Best Forex Brokers in Philippines in 2024

Use our guide to learn about trading Forex in the Philippines. The Securities and Exchange Commission (SEC) has governed the securities business since 1936, with a detailed history available on their Wikipedia page.

Our researchers reveal the 10 best Forex brokers in the Philippines for 2024, as their popularity grows year after year. Each proposal responds to different trading needs and includes practical tips from professionals.

Forex trading in the Philippines is the purchase and sale of currencies on the worldwide foreign exchange market, such as the Philippine Peso (PHP). While the SEC and the Bangko Sentral ng Pilipinas (BSP) ensure trader safety, it is worth noting that the majority of supported platforms in the Philippines are offshore brokers.

For a short summary of “Forex brokers in the Philippines” 

10 Best forex broker in Philippines updated list of 2024

Below we have provided you with an updated  list of 2024 of  the top forex brokers in the Philippines after thorough analysis, research, and work.

Comparison of Philippines Forex Brokers

Forex Brokers Minimum Deposit Maximum Leverage Accepts PH Residents
FXTM $10 1:2000 right
Octa $25 1:500 right
XTB $0 1:500 right
IC Markets $200 1:500 right
AvaTrade $100 400:1 right
Pepperstone $200 30:1 right
XM $5 1000:1 right
Dukascopy $100 1:200 right
AxiTrader $0 400:1 right
Tickmill $100 1:500 right


FXTM, the best trading platform in the industry with many years of trading experience, is often known as ForexTime; it was established in 2011 and is the best FX broker that the Philippines offers on its long list.

FXTM Features
Regulated By IFSC, FSC, FSCA, CySEC and FCA
Best For MT4 & MT5 (MetaTrader 4, MetaTrader 5) Platform
Year Founded 2011
Min Deposit $10
Maximum Leverage 1:2000
Tradable Assets FX, Metals, Stocks, Commodities, Currency Pair, FX Indices, Indices, Stock CFDs, Stock Baskets

It successfully accepts Philippine traders & gives access to the market with over 250 financial CFD products, including currencies, commodities, and stocks through six different account types divided into two categories: Standard accounts and ECN. These trading platforms have tutorials for beginners on this website to learn about using segregated client funds and forex ECN to begin forex trading. Get more insight about the platform in our FXTM broker review, where we have covered everything.

FXTM - Top Forex Broker in the Philippines

  • 250+ financial CFD instruments, beginner-friendly demo account, and advanced trading tools.
  • Commission-free trading is available, and customer support is provided during forex trading.
  • The trading platforms have multiple regulations in the Philippines.


  • Not available in the USA, Japan, and Canada.

Fees Structure

The commission is calculated using four units of the base currency and the conversion rate to the currency of a trading account. Spread starts from 0.0 pips, and tight spreads on pairs start from 0.1 pips.

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Octa (formerly known as OctaFX), the best trading platform in the industry with many years of trading experience, which was founded in 2011, is a regulated one and in only one tier-2 country (Cyprus), which makes it a high-risk forex and CFD broker.

The broker’s non-regulated offshore business in Saint Vincent and the Grenadines also serves professional traders a reason to trade using this social trading platform & available trading instruments, customer service, 0.0 pips, no dealing desk, customer support, copy trading, trading accounts, MT4 & MT5, and trading tools through this website.

Octa Features
Regulated By CySEC
Best For Beginners
Year Founded 2011
Min Deposit $25
Maximum Leverage 1:500
Tradable Assets Currency Pairs, Index CFDs, Commodities, Cryptocurrencies

However, read more of our Octa review fully and learn everything about the broker’s trading platform in detail before forex trading.

Octa - Best Forex Trading Broker Philippines

  • Very low min deposit, starting from $5 outside the EU and from $100 within the EU.
  • Ideal for its low spreads to avoid taking the high risk of losing your money during currency pair trade.


  • Goes inactive after 60 days.
  • Limited deposit and withdrawals methods; EUR and USD as base currencies.

Fees Structure

Octa, which accepts philippine traders, is a commission-free trading platform since a broker does not charge any fees to its clients. Spread from 0.0 pips (low spreads) and overall has a competitive pricing.

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XTB is a broker based in the capital of Poland, Warsaw, and was established in 2002 with many years of trading experience. The XTB Group, as the social trading website, is an authorized forex broker by many regulatory bodies. The official website of XTB is available in sixteen languages.

Although, read more about the broker’s platform, its trading tools, novice traders’ friendly UI, and other details from our honest XTB review, where we have covered everything regarding forex trading Philippines for retail traders.

XTB Features
Regulated By FCA, IFSC, CNMV (Spain), KNF, and CySEC
Best For Trading on Different Instruments
Year Founded 2002
Min Deposit No Min Deposit
Maximum Leverage 1:500 (Standard)
Tradable Assets Forex, Indices, Currency Pair, Commodities, Stock CFDs, ETF CFDs, Cryptos

XTB - Secure Forex Broker in Philippines

  • Low forex CFDs fees, commission-free stocks/ETFs, highly regulated.
  • Free and fast deposit and withdrawal with customer support, low spreads, and trading tools.


  • High stock CFDs fees.
  • The product portfolio is limited mostly to CFDs.

Fees Structure

When talking about the XTB broker fees structure, as per our analysis and research, we can say that they offer services without taking any commission and also provide low spreads.

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IC Markets

IC Markets is a top forex broker that was launched in 2007, with many years of trading experience. IC Markets is a multi-regulated broker with a wide range of tools under its belt for traders to explore. Although, know more about this IC Markets broker review trading platform and consider whether you are up to date with its trends.

IC Markets Features
Regulated By ASIC CYSEC and FSA
Best For Low Trading Fees
Year Founded 2007
Min Deposit $200
Maximum Leverage 1:500
Tradable Assets Forex, Indices, Commodities, Stocks, Bonds, Crypto CFD, Futures CFD

IC Markets - Best Forex Broker in Philippines

  • Easy and fast account opening on this website with customer support & mobile trading.
  • Free deposit and withdrawal and MT4 & MT5 and (MetaTrader 4, MetaTrader 5) Support


  • Limited product selection.
  • No investor protection for non-EU clients.

Fees Structure

Trading and non-trading costs are both modest. There are no inactivity or withdrawal fees, making it more suitable for trading conditions among traders.

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Avatrade features financial firm support and user-friendly technology in its trading operation. Bonds, crypto, equities, and ETFs are among the CFD instruments available on this website. Markets offered at AvaTrade for small investors will vary depending on which of the company’s worldwide organizations and trading platforms you select.

According to AvaTrade, you can even do mobile trading using foreign currency, and learn about segregated client funds, Philippines forex trading tools, and trading accounts. However, check our honest AvaTrade reviews and know everything about the platform in detail.

AvaTrade Features
Regulated By ASIC, IIROC, FSP, FSA
Best For Forex & CFD Traders
Year Founded 2006
Min Deposit $100 for a USD Account
Maximum Leverage 400:1
Tradable Assets Indices, Commodities, Stocks, Major Forex Pairs, Cryptos, Bonds, CFDs, ETFs

AvaTrade - Trusted Forex Broker in Philippines

  • Easy and fast account opening with customer support.
  • Free deposit and withdrawal options.
  • This web trader makes easy trading decisions.


  • Only CFDs, forex, and cryptos are offered.

Fees Structure

AvaTrade web trader broker does not charge any account fees, no minimum deposit of any trade, or transaction fees. But they do charge an inactivity fee of $50 quarterly.

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Pepperstone is one of the leading Philippines forex brokers that offer CFDs to its traders. The was founded in 2010. It launched a London office to serve better its European clients and those from other parts of the world. Following Brexit, their German and Cyprus businesses will handle new EU clients (the Cyprus Securities and Exchange Commission).

