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 platform.
- Dukascopy, .
- 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 | N/A | ASIC, CySEC, FSCA |
Year Established | 2011 | 2011 | 2010 | 2004 | 2005 |
Execution Type(s) | ECN/STP, Market Maker | Market Maker | No Dealing Desk, NDD | ECN/STP | ECN/STP |
Minimum Deposit | |||||
Average Trading Cost EUR/USD | 0.1 pips | 0.9 pips | 1.1 pips | 0.3 pips ($3.00) | 1.2 pips |
Average Trading Cost GBP/USD | 0.2 pips | 1.3 pips | 1.6 pips | 0.8 pips ($8.00) | 1.4 pips |
Average Trading Cost Gold | $0.18 | $0.30 | $0.20 | $0.32 | $0.16 |
Trading Platform(s) | MetaTrader 4, MetaTrader 5, Proprietary platform | MetaTrader 4, MetaTrader 5, Proprietary platform | MetaTrader 4, MetaTrader 5, cTrader, Trading View | MetaTrader 4, Proprietary platform, Web-based | MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Web-based |
Islamic Account | |||||
Negative Balance Protection | N/A | N/A | |||
| Visit Website | Visit Website | Visit Website | Visit Website | 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 platformPepperstone ranks among the best Philippines Forex brokers as it ensures a distinct competitive edge with Capitalise AI, 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 Myfxbook Autotrade, DupliTrade, 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, and cTrader
- Market-leading MT4/MT5 upgrade package, Autochartist, and API trading
- Social trading support via Myfxbook, MetaTrader Signals, and DupliTrade
- Leverage of up to 1:30 and superb trade execution
- Demo accounts have 30-day time limits
Dukascopy
In SummaryDukascopy excels with its ECN solution Swiss FX Marketplace (SWFX), connecting with 20+ banks for deep liquidity and superb order execution, powering its competitive STP/NDD/ECN environment. Besides MT4/MT5, traders get JForex or can request account management services from a $1,000 deposit. Dukascopy also has a cutting-edge cryptocurrency infrastructure, including its Dukascoin. Therefore, I rank Dukascopy among the best Forex brokers in the Philippines.
High-volume and high-frequency traders benefit from a volume-based rebate program, lowering average Forex spreads of 0.2 pips for a minimum commission of $7.00 per 1.0 standard round lot. Competitive in-house research and research tools also exist.
Pros & Cons
- Numerous platforms and features
- Both demo and Islamic accounts
- Good customer support
- Inability to close chat
- Somewhat overwhelming website
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 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?
The first step is committing to making a serious attempt at trading Forex successfully. This will take some hard work - if you aren’t prepared to study, you almost certainly will not be successful at it. Most most new traders find it is a challenging process, both practically and psychologically. If you are a patient person and you can spend time on your own in front of a computer figuring out puzzles without losing patience, then you might have the right personality and skill set to be good at trading Forex.
It is also important that you accept an outcome where you lose money, especially at the beginning, as almost all traders struggle to avoid significant losses while they are learning. If you are a compulsive gambler, or if you have no ability to take a series of controlled losses by limiting your risk, you will struggle to succeed at trading Forex.
If you decide to try to become a profitable Forex trader, you will need enough money to get started. Although there are many Forex brokers that do not require any minimum deposit, to trade safely and limit your risk appropriately you need at least $12 if you are trading nano-lots, or $120 if you are trading micro-lots. Typically, the higher the sum you deposit with a broker, the better trading conditions you will get in return.
The last step in starting Forex trading is opening a demo account with the best broker for you, and then after practicing, opening a real money account. You will be able to choose the best Forex broker for you by reading the rest of this article and assessing each of the Forex brokers listed here.
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.
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.
You might also be interested in reviewing the below top brokers:
