cost during peak trading hours
With a commitment to user-friendly account opening and speedy processes, XM has established a reputation for accessibility. For non-US residents, this broker offers many educational resources, including webinars and a demo account, catering to traders seeking knowledge enhancement.
While its forex and stock index CFD fees maintain an average status, it's crucial to note that clients outside the EU are not provided with investor protection.
Since its establishment in 2009 in Belize, XM broker has evolved from a specialized intermediary service provider in the foreign exchange market to a global powerhouse. Spanning nearly 190 countries, it has garnered the trust of over 5 million traders due to its reliability, safety, and innovative technological solutions.
XM Group is a group of regulated brokers and it is owned by Trading Point Holdings Ltd. Entities under XM Group have significant experience as financial services providers worldwide.
Trading Point of Financial Instruments Ltd was established in 2009 with headquarters in Limassol, Cyprus, Trading Point of Financial Instruments Pty Ltd was established in 2015 with headquarters in Sydney, Australia, XM Global Limited was established in 2017 with headquarters in Belize and Trading Point MENA Limited was established in 2019 with headquarters in Dubai.
XM Group is regulated by the CySEC (Cyprus Securities and Exchange Commission) - Trading Point of Financial Instruments Ltd, FSC (Financial Services Commission) – XM Global Limited, the ASIC (Australian Securities and Investments Commission) - Trading Point of Financial Instruments Pty Ltd and DFSA (Dubai Financial Services Authority) - Trading Point MENA Limited.
XM is one of the more experienced brokers in the world of online forex trading today. Since its founding, the broker has experienced a lot of changes, including the addition of the Ultra-Low Account and Webinar feature that is accommodated in 19 different languages with 35 native instructors for each language.
In terms of trading instruments, XM is a well-known diverse class assets provider, varying from Forex, Commodities, Equity Indices in CFDs, Precious Metals, Energies, to Shares. XM prides itself to be the ideal broker in trading execution, offering a stat of 99.35% orders to be executed in less than 1 second. Trading in XM would be also provided with a strict no requotes policy, no virtual dealer plug-in, no rejection of orders, real-time market execution, and the choice for traders to place orders online or by phone.
Spreads on all majors can reach as low as 0.6 pips in Ultra-Low Account, while spreads on other accounts usually start from 1 pip.
To protect the client's fund in the event of extreme volatility, XM presents each account type with Negative Balance Protection. The deposit starts from $5 in Micro and Standard Account, while Ultra-Low Account requires a minimum deposit of $5. Traders who open accounts in XM are enabled a condition similar to a Cent Account environment in the Micro Account, in which the Contract Size for every lot is only 1,000 units. If it is applied with the smallest lot size in the MetaTrader platform which amounts to 0.01, it means that traders can go as small as 10 units per trade.
For the deposit, XM applies zero-fee deposits in most of its available payment methods. Traders can choose to fund or withdraw their accounts via wire transfer, credit card, as well as the most favorable e-payment choices like Skrill, Neteller, and FasaPay.
To give their clients the best experiment in trading, XM has given access to both MT4 and MT5 platforms, each is available for more than 6 display formats (PC, Mac, Multiterminal, WebTrader, iPad, iPhone, Android, and Android Tablet).
All in all, there is no doubt that XM has gone global with its deep commitment to providing trading services in more than 15 languages around the world. Aside from easing traders' experience with mainstream trading platforms and high-quality trading execution, XM is open to various types of traders, from small capital traders to the more experienced ones with big deposits at the ready. Traders are even provided with a Cent Trading environment should they choose to register under Micro Account.
For their global approach, XM has ensured that traders from various countries could access their service easily. This results in the provision of different domains specified for traders in certain jurisdictions. For example, traders from Indonesia could access XM via this link.
