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.
High floating leverage + fast execution
High level regulation in multiple jurisdictions
Impressive range of tradeable assets including vanilla options and gold options
Daily market research and Autochartist access
Solid broker for scalping and hedging
Institutional-style trading opportunities for retail traders
Most extensive crypto derivatives offering. Choice of 250+ Crypto CFDs
Multiple funding and swift withdrawal options
Ultra-low spreads across all Crypto derivatives
- FXTM, Best all-around broker with high floating leverage and fast execution.
- AvaTrade, Highly regulated, choice of fixed or floating spreads.
- FP Markets, ECN trading with leverage up to 1:500..
- BlackBull Markets, Best ECN trading environment, with scalping and hedging.
- Eightcap, Competitive pricing + excellent daily videos.
5.0/5 in this category
Best all-around broker with high floating leverage and fast execution
FXTM remains a contender for the Best Forex Broker in the Philippines Award. A multi-regulated and trustworthy broker, FXTM is accessible to all Forex traders in the Philippines due to its low minimum deposit of $10. Over 2,000,0000 traders trust FXTM, where maximum leverage of 1:2000 and its excellent educational section offer new traders a competitive start to trading Forex in the Philippines.
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
Proprietary copy trading platform, low minimum deposit, and high leverage
5.0/5 in this category
Highly regulated, choice of fixed or floating spreads
AVA Trade offers Philippine Forex traders an excellent choice of trading platforms. Besides the market-leading MT4 and its successor MT5, the user-friendly proprietary WebTrader offers manual traders an attractive alternative. Options traders will trade from AvaOptions, and Philippine traders who prefer trading from their mobile phones will do so from AvaTraderGO. DupliTrade and ZuluTrade, two industry leaders in this growing sub-sector of trading, support social trading.
High-quality educational offering via SharpTrader
Excellent choice of trading platforms catering to various trading needs
Broad asset selection and cross-asset diversification opportunities
Well-regulated and trusted broker with oversight from a central bank
5.0/5 in this category
ECN trading with leverage up to 1:500.
fpmarkets is an ASIC-regulated Australian brokerage which launched in 2005. For most traders, the unique selling point of this broker is in the extremely wide range of tradable assets offered, providing the opportunity to trade over ten thousand individual stocks and shares including publicly quoted Hong Kong and Australian companies. Ffpmarkets also offers 60 Forex pairs and crosses, 11 equity indices, the major commodities, and 5 cryptocurrencies including Bitcoin. fpmarkets offers an unusual hybrid ECN/STP execution model, meaning their clients can choose between ECN style of execution giving a very high level of speed, and a “straight through processing” execution style which allows for more “natural” spreads.
FP Markets 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
4.5/5 in this category
Best ECN trading environment, with scalping and hedging
BlackBull Markets was founded in 2014 in New Zealand. Like many antipodean Forex brokers, BlackBull Markets is an ECN broker, offering raw spreads and commissions. They are regulated in New Zealand by the Financial Services Providers Register (FSPR) and offer a maximum leverage on some Forex currency pairs as high as 500 to 1. In addition to their global headquarters in New Zealand, BlackBull Markets also has presences in the form of branch offices in New York and Malaysia. BlackBull Markets offers a relatively tight range of tradable assets: 27 Forex currency pairs and crosses, gold, silver, crude oil, natural gas, and 6 major equity indices. That should be sufficient for those traders with more focused strategies not requiring wide diversification.
BlackBull Markets Pros & Cons
ECN/NDD execution model with deep liquidity
Institution-grade pricing for retail traders via proprietary price aggregation
ZuluTrade and Myfxbook for social trading
Leverage of up to 1:500
4.5/5 in this category
Competitive pricing + excellent daily videos
MetaTrader 4, MetaTrader 5
Eightcap Pros & Cons
Low minimum deposit and high leverage of up to 1:500
Competitive cost structure
Excellent technology infrastructure and seasoned management team
Daily research and quality educational content
International Forex brokers do not require a license by the Philippine Securities and Exchange Commission (SEC) to accept clients resident in the Philippines, and many do.
There are no well-established domestic Forex brokers in the Philippines, but many international Forex brokers cater to Philippine resident traders. Numerous educational companies, mentors, and coaches in the Philippines expand the reach of the Forex market.