Pepperstone Features
Regulated By FCA, BaFin, ASIC, CMA, SCB, DFSA, CySEC
Best For Advanced Features & Trading Experience
Year Founded 2010
Min Deposit $200
Maximum Leverage 30:1
Tradable Assets CFDs in Forex, Cryptos, Shares, ETFs, Indices, Commodities, Currency Indices

Pepperstone is considered safe since it is governed by three top-tier financial regulatory bodies, However, check Pepperstone reviews in detail & explore their services.

Pepperstone - Comes in Top 10 Forex Broker in the Philippines

  • Fast and fully digital account opening and mobile trading.
  • This web trader has seamless and free deposit and withdrawal.


  • MetaTrader platform is basic.
  • High risk of losing on such distribution.

Fees Structure

The fee structure of Pepperstone broker is the following: 7$ for Razor Account commission, 0.77 pip for standard account average spread, $7 for MetaTrader 4, $7 for MetaTrader 5, and $7 for cTrader. Minimum deposit of none as per any trade.

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Trading Point Holding, a worldwide CFD and FX broker created in 2009, is the parent business of XM, an online broker. Multi regulatory platform with many instruments available for traders, With millions of active users of trading software worldwide, the XM ecosystem is one of the biggest trading networks in the world.

However, to know more, read about the XM broker review platform as the regulator makes your stay worthwhile.

XM Features
Regulated By ASIC CySec IFSC
Best For Wide Range of Forex Markets
Year Founded 2009
Minimum Deposit $5
Maximum Leverage 1000:1
Tradable Assets Forex, Stocks, Indices, Commodities, Energies, Precious Metals, CFDs

XM - Legit Forex Broker in the Philippines

  • Low stock CFD and withdrawal fees.
  • Easy and fast account opening with ultra-low spreads.


  • Average forex and stock index CFD fees.
  • Different trading strategies.

Fees Structure

The regulator platform XM has no withdrawal fees and offers cheap CFD trading expenses. On the other hand, forex, CFD & stock index costs are merely average, and there is a price for inactivity; it has a low minimum deposit. Overall reasonable charges compared to other forex market platforms.

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Dukascopy Bank is a Switzerland-based financial organization created in 2004. Dukascopy, one of the best forex broker in the Philippines offers features like banking, copy trading, mobile trading, and fast trade execution services for clients in Europe and Asia and more. These online brokers specialize in major currency pairs, CFD trading, Forex, binary options, and cryptocurrencies for their growing customer base.

Dukascopy Features
Regulated By FINMA
Best For Cryptocurrency Trading
Year Founded 2004
Minimum Deposit $100 (Dukascopy Europe)
Maximum Leverage 1:200
Tradable Assets Forex, CFD, Binaries, Cryptos

This foreign exchange trading platform is regarded as secure since it’s regulated. It also holds licenses to operate as a brokerage company in Japan and throughout Europe and has customer service. Learn more about these online brokers’ platforms in our Dukascopy review and the list of features suitable for you.

Dukascopy - Best Broker for Forex Trading in Philippines


  • Offers a wide range of tradable assets, including Forex, cryptocurrencies, and commodities.
  • Regulated under a Swiss banking license and by Japan FSA.


  • Charges inactivity fees from Filipino traders when they are inactive for some time.
  • New traders will need time to learn.

Fees Structure

The Dukascopy platform does not charge any transfer fees, but a commission fee does charge by partner banks which is generally low commissions.

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AxiTrader forex broker launched in 2007, is one of the leading forex trading platforms. The new brand “Axi” was introduced in 2020. AxiTrader an award-winning platform is regarded as safe because multiple jurisdictions and top-tier agencies control it.

It allows easy copy trading, mobile trading, and financial instrument service, it also provides easy access to new traders with fast trade execution.