- Products offered: Currency pairs, stock indices, cryptocurrencies, commodities, bonds, and many more
- Security: CySEC (Cyprus), Polish FSA (Poland), ASIC (Australia), International BVI (British Virgin Islands), JFSA (Japan), FSCA (South Africa), ADGM (UAE), ISA (Israel)
- Trading cost: 0.9 pips is the average spread cost during peak trading hours
Established in 2006, AvaTrade is a recognized forex and CFD broker under the Ava Group, boasting over 300,000 registered traders and impressive monthly trading volumes exceeding $70 billion. For non-US residents, its platform delivers innovation, security, and flexibility, catering to new and experienced traders, making it a frontrunner in CFD trading with low fees.
AvaTrade, headquartered in Dublin, Ireland, is exclusively dedicated to derivatives trading, specializing in CFDs and Forex options. With cross-asset diversification and commission-free pricing, AvaTrade presents a balanced asset mix to its users.
Avatrade can be called one of the most well-rounded brokers that support almost all trading styles. Not only allowing hedging, scalping, and expert advisor (EA), Avatrade also completes their service with One-cancels-the-other order (OCO) and AutoTrading in many variants of automated trading systems.
AvaTrade was founded in 2006, with the primary mission to empower people to trade with confidence. If traders are still confused about what is the best broker for supporting trader's trading, AvaTrade perchance option of traders, because it has been evaluated and honored for some of the industry's most remarkable financial and technological achievements that it provided to clients.
In 2019, the Dublin-based broker got achievement from Daytrading.com as The Best Forex Broker 2019. Besides, the company is honored as Best Forex Broker, Best Bitcoin CFD Trading Provider of the year, and Best Affiliation Programme in the European area.
Furthermore, for traders who have high mobility, AvaTrade provides many platforms that allow traders to trade using laptops and mobile phones. The availability of the free Autochartist tool in the platforms is the best support for both novice and experienced traders because it makes it easier for them to find trading opportunities without the need to glance at charts all day.
The Autochartist free signal is provided in Gold Account, Platinum Account, and AVA Select. By opening an account in AvaTrade, traders don't have to pay for getting a full Autochartist service. Autochartist itself is a market scanner tool that can detect trading signals from various technical perspectives.
Traders can access AvaTrade in many variants of platforms, such as AvaTradeGO, MetaTrader 4, MetaTrader 5, Automated Trading, Mac Trading, Web Trading, Mobile Trading, and AvaOptions.
In terms of regulation, AvaTrade is regarded as a superior broker because it has a lot of credible licenses. That way, even with deposits of up to ten thousand dollars, security can be guaranteed. Applying the Segregated Account system, AvaTrade is regulated by the Central Bank of Ireland (No.C53877), ASIC Australia (No.406684), JFSA Japan (No.1662), and South Africa (FSP 45984).
Can traders lose more than their deposit abruptly in the event of high volatility? AvaTrade explicitly answers no, as traders have negative balance protection.
With a minimum deposit of USD100, AvaTrade offers various leverage depending on the trading instruments; whether it is forex (starts from 30:1), indices (starts from 20:1), commodities (starts from 5:1), ETFs (starts from 5:1), or cryptocurrencies (starts from 2:1).
AvaTrade has committed to a set of values in relation to customers. Therefore, the company provides the best trading experience, offering multilingual customer service and the most sophisticated and user-friendly trading platform.
New traders can also learn forex trading in the Education tab on AvaTrade's official website. Traders will find a wide collection of articles, video tutorials, and more tools that will assist them every step of the way. It is an important requirement as the forex market might be a bit overwhelming and even scary at times, so traders need to make sure that they are fully prepared to begin trading in the real account.
There are many types of account types provided by AvaTrade. There is also an Islamic Trading Account, which is uniquely provided for Muslim Traders. Islamic account type is similar to a regular one with one key difference; it is not subject to any special fees or interests (swap-free), which sits well with the finance principles of Sharia Law.
