Best BSP (Philippines) Regulated Forex Brokers 2018
The Banko Sentral ng Pilipinas (BSP) is the central bank of the Philippines which helps to regulate the Philippine economy, providing a safe and stable business environment. The Philippines financial system is relatively new to the world of forex trading and is under stiff competition with it’s powerful neighboring countries. The BSP works to regulate financial entities and have certain influences on forex brokers in the Philippines, but forex brokers are largely regulated by the Securities and Exchange Commission (SEC).
Introduction to BSP Regulation
The Banko Sentral ng Pilipinas was first established in as early as 1933, and has grown and changed over the years with the passing of new bills laws and regulations. The most recent provision was in 1939 when the New Central Bank Act took effect. This act made the Central Bank the monetary authority, and is where their most important regulations and duties lie today.
Although the Central Bank (BSB) is a regulatory authority in the Philippines, the SEC has far more power than the BSB. In fact, all BSB regulated brokers must follow the guidelines laid out by the SEC. That being said, the BSB still has some very important obligations it must fulfill that the SEC has no control over.
The responsibilities of the BSP differ slightly from the majority of regulatory bodies governing financial markets. Everything pertaining to forex brokers is regulated by the Securities and Exchange Commission (SEC). So, the main responsibilities of the BSP is to maintain the overall financial stability of the Philippines. In order to due do this, the BSP streamlines the money exchange process as well as other financial dealings in the forex trading industry. They establish the base rate currency against other global currencies, as well, they oversee the foreign currency reserves. These responsibilities are vital to the Philippine economy, and make the country financially stable.
How BSP Regulation Protect You
The BSP protects consumers and investors like you largely by stabilizing and protecting the Philippines economy. They help to do this by extending loans, raising capital, the issuing of advances, offering discounts, and they act as a depository for financial institutions if the economy of the country is effected negatively and needs them to step up. The BSP is very important for the economy and protects investors through these various methods as well as by keeping the liquidity of the market in demand of the economy.
Guidelines for BSP Regulated Brokers
BSP forex brokers in the Philippines are regulated and guided mainly by the SEC, therefore, there are not many guidelines set by the BSP for forex brokers. However, the BSP does impose their regulations on brokers regarding forex transactions and the peso dollars (Pilipino currency).
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List of Brokers
|BROKER||USER RATING||REGULATED BY||HEADQUARTERS||MIN. DEPOSIT||OFFICIAL SITE|
|ASIC, CySEC, FCA||Israel||$100||Open Account|
|ASIC, BVI, FSA(JP), FSB, MiFID||Ireland||$100||Open Account|
|ASIC, CySEC, FCA||Cyprus||$200||Open Account|
|CySEC, FSB||Cyprus||$100||Open Account|
|BaFin, FCA||United Kingdom||$300||Open Account|