Best Forex Trading Brokers in The Philippines

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.

Top Forex Brokers in Philippines

1
FXTM
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Best all around broker
High floating leverage + fast execution
2
Capital.com
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Commission-free trading on 3000+ assets
User-friendly proprietary platform with top-level analysis
3
Pepperstone
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Best ECN execution on the MT4 platform
Excellent implementation of cTrader and Smart Trader Tools
4
AvaTrade
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
High level regulation in multiple jurisdictions
Impressive range of tradeable assets including vanilla options and gold options
5
Moneta Markets
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Leverage up to 1:500 available
Proprietary platform offers a nice alternative to out-of-the box solutions

FXTM, Best all-around: high floating leverage + fast execution.
Capital.com, Award-winning proprietary trading platform alongside MT4.
Pepperstone, Great ECN execution on MT4 platform.
AvaTrade, Highly regulated, choice of fixed or floating spreads.
Moneta Markets, Great deposit bonus + leverage up to 1:500.

FXTM

5.0/5 in this category
In Summary
Best all-around: high floating leverage + fast execution

We have made FXTM our top-rated broker because in addition to its lengthy track record, it enjoys a very high level of regulation and reputation, and it offers a highly competitive fee structure which tends to keep down the cost of trading.

Unique Features

Headquarters

Cyprus

Regulation

CySEC, FCA, FSC, CMA

Year Founded

2011

Type of Broker

Instant/Market Execution

Minimum Deposit

$50

Maximum Leverage

Flexible

Type of Platform

MetaTrader 4, MetaTrader 5

FXTM, or “ForexTime”, has been around for a long time: they were founded in 2011. Recent years have seen them continue to steadily expand their business, and they are well- regulated by the U.K., Cyprus, Mauritius, and South Africa. The brand is owned by private companies incorporated in the U.K., Cyprus, and Mauritius. Customers of FXTM have access to more than 57 Forex currency pairs and crosses, precious metals, the major energies, equity indices, big cryptocurrencies, and a few individual American stocks. Talking of stocks, FXTM are quite unique in the area of trading stocks, as they enable direct trading through real legal ownership, not just wrapped as CFDs like almost every other similar brokerage offers.

FXTM offers traders a choice between two of the most popular execution models: customers may open either an ECN-type account, or one that trades by “straight-through processing”. Clients have a straight choice between two trading platforms, with both MetaTrader 4 and MetaTrader 5 on offer.

Through their Mauritius regulator, FXTM offer leverage as high as 1000 to 1. In the U.K. and Cyprus, they are limited by law from offering more than 30 to 1.

If you are looking for a broker with a good copy trading program, it is worth taking a serious look at FXTM’s “FXTM Invest” copy trading program.

FXTM Pros & Cons

Advantages

  • Excellent client deposit protection

  • Low minimum deposit

  • Free MT4 add-ons and VPS hosting

  • Good educational tools

Disadvantages

  • No cryptocurrencies or exotic currencies

  • Low leverage for retail traders

  • Internal withdrawal fees and an inactivity fee

Capital.com

5.0/5 in this category
In Summary
Award-winning proprietary trading platform alongside MT4

Capital.com presents clients with a secure and trustworthy trading environment regulated in the UK, Belarus, and Cyprus. The MT4 trading platform caters to automated trading solutions, where it maintains a leadership position. Capital.com also offers traders its award-winning proprietary trading platform, an excellent choice for manual trading strategies. Forex traders get 138 currency pairs, making it one of the best choices based on available assets. Overall, Capital.com presents more than 3,000 trading instruments and is also home to one of the largest cryptocurrency selections with 200. Capital.com ranks among the top five brokers in both categories compared against all competitors.

Unique Features

Headquarters

Cyprus

Year Founded

2017

Type of Broker

Market Maker

Minimum Deposit

$20 or a currency equivalent

Maximum Leverage

1:30 retail, 1:500 professional

Type of Platform

MetaTrader 4, Proprietary platform, Web-based

Another notable benefit at Capital.com is the commission-free pricing environment. The minimum spread commences from 0.6 pips for Forex traders, which is $6 per 1.0 standard lot. Equity traders also get minimal mark-ups on 2,400 CFDs free of commissions. Beginner traders will find the high-quality educational section beneficial. It features Investmate, a mobile app that guides new traders through their learning process. Capital.com TV and the market commentary add value to the excellent core trading environment. The retail loss rate of 71.2% also places Capital.com at or near the top, a statement reflecting its educational efforts and competitive trading conditions.

