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Best Forex Brokers in the Philippines 2021

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Currency trading is relatively new in the country and as you may guess there are a lot of scammy brokers around. How do you protect your money from those guys? You need to trade with a BSP regulated broker and we inside this article we will show you which are the very best of these brokers.

The brokers below represent the best forex brokers for trading in the  Philippines.

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BrokerRatingOfficial SiteRegulationsMin DepositMax LeverageTrading PlatformsFoundation YearPublicly TradedTrading Desk TypeCurrenciesCommoditiesIndicesStocksCryptoCommission on tradesFixed spreadsoffers promotionsOfficial Site
FP Markets
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Your capital is at risk

ASIC, CySEC

$100

1:500

IRESS, MT4, MT5, WebTrader

2005

DMA, ECN, No dealing desk, STP

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Your capital is at risk

Vantage International Group
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Trading Forex and CFDs involves significant risk and can result in the loss of your invested capital. You should not invest more than you can afford to lose and should ensure that you fully understand the risks involved. Trading leveraged products may not be suitable for all investors. Before trading, please take into consideration your level of experience, investment objectives and seek independent financial advice if necessary. Please read our legal documents and ensure that you fully understand the risks before you make any trading decisions.

CIMA

$200

1:500

MT4, MT5, WebTrader

2009

ECN, STP

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Trading Forex and CFDs involves significant risk and can result in the loss of your invested capital. You should not invest more than you can afford to lose and should ensure that you fully understand the risks involved. Trading leveraged products may not be suitable for all investors. Before trading, please take into consideration your level of experience, investment objectives and seek independent financial advice if necessary. Please read our legal documents and ensure that you fully understand the risks before you make any trading decisions.

AvaTrade
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71% of retail investor accounts lose money when trading CFDs with this provider

ASIC, BVI, CBI, CySEC, FSA(JP), FSC, FSCA

$100

1:30

AvaOptions, AvaSocial, AvaTradeGo, MT4, MT5, Proprietary, WebTrader

2006

Market Maker

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71% of retail investor accounts lose money when trading CFDs with this provider

Finsa Europe Ltd
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Financial spread trading comes with a high risk of losing money rapidly due to leverage. You should consider whether you understand how spread trading works and whether you can afford to take the high risk of losing your money.

ASIC, FCA, FSCA, SCB

$0

1:200

Proprietary

2020

Market Maker

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Financial spread trading comes with a high risk of losing money rapidly due to leverage. You should consider whether you understand how spread trading works and whether you can afford to take the high risk of losing your money.

XTB
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77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

CNMV in Spain, CySEC, FCA, IFSC, KNF

$0

1:500

MT4, xStation 5

2002

Market Maker, STP

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77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

FXTM
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82% of retail CFD accounts lose money

CySEC, FCA, FSC

$10

1:30

MT4, MT5

2011

No dealing desk

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82% of retail CFD accounts lose money

Pro Tip: Most of these brokers offer free demo accounts so you can test the brokers and their platforms with virtual money. Give it a try with some play money before using your own cash.

Here’s a list of The Best Forex Brokers for trading in the Philippines.

Note: Not all Forex brokers accept US clients. For your convenience we specified those that accept US Forex traders as clients.

FP Markets

Regulated By:ASIC, CySEC

Foundation Year:2005

Headquarters:Level 5, Exchange House 10 Bridge St Sydney NSW 2000, Australia

Min Deposit:$100

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Your capital is at risk

A solid Australian broker, with sturdy ASIC regulation that offers transparent dealing, across a wide selection of 10,000 plus assets. A variety of account types across Forex and CFD’s and 0 pips spreads on their ECN trading. Leverage on the MT4 platform of up to 1:500 and trading of Bitcoin too.

Pros Cons
  • DMA and ECN execution
  • Over 10,000 trading instruments to choose from.
  • Modern trading platforms.
  • Low spreads on forex currency pairs.
  • Really none that we can see

Vantage FX

Vantage FX was founded in 2009 in Australia and is the brand name of the Vantage International Group which is regulated by the Cayman Islands Monetary Authority (CIMA). The broker offers negative balance protection and the segregation of client funds which are held with Australia’s AA rated National Australia Bank (NAB).

