Contents
- 1 What are the best Forex brokers in the Philippines?
- 2 How to choose the best FX trading website in the Philippines?
- 3 What are the Forex trading regulations in the Philippines?
- 4 What is the national currency of the Philippines and what payment methods can you use?
- 5 What are the most popular trading platforms in the Philippines?
- 6 Is Forex trading in the Philippines safe?
The Republic of the Philippines is a country in Southeast Asia with over 106 million population. Forex trading in the country is very legal, however, it still is very new and because of that, you might come across many scams in the country. To make sure that you can trade Forex in the Philippines safely, there are a number of things that you need to know.
If you are looking for a place to start trading, you have come to the right place. With today’s guide, we will offer you an insight into the world of Forex in the Philippines and will discuss everything, good and bad, that comes with trading in the country.
Even though the field is quite new, there are still a number of Forex brokers functioning actively in the country. One of the reasons for this is that since the field is so new, companies have the opportunity to become the leaders of the field very easily.
What are the best Forex brokers in the Philippines?
Since there are so many Forex brokers in the country, it is not an easy thing to find the best one that fits all of your wants and needs. To make help you with the research, we have come up with a special list of Forex brokers that offer one of the greatest services to the Forex traders in the Philippines.
While making this list, we made sure to focus on the safety and security of your funds, while also taking into consideration available payment methods, trading Softwares, etc.
Licences
FCA, CySEC, IFSC, ASIC, DFSA
Min. depo
$5
Leverage
1:888
Platform
MT4, MT5, WebTrader
XM
Licences
ASIC, FSA, FSCA, FFAJ, FSRA, FSC
Min. depo
100 USD
Leverage
400:1
Platform
MT4, MT5
AvaTrade
How to choose the best FX trading website in the Philippines?
While looking for the best Forex brokers there are several things that you need to keep in mind, including:
- You should always try to go with a locally regulated Forex broker to make sure you can stay safe
- Make sure that the Forex broker allows deposits and withdrawals in local currency
- Try to only trade with Forex brokers that have a very good reputation among the traders in the country
In addition, if you decide to trade with international Forex brakes, you should always make sure that they have their website available in your native language so that it is easier for you to navigate. In addition, take your time to learn what trading Softwares they offer since this can have a huge influence on the available trading currency pairs.
What are the Forex trading regulations in the Philippines?
The main Forex regulatory body in the country is the central bank of the country, BSP, which was established in 2003. One of the main aims of the institution is to ensure good, fair, and transparent conditions in the market. BSP has adopted very strict rules for Forex brokers to follow.
These rules influence everything, including those who are allowed to trade, how much they are able to trade, and how does the trading happen in general. However, there are some huge problmes with these rules, and it is the fact that they were not directly created for Forex trading.
The rules focus on fighting against money laundering, the country has adopted KYC, which is Know-Your-Customer policy, it means that everyone who starts trading, will have to confirm their identity. As a Forex trader in the Philippines, you will be asked to provide some type of document that can be used as an instrument to prove your identity.
BSP is known to not tolerate any type of scams, price manipulations, and money laundering schemes, and tries to very actively work on the punishment of such companies who try to do so.
Why are regulations so important?
There are many people out there who might tell you that regulations don’t do anything good and all they do is that they hurt the field. However, Forex is one of those fields where regulations are very important. This can be some type of a guarantee for a Forex trader that their funds can stay safe.
There are dozens of different local and international Forex brokers in the Philippines and you need to always make sure that you are trading with a broker that has some type of authorization. There are some Forex brokers in the country who own licensed from the world’s best-known regulatory bodies, like, for example, FCA in the UK. It is always a good idea to trade with these companies since it can keep your funds safe.
However, something that we would recommend is that you should always make sure that you double-check the information that was provided by the Forex brokers. There are many ways you can do that, but the easiest is to contact the Forex broker directly and ask them information about the Forex brokers. In some cases, they have a special page dedicated to the licensed Forex brokers, however, if they do not have such a page, you can always ask them anything about a certain Forex broker.
What is the national currency of the Philippines and what payment methods can you use?
The national currency of the country is the Philippine peso, with an official code of PHP. The currency has been in circulation since 1967 and it is very popular among Forex traders in the country. Because of this, you need to always make sure that you can make deposits and withdrawals in this currency while trading Forex in the Philippines. The currency is in most cases traded in pairs with USD.
There are a number of different payment methods available for the Forex trading in the Philippines, you can come across everything from credit/debit cards to E-Wallets in the country. Apart from international payment methods, citizens of the country can also use local payment solutions, so as a Forex trader in the country, you should take a good look at what payment methods a certain Forex broker offers before you start trading.
What are currency pairs and what should beginners know about them?
Currency pairs are two different currencies that you use for Forex trading. There are different types of them available on the market, including Major pairs, cross pairs, and the exotics. In general, most of the Forex brokers, especially those who are just starting out, prefer to trade major pairs. Majors include pairs like USD/EUR, USD/GBP, and many others.
Cross-currency pairs are the ones that are made up of major currencies, not including USD. So, if you trade EUR/GBP, it means that you are trading cross currency pairs. When it comes to exotics, these are currencies that are not that actively used in Forex trading. Peso is one of them. In most cases, only most experienced Forex traders use these types of pairs because it is not that easy to trade them.
So, it would be our advice to you to use major currency pairs if you are just starting Forex trading since it is a lot easier to handle. There are many FX brokers in Philippines that offer different types of currency pairs to their traders. However, while looking through many of them, we found a few FX brokers that have the most amount of currency pairs available for their clients. Check out our list and start trading with these amazing FX brokers right now.
XM
Min. Depo
$5
Licences
FCA, CySEC, IFSC, ASIC, DFSA
Leverage
1:888
Platforms
MT4, MT5, WebTrader
AvaTrade
Min. Depo
100 USD
Licences
ASIC, FSA, FSCA, FFAJ, FSRA, FSC
Leverage
400:1
Platforms
MT4, MT5
Exness
Min. Depo
$10
Licences
CySEC, FCA, SFSA
Leverage
1:2000
Platforms
MT4, MT5
FundedBull
Min. Depo
49 USD
Licences
N/A
Leverage
N/A
Platforms
MT4, MT5, cTrader
Forex.com
Min. Depo
$100
Licences
NFA, CFTC, FCA, FSA, IIROC and CIMA
Leverage
1:50
Platforms
WebTrader, MT4, MT5
CMTrading
Min. Depo
250 USD`
Licences
FSCA
Leverage
1:200
Platforms
MT4, WebTrader, Copykat
Plus500
Min. Depo
$100
Licences
FCA, ASIC, CySEC, FSCA, FMA, MAS
Leverage
1:30
Platforms
WebTrader, Windows 10 Trader
What are the most popular trading platforms in the Philippines?
Trading software is probably one of the most important parts of a Forex broker since it influences the number of available currencies on the broker. There are many different platforms available on the market, in some cases, brokers use the software that was specially designed and created for them.
Among some of the most popular trading Softwares are MetaTrader 4, MetaTrader 5, and the cTrader. MT4 was created in 2005, by a Russian company called MetaQuotes, since then, the platform has become very popular among the Forex traders around the world. About 90 percent of the Forex brokers offer this trading platform. The greatest thing about MetaTrader4 is that it offers traders access to a huge and diverse market, with dozens of different available trading currencies.
Also, clients can use it in several different ways. For example, you can download in on your computer, use it directly into the internet browser, or download it on your smartphone. MT5 is a newer version of the MT4, which includes some advancements of some of the tools.
Being able to Forex trade using your smartphone is a huge advancement for FX traders in the Philippines since they can always stay close to the world of trading, and in case there is some type of movement, they don’t have to miss it.
In addition, because of the huge and successful history that MT4 has, it has been able to gather a huge following and you can always find someone who is willing to help you in case you need it. Forums online are full of people who are using MT4 and getting the information you need is very easy.
Is Forex trading in the Philippines safe?
Because of the steps that the government has taken in recent years, the field of Forex has become a lot safer than it was before. Even though there still are some companies that you should most definitely avoid, the field is still well-regulated and offers a safe and secure environment for Forex traders.
However, this does not mean that you can simply trust every Forex broker in the country. The greatest companion for you is the knowledge that you have, so, always make sure that you learn as much as you can about a certain Forex broker before you start trading.