One of the most important steps to forex trading locally, is to find the best forex broker Philippines has to offer. When you are starting in the world of forex trading Philippines as beginners, it is a big subject, but one that can be broken down into easy to learn topics.
In this guide, we will work to get you through some of the basics of how to start forex trading, how to find legitimate forex brokers in the Philippines, and why is important to choose Tier 1 regulated and BSP regulated forex brokers.
Once we have given you that foundation, we can jump straight into uncovering the best forex brokers in the Philippines and show you the criteria for selecting the best trading platforms!
Forex Trading Philippines For Beginners
So let us start with the important topic of Forex Regulation.
Philippines Forex Trading Regulation
When it comes to forex trading in the Philippines, there are a few key regulators that you need to be aware of.
These include the Securities and Exchange Commission (SEC), and the Central Bank of the Philippines, or Bangko Sentral ng Pilipinas (BSP).
Is forex trading Philippines legal?
In short yes it is. The BSP and SEC are responsible for regulating the financial markets in the Philippines, including forex brokers. They have a wide range of powers to protect investors, including the power to investigate and prosecute cases of fraud.
The BSP is responsible for monetary policy in the Philippines and also regulates the banking sector. They are not specifically tasked with regulating forex brokers but do have some oversight of the industry.
Legitimate forex brokers in the Philippines BSP regulated
When looking for the best forex broker Philippines, it is important to make sure that they are either SEC or BSP regulated.
There are various Internationally regulated legitimate forex brokers in the Philippines that are acceptable to consider, but it is usually better to choose one that has gone through the local processes.
This will ensure that your broker is subject to strict financial regulations and that you have some recourse if things go wrong.
BSP Regulated forex broker in the Philippines
Forex trading Philippines is tightly regulated by the Bangko Sentral ng Pilipinas (BSP), making it an attractive option for traders looking to invest and make profits with some security.
There are many Philippines forex brokers operating in the country, with most of them being regulated by the BSP. That being said, many Philippines forex traders still go through larger Internationally regulated forex brokers.
It could be in part due to the fact that there is usually more variety of instruments, lower spreads, and a higher investment in some of the ancillary services like trading apps that make forex trading in the Philippines easy to access.
These brokers offer a variety of services and tools to help traders make informed decisions. Whether you are a Philippines forex trading beginner or an experienced trader, choosing a broker that is regulated by the BSP or at the very least a global tier 1 regulator offers stability, security, and peace of mind.
BSP regulated forex brokers must abide by the rules
The BSP, or Bangko Sentral ng Pilipinas, is the Philippines’ central bank and regulatory authority for forex brokers in the country. As such, it is responsible for ensuring that forex brokers operating within its jurisdiction adhere to strict regulations and guidelines aimed at promoting a safe and stable forex market.
One of the key requirements for forex brokers in the Philippines is to be registered with the BSP. There are a few standard rules that each BSP regulated forex broker in the Philippines must abide by, which are outlined below:
- In order to obtain a registration, forex brokers must first pass a series of fit and proper tests to ensure that they are capable of providing their services in a fair, transparent and honest manner.
- Additionally, BSP regulated forex brokers must also maintain a minimum capital requirement of PHP 10 million (roughly $200,000).
- The BSP also requires forex brokers to segregate their client funds from company funds and to maintain a physical presence in the Philippines.
These requirements are aimed at protecting forex traders in the event that a broker becomes insolvent or otherwise unable to meet its financial obligations.
Best Forex Broker In The Philippines
If you’re looking for the best forex broker Philippines has to offer, you’ve come to the right place.
In this section, we’ll provide an overview of the best forex brokers in the Philippines, as well as explain what factors to look for when choosing a broker.
Forex trading in the Philippines is becoming more and more popular, and forex brokers are starting to emerge to cater to this growing market.
eToro Have The Best Product Range Amongst Forex Brokers In The Philippines
MINIMUM DEPOSIT – $50
REGULATION – ASIC, CySEC, FCA, FinCEN
INSTRUMENTS – FOREX, CFDs, STOCKS, CRYPTOCURRENCY, SOCIAL TRADING
eToro is one of the leading forex brokers in the World, and offers an excellent trading platform to users in the Philippines. The broker continues to offer a wide range of forex products and services to its clients, including forex trading platforms, forex education, and forex market analysis. eToro has a strong presence in the global trading market, and is considered to be one of the best online brokers in the Philippines.
In addition to the range of services, eToro Philippines is a member of the Financial Commission, an international organization that provides dispute resolution services to forex brokers and traders. The company is also regulated by the Cyprus Securities and Exchange Commission (CySEC), alongside many other global regulators.
FXTM Are Amongst The Lowest Spread Forex Brokers In The Philippines
MINIMUM DEPOSIT – $50
REGULATION – FCA, CySEC, FSCA, FSC
INSTRUMENTS – FOREX, CFDs
One of the brokers that has been making a name for itself with one of the best forex trading platforms in the Philippines is FXTM.
FXTM is a global forex broker that offers online forex trading services, and CFD trading opportunities to Filipino forex traders. FXTM is regulated by the Financial Conduct Authority (FCA) in the UK, FSCA in South Africa, the Cyprus Securities and Exchange Commission (CySEC), and the FSA of Mauritius for Internationally based users.
