Offshore forex brokers offer maximum leverage of 1:1000 to 1:2000, and some advertise unlimited leverage under conditions, compared with the 1:25 cap for retail forex in Japan. Of the seven forex brokers listed on FX Textbook, XS, HFM, DecodeFX, Vantage Trading, Monaxa and Exness offer up to 1:2000 and Axi up to 1:1000.
The maximum is not always the leverage you can use. Account type, account balance, instrument and whether the account is a bonus account all reduce the effective figure. This article lists the maximum leverage of each broker, explains how the limits work and shows margin calculations at each level.
Forex leverage comparison table (seven listed brokers, by account type)
| Broker | Maximum leverage | Differences by account type | Stop-out level |
|---|---|---|---|
| XS | Up to 1:2000* | 1:2000 on the Standard account; Cent, Pro, Elite and VIP per official conditions | Per account and applicable terms |
| HFM | Up to 1:2000* (varies by account) | Premium, Cent, Pro and Zero 1:2000; KATANA unlimited*; Top-Up Bonus account 1:1000 | 20% (KATANA 0%) |
| DecodeFX | Up to 1:2000* | STD, PRO and CENT all 1:2000 | Per account and applicable terms |
| Vantage Trading | Up to 1:2000* (varies by account) | Standard and ECN 1:1000; Premium 1:2000 | Per account and applicable terms |
| Monaxa | Up to 1:2000* | Standard, Pro and Zero 1:2000; Cent 1:1000; bonus accounts use dynamic leverage of 1:500 down to 1:50 | Margin call 50% / stop-out 20% |
| Axi | Up to 1:1000* | Standard, Premium and Elite all 1:1000 | Per account and applicable terms |
| Exness | Up to 1:2000* (unlimited under conditions) | Standard Cent, Standard, Pro, Raw Spread and Zero all 1:2000 | 0% (liquidation at 0% margin level) |
※ * Maximum values confirmed on each broker's official pages. Limits by balance, instrument and market conditions apply; the broker's terms prevail.
Maximum leverage versus the leverage you can actually use
Most offshore brokers reduce maximum leverage in tiers as account balance grows. Gold, indices and crypto typically carry lower caps than currency pairs, and leverage may be restricted temporarily around economic releases or at weekends.
Bonus accounts have their own rules. HFM's Top-Up Bonus account is capped at 1:1000, below the 1:2000 of its other accounts. Monaxa's Lifetime Bonus and Welcome Bonus accounts use dynamic leverage that steps down from 1:500 to 1:50 depending on the instrument and open lot size.
HFM's KATANA account is listed as "unlimited*" and Exness as "unlimited under conditions". Both apply only when balance and trading-activity conditions are met, not at all times. Check the official conditions.
Required margin at each leverage level
Required margin is the trade value divided by leverage. Trading one lot (100,000 units) of USD/JPY at 150 yen per dollar has a trade value of JPY 15,000,000.
| Leverage | Required margin | Reference |
|---|---|---|
| 1:25 | JPY 600,000 | Retail cap in Japan |
| 1:500 | JPY 30,000 | Cap on Monaxa bonus accounts (dynamic leverage) |
| 1:1000 | JPY 15,000 | Axi, HFM Top-Up Bonus account, Vantage Standard |
| 1:2000 | JPY 7,500 | XS, HFM, DecodeFX, Monaxa, Exness, Vantage Premium |
※ Illustrative calculation. Actual margin depends on balance-based limits, instrument caps and each broker's method.
At 1:2000, JPY 7,500 of margin controls JPY 15,000,000 of exposure, and a one-yen move changes the position's value by JPY 100,000. The higher the leverage, the larger the swing relative to margin.
Check leverage together with the stop-out level
High leverage means small price moves reduce the margin level quickly and bring the account closer to stop-out (forced liquidation). Stop-out levels differ by broker and account: HFM 20% (KATANA 0%), Monaxa margin call 50% and stop-out 20%, Exness 0%. A lower level makes liquidation less likely but lets losses run closer to zero balance.
All listed forex brokers have been confirmed to offer negative balance protection, so you will not be asked to pay in if a sudden move takes the balance below zero*. You can still lose the entire amount in the account. * Conditions and exceptions per each broker's terms.
- Maximum leverage is a ceiling, not a recommendation
- Check the tiered limits that reduce leverage as balance grows
- Gold, indices and crypto usually carry lower caps than currency pairs
- Bonus accounts differ in leverage and stop-out level from regular accounts
- Size positions from the loss you can accept, not from the leverage available
Frequently asked questions
Q. Which forex broker offers the highest leverage?
A. Among the seven listed brokers, HFM's KATANA account is unlimited* and Exness is unlimited under conditions; XS, HFM, DecodeFX, Vantage Trading (Premium), Monaxa and Exness offer up to 1:2000. Axi offers up to 1:1000. All are limited by balance, instrument and market conditions.
Q. How much margin do I need at 1:2000 leverage?
A. For one lot of USD/JPY (100,000 units at 150 yen), the calculated margin is JPY 7,500. A one-yen move changes the position by JPY 100,000, so funding only the minimum margin leads to stop-out on a small adverse move.
Q. Is leverage the same on bonus accounts?
A. Not always. HFM's Top-Up Bonus account is capped at 1:1000 (other accounts 1:2000), and Monaxa's bonus accounts use dynamic leverage of 1:500 to 1:50. Check the dedicated account's conditions before using a bonus.
Q. Do offshore forex brokers stop out positions?
A. Yes. Positions are liquidated when the margin level falls below the broker's threshold: HFM 20% (KATANA 0%), Monaxa stop-out 20%, Exness 0%, and so on, depending on broker and account.
Sources and conditions
FX Textbook is an independent information site, not a broker or provider of personal investment advice. Forex and CFDs involve risk. You may lose some or all of your invested capital. No trading result is guaranteed.
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