Forex trading in the Philippines is growing in popularity on a yearly basis.
Below is a list of the best Forex brokers in the Philippines, chosen by our analysts, explaining what each broker has to offer to help you find the right broker.
The Best Philippines Forex Brokers Reviewed by Experts
- FXTM, Best all-around broker with high floating leverage and fast execution.
- Octa, A commission-free broker with a proprietary copy trading service.
- Pepperstone, Great ECN execution on MT4/5, cTader, TradingView and Pepperstone proprietary platform.
- FP Markets, ECN trading with leverage up to 1:500.
Best Philippines Brokers Comparison
| | | | |
Regulators | CMA, CySEC, FCA, FSC Mauritius, FSCA | CySEC, FSCA, MWALI International Services Authority | ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB | ASIC, CMA, CySEC, FSCA |
Year Established | 2011 | 2011 | 2010 | 2005 |
Execution Type(s) | ECN/STP, Market Maker | Market Maker | No Dealing Desk, NDD | ECN/STP |
Minimum Deposit | ||||
Average Trading Cost EUR/USD | 0.1 pips | 0.9 pips | 1.1 pips | 1.2 pips |
Average Trading Cost GBP/USD | 0.2 pips | 1.3 pips | 1.4 pips | 1.4 pips |
Average Trading Cost Gold | $0.18 | $0.30 | $0.15 | $0.16 |
Trading Platform(s) | MetaTrader 4, MetaTrader 5, Proprietary platform | MetaTrader 4, MetaTrader 5, Proprietary platform | Other, MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Trading View+ | MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Web-based |
Islamic Account | ||||
Negative Balance Protection | N/A | N/A | ||
| Visit Website | Visit Website | Get Started Visit Website75-95% of traders on margin lose | Visit Website |
The Most Trusted & Legit Forex Trading Platform In the Philippines
FXTM
In Summary Best all-around broker with high floating leverage and fast executionFXTM remains a contender for the Best Forex Broker in the Philippines Award. It is a multi-regulated and reputable broker, trusted by over 2,000,0000 traders, where maximum leverage of 1:2000 and its excellent educational section offer new traders a competitive start to trading Forex in the Philippines.
Pros & Cons
- Excellent commission-based Forex pricing environment and transparency
- Upgraded MT4/MT5 trading platforms plus proprietary mobile trading app
- Quality market research and educational content for beginner traders
- A highly regulated broker with a tier-1 license
- No cryptocurrencies and limited choice of commodities
Octa
In Summary A commission-free broker with a proprietary copy trading serviceOcta maintains a competitive commission-free trading environment with minimum spreads from 0.6 pips or $6.00 per 1.0 standard round lot. It also features swap-free trading on many assets and expands its cost advantage via a four-tier Status program that lowers trading fees. This earns Octa a place within my best Forex brokers in the Philippines listing.
The high-paying affiliate program pays up to $12 per lot, making Octa a leading broker for passive income from Forex trading. Traders also receive a 50% withdrawable deposit bonus. Besides MT4/MT5, Octa offers traders its web based OctaTrader and mobile app with a balanced asset selection.
Pros & Cons
- Quick withdrawals and deposits
- 0% commission and no overnight charges
- Space with personalised trading ideas
- Customer Support 24/7
- Mobile copy trading services available only for Android
Pepperstone
In Summary Great ECN execution on MT4/5, cTader, TradingView and Pepperstone proprietary platformPepperstone ranks among the best Philippines Forex brokers as it ensures a distinct competitive edge, enabling algorithmic trading in a code-free environment that few Forex brokers can match. It is also an excellent choice for copy traders who can diversify their portfolios through SignalStart, MetaTrader Signals cTrader Copy, and embedded MT4/MT5/cTrader copy trading services. Pepperstone also developed a proprietary mobile trading app for copy and mobile traders.
The 28-plugin Smart Trader Tools package and Autochartist upgrade MT4. Commission-based fees start with raw spreads from 0.0 pips for a $7.00 commission per 1.0 lot and a volume-based rebate program.
