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Best Philippine Forex Brokers 2020

Looking to trade forex in the Philippines? Read below the top and most secure Philippine forex brokers you can check out today.
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Author: Nica San Juan
Last Updated: 21 July 2020

Are you residing in the Philippines and looking to try forex trading?

If yes, then the first thing and one of the most important things you’ll need to do is get a legitimate forex broker that accepts Filipino traders.

Check out our comprehensive guide below to know more about the best forex brokers in the Philippines, what services they offer, how much fees, commissions or spreads they charge, what leverage limits they provide and many more that can easily help you identify the most suitable forex broker for your needs.

On this Page:

    Our recommended Philippine forex broker

    We’ve thoroughly checked the specific features of the best trading platforms for Forex in the Philippines and found the best forex broker that offers the most user-friendly, robust trading platform.

    Our Recommended Forex Broker 2020

    • Social and Copy Trading Offered
    • Trade Forex, CFDs, Stocks, Crypto and More!
    • $200 Minimum Deposit
    • Accepts Paypal Deposits
    75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

    Top Filipino Forex Brokers

    1. eToro - Forex Broker with $200 Minimum Deposit

    Founded in 2007, eToro is a well-known social trading platform. Its copy trading functionality helps new traders copy the exact trades performed by the platform’s expert traders.

    Opening an account on eToro will only take a few minutes of your time. All you need to do is enter your name, email and password. You also have the option to connect your Facebook or Google account to make the account creation process much faster. Moreover, the identity verification process, which is also known as the Know Your Customer (KYC) process, is fully automated so it will only take around 24 hours to verify your account.

    Aside from forex, you can also trade stocks, ETFs, cryptocurrencies, commodities and CFDs on eToro.

    One thing that its users like is that it doesn’t charge a commission fee. This means you will only be charged via the spread.

    What are you waiting for? Sign up for an eToro account now and start forex trading today!

    Assets: Cryptocurrencies, Stocks, CFD, Forex, ETFs, Commodities

    Demo Account: Yes

    Educational Material: Great educational material for both beginners and advanced traders

    Fees: $5 Withdrawal Fee, $5 Inactivity Fee, No Account Fee, No Deposit Fee

    Minimum deposit: $200

    MT4/MT5: No

    Special Features: Copy trading and social trading site

    Regulation: CySEC, FCA, ASIC, MiFID

    Payment methods: Credit/debit card, Paypal, Sofort, Rapid transfer, Skrill, Wire transfer, Neteller, WebMoney, UnionPay

    • Social trading platform
    • Best mobile trading site
    • PayPal accepted
    • Limited technical analysis tools
    • $25 withdrawal fee
    75% of retail investors lose money when trading CFDs with this provider

    2. FP Markets – Offers the MT4 and MT5 Trading Platforms

    FP Markets is a secure forex and CFD broker that was founded in 2005. It is licensed and regulated by both the Australian ASIC and the Cypriot CySEC.

    If you’re looking for a platform that charges low fees, FP Markets should be included in your list. Its Standard MT4-MT5 account charges zero commissions. If you have a Raw MT4-MT5 account, you’ll only be charged a small commission-based trading fee. Also, the minimum deposit is only $100 so you’ll not need to deposit a lot of money to try out the platform.

    Once you have an account on FP Markets, you can trade more than 10,000 financial instruments which include forex, metals, equities, indices, CFDs and commodities. You can access the globally-recognized MT4 and MT5 trading platforms either through your laptop or mobile phone.

    FP Markets also has a Traders Hub section where you can access a wide range of trading-related resources such as trading ebooks, video tutorials as well as fundamental and technical analysis resources.

    Assets: Forex, Equities, Metals, Commodities, Indices, Cryptocurrency, CFDs

    Demo Account: Yes

    Educational Material: Great educational material for both beginners and advanced traders

    Fees: From 0.0 pips up to 1.0 pips for the Spread, $3 per $100,000 for the Commission Per Lot, No Account Fee, No Deposit Fee, No Withdrawal Fee, No Inactivity Fee

    Minimum deposit: $100

    MT4/MT5: Yes

    Special Features: 10,000+ financial instruments

    Regulation: CySEC, ASIC

    Payment methods: Credit/debit card, Bank transfer, Neteller, Skrill, BPay, PoliPay, Fasapay, PayTrust, PayPal

    • Ultra-low spreads
    • Leverage of up to 500:1
    • Best for experienced traders
    • Outdated web and desktop platform

    3. AVATrade - Forex Broker with Multiple Regulatory Licenses

    As a global forex and CFD broker that was founded in 2006, Avatrade facilitates the trading of more than 56 forex pairs. You can trade major pairs such as EUR/USD and GBP/USD at spreads of only 0.9 pips.

    You’ll also not have to worry about the security of your personal information and money as it is regulated by big financial authorities in Ireland, Japan, British Virgin Islands and South Africa.

    Like other forex brokers, Avatrade also offers its users a simple way to create an account. Also, if you are a newbie trader, you’ll be allowed to access its free demo account. By using the demo account, you can access all the features of its trading platform and hone your trading skills.

    With only a $100 minimum deposit, you can start trading on Avatrade. Aside from the fast withdrawal process, it will also not charge you for the withdrawals that you’ll make.