Capital.com Pros & Cons

Advantages

  • Excellent Forex and cryptocurrency selection

  • A competitive commission-free pricing environment

  • Award-winning proprietary trading platform alongside MT4

  • High-quality educational section built around Investmate

Disadvantages

  • Leverage for FCA/CySEC clients restricted to 1:30

Pepperstone

5.0/5 in this category
In Summary
Great ECN execution on MT4 platform


Pepperstone, founded in 2010 and headquartered and regulated in Australia, the U.K., and Dubai, is possibly the most well-known ECN Forex broker in the world. ASIC’s deft regulatory touch combined with local expertise made Australia a haven for broker startups heavy on technology and offering extra-speedy frictionless execution and extremely high maximum leverage. Pepperstone offer geographically eligible clients a maximum leverage as high as 500 to 1, which is enough for anybody’s trading needs.

Unique Features

Headquarters

Australia

Regulation

CySEC, FCA, BaFin, ASIC, CMA, DFSA

Year Founded

2010

Type of Broker

35,139

Minimum Deposit

$200

Maximum Leverage

1:400

Type of Platform

MetaTrader 4, MetaTrader 5, cTrader

As an ECN broker, Pepperstone offer raw spreads and low commissions. Taken together, Pepperstone’s “Razor” account gives one of the lowest and most competitive cost of trading in Forex that you will find anywhere.

In addition to their global headquarters in Australia, Pepperstone also have presences in London, England, where they enjoy full regulation by the Financial Conduct Authority (FCA), and in Dubai, where they are regulated by the Dubai Financial Services Authority (DFSA).

Pepperstone is renowned for its advanced technology tools such as Smart Trader Tools and cTrader Automate. cTrader is one of the more popular trading platforms out there but is not offered by a majority of brokers, so Pepperstone can be a good choice if you want to trade with an ECN brokerage through the cTrader trading platform.

Pepperstone Pros & Cons

Advantages

  • Low minimum deposit and high leverage

  • Choice of trading platforms and social trading alternatives

  • Comprehensive MT4/MT5 upgrade package and VPS hosting

  • Active trader program and competitive cost structure

Disadvantages

  • Limited asset selection

AvaTrade

4.5/5 in this category
In Summary
Highly regulated, choice of fixed or floating spreads

AvaTrade was founded in 2006 in Dublin, Ireland. They are one of the largest and most famous Forex / CFD brokers in the world and became well-known for offering their clients a choice of fixed or floating spread cost of trading models. They enjoy an extremely high and strong level of regulation, making them a favorite for traders who are extremely nervous about the security of their deposit, which in Ireland can be protected by a strong investor deposit protection provision. AvaTrade is directly regulated in Ireland (and by extension, the European Union), Australia, Japan, South Africa, and the British Virgin Islands. Outside the European Union, Ava’s maximum leverage offered runs as high as 400 to 1.

Unique Features

Headquarters

Ireland

Year Founded

2006

Type of Broker

ECN/STP

Minimum Deposit

$100

Maximum Leverage

1:400

Type of Platform

MetaTrader 4, MetaTrader 5, Proprietary platform, Web-based

In addition to their longevity and safe reputation, clients know that through AvaTrade they have access to a broad range of asset classes through which diversification can be achieved successfully: AvaTrade offers trading in over 55 different Forex currency pairs, 17 commodities, 20 equity indices, 14 cryptocurrencies, plus 66 individual stocks and shares. Even better, and unusually, 2 bonds and 6 ETFs are also on the menu. The diversity offered here stands out.

Whether you are located within the European Union or not, all branches of AvaTrade will offer you negative balance protection, above and beyond what is mandated by the law. This means that under no circumstances will any client of AvaTrade ever be held liable by the firm for an amount larger than their deposit.

 

AvaTrade Pros & Cons

Advantages

  • Well-regulated globally, with the Bank of Ireland, the primary regulator

  • Low minimum deposit and in-depth educational tools

  • Wide asset choice across seven sectors

  • Superior mobile trading platform

Disadvantages

  • Low leverage for retail traders

  • High quarterly inactivity fee

  • Unacceptable cost for AvaProtect

Moneta Markets

4.5/5 in this category
In Summary
Great deposit bonus + leverage up to 1:500

Moneta Markets is a subsidiary of Vantage International Group Limited (VIG), established in 2009. VIG is licensed in 3 jurisdictions and handles an average monthly trading volume exceeding $100 billion. 

Clients' funds are held in a segregated account with Australia's AA rated National Australia Bank (NAB). Moneta Markets is one of the very few Forex brokers out there that names the bank that holds their clients’ funds. 

Unique Features

Headquarters

Cayman Islands

Regulation

CIMA

Year Founded

2018

Type of Broker

Market Maker

Minimum Deposit

$200

Maximum Leverage

1:500

Type of Platform

Proprietary platform, Web-based

Moneta Markets is unique in the Forex broker world by choosing not to partner with MetaTrader, and instead only offering their own custom web-based charting and execution platform, Moneta Markets WebTrader. 

Built from the ground up, the Moneta Markets WebTrader offers traders perfect precision and unmatched stability. The all-in-one platform has all the technical indicators and chart types a trader needs, and a built-in client portal for account opening and easy deposits and withdrawals. Importantly, the platform is also available as a mobile app. 