Pros & Cons
- Excellent choice of trading platforms consisting of MT4/MT5, cTrader, TreadingView and Pepperstone Platform
- Market-leading MT4/MT5 upgrade package, Autochartist, and API trading
- Social trading support via Signal Start, MetaTrader Signals, Copy Trading by Pepperstone, DupliTrade
- Leverage of up to 1:400 depends on jurisdiction and superb trade execution
- Demo accounts have 60-day time limits
FP Markets
In Summary ECN trading with leverage up to 1:500I rank FP Markets among the best Forex brokers in the Philippines for copy traders as they can diversify via the proprietary FP Markets solution, embedded MT4/MT5/cTrader copy trading services, fee-based Signal Start, and the well-known Myfxbook Autotrade service. It also supports cryptocurrency transactions and offers MAM/PAMM accounts for licensed account managers.
FP Markets combines a well-balanced asset selection with competitive, commission-based trading fees featuring raw spreads from 0.0 pips for a commission of $6.00 per 1.0 standard round lot. Beginners receive quality educational content, daily market reports via the FP Markets newsletter, and 24/7 multi-lingual customer support.
Pros & Cons
- Choice of trading platforms and auxiliary trading tools
- Very competitive cost structure and excellent asset selection
- Low minimum deposit requirement and leverage of up to 1:500
- Well-regulated and trustworthy
- Availability of Iress geographically restricted
Forex Trading in the Philippines
The Philippines has a vibrant Forex market, with many Forex coaches, seminars, account managers, and signal providers. Mobile trading is the preferred Forex trading method, as the Philippines relies heavily on text-message-based communication and commerce, with 1B+ SMS messages sent daily. Therefore, copy trading is widespread among Filipino Forex traders. English is an official language, making communicating with well-regulated offshore Forex brokers, which handle most of the retail Forex trading volume, easy. The population of 114M+ also presents excellent growth opportunities for Forex brokers, who frequent the Philippines with in-person events.
Forex Trading Regulations in the Philippines
The Philippine Securities and Exchange Commission (SEC) remains the sole regulatory body with oversight of the domestic Forex market. International Forex brokers do not need a license by the SEC to accept Philippine traders, but the rules and regulations change as the country attempts to reign in fraud and scams. Contacting the Enforcement and Investor Protection Department (EIPD) can provide clarity, and you can report scam and fraud attempts.
How to Verify SEC Authorization
The SEC does not maintain a list of authorized Forex brokers, but traders can check the website for claimed registration by a company or contact them via e-mail or phone.
Is Trading Forex Legal in the Philippines?
Yes, forex trading is legal in the Philippines if the broker is authorized by the Securities and Exchange Commission (SEC) which are regulating the securities industry in the Philippines responsibale for - There is no law prohibiting Forex trading in the Philippines.
However, confusion has been caused by a statement released in 2018 by the Republic of the Philippines’ Securities and Exchange Commission which simply stated that “foreign exchange trading is illegal in the Philippines”. Exactly how and on what basis it is illegal, was left unsaid.
It is true that there are no Forex brokers licensed and regulated in the Philippines, so Philippine resident Forex traders must trade with offshore brokers. It is therefore especially important that well-regulated Forex brokers in reputable jurisdictions are used.
How Can I Start Forex Trading in the Philippines?
While each Forex trader must plot their own journey, there are several similarities that beginners should consider before venturing out.
Here are some tips on getting started with Forex trading in the Philippines:
- Commit to Forex trading and take it seriously, as Forex trading involves hard work
- Prepare to study, or you are likely to fail as a Forex trader
- Forex trading is a challenge, and you must master trading psychology
- Patience is another crucial virtue of a successful Forex trader
- Learn to accept trading losses, which are part of trading, and avoid a gambling mentality, chasing after losses and hoping for a rebound
- Master risk management, the second most essential aspect of Forex trading after trading psychology
- Trade with sufficient capital, despite the absence of minimum deposit requirements, as your earnings reflect a percentage of your portfolio, and effective trading and risk management requires sufficient capital
- Use a demo account to evaluate the trading conditions of your Forex broker and apply educational lessons, and you will continue to use your demo account after you make a deposit to test and tweak strategies or to evaluate trading signals from various providers
Do Forex Traders Pay Tax in the Philippines?
