A complex guide to finding top Forex brokers in Philippines

The Republic of the Philippines is an island country located in Southeast Asia.  The country borders with China, Brunei, Indonesia, Malaysia, Taiwan, and Japan, and such a diverse neighborhood has a lot to contribute to the country’s economic development. With a territory of 300 000 square kilometers and a population of a little over 109 million, the Philippines is listed as the 8th most populated country in Asia, and the 13th most populated country in the world.

Trading Forex is legal in Philipines, however, the market is still relatively new, and is only just beginning its journey towards growing into a significant competitor to the world’s FX giants. Nevertheless, there is a number of things that a trader in the Philippines can benefit from, and we are about to provide you with some more information on that.

In the guide that you are about to read, you will be able to find a handful of useful information, that includes the list of best Forex brokers in the Philippines, the local regulatory environment, an overview of the local economy, as well as some tips on how to trade safely and successfully. We suggest that you read this guide until the end, as our team of experts has specifically made it out to be useful to both beginners and experienced traders alike.

A full list of best Forex brokers in the Philippines

When it comes to the countries where the FX market is only now beginning to emerge, the task of finding a brokerage to join becomes even harder. What you should expect is an influx of scam brokers, that have not yet been detected by the local regulatory body, and that should be avoided at all costs.

When it comes to the Philippines, we are, in no way, trying to suggest that trading Forex there is unsafe altogether, however, you should, indeed, be extra careful when looking for a broker in order to avoid some devastating losses or scams schemes.

The best way to go about choosing the Forex trading broker in the Philippines is by spending hours upon hours of conducting the relevant research, that will ultimately determine whether or not a brokerage is trustworthy and reputable enough to play a pivotal role in your consequent trading sessions.

However, we have decided to ease some stress off you and created our own list of the country’s best Forex trading brokers. Our experts have dedicated a lot of time and effort so that you did not have to, and what we came up with is a breakdown of the best brokerages that the Philippines has to offer, as well as some information on the success rates of their traders and the license that they currently possess.

XM Group

XM Group Forex Review

Minimum deposit

5 USD

Licences

CySEC, IFSC, ASIC

Maximum leverage

1:30*

US Clients

No

Exness

An in-depth review of Exness Forex broker

Minimum deposit

1 USD

Licences

CySEC, FCA, FSA

Maximum leverage

1:Unlimited

US Clients

No

IQ Option

IQ Option Review – can the broker be trusted?

Minimum deposit

10 USD

Licences

CySEC

Maximum leverage

1:1000

US Clients

No

BlackBull Markets

BlackBull Markets Review – What Does This FX Broker Offer?

Minimum deposit

$200

Licences

FMA

Maximum leverage

1:500

US Clients

No

Forex.com

Forex.com Review

Minimum deposit

100 currency units

Licences

CIMA, FCA, NFA

Maximum leverage

1:200

US Clients

Yes

EagleFX

EagleFX Review – Is it worth your time and money?

Minimum deposit

10 USD

Licences

N/A

Maximum leverage

1:500

US Clients

No

RoboForex

RoboForex Broker

Minimum deposit

100 USD

Licences

CySEC

Maximum leverage

1:200

US Clients

No

Who’s eligible to trading with FX brokers from the Philippines?

Before going straight into the specifics of the FX market in the Philippines, what you probably want to know is whether or not you are actually eligible to trade there at all. Luckily, the only legal requirement that you should meet is reaching the age of majority, which is 18 years or older in the Philippines. The only other requirements that you will be faced with are the ones that are put forward by the brokerage that you will sign up for, and the overall process is both easy, clear, and pretty fast.

The other good news is that you will be able to join the pool of Philippino traders for free, as there will be no additional costs associated with joining brokerage. However, you will need to make your initial deposit, which will depend heavily on the brokerage that you end up choosing.

It will most likely be somewhere between 5 USD all the way up to 500 USD, which is why you should definitely look through a variety of regulated Forex brokers in the Philippines that works best for you, and the deposit that you will be comfortable with losing.

Forex regulatory environment in the Philippines

The main entity responsible for regulating Forex trading in the country is the Central Bank of the Philippines (BSP). The list of functions and responsibilities of this body is quite extensive – it includes overseeing national currency and exchange rates, monitoring market liquidity, and, of course, overseeing the smooth functioning and proper regulation of the non-banking sector, including FX brokers.

When it comes to the local Forex trading brokers, the BSP gets to determine who is allowed to offer their services in the country, how much can they trade, and what, yet the regulations widely lack efficiency as they were not originally tailored specifically for the country’s FX market.

Although the BSP is known for having a zero-tolerance policy towards scam schemes, and most of its operations revolve around getting rid of them once and for all, one has to note that the regulatory environment in Philipines is not ideal.

The majority of the regulations in place are aimed at preventing money laundering schemes in the Philippines and are focused on the Know-Your-Customer policy ( KYC). As a result, should anyone wish to join the local FX market, they will be required to prove their identity with a relevant document.

But how does one go about choosing a legit broker in the Philippines? Well, the main advice we can give here is always to double-check the information that the brokerage provides – especially when it comes to their licenses. We also do not recommend contacting a broker with no license from an authoritative regulatory body, as the chances of them being a fraud are very high.