The broker offers services that are designed for both beginner and professional traders with access to trade on 300+ financial CFD instruments covering Forex ECN, Indices, Precious Metals, Energies, Soft Commodities and Shares CFDs from the US, UK, EU, Australia and Hong Kong.

Through the broker’s three core types of trading accounts called Raw ECN, Standard STP and Pro ECN, users can access leverage of up to 500:1 with minimum deposits of just $200 and access to Islamic swap-free accounts and demo trading accounts. Bonus and promotions are also offered with a current 50% welcome bonus.

Users can trade from the globally-recognised MetaTrader 4 and MetaTrader 5 trading platform for desktop and web, as well as the broker’s own Vantage FX mobile trading app and various social trading platforms. The broker also offers 24/5 customer support in multiple languages and ProTrader Tools from Trading Central such as the Market Buzz, Featured Ideas, Analyst Views and an Economic Calendar, as well as ProTrader Tutorials which includes over 130+ video tutorials from Vantage FX.

Pros: Cons:
  • Commission-free trading available.
  • Can trade from MetaTrader 4 and MetaTrader 5.
  • Access up to 500:1 leverage.
  • Bonus and promotional trading offers.
  • Segregated client funds held with National Australia Bank.
  • No regulation from Europe or UK regulators.

AvaTrade

Regulated By:ASIC, BVI, CBI, CySEC, FSA(JP), FSC, FSCA

Foundation Year:2006

Headquarters:Five Lamps Place, 77-80 Amiens Street, Dublin 1, DO1A742, Dublin, Ireland

Min Deposit:$100

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71% of retail investor accounts lose money when trading CFDs with this provider

AvaTrade was founded in 2006 and is authorised and regulated across all six continents it operates including by the CBI, BVI FSC, ASIC, FSCA, FSA and ADGM. It is one of the oldest online forex and CFD brokers with a well-established reputation for customer support, competitive fees and spreads – all in addition to offering a large range of financial instruments, even including ETFs and FX options for those who like to diversify across assets.

Users can choose to open several different account types – Retail, Professional, Spread betting and Options. The differences are discussed in the account opening section below. Retail, professional accounts offer access to over 1,250+ financial instruments across the AvaTrade propriety web-based platform, MetaTrader 4 and MetaTrader 5. Additional platforms include DupliTrade, AvaTradeGo, AvaOptions and AvaSocial, all of which are discussed further down this review.

AvaTrade also offers an array of research and market commentary from basic to expert trading videos, Online Trading Strategies, News, Market Analysis, Economic Calendars, as well as access to Trading Central which offers users market insights and intelligence through WebTrader and AvaTradeGO.

Pros: Cons:
  • Global regulation – CBI, BVI FSC, ASIC, FSCA, FSA and ADGM.
  • A wide selection of platforms for every type of trader including MT4/MT5.
  • Competitive spreads and fees.
  • Multilingual customer support.
  • Not available to residents in the USA and Iran.

Trade Nation

Regulated By:ASIC, FCA, FSCA, SCB

Foundation Year:2020

Headquarters:9th Floor, 30 Crown Place, London EC2A 4ES

Min Deposit:$0

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Financial spread trading comes with a high risk of losing money rapidly due to leverage. You should consider whether you understand how spread trading works and whether you can afford to take the high risk of losing your money.

Trade Nation was founded in 2020 in the United Kingdom. It is a brand name for Finsa Europe Ltd, a UK based investment firm authorised and regulated by the Financial Conduct Authority (FCA). The broker also has three entities located in Australia (ASIC), South Africa (FSCA) and the Bahamas (SCB), each authorised and regulated in their own jurisdictions.

The broker provides the ability to trade on more than 2,500+ financial instruments covering Forex, Stocks, Indices, Commodities and Bonds from its proprietary, feature-rich and easy to use Trader Nation web trading platform, as well as the popular MetaTrader 4 platform.

There are two account types available – Spread Trading and CFD. Both accounts come with good trading features including competitive fixed spreads, leverage up to 1:30 (in the UK and Australia) and no minimum deposit. Demo accounts are also available.