Trading Forex in the Philippines can unlock a sustainable income stream and stabilize your financial situation. While this will require time, dedication, and discipline, the long-term beneficial impact is well worth the effort. Since many in the Philippines remain indirectly exposed to traditional Forex trading via remittances sent from family members overseas, a more direct approach would represent the next step. Technological advancements make Forex trading accessible to everyone. Since the Forex market operates 24/5, it offers a convenient way to increase your revenues as you can develop a plan around your day job. Almost all international Forex brokers accept Philippine traders, and you have plenty of choices to find your best Forex broker in the Philippines.
Those who have less time to trade may also use automated trading solutions – also called expert advisors (EAs) by MT4, the leading automated trading platform. Over 20,000 exist within the MT4 infrastructure, with more continuously added. Social trading represents another alternative, together with account management services.
The Forex market remains volatile and risky for those without experience. Therefore, you must learn about trading before you can earn from it. Regrettably, there are many scams and frauds in the Forex market. The Philippines experiences a high volume of those, which prompted the Philippine Securities and Exchange Commission (SEC) to issue an advisory in October 2018, labeling Forex trading illegal in the Philippines. The advisory is no longer available on the SEC website. The aim of the SEC was not to ban Forex trading, but to stop the massive degree of fraud against Philippine traders. Those who want to inquire about the current status may contact the Enforcement and Investor Protection Department (EIPD).
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.
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.
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).
- 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.
There is no law prohibiting Forex trading in the Philippines, and of course a sizable proportion of the Philippine economy is subsidized by foreign remittances from Philippine workers abroad, which is typically converted from foreign currencies. 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. The fact is that foreign exchange trading is widespread in the Philippines, and nobody is prosecuted for it, nor do laws exist providing for such prosecution, so this really seems to be a case of a regulator responding incompetently to the fact that some traders in the Philippines have deposited money with unscrupulous, unregulated offshore Forex brokers and have been scammed. The text of the SEC’s statement said that the public is advised not to trade Forex and that no Forex broker has a license to operate in the Philippines. If Forex trading really were illegal in the Philippines, the statement would surely include more details on sanctions and laws. However, 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.
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.
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.
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.
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.
Where can I trade Forex in the Philippines?
Almost all international Forex brokers accept traders from the Philippines, and they are not required to hold a Philippine SEC license. The regulator did issue two advisories against Forex trading, making it illegal amid the high number of scams and frauds committed against Philippine traders, and the condition continues to evolve.
How do I start trading Forex?
You have to start with education, which can take years, depending on your circumstances and abilities. There is no quick way or fast track to achieving consistent profitability. After you master the basics, you can move on to identifying trading strategies suitable to you, opening a leveraged account with one of the best Forex brokers in the Philippines, and working on building your portfolio.
How much money do I need to start Forex trading in the Philippines?
It depends on how much you try to earn, and there is no simple answer. Professional traders average between 8% to 15% per year, while some achieve two to three times that amount. A portfolio below $1,000 will narrow your trading potential. Therefore, start with what you feel comfortable with, and grow your portfolio until the balance can support what you try to earn. It is usually a multi-year process, but those who remain committed to it can frequently enjoy the rewards the Forex market has to offer.
Is Forex trading allowed in the Philippines?
There are no laws against Forex trading in the Philippines, although no onshore broker is licensed to provide this service. The Republic of the Philippines Securities and Exchange Commission claimed in 2018 that Forex trading is illegal, but provided no evidence to back up this claim, nor has anyone ever been prosecuted in the Philippines for trading Forex.
Is there a tax on Forex trading in the Philippines?
Yes, individuals resident in the Philippines are liable to pay income tax on all their income, including trading profits, over 250k pesos in a tax year. Tax is applied at marginal rates from 20% to 35%.
What time does the US market open in Philippines time?
The US stock market opens at 9:30pm local Philippines time.
Can I buy US stocks from the Philippines?
Yes, you can buy US stocks from the Philippines, either by using a wide range of offshore stock or CFD brokers, or through a local bank offering share dealing services.
What is the best trading platform in the Philippines?
The best Forex trading platform in the Philippines is widely considered to be MetaTrader 4.
What is the best time to trade Forex in the Philippines?
Times of highest market liquidity are usually considered to be the best time to trade Forex. In the Philippines this corresponds to weekdays between 8pm and Midnight.