Moneta Markets has access to Forex and other instruments such as stocks, and offers up to 500:1 leverage, with a starting minimum account deposit of just $200. 

Moneta Markets multilingual support team is available for customer service and technical support, 24 hours a day, 5 days a week. 

Moneta Markets Pros & Cons

Advantages

  • Intuitive proprietary trading platform

  • Excellent trading tools and in-house research

  • Outstanding technology infrastructure

  • High leverage and deposit bonus

Disadvantages

  • MT4 trading platform not supported

  • Higher minimum deposit

Why should you trade Forex in the Philippines?

The Philippines is an archipelagic country in the Pacific Ocean, consisting of approximately 7,641 islands. English is one of its two official languages, which fosters swift global communications. The economy is classified as a newly industrialized country, transitioning from agriculture into services and manufacturing. Science and technology play a significant role in the Philippines. Forex trading is part of everyday life for many companies and individuals throughout the country, since the Philippines relies heavily on export and tourism. The Philippine Peso (₱) or (PHP) is the currency and FX trading is growing in popularity. International Forex brokers do not require a license by the Philippine Securities and Exchange Commission (SEC). Many accept traders from the Philippines and are eager to provide their services to citizens of the Philippines.

While over 45% of the population lives on less than $2 per day, remittances cover the shortfall. They are essential to the domestic economy, surpassing foreign direct investment as a source of foreign capital. Therefore, Forex is known to most in the Philippines and is practiced monthly. Tourism was outlined by the government as one of the sectors to redistribute wealth and bring more Forex opportunities. The younger population is showing a growing interest in Forex trading in the Philippines. There are no well-established domestic Forex brokers, but many international Forex brokers cater to Philippine traders. Numerous educational companies, mentors, and coaches in the Philippines expand the reach of the Forex market among the vibrant Philippine culture.

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 the Philippines continues to grow economically, and with incomes gradually improving, the addition of Forex trading will add to the overall financial condition of traders. 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.

The highly liquid market and selection of currency pairs create trading opportunities at almost all times. Using leverage, you can increase your buying power and boost your profitability, but you must use it together with risk management. Otherwise, you will likely face losses. The direction of the market does not matter, as you can earn when an asset increases by going long or buying, and if the asset decreases by going short or selling. All that matters to you is to be on the right side of the trade. It offers you flexibility and numerous trading strategies to follow. 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 on the MT4 infrastructure, with more continuously added. Social trading represents another alternative, together with account management services. The Forex markets created numerous avenues for traders to earn money.

Why should you not trade Forex in the Philippines?

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).

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.

Forex Trading Strategies

After you determine the best Forex trading platform in the Philippines, and you've spent enough time educating yourself on how to trade Forex, it is time to proceed to the next step. You can get an excellent education from one of the many free courses online, via a Forex trading Philippines guide, or from your Forex broker. Funding your account will be simple, but you need to select one trading strategy that suits your style. If you do not have one yet, find one that fits your personality.

Here are five Forex trading strategies to consider:

  • Scalping - This requires raw spreads, which come with a commission cost, as you will trade high volumes on short timeframes to capture a few pips, often single digits. Find a Forex broker with a loyalty or reward program for high-frequency traders, as it will lower your trading costs and boost your profits.
  • Day Trading - You will close all your positions during the day, never holding overnight trades. It eliminates swap charges and eradicates the risk of unexpected developments while you are asleep. Trading decisions remain purely based on technical analysis. For diversification purposes, you want a Forex broker with a broad asset selection.
  • News Trading - It attempts to profit from the volatility following immediately after an economic release. You will require an in-depth economic calendar and a Forex broker with an excellent technological infrastructure to avoid slippage and requotes, which often accompany volatility spikes.
  • Swing Trading - Momentum indicators form the backbone of this strategy, together with candlestick patterns. You may hold positions overnight and often trade a few assets, but when you exit one, you will also enter a trade in the opposite direction to capture the reversal. Swing traders usually take continuous trades in range-bounce assets.
  • Trend Trading - This strategy is for long-term traders who follow the trend. You will only trade in well-established trends, analyzing the assets every day, and also pay attention to fundamental developments to gauge a pending trend reversal.

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.

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.

FAQs

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.

Huzefa Hamid

I’m a trader and manage my own capital. I trade the major Forex pairs, some Futures contracts, and I rely entirely on Technical Analysis to place my trades. Today, I am also a Senior Analyst for DailyForex.com. I began trading the markets in the early 1990s, at the age of sixteen. I had a few hundred British pounds saved up (I grew up in England), with which I was able to open a small account with some help from my Dad. I started my trading journey by buying UK equities that I had read about in the business sections of newspapers. The 1990s were a bull market, so naturally, I made money. I was fortunate enough in my early twenties to have a friend that recommended a Technical Analysis course run by a British trader who emphasized raw chart analysis without indicators. Having this first-principles approach to charts influences how I trade to this day.