10 Best No Esma Forex Brokers for 2025

XM is a global forex and CFD broker founded in 2009, offering trading on currencies, commodities, indices, stocks, and cryptocurrencies. XM provides MetaTrader 4, MetaTrader 5, and proprietary platforms. XM is regulated by multiple authorities including CySEC, ASIC, and IFSC. XM is known for competitive spreads, extensive educational resources, and multilingual customer support. XM serves over 5 million clients from 196 countries. XM offers various account types and a no-requote policy.

The features of XM are listed below.

• XM holds only FSC regulation in Belize where ESMA restrictions do not apply.
• Even when outside ESMA jurisdiction, XM is able to provide segregated bank accounts and negative balance protection to all clients.
• Traders under FSC regulation are eligible for an XM deposit bonus of up to $5,000.
• XM supports only MT4 and MT5 trading platforms.
• XM provides over 50 forex pairs charging low spreads from 0.1 pips.

IC Markets is a global forex and CFD broker founded in 2007 and based in Sydney, Australia. IC Markets offers trading on over 2,250 instruments including currencies, commodities, indices, stocks, and cryptocurrencies. IC Markets provides MetaTrader 4, MetaTrader 5, and cTrader platforms. IC Markets is regulated by multiple authorities including ASIC and CySEC. IC Markets is known for its ECN execution model and low spreads. The IC Markets CEO is Andrew Budzinski.

The features of IC Markets are listed below.

• With IC Markets you have two no-ESMA options to open your account: under FCA (Seychelles) and SCB (Bahamas).
• Under these two regulations, leveraged trading is up to 500:1 on forex (FCA) or up to 200:1 (SCB).
• You will be protected with segregated funds under these 2 no-ESMA entities of IC Markets.
• IC Markets offer many trading platforms: MT4, MT5, cTrader, Myfxbook, and ZuluTrade.
• Trading forex with IC Markets is on over 60 currency pairs with a spread from 0 pip on EUR/USD.

AvaTrade is a global forex and CFD broker founded in 2006 and headquartered in Dublin, Ireland. AvaTrade offers trading on currencies, commodities, indices, stocks, bonds, ETFs, and cryptocurrencies. AvaTrade provides proprietary platforms alongside MetaTrader 4 and 5. AvaTrade is regulated by multiple authorities including CySEC, ASIC, and FSA. AvaTrade serves over 300,000 clients worldwide. AvaTrade is known for competitive spreads and extensive educational resources. The AvaTrade CEO is David Dryzin since 2016.

The features of AvaTrade are listed below.

• AvaTrade is a broker with a no-ESMA branch and traders are able to apply for FSC regulation in the British Virgin Islands or for the FSCA in South Africa.
• Under these regulations, leverage on forex is up to 400:1 for any client.
• Segregated bank accounts are standard for each AvaTrade entity as well as negative balance protection.
• Occasionally, AvaTrade offers welcome bonuses for new clients under their no-ESMA branch.
• AvaTrade offers several trading platforms including MT4, MT5, DupliTrade, ZuluTrade and owns AvaOptions, AvaSocial, and AvaTradeGO.
• AvaTrade offers more than 50 forex pairs charging fixed spreads from 0.9 pips on EUR/USD.

Admirals, formerly Admiral Markets, is a global forex and CFD broker founded in 2001. Admirals offers trading on currencies, commodities, indices, stocks, and cryptocurrencies through MetaTrader platforms. Admirals is regulated by multiple authorities including CySEC and FCA. Admirals is known for competitive spreads and extensive educational resources. Admirals recently halted onboarding of new EU clients to comply with regulatory standards. The co-founder of Admirals and CEO of Admirals Group is Alexander Tsikhilov.

The features of Admirals are listed below.

• Admirals offer two no-ESMA branches under JSC regulation in Jordan or FSCA in South Africa.
• The maximum leverage available outside ESMA jurisdiction with Admirals is 500:1 under FSCA, and 100:1 under JSC.
• Trading with Admirals outside ESMA you will be protected with segregated bank accounts and insurance coverage up to $100,000.
• Clients under no-ESMA branches may be eligible for an Admirals 100% welcome bonus for up to $5,000.
• Admirals provide forex trading on over 50 pairs with a floating spread from 0.1 pips on EUR/USD.

FBS is a global forex and CFD broker founded in 2009, offering trading on currencies, commodities, indices, stocks, and cryptocurrencies. FBS provides MetaTrader 4, MetaTrader 5, and proprietary platforms. FBS is regulated by multiple authorities including CySEC, ASIC, and IFSC. FBS serves over 27 million clients in 150+ countries. FBS is known for low minimum deposits, extensive educational resources, and copy trading services.

The features of FBS are listed below.

• FBS is regulated in Belize by the IFSC and therefore is able to provide services from a non-ESMA office.
• Clients under the non-ESMA entity of FBS can use very high leverage on forex up to 3000:1 depending on the account type.
• FBS protects you with segregated bank accounts and negative balance protection even if it isn’t mandatory with the no-ESMA office.
• There are several FBS bonuses you can reclaim under IFSC such as a 100% deposit bonus or a level-up bonus for up to $140 free.
• Trading is facilitated through MT4, MT5 platforms, and the proprietary FBS Trader.
• FBS provides forex trading on more than 30 pairs with floating, fixed, and negative spreads from -1 pip on EUR/USD.

