Best Forex Brokers in Philippines in 2024
Forex trading in Philippines has evolved. The trading volume among traders affiliated with the Filipino Introducing Broker (IB) has increased by 2.6 times since 2020.
In forex trading, an IB denotes an individual or entity acting as an intermediary, facilitating the introduction of new clients to foreign exchange brokers.
There are many options available for trading in forex in the country. However, it is essential to trade with the best forex brokers in Philippines that offer the best features and benefits. In this regard, we are here to guide you on the best forex brokers in Philippines in 2024 and how to choose a broker that suits your preferences.
While it advised, Forex brokers do not need to hold authorization from the Securities and Exchange Commission (SEC) to take on Philippine citizens as clients. Consequently, selecting a reputable and licensed broker is essential.
Let us explore the best 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 | |
Octa | $25 | 1:500 | |
XTB | $0 | 1:500 | |
IC Markets | $200 | 1:500 | |
AvaTrade | $100 | 400:1 | |
Pepperstone | $200 | 30:1 | |
XM | $5 | 1000:1 | |
Dukascopy | $100 | 1:200 | |
AxiTrader | $0 | 400:1 | |
Tickmill | $100 | 1:500 |
Brief of 10 Best Forex Brokers in Philippines
FXTM
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.
- Access to Philippine traders
- Over 250 financial CFD products available
- Products include currencies, commodities, and stocks
- Six different account types are offered
- Divided into Standard accounts and ECN
- Trading platforms with tutorials for beginners
- Focus on using segregated client funds
- Utilization of forex ECN for forex trading
- Comprehensive FXTM broker review available for further insight
To find more information on the advanced features, accounts, tools, and functions on the FXTM platform, check out the Fxtm review.
Summary
Regulated By: IFSC, FSC, FSCA, CySEC, and FCA
Year Founded: 2011
Minimum Deposit: $10
Max Leverage: 1:2000
Fees Structure: Commission calculated at four units of base currency using conversion rate to trading account currency; spreads start from 0.0 pips, with pairs offering tight spreads from 0.1 pips.
Octa
Octa (formerly known as OctaFX), the best trading platform in the industry with many years of trading experience, was founded in 2011.
- Regulated in one tier-2 country (Cyprus)
- Considered a high-risk forex and CFD broker
- Non-regulated offshore business in Saint Vincent and the Grenadines
- Appeals to professional traders
- Social trading platform available
- Wide range of trading instruments offered
- Customer service provided
- No dealing desk execution
- Copy trading functionality available
- Various types of trading accounts are offered
- Supports MT4 and MT5 trading platforms
- Provides trading tools on the website
However, read more of our Octa review fully and learn everything about the broker’s trading platform in detail before forex trading.
Summary
Regulated By: CySEC
Year Founded: 2011
Minimum Deposit: $25
Max Leverage: 1:500
Fees Structure: Octa, catering to Philippine traders, offers commission-free trading with competitive pricing and 0.0 pip spreads.
XTB
XTB is a broker based in Poland, Warsaw’s capital, established in 2002 with many years of trading experience.
- The XTB Group operates as a social trading website
- Authorized forex broker by multiple regulatory bodies
- Official website available in sixteen languages
read more about the broker’s platform, its trading tools, novice traders’ friendly UI, and other details from our honest XTB review
Summary
Regulated By: IFSC, FSC, FSCA, CySEC, and FCA
Year Founded: 2011
Minimum Deposit: $10
Max Leverage: 1:2000
Fees Structure: Commission calculated at four units of base currency using conversion rate to trading account currency; spreads start from 0.0 pips, with pairs offering tight spreads from 0.1 pips.
IC Markets
IC Markets is a top forex broker that was launched in 2007 and has many years of trading experience.
- IC Markets is a multi-regulated broker
- offering a wide range of tools for traders to explore
Know more about this IC Markets broker review trading platform and consider whether you are current with its trends.
Summary
Regulated By: ASIC CYSEC and FSA
Year Founded: 2007
Minimum Deposit: $200
Max Leverage: 1:500
Fees Structure: Modest trading and non-trading costs with no inactivity or withdrawal fees, making it trader-friendly.
AvaTrade
Avatrade is a top forex broker launched in 2006, with many years of trading experience.
- Avatrade offers financial firm support and user-friendly technology
- CFD instruments include bonds, crypto, equities, and ETFs
- Market offerings for small investors depend on selected worldwide
- organizations and trading platforms
- Mobile trading available for foreign currency
- Segregated client funds and Philippines forex trading tools provided
- Various trading accounts offered
check our honest AvaTrade reviews and know everything about the platform in detail.
Summary
Regulated By: ASIC, IIROC, FSP, FSA
Year Founded: 2006
Minimum Deposit: $100 for a USD Account
Max Leverage: 400:1
Fees Structure: AvaTrade web trader: No account or transaction fees, no minimum deposits, but $50 quarterly inactivity fee.
Pepperstone
Pepperstone is one of the leading Philippines forex brokers that offer CFDs to its traders. It was founded in 2010.
- London office launched to enhance service for European and global clients
- German and Cyprus businesses to handle new EU clients post-Brexit
- Cyprus Securities and Exchange Commission oversight for EU operations
- Governed by three top-tier financial regulatory bodies, ensuring Pepperstone’s safety
Also, you can check Pepperstone reviews in detail & explore their services.
Summary
Regulated By: FCA, BaFin, ASIC, CMA, SCB, DFSA, CySEC
Year Founded: 2010
Minimum Deposit: $200
Max Leverage: 30:1
Fees Structure: The fee structure of Pepperstone broker is the following: 7$ for Razor Account commission, 0.77 pip for standard account average spread, $7 for MetaTrader 4, $7 for MetaTrader 5, and $7 for cTrader. Minimum deposit of none as per any trade.