Luckily, a big number of the best Forex platforms in the Philippines are the ones licensed in Europe, and are, therefore, both sufficiently qualified and reliable enough to be offering their services in the country. We can easily say that if you see that a brokerage is a licensee from a reputable body such as the Cyprus-based CySEC, or the UK-based  FCA, you should not hesitate to join them.

Philippine national economy

One might say that the national economy of the Philippines is still a work in the making. Only industrialized recently, the country is still experiencing some complications with the transformation from what once used to be an entirely agriculture-based market.

Nevertheless, the country is quite a big exporter, and its trading partners include such major players as the United States, China, Japan, Singapore, Hong Kong, Netherlands, Germany, and many more. The main products that the Philippines exports are coconut oil, fruits, petroleum, copper, and electronic products, as well as transportation equipment.

On top of the trade, the country is enjoying a well-developed tourism industry, as the Philippines has long become one of the most popular vacation spots for visitors from all over the world. The Philippine governments are also devoted to developing the science and technology sector, and with the amount of support that it receives – the potential for its growth looks very promising.

As you can tell, there is a variety of options that the potential Forex trader can take an advantage of, as it is usually the case with the young developing economy that is also boosted by the country’s possession of natural resources. Nevertheless,  what you are probably most interested in, and what anyone on the list of best Forex brokers in the Philippines will be promoting most is trading currency pairs.

The national currency of the Philippines – should you trade it?

The national currency of the Philippines is the Philippine peso which is coded as PHP. First introduced in 1967, the PHP has soon become one of the most popular currencies among the local traders and is usually traded in a pair with the USD. If you are currently based in the Philippines and thinking about trading Forex there, we highly suggest that you explore trading PHP, as due to its high popularity, the procedure of making payments and withdrawals will be extremely easy and hassle-free.

Payment methods and popular trading platforms in the Philippines

Choosing the type of payment method and the trading software that the brokers in your country use are probably just as important of a decision as choosing the brokerage that works best for you, and will explain exactly why this is the case below.

When it comes to the Philippines, a trader can find a vast variety of payment methods, ranging from the E-wallets to debit and credit cards of all sorts.

What’s more, since the country makes it possible for the international brokerages to offer their services there, the payment methods range from the international to the local ones. We highly recommend that you take your time to research the payment method that will best suit you and your trading needs.

When it comes to the trading software, that the regulated Forex brokers in the Philippines, one can also note just how diverse the options on the market are. Some choose the ones, that have already proven to be successful over time, such as the MetaTrader4, MetaTrader5, and the cTrader, however, if you are new to the FX market, we highly suggest that you look for the brokerage that uses the former two.

MT4 and MT5 were created by a Russian company called MetaQuotes. It was the MT4 that was first introduced to the market in 2005 and did not cease to grow in popularity ever since. The MT5 was issued later on, and what it is basically an enhanced version of the original software.

The reason why we recommend beginners to start trading with that two software is very simple. Since almost 90% of the brokers from all over the world use them, it will be very easy to find educational guides, tutorials, and useful tips on how best to trade with them, which is bound to make one less stressed and more confident in their respective trading sessions.

Another clear benefit of that software is its availability on both the PC and mobile devices. Everyone who is even remotely familiar with the Forex trading market knows, that it changes very quickly and the successful trader is the one that is capable to react the changes fast and efficiently, which is why the mobile version of the software is especially handy.

Bonuses and promotions in the Philippines

There are many advantages that brokerages can offer their respective traders, and the provision of bonuses is one of them. In a nutshell, bonuses are the financial tokens that the brokers can provide as a sign of appreciation of their traders.

There are two main types of such bonuses – welcome and refill ones. Welcome bonuses are usually given to the new traders – either as soon as they sign up with a broker or upon making the first deposit. Such a bonus is a way for the broker to show their gratitude to the trader who ended up choosing them.

On the other hand, refill bonuses are issued periodically to the returning traders and are usually announced by the broker in advance. This type of bonus is used to maintain the existing customer base, as opposed to the welcome bonuses that are aimed at expanding.

Unlike European countries, the Philippines do not prohibit the provision of such bonuses. You will find that every other best Forex broker in Philipines offers such additional benefit, and if you are a trader based in the country – you can take full advantage of those kickstarters.

Is it worth trading Forex in Philipines?

As we have already mentioned above, the opportunities that the Philippine national economy has to offer are plentiful. The country’s export is pretty diverse, and it is quite rich in natural resources. Moreover, the government is actively seeking o boost other segments of the economy, such as tourism, which is already flourishing, and the science and technology industry. Finally, the country’s national currency is very popular among the Forex traders, which means you can definitely find it advantageous should you choose to trade it.

When it comes to trading Forex in the Philippines, one has to note that it is still developing and only beginning to grow in popularity. The local regulatory environment has done a great job of reducing the cases of scam, however, did not eradicate them completely.

If you are currently based in Philipines and are seriously considering getting into the local FX market, we highly suggest that you approach it very carefully and conduct all the relevant research before starting to invest any money into it.