Axi, formerly known as AxiTrader, is a global forex and CFD broker founded in 2007 and headquartered in Sydney, Australia. Axi offers trading on currencies, commodities, indices, cryptocurrencies, and stocks through MetaTrader 4 and proprietary platforms. Axi is regulated by multiple authorities including ASIC, FCA, and DFSA. Axi is known for competitive spreads, fast execution, and extensive educational resources. Axi serves clients in over 100 countries worldwide. The Axi CEO is Rajesh Yohannan.

The features of Axi are listed below.

• Axi provides trading services also with a non-ESMA branch which is regulated by the FSA in St. Vincent and the Grenadines (SV).
• By trading with the non-ESMA branch, any Axi client can apply for leverage up to 500:1 on forex.
• Trading with Axi outside ESMA you will benefit from segregated bank accounts and client money insurance up to $1,000,000.
• Axi enables trading on the MT4 and Myfxbook platforms along with advanced tools and analytics.
• Axi offers forex trading on more than 70 currency pairs with spreads starting at 0.1 pips on EUR/USD.

FxPro is a global online broker founded in 2006, offering trading on forex, CFDs, stocks, indices, commodities, and cryptocurrencies. FxPro provides multiple trading platforms including MetaTrader 4, MetaTrader 5, cTrader, and its proprietary FxPro Platform. FxPro is regulated by multiple authorities including FCA, CySEC, SCB, FSC and KNN. FxPro serves clients in over 170 countries and has won numerous industry awards. The FxPro CEO is Charalambos Psimolophitis.

The features of FxPro are listed below.

• FxPro accepts eligible international clients with their no-ESMA office operating under SCB regulation in the Bahamas.
• The maximum leverage available on forex with the non-ESMA regulated FxPro entity is up to 200:1 for any client.
• The protection you’ll benefit from outside ESMA with FxPro includes segregated bank accounts and negative balance protection for all clients.
• FxPro supports the most popular trading platforms including MT4, MT5, and cTrader.
• FxPro provides over 70 forex pairs with floating spreads from 0.4 pips on EUR/USD.

Octa, formerly known as OctaFX, is a global forex and CFD broker founded in 2011. Octa offers trading on currencies, commodities, indices, stocks, and cryptocurrencies through MetaTrader 4, MetaTrader 5, and proprietary platforms. Octa is regulated by multiple authorities including CySEC. Octa is known for competitive spreads, extensive educational resources, and copy trading services. Octa serves clients in over 100 countries worldwide.

The features of OctaFX are listed below.

• OctaFX is globally regulated by the FSA in St. Vincent and the Grenadines (SV) where ESMA restrictions do not apply.
• Leverage on forex with OctaFX outside ESMA jurisdiction is up to 500:1.
• Any trader with OctaFX will benefit from segregated bank accounts and negative balance protection.
• Trading with the FSA regulation you may be eligible for several OctaFX promotions and contests such as the 50% deposit bonus.
• OctaFX supports MT4 and MT5 as the available trading platforms.
• OctaFX enables forex trading on over 35 pairs with spreads starting from 0.2 pips on EUR/USD.

RoboForex is a global forex and CFD broker founded in 2009, offering trading on currencies, stocks, indices, commodities, and cryptocurrencies. RoboForex provides MetaTrader 4, MetaTrader 5, and proprietary platforms. RoboForex is regulated by the Financial Services Commission (FSC) of Belize. RoboForex is known for competitive spreads, extensive educational resources, and multiple account types. RoboForex serves over 4.5 million clients worldwide. The RoboForex CEO is Andrei Dziarnovich.

The features of Roboforex are listed below.

• The only regulation held outside ESMA for Roboforex is IFSC in Belize.
• Leverage with Roboforex is up to 2000:1 on forex though it depends on the account type.
• Even when trading with Roboforex outside ESMA you’ll benefit from several protections including segregated bank accounts, negative balance protection, and a civil liability insurance program.
• Outside ESMA, you may be eligible for Roboforex bonuses such as a welcome and a deposit bonus.
• Including the most common trading platforms MT4, MT5, and cTrader, you can also use the Roboforex R Stockstrader.
• Roboforex provides access to over 40 forex pairs with floating spreads from 0.1 pips on the EUR/USD.

FIBO Group is one of the oldest brokers, offering forex and CFD trading since 1998. FIBO Group provides various trading platforms including MetaTrader 4, MetaTrader 5, and cTrader, and is regulated by the Financial Services Commission (FSC). FIBO Group has offices across Europe, Central, and East Asia, and offers multi-language support, along with various deposit and withdrawal options.

The features of Fibo Group are listed below.

• FIBO Group is a broker with a non-ESMA branch, which is globally regulated by the FSA of St. Vincent and the Grenadines (SV).
• The maximum leverage with FIBO Group under FSA is up to 1000:1 on major forex pairs.
• Your funds with FIBO Group are secured in segregated bank accounts and protected from negative balance.
• Outside ESMA, FIBO Group traders are eligible for trading bonuses even though none are currently available.
• FIBO Group has a good trading platform range with MT4, MT5, and cTrader all supported.
• FIBO Group offers around 50 currency pairs with floating spreads from 0.4 pips on EUR/USD.