If traders have felt confident for forex trading, traders can choose AvaTrade as an ideal choice. The minimum deposit and various platforms offered to make it a suitable destination for even beginners who would like to try forex trading for the first time.
- Products offered: Forex, indices, commodities, cryptocurrencies, and many more.
- Security: CFTC & NFA (US), IIROC (Canada), FCA (UK), MAS (Singapore), ASIC (Australia), KINSHO (Japan), MFSA (Malta), International BVI (British Virgin Islands)
- Trading cost: 0.9 pips is the average EUR/USD spread cost during peak trading hours
In 1996, Dr. Michael Stumm and Dr. Richard Olsen co-founded OANDA. Even though OANDA is operating from New York, the company offers standard, and Advanced Trader accounts for non-US residents worldwide, covering a diverse range of CFD and spread betting options across asset classes.
OANDA Europe Limited provides negative balance protection, while OANDA Asia Pacific Pte. Ltd. offers guaranteed stop-loss orders. The platform delivers user-friendly trading and research tools featuring robust technical indicators and APIs.
Traders looking for brokers with accurate precision, OANDA can be an option. That is because OANDA is a broker that provides quotes with 5-digit accuracy and active price movements that follow market developments. Order execution speed is also faster in this broker.
It provides benefits for novice traders, as they can trade with smaller volumes using the calculation system based on currency value, unlike other brokers adopting the lot system.
Founded in 1996, OANDA was built by Dr. Michael Stumm who is a lecturer in Computer Engineering at the University of Toronto, Canada, along with his colleague, Dr. Richard Olsen of The Olsen Ltd., which is one of the leading econometric research institutes. They have a head office in San Francisco, United States.
OANDA branch offices can be found everywhere. Some of these offices are located in the United Kingdom, Singapore, Japan, and Canada. With this number of offices spread, OANDA has increasingly attracted the attention of clients worldwide.
OANDA's company is registered under several well-known jurisdictions in financial trading. They are regulated by CFTC and NFA in the US, FCA in the UK, ASIC in Australia, and many others. Traders do not need to worry anymore about security when trading in OANDA. However, these advantages make trading rules at OANDA more stringent compared to other brokers.
For example, OANDA only allows maximum leverage of 1:20, because the rules in the US and Japan do not allow leverage above that. Besides, the registration procedure is more complex due to various additional requirements that are not submitted by other forex brokers. On top of that, hedging is not allowed in one trading account as the client must open an additional account to hedge.
Nevertheless, OANDA is known for being a leading broker with many advantages offered. OANDA faces increased market risk during periods of price volatility, such as economic and political news announcements. When market spreads increase or decrease, their pricing engine widens or narrows spreads accordingly. That way, traders can get the latest conditions from price movements in the market more quickly.
Prices move very fast in the market. Especially when news releases have a large impact on market volatility. This condition is often exploited by brokers to take advantage of clients with Requotes. However, traders do not need to worry about additional costs when trading with OANDA.
The company never withdraws Requotes so traders can get maximum profit. When traders are unavailable to monitor open positions, they can set take profit orders to lock in profits and Stop Loss orders to help protect against further losses.
As an experienced and well-known online forex broker, OANDA is committed to maintain an efficient trading environment that reduces latency and provid tools to help clients manage the degree of acceptable slippage.
With a fast & reliable trading platform by OANDA, clients' trades are executed in 0.012 seconds. This suits traders who choose brokers based on execution speed.
Because of this exceptional execution service, it is not surprising that OANDA won many awards, including the winner of the world's Best Retail FX Platform at the prestigious e-FX awards. The broker is also voted number 1 for Consistency of filling trades at quoted prices, Execution speed, and Reliability of platforms.
There is no minimum deposit or minimum balance required to open an OANDA account. Deposit and withdrawal can be done easily. OANDA provides a variety of payment method facilities, including Paypal, Wire Transfer, Credit Card, and Debit. Traders can adjust it to the region where they live.