AxiTrader Features
Regulated By FCA, ASIC, DFSA
Best For Low Forex Fees and & Transaction Free of Charge
Year Founded 2007
Minimum Deposit No Minimum Amount Required
Maximum Leverage 400:1
Tradable Assets Forex, CFD, Crypto

Axi - BSP Regulated Forex Broker in the Philippines


  • Fully regulated and authorized with ultra-fast execution & financial instruments.
  • Trusted and award-winning broker with a substantial track record.


  • Withdrawals can only be made to a bank account or Neteller.
  • The Brokers offer fewer options to trade.

Fees Structure

AxiTrader forex brokers have low forex and CFD fees. Non-trading costs are also low as no withdrawal or inactivity fees are charged but have low commissions.

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Tickmill is one of the best brokers in the international market specializing in financial derivatives such as Forex and CFDs. 1 Fore Street, London EC2Y 9DT, United Kingdom, is where the company’s main headquarters are situated. For many years, Tickmill has demonstrated its ability to provide traders with professional trading services at the most competitive pricing. The award-winning FX broker is well-known for its quick and low-cost deal execution.

Tickmill Features
Regulated By CySEC FCA & FSA
Best For Active and VIP Traders
Year Founded 2014
Min Deposit $100
Maximum Leverage 1:500
Tradable Assets CFD, Currency Pairs, Cryptocurrencies, Forex, Stock, Precious Metals, Bonds

There are further locations in Cyprus and Seychelles. One can trade on multiple currency pairs/forex pairs, including the Philippine peso. Depending on the financial situation, there is less chance to lose money using the right currency pairs, so traders with that approach will be in profit. European merchants must use an English license (FCA) or a CySEC license, which provides additional benefits. International forex traders can trade choose the FSA license.

Tickmill - Best Fx Broker Philippines


  • International forex with fast and easy account opening with fast execution.
  • Free deposit and withdrawal along with mobile trading.


  • Outdated platform design and functions.

Fees Structure

Tickmill forex brokers do not charge any transfer fees for using minimum deposit & withdrawal methods for forex and CFDs, but partner banks or eWallets do take charge. Low commissions as compared to others.

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How to Verify SEC Authority?

As of now the website of the SEC does not have any information related to authorized forex brokers, but traders can definitely check their website or contact them via phone or email.

Is Forex Trading Legal in the Philippines?

Yes, it is legal to trade forex in the Philippines. The Bangko Sentral ng Philippines (BSP), the nation’s central bank, controls foreign exchange transactions and ensures that authorized dealers and their foreign exchange dealings adhere to the rules. The Securities and Exchange Commission (SEC), an agency of the Philippine government tasked with registering and supervising firms, securities, capital market institutions, and players in the country, plays another vital role.

However, those who trade currencies/forex should ensure they do it with legitimate firms since the BSP has also issued cautions against unlicensed currency dealers and dubious schemes. Conducting research and due diligence before beginning any investment operations is generally wise.

How Do I Trade Forex in the Philippines?

If you are trading forex in the Philippines for the first time, then you need to check reviews of Philippines forex brokers and trading regulations in the Philippines for better results in forex trading. Below are a few steps to follow if you are looking for brokers in the Philippines:-

Learning the Basic

The basics are the first thing to learn regarding forex trading. You must understand what forex trading entails, as well as the dos and don’ts of online trading and how the trade forex market functions for forex market participants, which is distinct from an exchange-based system such as stocks. Learning the fundamentals can assist you in avoiding losing your money rapidly. It also gives additional security after research.

If a forex trader believes the foreign exchange market rate of currency pairs/forex pairs will climb in the near future, he will purchase it, and if the foreign exchange rate decreases, he will sell it. The best example is gathering data or resources through an online search to learn more.