The Bureau of Internal Revenue (BIR) has classified Forex income as ordinary income, subject to personal income taxes. The Philippines has a progressive six-tier income tax regime, starting with 0% and maxing out at 35%. The first rise is a 15% jump, followed by 5% increases. I advise Filipino Forex traders to consult a licensed tax professional for up-to-date tax information and compliance with all tax rules and regulations.
What Is the Best Forex Trading App in the Philippines?
While individual traders have various preferences and requirements, which impact their choice of the best Forex trading app in the Philippines, MT4 remains the industry-leading choice. It is the leading algorithmic trading platform, and traders can upgrade it via 25,000+ EAs, plugins, and custom indicators. MT4 connects to third-party trading tools, including Capitalise AI for code-free algorithmic trading, Trading Central, and Autochartist. VPS hosting ensures low-latency 24/5 Forex trading, and MT4 supports API trading, allowing advanced algorithmic traders to connect their solutions to the trading infrastructure of their Forex brokers. Copy traders can connect their MT4 account to third-party copy trading providers like ZuluTrade, DupliTrade, and Signal Start. MT5 and cTrader are reasonable alternatives with a much smaller product and service portfolio.
Tips for Choosing a Forex Broker in the Philippines
All competitive and trustworthy Forex brokers in the Philippines offer a similar core trading environment. Additionally, each Forex trader has requirements and preferences. They determine the best Forex broker in the Philippines for their chosen trading strategy.
Traders should ensure their Forex broker in the Philippines offers the following:
1. Transaction Costs - Trading fees directly impact each strategy and profitability. Competitive trading fees consist of commission-based costs with raw spreads between 0.0 and 0.01 pips on major currency pairs for a commission below $7.00 per round lot, plus a volume-based rebate program. Commission-free alternatives should have minimum spreads of 0.7 pips or less. Reasonable swap rates, including positive ones if applicable, are essential for traders who keep leveraged overnight positions.
2. Regulation - Filipino Forex traders should always trade with regulated Forex brokers, but not all regulators have competitive trading conditions. Forex brokers regulated by the FSCA, the BVIFSA, the FSC, the IFSC, the DFSA, and the CIMA offer a superb combination of regulatory security, trustworthiness, and competitiveness.
3. Trust - Trading with a regulated broker with a spotless track record spanning 10+ years confirms a time-tested, trustworthy trading environment.
4. Account Types - Most Forex brokers have simplified their account types and offer between one and three choices. Traders usually get competitively priced commission-based account types and more expensive commission-free alternatives, with few exceptions.
5. Security - The best Forex brokers in the Philippines have cyber security teams monitoring traffic 24/7. Other security features include encrypted communications between traders and brokers covering deposits and withdrawals and the trading platform, where traders manage portfolios. Mobile security includes 2FA.
6. Instruments - Traders require a well-balanced choice of instruments to benefit from trading opportunities and diversify portfolios. Since traders have different requirements, I advise checking the broker’s asset selection to ensure the required assets are available.
7. Customer Support - While most brokers offer 24/5 customer support, traders should check their broker’s office operating hours, contact methods, and response times. I also stress the importance of phone support, which remains the best option for emergencies.
8. Fees - Trading fees impact profitability, but traders should also check for non-trading or hidden costs. They should avoid brokers with deposit and withdrawal fees. Other fees to avoid are platform and data fees, administrative fees, and inactivity fees applicable after three months of dormancy.
9. Deposits and Withdraws - Filipino Forex traders should look for a choice of e-wallets and preferably cryptocurrency deposits and withdrawals. They should also check the absence of internal transaction fees and low minimum requirements.
10. Demo - Beginners can test the trading environment and incorporate educational lessons in a demo account. Seasoned traders test and tweak strategies, algorithmic traders bug-fix and test solutions, and copy traders evaluate signal providers. Therefore, beginners and seasoned traders require demo accounts without expiration but with customization options to reflect their planned live portfolios.
Types of Forex Markets in the Philippines
While your Forex broker handles all aspects of trading, you should know the different types of Forex markets in the Philippines because some brokers offer you a choice. Most retail trading remains confined to derivatives via contracts for difference (CFDs).