FXTM has received numerous awards and recognition from the forex trading industry, with the trophy cabinet filling each year. Undoubtedly, FXTM are one of the best forex brokers in the Philippines today.
XM Are One Of The Philippines Best Forex Brokers All Around
MINIMUM DEPOSIT – $5
REGULATION – CySEC, FSC, FSCA
INSTRUMENTS – FOREX, CFDs, COMMODITIES
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In XM you will see another top forex broker in the Philippines. They are regulated in Europe by CySEC, passported across into FCA and other European Countries.
As a forex specialist, XM offer the MetaTrader 4 trading platform with a whole host of supporting educational features and trading indicators for technical trading.
Accounts can be opened with as little as $5, with deposit bonuses usually available and they offer a variety of account types to suit your needs.
AvaTrade Philippines Social Trading Is Globally Competitive
MINIMUM DEPOSIT – $100
REGULATION – ASIC, CBI, FSCA, BVI, FSC, JFSA, FRSA
INSTRUMENTS – FOREX, CFDs, OPTIONS, CRYPTOCURRENCY, SOCIAL TRADING
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FBS Offer Low Minimum Deposit & MetaTrader Trading Platforms
Another great option is FBS. They are also regulated by the SEC and offer a variety of account types with low minimum deposits. In addition, they offer the MetaTrader 4 and 5 trading platforms, as well as their own proprietary platform.
Best Forex Broker Philippines Rating Criteria
There are various criteria that are important when you are choosing between the best forex brokers in the Philippines. You will see below a list of some of those we deem most critical:
- Regulation
- Customer Support
- Trading Platform
- Security
- Reputation
- Instruments To Trade
- Trading Fees
Regulation Is The first thing to consider in the best forex broker in the Philippines
In Philippines, forex brokers are required to be regulated by the Securities and Exchange Commission (SEC) or BSP.
This ensures that your broker is operating legally and that your funds are protected.
The only other brokers that will be open to consideration amongst the best brokers in the Philippines are those holding Tier 1 regulation from other global forex regulators. The quality of the regulation should not be overlooked in your decision.
Customer Support Is A Critical Component In Any Top Forex Broker
When looking for the best forex broker in the Philippines, one of the most important criteria to consider is the quality of customer support provided by the company.
A good forex broker should have a knowledgeable and responsive customer support team that can provide expert guidance and assistance with any issues or concerns you may have while trading.
A Top Trading Platform Is Required To Be A Top Forex Broker
The trading platform offered by the forex broker is the software that you use to place trades and track your account.
Make sure that you are using one of the best trading platforms in the Philippines that is user-friendly and with all the features that you need.
Security Cannot Be Overlooked
Another key factor to consider when choosing a forex broker is the security of your personal and financial information.
A reputable and reliable forex broker will use the latest security technology to protect your data and ensure that your money is safe.
Reputation and Broker Reviews From Existing Users
When searching through Philippines forex brokers, it is important to select one with a good reputation; preferably from its’ own user base.
You can check reviews and ratings from other traders to learn more about the quality of service provided by different forex brokers in the Philippines. After all, the users themselves will usually be more candid about the trading experience than other broker review sites.
Where we can test a forex broker for some time and review these user reviews ourselves on your behalf, the actual users that have been trading with the broker for years will have a lot of insight that should not be overlooked.
Range of Instruments Offered Is Important
In order to be considered one of the best forex brokers in the Philippines, a company should offer a wide range of trading products and services.
You would want to see forex of course, alongside CFDs including stocks, commodities, indices, and cryptocurrencies.
This will give you more opportunities to make online trading in the Philippines work for you.
Trading Costs Are a Key consideration for trading forex in the Philippines.
Most brokers charge a commission, spreads or a fee per trade. Choose a Philippines forex broker that charges reasonable fees and maybe even offers discounts for active traders.
The lower the fees you pay, the more capital you keep in your own trading account.
Now that you know what to look for in a forex broker, let’s take a closer look at the top forex brokers in Philippines.
Forex Trading Philippine Peso (PHP)
The Philippine peso is the official currency of the Philippines.
It is subdivided into 100 centavos, and is also called the “piso” in Filipino. The peso is issued by the Bangko Sentral ng Pilipinas (Central Bank of the Philippines).
In forex trading, the Philippine peso is often abbreviated as “PHP.”
The peso is a relatively young currency, having only been introduced in 1852. It was originally pegged to the Spanish silver dollar at a rate of two to one.
The Philippine peso has undergone a number of revaluations over the years, most notably in 1949 when it was pegged to the U.S. dollar at a rate of one to one. The peso was floated in 1973, and has since been allowed to trade freely against other currencies.
Today, the Philippine peso is one of the most traded currencies in Asia. It is popular with forex brokers due to the large number of Filipino expatriates working in countries all over the world.
If you’re looking to trade the Philippine peso, you’ll need to open an account with a forex broker that offers PHP trading. Many forex brokers offer PHP-denominated accounts, which can be helpful for Filipino traders.
MINIMUM DEPOSIT – $50
REGULATION – ASIC, CySEC, FCA, FinCEN
INSTRUMENTS – FOREX, CFDs, STOCKS, CRYPTOCURRENCY, SOCIAL TRADING