OANDA provides more than 100 trading instruments, including 71 currency pairs, 16 indices, 8 commodities (Brent Crude Oil, Copper, Corn, Natural Gas, Soybeans, Sugar, etc.), 6 Bonds, and 23 Metals.
The fxTrade and MetaTrader platform are available at OANDA. These platforms can be used for Desktop and Mobile. Another plus is they have an OANDA Technical Analysis that exists in collaboration with a technical analysis provider called Autochartist.
With these platforms, clients can monitor price movements easier and automatically recognize patterns created on charts, as well as receive alerts when the awaited patterns appear. Access to this technology can be enjoyed free of charge.
In conclusion, OANDA is an ideal broker for traders in need of fast execution backed by many years of experience. The company is also a good alternative for those looking for a well-regulated broker with flexible trading and deposit conditions.
- Products offered: Stocks, indices, crypto assets, ETFs, currencies, commodities, and many more.
- Security of the broker: Gibraltar FSC (Gibraltar), FinCEN (US), FCA (UK), CySEC (Cyprus), AMF (French), MFSA (Malta), ASIC (Australia), FSAS (Seychelles)
- Trading cost: 1 pip is the average EUR/USD spread cost during peak trading hours
Israeli broker eToro stands as a top-tier social trading network, enabling traders to emulate the strategies of seasoned investors or gain exclusive advantages by sharing their trading tactics.
Established in 2007, eToro boasts a user base exceeding 25 million spread across 140 countries globally, including the United States. eToro features a crypto exchange supporting trading in 30+ cryptocurrencies and an online brokerage platform with a curated selection of stocks and ETFs.
Its strong community engagement and social features make it an ideal choice for non-US residents valuing a collaborative trading atmosphere. However, if your focus is primarily on affordable crypto trading, eToro's higher trading fees might raise some considerations.
eToro established in early 2007, with a mission to make trading accessible to anyone, anywhere, and reduce dependency on traditional financial institutions. The company has head offices in the United Kingdom, Cyprus, USA, and Australia.
eToro (Europe) Ltd operates as a Financial Services Company authorized and regulated by the Cyprus Securities Exchange Commission (CySEC) under license no. #109/10. Meanwhile, eToro (UK) Ltd is authorized and regulated by the Financial Conduct Authority (FCA) under the license FRN 583263.
As for eToro AUS Capital Pty Ltd, the legal standing is acknowledged by the Australian Securities and Investments Commission (ASIC) to provide financial services under Australian Financial Services License 491139.
A broker that belongs to the 4-digit type, eToro offers both short-term options for day traders and long-term options for investors, such as their innovative CopyPortfoliosTM, a fully managed thematic portfolio.
Since 2007, eToro has been at the forefront of the Fintech revolution. The most recent was launched in 2017, which is CopyPortfolios powered by Machine learning Al. Beyond developing CopyPortfolios, the company integrated Microsoft's machine learning technology into Momentum DD.
The new CopyPortfolio investment strategy uses artificial intelligence to find the steadiest traders who are most likely to generate a double-digit return and bundle traders into one fully-managed portfolio. eToro has hundreds of financial assets for trading across several categories including stocks, commodities, crypto assets, currencies, indices, and ETFs. Each asset class has characteristics and can be traded using a variety of investment strategies.
Some positions on eToro involve ownership of underlying assets, such as non-leveraged positions on stocks and cryptos. Employing CFDs will enable a variety of options, such as leveraged trades, short (sell) positions, fractional ownership, and more. For example, traders can invest as little as USD100 in gold, even if a single unit of gold cost USD1,000. Some of eToro's most popular CFD commodities include gold, oil, natural gas, silver, and platinum.
Currencies are traded on eToro only as CFDs. Also, CFDs enable Sell (short) positions and leveraged trade, even for assets that don't offer the option in traditional trading. Some of the popular currencies include EUR/USD, GBP/USD, AUD/USD, USD/JPY, and USD/CAD.