The broker offers fee-free funding methods via debit/credit card, bank transfer and Skrill. Processing times are also quick and there are no inactivity account fees. There is a Loyalty Scheme available, however, this does not apply to the UK and Australian entities.

Pros: Cons:
  • Globally regulated (FCA, ASIC, FSCA, SCB).
  • 2,500+ financial instruments.
  • Commission-free trading available.
  • Easy to use, feature-rich web platform.
  • Fast customer support.
  • Monthly loyalty rebate available
  • Not available for US residents.

XTB

Regulated By:CNMV in Spain, CySEC, FCA, IFSC, KNF

Foundation Year:2002

Headquarters:Warsaw, Poland

Min Deposit:$0

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77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

XTB was founded in 2002 and is headquartered in Warsaw, Poland. The XTB Group has entities in different jurisdictions, authorised and regulated by bodies such as the UK Financial Financial Conduct Authority, the International Financial Services Commission in Belize, the Cyprus Securities and Exchange Commission, the Komisja Nadzoru Finansowego in Poland and the Comisión Nacional del Mercado de Valores in Spain.

The broker offers two core trading accounts called Standard, Pro in XTB UK, and Islamic accounts with a maximum leverage of 1:500 on accounts opened with XTB International based in Belize. This will vary on accounts opened in other jurisdictions. Users can trade on 1,500+ CFD instruments covering Forex, Indices, Commodities, Stocks, ETFs and Cryptos with zero commission on the Standard Account on non-Stock and ETF CFDs.

Pros: Cons:
  • Multiple regulations including IFSC, FCA and CySEC.
  • 1,500+ instruments to trade on, covering multiple asset classes.
  • Feature-rich, web-based proprietary xStation 5 trading platform.
  • Impressive range of education and research resources.
  • Commission-free trading available.
  • Only bank wire withdrawals.
  • Deposit fees for e-Wallets (free for wires and debit cards).

FXTM

Regulated By:CySEC, FCA, FSC

Foundation Year:2011

Headquarters:30 Churchill Place, London, E14 5EU, UK

Min Deposit:$10

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82% of retail CFD accounts lose money

FXTM, short for ForexTime, is a platform with a primary focus on foreign exchange. That specialization allows it to rise above many others when it comes to Forex focused trading platforms and tools. CFDs are available on 50+ currency pairs including major, minor, and exotic pairs. Leverage is available up to 1000:1.

Spreads are competitive across all platforms with 24-hour trading open 5 days per week. FXTM is based in Cyprus and licensed by the International Financial Services Commission (IFSC), Cyprus Securities and Exchange Commission, and other regulators in and out of the EU. A free demo account is available. 

 Pros:  Cons:
  • Support for 250+ products to trade across global markets, including Forex, commodities, shares, indices and cryptocurrency CFDs
  • Competitive spreads
  • MetaTrader 4 and MetaTrader 5 platform support
  • Low maximum order size
  • No native Mac desktop app

How to Choose a Forex Broker as a Philippines trader

Philippines is still among the developing countries in the world. However, it does not mean opportunities are not there when it comes to investment. On the contrary, the smartest investors search for opportunities to develop their businesses where there are still few competitors.

This is very true about Forex. A new and fresh market for the country means lots of brokers are coming to gain a market share of those Philipinos who want to trade and make money. However, one should not forget that where big money is involved, a lot of scams follow too. So, when in search for a reliable Forex broker you need to remember to look for the one who is regulated by BSP. Then, you need to check what trading platform the broker offers, are there any hidden fees or commissions, is there a choice of accounts that would fit your needs, is customer service good or not and whether there are any other additional services.

General Regulation & Philippines Regulation

Gone are the days, when just any broker can open an offshore company and offer his services wherever he wants. Most countries have implemented quite strict regulation frameworks and you can hardly find a place in the world where an unregulated broker is not frowned upon. This means more security and confidence for the average trader and fewer opportunities for scammers who prey on your hard earned money.