    Assets: Forex, thousands of CFDs, cryptocurrencies

    Demo Account: Yes

    Educational Material: No fundamental news or trading ideas, but trading calculator provided

    Fees: 0.9 pips on most major pairs, no withdrawal fee, monthly inactivity fee

    Minimum deposit: $100

    MT4/MT5: Yes

    Special Features: Pricing alerts and notifications

    Regulation: Licenses in Ireland, Japan, South Africa, British Virgin Islands

    Payment methods: Credit/debit card, Bank wire

    • MT4 and MT5 trading platforms supported
    • Multiple licenses
    • Spreads from just 0.9 pips
    • Only 56 forex pairs supported
    • No research features

    4. IG - Forex Broker Supporting 17,000+ Assets

    Our Rating

    • Instant account activation
    • Spreads from just 0.6 pips
    • No commissions
    • MT5 not supported
    • 1% deposit fee on Visa cards

    5. Forex.com - FCA Regulated Forex Broker

    Even though Forex.com is a US-based forex broker, Filipino traders can also use its trading platform. The fact that it is regulated by both the Financial Conduct Authority (FCA) in the UK or the US Commodity Futures Trading Commission (CFTC) makes it one of the forex brokers that you can trust and rely on.

    If you are a new trader, you’ll be glad to know that you’ll only be required to have a minimum deposit of $50 for you to start trading. You can deposit your money either through bank wire or debit/credit card.

    The spread for trading major currency pairs is 1.2 pips. Even though you can only have a 50:1 leverage when trading major forex pairs on Forex.com, it can still provide you a good forex trading experience, high-quality educational materials and impressive trading tools.

    Assets: Forex

    Demo Account: Yes

    Educational Material: Highly extensive forex research department and technical indicator tools

    Fees: 1.2 pips on major pairs, $40 wire withdrawal fee, $15 monthly inactivity fee

    Minimum deposit: $50

    MT4/MT5: MT4 only

    Regulation: US regulators such as FCM, RFED, CFTC, NFA

    Payment methods: Credit/debit card, Bank wire

    OUR RATING

    • Regulated by US financial authorities
    • More than 90 currency pairs
    • Spreads from just 1.2 pips
    • $15 monthly inactivity fee
    • $40 wire withdrawal fee

    How to Choose a Philippine Forex Broker

    If you still haven’t decided which forex broker to sign up for, you should read below our list of the major factors that you should look at when choosing a Philippine forex broker.

    • Licensing

    The forex broker you’ll choose should be regulated by at least one top-tier financial authority in the world. The top forex brokers are usually regulated by the ASIC, FCA or CySEC.

    By choosing a properly licensed and regulated forex broker, you can be sure that your money and account information will be safe.

    • Forex Pairs

    The higher the number of available forex pairs, the better. Major and minor forex pairs should be supported.

    Also, make sure that your preferred currency pairs are included in the list of available forex pairs.

    • Payment methods

    It should be easy to deposit and withdraw money. It’s highly recommended that your chosen forex broker includes credit/debit card, wire transfer and Paypal in its list of supported payment methods.

    • Spreads and Commission

    Almost all forex brokers charge spreads. Many don’t charge commissions but some still do.

    The spread refers to the difference between the buy and sell price of a currency pair. It is measured in pips. Your forex broker should thus offer tight spreads so you can minimize the fees you’ll need to pay.

    The commission fee some charge is most likely a small percentage of the value of the trade. For instance, if the commission fee is 1% and the trade value is $1,000, then you’ll need to pay $10.

    • Trading Tools

    A good forex broker should be able to offer you trading analysis tools such as the RSI, Fibonacci Retracement, trading articles, tips and video tutorials.

    • Customer Support

    It’s highly recommended that you choose a forex broker than can immediately assist you when a problem arises. A lot of good forex brokers offer live chat support 24/7 while others make sure that they reply via email within a few hours.

    Leverage at Philippine Forex Brokers

    Unlike European traders, Filipino traders are not restricted by the leverage limit imposed by the European Securities and Markets Authority (ESMA). European traders can only make a 25:1 leverage on major forex pairs and 20:1 leverage on both minor and exotic pairs.

    Traders in the Philippines can apply a leverage of up to 1000:1. If you want to trade $100 and use 1000:1 leverage, then you would effectively be trading with $100,000. However, you should never use a 1000:1 leverage or even 50:1 leverage if you’re still a newbie trader because one wrong trade can wipe out your trading account.

    Conclusion

    Now that you know the top forex brokers for Filipino traders as well as some tips on how you can determine which one is the best platform for you, wait no more and create a forex trading account now!

    Lastly, make sure to only trade what you can afford to lose and only use leverage once you’re confident of your trading skills.

    Our Recommended Forex Broker 2020

    • Social and Copy Trading Offered
    • Trade Forex, CFDs, Stocks, Crypto and More!
    • $200 Minimum Deposit
    • Accepts Paypal Deposits
    75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

    FAQs

    Are Philippine forex brokers safe?

    Yes. Philippine forex brokers like the ones mentioned above provide reliable and safe trading platforms for Filipinos. All of them are also regulated by top financial authorities in the world.

    What leverage limits do Philippine forex brokers offer?

    Filipino traders can apply a leverage of up to 1000:1.

    Should I join a commission-free Philippine forex broker?

    Yes. If you can find a good forex broker with a secure and reliable trading platform that also offers commission-free trading, then you should sign up on that broker.

    What is the minimum deposit amount at Philippine forex brokers?

    Forex.com only requires a minimum deposit of $50. Other Philippine forex brokers require either $100 or $200 minimum deposit.

    What payment methods do Philippine forex brokers support?

    The most comment payment methods they support include wire transfer, debit/credit card and PayPal.

    Forex brokers by country

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    Remember, all trading carries risk. Past performance is no guarantee of future results.
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    Janica Sherine is an expert writer who specializes in financial technology and cryptocurrency. At her young age, she was already able to work with founders who graduated from Harvard, tech startups funded by Y-Combinator, CEOs of multi-million dollar blockchain companies, investment companies in London and many more.

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