The term brokerage account refers to accounts that have been opened specifically for the process of participation in the financial markets. Such accounts normally have linkages to your financial products portfolio and the trading platform enabling you to pay and receive payments for all your transactions in the trading platform.
Brokerage accounts are used for trading in the Forex Market, Stock Markets, Commodity Market, Forward Markets, etc. They are generally opened by banks, financial services companies, and investment banks. Many of these banks levy associated charges from consumers for providing a brokerage account and linking to your bank account.
The benefits of offshore brokerage accounts are however tremendous as it enables you to trade on your desired stock market, commodities platform or asset management platform in a tax neutral country. The need for any third-party intermediary to transfer funds is minimized and you are in complete control of your portfolio.