Philippines is no different. BSP is the Central Bank of the Republic of the Philippines. It was founded in 2003, which makes the Bank quite a young financial institution. The main responsibility of the entity is to supervise financial markets and ensure that they function smoothly, competitively and transparently. The Bank also supervises market players offering their services to local citizen with intention to regulate their services. All regulated brokers have to keep to the regulations set by the Bank while performing their transactions in the Foreign Exchange Market and protect their customers‘ capital by limiting risks of their operations. Despite the fact the regulator allows market intermediaries freely trade any market they want, BSP will not tolerate any scams, price manipulation and money laundering schemes, but punish any broker who dares to engage in those. So, a Philippino trader should feel safe with a BSP regulated broker.

Trading Platform & Software

If you live in the Philippines, want to trade and think you have found a decent broker, you also need to check what kind of trading platform and software the broker offers you. The trading platform will be your main tool you work with. If it is bad, it does not matter how good you are in trading or how good your trading system is, you can make a bad decision due to not knowing what icon or button you need to push and accidentally make a wrong trade which will cause you to lose money.

So, the platform has to be easy to use. Each button and function on the platform should be understood easily by you. You should also be able to open as many charts on it as you need for analysis, both technical and fundamental. Back testing function should also be there, so that you know whether the strategy or code you want to use work well or not. You should also find all technical indicators you need there and a good news feed to check some “hot” fundamental data. Finally, you should be able to copy other traders who might be more successful than you. So the copy function should be there. One of the best platforms that is downloadable is Metatrader and any good broker should offer you that.

Commissions & Spreads

All traders know how commissions can take a huge bite off their profits and they search for brokers who offer the lowest commissions on transactions. Contrary to stock brokers, Forex brokers typically do not charge commissions, but they make money on spreads. A spread is the difference between buy and sell or bid and ask price. Spreads tend to be fixed and variable. Brokers who offer fixed spreads will charge from 2-5 pips on major currency pairs and around 5-15 on currency crosses. Those who operate with variable spreads will typically offer much smaller spreads. On majors variable spreads can be 0.1-0.8 and 2-5 on crosses. However, you should remember that these spreads are under normal market conditions. When markets react to some unexpected fundamental event and prices start jumping up and down, brokers extend those variable spreads and they can become 10 or even 50 times bigger than usually. Of course, this will typically last just a few minutes till markets calm down, but you still have to know when to avoid opening or keeping positions open.

Account Types

Let’s say you have $200 that you want to invest in currencies, but you doubt if that is enough. A lot of brokers offer different levels of accounts that depend on size of capital you have and two hundred dollars is not too little to start with.

Micro account

With most brokers it is now possible to start with as little as $100, some even allow you to start trading with $50. In that case, you will trade micro lots the minimum size of which are $1000.

Mini account

If you want invest 1000$ or a little bit more, a mini account would probably be the best choice. A mini lot is now $10 000 worth transaction and a price of a pip is around $1.

Standard account

Traders who have bigger capital than 10k can open a standard account and trade standard lots. One standard lot size is 100k position. Of course, you had better have a bigger amount thank 50k to trade standard lots, just to ensure you control your risk.

Customer Service

Before you open an account with a broker be sure to visit section on their website where customer service is. Ask as many questions as you want to find out how they respond and how they treat your problem. You should expect fast replies, quick solutions and a polite way of dealing with your issues. If questions are not answered in a timely fashion and issues are not solved for weeks, do not trade with that broker.

Additional Services

Additional services that a broker provides may seem unnecessary and unimportant, but that is not the case. If a broker cares about their traders they will do as much as they can to improve the quality of their services. Educational materials are expected on any broker‘s website. Forex is a complex market and you need to find out about it as much as you can, so lots of resources about that should be available with the broker. A broker will typically employ experts who do technical and fundamental analysis, market recaps, news interpretation and etc.  for their website and the material will be free.  The more material that is available, the better.

Conclusion

Successful trading is not just about implementation of your excellent trading strategy, but also trading with confidence and peace of mind with the broker that is regulated and who cares about his customers. The article indicated specific steps that you need to make in choosing a reliable broker. Review them, do your own research and only then open an account with the broker that you have tested yourself.  Or to save time simply pick from our list of regulated and recommended brokers below.

Read More:

Trade With A Regulated Broker