Here are three types of Forex markets:
- Spot Forex Market - It refers to the physical exchange of currency pairs on the spot at the given market rate. Forex trading in the Philippines often occurs using spot rates; for example, rates for exchanging currencies at your bank or exchanging at your office. Forex brokers also grant access to spot rates for CFD trading.
- Forward Forex Market - The buyer and seller agree to exchange currencies at a set price in the future or at the forward rates.
- Futures Forex Market - It is similar to the Forward Forex Market, but the contracts are legally binding. The buyer and seller must change the agreed amount of currencies at the specified price.
What Is the Best Time to Trade Forex in the Philippines?
Interesting Forex trading opportunities can appear at any time while the Forex market is open. However, the best time to trade Forex is usually during the most liquid market hours, and the time of highest liquidity in the Forex market for most currency pairs typically occurs during the London / New York overlap. . In the Philippines, these hours occur between 8pm and Midnight local time Monday to Friday. The most liquid days of the week are usually Wednesday and Thursday. The time zone location of the Philippines means that trading Forex in the evening after work can be a great way to get started.
If you are must trade during Philippines business hours, you will probably do best to focus on trading Asian currencies such as the Japanese Yen, as these are typically more liquid than European or American currencies at these times.
What Time Does the Forex Market Open in the Philippines?
The Forex market is open continuously from Monday morning in New Zealand until the close of business hours in New York on Friday, which is basically all hours except weekends. This means that most Forex brokers offer continuous trading from 5am Monday until 4am Saturday every week local Philippines time.
In the Philippines, the London session opens at 3pm, and the New York session opens at 8pm.
How to Avoid Forex and CFD Scams?
Online trading continues to evolve positively in most areas and has revolutionized retail trading, but scams have followed the explosive growth trend.
Here are my tips on avoiding Forex and CFD scams:
- In-depth education will help you understand markets, realize what they represent, and help you spot scams
- Always avoid unregulated brokers, regardless of their potentially lucrative offers
- While legit brokers never call traders, scam brokers call under the guise of helping beginners trade, which is a red flag
- Ignore social media where scammers use groups, forums, channels, and direct messaging to distribute fake live portfolio screenshots with linear portfolio growth or high success rates with the occasional loss with outsized returns
- Avoid trading bots, which only enrich sellers and fail to deliver long-term results
- Never pay for educational courses, mentors, and trading coaches, as they are offered primarily by failed traders who recover losses by selling useless products and services
- Avoid any offers that promise quick profits from small deposits with no knowledge needed
- Keep in mind that professional Forex traders average less than 12% annual profits consistently, with few exceptions
- Most successful Forex traders never share strategies, use copy trading, or offer private lessons
Conclusion
FX trading in the Philippines offers numerous economic opportunities, but traders must remain careful. Given the size of the Forex market, there are plenty of scams and frauds, some with very appealing marketing campaigns supporting their claims. They pry on new traders without experience to lure them out of hard-earned capital. Use common sense, and if an offer sounds too good to be true, it most likely is. Remember that professional traders average between 8% to 15% per year. The Forex market, given its liquidity, can deliver above that for skilled traders. Rather than wasting your time on social media hypes or making decisions based on cold calls, which no genuine Forex broker conducts, your first step to becoming a successful Forex-trading Philippines member remains education.
There are highly valuable educational courses and trading academies 100% free of charge. You may also find a dedicated Forex trading Philippine guide and never pay for the education. All the material is available without additional costs. Never rush the educational process, as it will form the backbone of your success. Remember to check the current status of Forex trading in the Philippines by the SEC by calling the Enforcement and Investor Protection Department (EIPD). Almost all international Forex brokers accept traders from the Philippines. Once you decide that you are ready, open an account with one of the top Forex brokers in the Philippines, make a small deposit or take advantage of a no-deposit offer, and continue to learn until you achieve consistent profitability. Following that, you can create a deposit plan, grow your portfolio via monthly deposits and trading income, and slowly start on your path to becoming a successful Forex trader who can enjoy its benefits. Rushing the process will grant you a place among the 75% to 85% of retail traders that operate portfolios at a loss.
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