Does Plexytrade Allow US Clients?

Does Plexytrade Accept US Clients?

On the surface, it looks like Plexytrade does not accept US clients because its website footer says “All information on this website is not directed toward soliciting citizens or residents of… United States”, as you can see below.

However, such disclaimers are common at overseas brokers, sometimes based offshore (Plexytrade is registered in Saint Lucia). While it means Plexytrade may not actively target US citizens in its marketing or advertising, residents can technically still open accounts.

Website footer

To confirm Plexytrade is accessible, we first asked the customer support team on live chat whether US clients can open accounts. Despite several back-and-forth exchanges, we didn’t get a clear yes or no as to whether US residents were allowed, as you can see below.

Live chat conversation

So, we signed up for a live account from a New York IP address using a VPN. We also used a US phone number, and on the page that followed from the below, we entered a US address. We then had to verify our email address and use the authenticator app on our phone to provide a verification code.

Sign-up form

After filling in all the details, our account application was approved, and we had a live account that we could access from a New York IP address. You can see the live account dashboard below.

That said, it’s worth highlighting that we did not upload documents for verification, so it’s possible that Plexytrade may have detected our US registration at this point and rejected the application.

Account dashboard

Is Plexytrade Regulated In The US?

Plexytrade is not authorized by the country’s chief financial regulators, including the Commodity Futures Trading Commission (CFTC), the Securities and Exchange Commission (SEC), or the National Futures Association (NFA). And while Plexytrade isn’t on the CFTC’s Red List, which warns against foreign entities that may need CFTC registration, it still makes the trading platform a higher-risk choice for US investors.

This is because US regulators closely scrutinise licensed brokerages and mandate strict safeguards to protect retail investors. For example, CFDs are banned (Plexytrade offers CFDs), leverage is capped at 1:50 on forex (Plexytrade offers leverage up to 1:2000 on forex CFDs), while CFTC/NFA-regulated forex brokers must hold minimum capital of $20 million and enough qualifying assets to cover liabilities to retail forex accounts (no regulatory body is ensuring Plexytrade does this).

Like some other offshore brokers that allows US clients, Plexytrade accepts crypto payments rather than local funding routes like ACH transfer. And although we haven’t seen any evidence Plexytrade does this, the risk of using an overseas broker from the US is that should a dispute arise, for example over a withdrawal, a firm might refuse a withdrawal and block an account citing your USA location.

For these reasons, Plexytrade, which may appeal to some with its highly leveraged CFDs, remains high risk for US retail investors.

Looking for a US-regulated broker? See our best brokers for US traders.