XM
Trading Point Holding, a worldwide CFD and FX broker created in 2009, is the parent business of XM, an online broker.
- Multi-regulatory platform offering many instruments for traders
- The XM ecosystem boasts one of the largest trading networks globally
- Millions of active users utilize XM trading software worldwide
However, to know more, read about the XM reviews platform as the regulator makes your stay worthwhile.
Summary
Regulated By: CySEC, ASIC, IFSC
Year Founded: 2009
Minimum Deposit: 5$ or more depending on account type
Max Leverage: 1000:1, depending on the account’s total equity
Fees Structure: XM, the regulated platform, offers no withdrawal fees and low-cost CFD trading with a low minimum deposit. While forex, CFD, and stock index costs are average, there’s an inactivity fee, yet overall charges remain reasonable compared to other platforms.
Dukascopy
Dukascopy Bank is a Switzerland-based financial organization that was created in 2004.
- Dukascopy, a leading forex broker in the Philippines
- Offers features such as banking, copy trading, and mobile trading
- Provides fast trade execution services for clients in Europe and Asia
- Specializes in major currency pairs, CFD trading, Forex, binary options, and cryptocurrencies
- Serves a growing customer base with its comprehensive offerings
- Regarded as secure due to regulatory oversight
- Holds licenses to operate as a brokerage company in Japan and throughout Europe
- Offers customer service support for clients
Learn more about these online brokers’ platforms in our dukascopy reviews and the suitable features list.
Summary
Year Founded: 2004
Minimum Deposit: $100 (Dukascopy Europe)
Max Leverage: 1:200
Fees Structure: Dukascopy platform has no transfer fees, though partner banks may charge low commissions.
AxiTrader
AxiTrader forex broker was launched in 2007 and is one of the leading forex trading platforms. The new brand “Axi” was introduced in 2020.
- AxiTrader, an award-winning platform
- Regarded as safe due to regulation by multiple jurisdictions and top-tier agencies
- Offers easy copy trading and mobile trading services
- Provides a variety of financial instruments
- Facilitates access for new traders with fast trade execution
Learn more about these online brokers’ platforms in our Axitrader review and the suitable features list.
Summary
Year Founded: 2007
Minimum Deposit: No Minimum Amount Required
Max Leverage: 400:1
Fees Structure: AxiTrader forex brokers offer low forex and CFD fees with no withdrawal or inactivity fees, yet they do have low commissions.
Tickmill
Tickmill is one of the best brokers in the international market, specializing in financial derivatives such as Forex and CFDs.
- Headquarters located at 1 Fore Street, London EC2Y 9DT, United Kingdom
- Tickmill is known for providing professional trading services at competitive pricing
- Award-winning FX broker with quick and low-cost deal execution
- Additional locations in Cyprus and Seychelles
- Offers to trade on multiple currency pairs, including the Philippine peso
- Choosing the correct currency pairs reduces the chance of loss
- European traders can benefit from an English license (FCA) or CySEC license
- International forex traders have the option to choose the FSA license
Learn more about these online brokers’ platforms in our Tickmill review Tickmill review and the suitable features list.
Summary
Year Founded: 2014
Minimum Deposit: $100
Max Leverage: 1:500
Fees Structure: Tickmill forex brokers have no transfer fees for forex and CFDs, but partner banks or eWallets may charge. They also offer low commissions.
About the SEC Philippines
The Securities and Exchange Commission (SEC), which registers and supervises the Philippine business sector, is a substantial body. The SEC, responsible for regulating over 600,000 active firms, methodically reviews the financial statements (FS) produced by each registered entity within its jurisdiction. This rigorous assessment procedure provides openness and accountability in the business environment, boosting investor trust and maintaining the integrity of the Philippines’ financial markets.
How to Verify SEC Authority?
Currently, the SEC website does not have any information related to authorized forex brokers, but traders can check their website or contact them via phone or email.
Regrettably, there isn’t a readily available compilation of approved forex brokers. However, residents can consult the SEC website for a registered firm roster or contact an SEC office directly to confirm a broker’s authorization.
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.
Safety
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.
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. A beginner 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.
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.
Do Traders Have to Pay Tax for Forex Trading in the Philippines?
Individuals engaged in forex trading in the Philippines are subject to tax obligations as marked by the Bureau of Internal Revenue (BIR). Be it a citizen or resident of the Philippines, all worldwide income must be accounted for, including earnings from foreign brokers’ forex accounts worldwide.
BIR states that the residents and citizens must account for all revenue generated through foreign sources, even when double taxation or tax treaties are viable with other countries. This means that irrespective of tax treaties, residents must maintain transparency with their forex trading income to the Philippine government.
To abide by tax obligations, residents are given access to a Tax Identification Number (TIN) to apply for a Tax Residency Certificate. This certificate is crucial in determining tax residency status and may be relevant in places where tax treaties apply.
The traders in the Philippines need help understanding and fulfilling tax responsibilities to avoid penalties or legal issues. Local tax accountant consultation would help those familiar with Philippine tax laws, ensuring accurate reporting and compliance.
To conclude, traders involved in forex trading in the Philippines must abide by the BIR’s tax regulations, which include declaring all worldwide income and complying with applicable tax treaties. Failure to do so may result in consequences from the Philippine tax authorities.
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 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.
FAQs
Which Forex Brokers Are Legal in the Philippines?
Can I Trade Forex in the Philippines?
Is Forex Trading Allowed in the Philippines?
Do Forex Traders Pay Tax in the Philippines?