Furthermore, An Exchange-Traded Fund (ETF) is a financial instrument comprising several assets grouped to serve as one tradable fund. After opening an account in eToro, traders can invest as little as USD250 in an ETF that costs USD500. Some of the popular ETFs on eToro include SPY, VXXB, TLT, and HMMJ.
However, eToro also offers additional functions using CFD trading. All leveraged ETF positions in the UK are under FCA regulations. Meanwhile, all CFD positions executed by eToro Australia are under ASIC regulations.
The company has other advantages. In all financial assets that can be traded, eToro does not charge any deposit or trading frees other than spreads.
eToro charges a USD25 fee for withdrawals and the minimum withdrawal amount is USD50. Long (Buy), non-leveraged crypto, stock, and ETF positions are not executed as CFDs and do not incur any fees. eToro does charge overnight or weekend fees for CFDs positions, such as leveraged positions and short (sell) orders.
Fee updates always apply to open positions. Fees are subject to change at any given time and could change daily, without prior notice, depending on market conditions.
As a beginner, trader can use CopyTrading eToro. Different from the features of other brokers, traders can copy the strategies of professional traders without fee or profit-sharing. Therefore, 100% profit is fully owned by traders. For example, while trader A who is copied by trader B, produces a profit of 10% this month, then trader B also gets a profit of 10%.
The company is the world's leading social trading network. Since eToro operates in complete transparency, each trader has valuable information on their eToro profiles, so other traders that are interested to copy their trades can have assistance in creating their best portfolios.
Another feature that is unique to eToro is the personalized, social News Feed. Just like on any social media, traders can post their updates on feed, comment on other's posts, and gradually create a feed that is tailor-fitted to trader's trading and investing interests. On eToro social trading platform, traders will also get notifications when a trader writes a new post and many other important updates.
10. FP Markets
- Products offered: Forex, shares, commodities, stock market indices, and digital currencies
- Security: ASIC (Australia), CySEC (Cyprus), FSCA (South Africa), SFSA (Seychelles)
- Trading cost: 0.09 pips is the average EUR/USD spread cost during peak trading hours
With a daily trading volume surpassing $1 billion and serving clients across 80+ countries, FP Markets is an Australian multi-asset broker with a rich history since its foundation in 2005. Over its 15+ years of operation, FP Markets has grown into a trusted brand, supported by a team of over 100 employees.
For non-US residents, FP Markets operates under many regulations, ensuring dependable collaboration and full adherence to industry guidelines. The NDD broker expanded its offerings by establishing a Cyprus entity. Furthermore, FP Markets (Pty) Ltd now operates as a Financial Services Provider, authorized and regulated by the Financial Sector Conduct Authority in South Africa.
Keeping positions open overnight won't result in the overnight/rollover fee reducing your earnings, so you don't have to worry about it. FP Markets offers the most competitive swap rates in the industry by introducing Swaps Points in the form of a live swap rates list on the MT4 and MT5 platforms. Here are some examples:
- ACWI: -5.00 for long positions and -2.50 for short positions.
- ADAUSD: -20.00 for long positions and -20.00 for short positions.
- AGG: -5.00 for long positions and -2.50 for short positions.
The Bottom Line
From the 10 recommendations above, we can see that each broker operates in its own way and offers various different things. Though some of them don't limit their specialty to a certain type of traders and are open to anyone, each of them has pros and cons. So, it is crucial to learn about their features and requirements before you decide to register.
Let's take a look at the comparison table below to know which broker's condition suits you the best.
One thing that connects these brokers is the fact that they are great options for international traders or non-US residents. They provide a platform that allows non-US traders to trade in the vast currency markets and grab the available opportunities.
When it comes to forex trading in the US versus non-US, many think about the safety and security that the US regulators can provide, especially if it's compared to offshore regulation. To make it clearer, we have discussed it thoroughly in Comparing the US and Offshore Brokers.