US traders always look to trade with a suitable forex broker. The country has strict regulations in forex trading. As a result, the majority of online forex brokers do not accept US clients because they can not meet the regulatory requirements of the US authorities. High leverage and CFD trading are restricted in the USA. However, many forex traders still opt for trading CFDs with high leverage. That is why many traders settle for offshore forex brokers.
ThorFX is an online offshore forex broker that is not authorized or regulated by any authority anywhere; so it is not under any obligation to abide by the rules guiding US-regulated brokers. In this blog post, we will explore whether ThorFX accepts US clients, its Pros and cons, and why US traders choose brokers like ThorFX and more.
Does ThorFX Accept Clients?
Yes, ThorFX accepts US Clients. Being an unregulated online forex broker, the broker has the flexibility to onboard clients from various locations worldwide, including the USA. Therefore, US traders are able to register for an account and trade forex and CFD trading with ThorFX.
ThorFX at a Glance
- Founded Year: 2021
- Founder: Kathy Lien
- Headquarters: Marshall Islands
- Minimum Deposit: $10
- Maximum Leverage: 1:500 (Leverage may vary based on assets)
- Regulations: None (Unregulated Offshore Broker)
- Trading platform: TradeLocker
- Account Types: Standard, Pro, Var, Mini
- Trading Style: Scalping, Hedging, Swing Trading, Day Trading, Automated Trading
- Payment Options: Perfect Money, Cryptocurrencies, Altcoins
- US Traders: Accepted
Why Do US Citizens Use Offshore Brokers Like ThorFX?
Below are some of the reasons why a US trader will choose to trade with ThorFX :
CFD trading:
Contracts for differences (CFDs) are financial contracts between a broker and a trader which allows the trader to take positions on the broker’s platform and speculate on the price direction of underlying financial assets without ownership. For example, with CFDs, a trader can make money by predicting the price direction of a company’s stock market shares without owning the company shares.
Unfortunately, the regulators officially prohibited US traders from trading CFDs. However, ThorFX gives US traders opportunities to trade CFDs from stocks, indices, and commodities.
High leverage:
Leverage is a tool that multiplies a trader’s market exposure in relation to his deposit. US traders are mandated to restrict forex leverage to 1:50 but ThorFX offers up to 1: 500. This means that with a deposit of $500; you can open positions worth $250000.
With higher leverage, there is a higher chance of making more profits provided that the market moves in favor of your position.
Low trading capital:
With ThorFX, US traders can start trading with $10 but US-regulated brokers demand a higher minimum deposit. Also, the trading fees and commissions are much lower with ThorFX than with the US-regulated brokers. Perhaps, because obtaining and maintaining a US forex broker license is very expensive.
Tax:
The United States has stringent tax laws which are almost impossible to evade. Forex traders are required to pay taxes on their profits. Trading with unregulated brokers like ThorFX makes it easier to pay reduced taxes especially if BTC is used to fund and withdraw from the trading account.
Pros :
- No Minimum Deposit – You may deposit as low as $10
- Allow Crypto CFD Trading
- Offers leverage as high as 1:500
- Very tight spreads starting from 0.8pips
- Demo Accounts are Available
- Higher Leverage for US, and EU clients.
- Allow Scalping, EA Trading, and News Trading
- ThorFX Accepts Crypto Deposits
Cons:
- Unregulated Offshore Forex Broker
- Only Crypto Deposit and Withdrawal Option
- No Managed Account Options
- No MT4/MT5 offer ( Only TradeLocker trading platform is offered)
Which countries are restricted on ThorFX
As ThorFX is an unregulated offshore forex broker. It can onboard clients from anywhere in the world. However, due to business decisions or third-party restrictions, the broker does not accept clients from the following countries.
Afghanistan, Botswana, Cuba, Crimea, Democratic Republic of Congo, Ethiopia, Iran, Iraq, Japan, Libya, Myanmar (Burma), North Korea, Pakistan, Republic of the Congo, Russia, Somalia, Spain, Sudan, Syria, Trinidad and Tobago, Tunisia, Yemen, Zimbabwe.
Frequently Asked Questions (FAQs)
What is ThorFX?
Founded in April 2021, ThorFX is an online forex and CFD broker. It is an offshore forex broker that offers Forex, Commodities, cryptocurrencies, Stocks and shares, indices, metals, etc trading services to traders worldwide. The broker allows all trading styles including scalping, hedging, news trading, etc. The maximum leverage of ThorFX is as high as 1:500.
Is ThorFX Regulated in the USA?
No. ThorFX is not regulated in the USA. It is an unauthorized offshore forex broker.
Does ThorFX have any office in the USA?
No, ThorFX does not have an office in the USA. As per their website, the broker is located in the Republic of the Marshall Islands.
Where is ThorFX Located?
Can Americans use ThorFX?
Yes, American traders can use ThorFX. However, traders should take care while trading with unregulated forex broker
Final Thoughts :
ThorFX is a forex broker that offers online forex and CFD trading services. The broker gives access to trade with a wide range of trading instruments including Forex, Commodities, Indices, Currency Indices, Cryptocurrencies, Shares, ETFs, and CFD Forwards. The broker allows almost all trading styles including scalping, hedging, copy trading, and news trading.
ThorFX allows US clients to enjoy forex trading services on their own terms. If you like high leverage, ThorFX offers leverage up to 1:500. Traders are allowed to use any strategies including scalping, hedging, news trading, and so on. Unlike US-regulated brokers, ThorFX offers CFD trading. However, the broker currently does not have metatrader(MT4, MT5) trading platforms. It uses the TradeLocker trading platform.
Disclaimer: Trading forex and CFDs comes with the risk of losing your trading capital. Moreover, trading with offshore forex brokers puts your funds at higher risks