Pick a Forex Broker by Utilizing the Demo Account

New users can use a forex demo account platform before spending their money on trading CFDs. When you use this demo account, you will not lose any money. You can also plan trading strategies to avoid possible losses. The broker offers novice users the opportunity to learn the functionalities of a forex platform before engaging in real-money trading.

Set a Budget for Forex Investment

After understanding the fundamentals, selecting a forex broker, utilizing the practice/demo account, and developing a trading strategy, the next and last stage is determining your budget. Beginners forex trader should start their trading plan with a small amount of Philippine Pese (PHP) to prevent significant losses as they don’t have enough experience.

After starting with a small amount of money, you may steadily raise it with each investment. Making the right investment decision is vital. Only invest if you have set a budget.

Making your First Move – Let’s Begin!

Step 1- Starting the Trading Platform

After choosing the forex platform or a reliable broker, open an online trading account.

Step 2- Open the Chart

After you’ve opened an online trading interface, you’ll need to pick a currency pair and then open a chart. Set the timer for 15 minutes.

Step 3- Add Indicators

The chart’s next stage is to add indicators. The broker will add a 200 EMA and MACD to the mix. The price may rise if the price is above the line when the 200 exponential moving averages are used. If the price is below the line, it is possible that it will continue to fall. Beginners should be careful and fully understand how to apply strategies.

Step 4- Place the Order

The next step is to place the order on the site after ensuring stable pricing. Going short 1 mini lot is another name for the short transaction. You can do fx using dollars or any other currencies websites accept.

Step 5- Set Up the Stop Loss

Setting the stop loss and taking profit levels is the next step for financial transaction instruments. Although this step is not required, it is strongly suggested. Setting a stop loss at half a pip or slightly lower than your take income level will help you avoid losing money and invest rightly. Traders lose money rapidly due to less knowledge of the stop loss.

Step 6- Order Confirmation

Wait for the confirmation email after you’ve successfully placed your order. The confirmation notice functions similarly to a ticket number, which may be required if you need to contact your online brokers regarding a currency transaction.

Step 7- The Waiting Period

The waiting period begins when you receive the order confirmation message. Because traders from everywhere find it difficult to exit the market during this period, it is one of the most challenging ideas in forex trading.

Step 8- Trade Completion

The deal will very certainly be finalized after a short delay. It should be noted that not all deals are profitable. It is always a good idea to minimize your risk in any trade by the forex trader. Following all, you can start trading forex and do the foreign exchange trading of choice.

Tips for Choosing the Best Forex Broker Philippines

Broker Regulation

Different online forex brokers have different sets of regulations that beginners should check carefully while doing a foreign exchange. Before choosing the broker, check the set regulations in the Philippines and compare the same.


The first thing to look for is a broker offering currency trading and how beginner-friendly the site is. Never put your money in the hands of firms who are breaking the law or regulation, which can result in chances of losing your money. Make sure the broker you choose follows the Bangko Sentral ng Pilipinas guidelines, the Philippine institution regulating trading. Its BSP (Bangko Sentral ng Pilipinas) is the central bank of the Philippines, thus making foreign exchange trading safer.

The foreign exchange provider broker should take full responsibility for the information on the website and help keep funds safe. A good broker will offer risk warning advice and provide suitable funds. Moreover, every trader will undertake a verification process and ensure good trading in the Philippines with other traders under regulation. You cannot afford to lose money; avoid high leverage, especially if you are a beginner trader and understand well about other financial instruments lack of experience can result in a loss

Support Philippines Peso

Check if the online forex brokers support the Philippine peso. Many international forex broker platforms don’t support the Philippine Peso.

Trading Fee

All traders from around the world understand how commissions may eat into their earnings, so they look for brokers with the lowest transaction costs. Forex brokers Philippines, unlike stockbrokers or partners in any other country, do not normally charge fees; instead, they profit from spreads. Research about the same. The difference between the purchase and sell, or bid and ask, prices is known as a Spread.

Fixed and variable spreads are common. Fixed spread brokers offer a charge between 2 and 5 pips on major currency pairings and 5 to 15 pips on currency crosses. Those that use changeable spreads are likely to have substantially lower spreads. Variable spreads on majors can range from 0.1 to 0.8, while on crosses they can range from 2 to 5.

Trading Platform

If you are a resident of the Philippines, and trading with investment objectives in your mind, then you should also look at the trading platform and tools the broker provides. Moreover, they are highly regulated and simple. The trading platform with fewer risks involved will be your primary tool for executing trades.

The Philippines continues to make trading forex easy. If it’s awful, it doesn’t matter how excellent you are at trading or how effective your trading system is; you might make a bad decision because you don’t know which icon or button to press and end up making a bad transaction which can cause chances of losing your money. The risks involved should be dealt with carefully, and one should know their risk appetite & have a proper trading plan.

Do a proper analysis about spread trading, collect data, and seek an example of profitable trading forex websites before trading in the Philippines. Research and choose a list of the best brokers with the best social trading platform that accepts USD dollars or other currencies, including digital assets for trading.

Good Customer Support

Before creating an account with a broker, beginner traders should check out the customer support section of their website to get investment advice on complex trading instruments and modern trading platforms. You should expect prompt responses, prompt answers, and courteous treatment of your concerns regarding financial markets and other financial instruments that best fit the resources needed. The website team helps you avoid the risks involved as most are beginner-friendly and help smooth foreign exchange.

Do not trade with that broker if queries are not addressed quickly to customers and concerns are not resolved for weeks. Ask as many questions as possible about fx, benefits, withdrawals, social trading, the range of financial markets, CFC, and other information you should know. Seeking the right advice and tips will help you to perform well using complex instruments and avoid the risks involved.

What Time of Day Should I Trade Forex in the Philippines?

A global market that is open 24 hours a day, five days a week, from Monday to Friday, is the foreign exchange (FX) market. The optimal time to trade forex in the Philippines depends on the trader’s preferences and trading plan because the market is active during several time zones.

The forex market can, however, be more active and liquid at specific times, which can present traders with more opportunities. These are the moments when two or more significant trading sessions run concurrently. The following overlapping sessions are the ideal times to trade forex in the Philippines:

  • The opening hours of the Tokyo and London markets are 3:00 AM to 4:00 AM EST.
  • The hours that the New York and London markets are open are 8:00 AM to 12:00 PM EST.
  • when both the Tokyo and Sydney markets are open, or from 7:00 PM to 2:00 AM EST.

Conclusion on Forex Broker Philippines

In conclusion, it’s critical to consider several variables when selecting a forex broker in the Philippines to ensure you’re working with a reputable and trustworthy broker.

First, determine whether the broker is subject to regulation by the relevant agencies, such as the Securities and Exchange Commission (SEC) or the Bangko Sentral ng Philippines (BSP). This guarantees that the broker abides by stringent rules and procedures, giving you superior security and defense.

Next, think about the broker’s trading platform. The platform should be simple to use, reliable, and include all the features and tools, and financial instruments required for successful trading along with that a great customer support team.

By taking into account these variables, you can find a reputable forex broker in the Philippines that satisfies your requirements and aids in the accomplishment of your trading objectives.


Which Forex Brokers Are Legal in the Philippines?

Best forex broker Philippines is legal when the respective financial regulatory body regulates it, which makes it safe for forex traders.

Can I Trade Forex in the Philippines?

Yes, you can if you are eligible enough to do forex trading.

Is Forex Trading Allowed in the Philippines?

Foreign exchange trading in the Philippines is allowed only in a few regions where you can safely do forex trading.

Do Forex Traders Pay Tax in the Philippines?

The CTA determined that a currency gain gained or realized by changing dollars to peso under a hedging contract is not part of an entity’s PEZA or BOI-registered activity and is not taxable for forex traders.

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