Best Forex Brokers in the Philippines

81% of retail CFD accounts lose money

USD 10

2000:1

USD 15

Excellent

4.27^/5

of retail CFD accounts lose money

USD 25

500:1

USD 6

Excellent

4.48^/5

75% of retail CFD accounts lose money

USD 100

500:1

USD 4

Excellent

4.61^/5

75.8% of retail CFD accounts lose money

USD 0

200:1

USD 6

Excellent

4.49^/5

71% of retail CFD accounts lose money

USD 100

400:1

USD 9

Excellent

4.35^/5

74.07% of retail CFD accounts lose money

USD 5

888:1

USD 7

Excellent

4.46^/5

77% of retail CFD accounts lose money

USD 200

500:1

USD 8

Excellent

4.43^/5

72.90% of retail CFD accounts lose money

USD 5

1000:1

USD 10

Excellent

4.25^/5

73.5% of retail CFD accounts lose money

USD 0

200:1

USD 10

Excellent

4.33^/5

89% of retail CFD accounts lose money

USD 0

30:1

USD 4.50

Excellent

How to compare Forex brokers in the Philippines

In most economically developed countries, the financial system is supported by strong regulators, who monitor the markets, create rules and processes to protect clients, and enforce those rules. These rules create an environment free of financial crime and ensure that market participants like retail Forex traders are treated fairly. When comparing Forex brokers, consider:

Regulation: The Filipino financial regulator, the Securities and Exchange Commission, has not given its opinion on the legality of Forex trading. By failing to acknowledge Forex trading and the legal apparatus that surrounds regulation, they have no way to police the Forex trading market and their brokers. As a result, all Forex traders should look for a broker which is internationally regulated by reputable organizations and protect client funds. Reputable organizations include ASIC (Australia), FCA (United Kingdom), CySEC (Europe), MAS (Singapore).

Platform choice: Traders have a wide range of industry platforms to choose from, each with pros and cons. When comparing brokers, always consider the platform options, as unique features or a wide variety of platforms could change your trading experience.

Trading costs: Every broker will charge for their services, but each will have different pricing models and costs. While ECN brokers will charge a smaller spread combined with a commission based on volume, market maker brokers will charge a wider spread. We compare brokers by looking at what 1 lot of EURUSD costs to trade and would encourage traders to do the same in comparing costs.

MetaTrader 4 is still the industry standard, but many brokers offer MetaTrader 5 and their proprietary platforms. ECN/STP brokers will often support cTrader as it is built specifically for market execution and only allows for minimal broker interference.

Minimum Deposit: The minimum deposit could change by account type, with higher minimum deposits often linked to better conditions. Always consider the minimum deposit specific to the account type you may open.

Deposit and Withdrawal Methods: Most brokers accept credit cards and bank transfer payment, and many accept online payments through Skrill and Neteller, and some will also accept Bitcoin. Always check the withdrawal fees before making a deposit.

FXTM – Best Forex Broker in the Philippines

While FXTM’s Standard Account has a minimum deposit of 100 USD and spreads starting at 1.3 pips, FXTM also offers a Cent Account with a 10 USD minimum deposit but only slightly wider spreads, starting at 1.5 pips and could be more appealing to the beginner. Comparatively, the FXTM Invest CopyTrading scheme is one of the best in the industry, where traders with little experience can choose a Strategy Manager whose risk profile matches their own, and copy the trades.

FXTM has a large volume of training material, including videos, webinars, and a searchable glossary of new vocabulary to help new traders get started. An additional set of videos covering analysis topics and more detail on chart reading techniques is available for experienced traders. FXTM are one of the few brokers with weekend support, allowing new traders to get set up outside of the working week.

Pros

Good for beginners
Excellent education
Well regulated
Low minimum deposit
Copy trading accounts

Cons

Expensive withdrawals

Accepts Malaysian Clients. Minimum spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Islamic account available. MT4 & MT5 platforms supported. Leverage offered can vary depending on country of residence, and your trading knowledge and experience. FXTM is regulated by CySEC, FCA, FSCA, and the FSC.

OctaFX – Best Platform Options

The OctaFX website, translated into Bahasa Melayu, features three account types and an unlimited demo account, depending on which platform you decide to use. The MT4 account is a Micro Account with floating or fixed spreads, no commission and a 100 USD minimum deposit. The MT5 account – or Pro Account – has floating spreads starting at 0.2 pips, no commission, and a minimum deposit of 500 USD. The cTrader account is an ECN Account with floating spreads starting at 0 pips, a 6 USD round turn commission and a minimum deposit of 100 USD.

An Islamic option is available for all account types. Traders on MT4 and MT5 with a 500 USD balance will have free access to AutoChartist – an automated plugin that highlights trading opportunities across all markets. Copy trading is also available for all accounts, and OctaFX is always running competitions and promotions for Malaysian clients.

Pros

Fast and free withdrawals
Copy trading accounts

Cons

Limited range of assets
Restrictive account types

Accepts Malaysian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. OctaFX is regulated by CySEC & SVG FSA.

Pepperstone – Best ECN Trading Execution

Pepperstone is the leading Australian ECN/STP Forex broker. Most trades on Pepperstone have execution in less than 30ms, which is ideal for scalpers and clients who run expert advisors. Both accounts offer market execution with some of the tightest spreads in the industry – the Razor Account has spreads from 0 pips for the EUR/USD and 7 USD commission. Furthermore, Pepperstone supports all three major trading platforms – MT4, MT5 and cTrader.

Pepperstone’s award-winning, 24-hour support provides the foundation for its excellent customer service, where personalised assistance is available via several methods. For beginners interested in ECN trading, Pepperstone’s also has one of the better education sections offered by a market execution broker.

Pros

Well regulated
Tight spreads
Great platform choice
Wide range of assets

Cons

Limited market analysis

Accepts Malaysian Clients. Average spread EUR/USD 0.60 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 200:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, and CySEC.

AvaTrade – Best Mobile Trading Forex App

AvaTrade offers Malaysian forex traders a preeminent mobile trading experience. Avatrade spreads are some of the tightest for a commission-free account with a 100 USD minimum deposit – as low as 0.9 pips on the EUR/USD. Maximum leverage is set at 1:400 on MT4 and MT5, which include EA’s, indicators, scalping, hedging, and provides free access to the integrated Trading Central dashboard for both platforms.

The AvaProtect tool available in the mobile app enhanced AvaTrade’s reputation as a client-focused broker, allowing traders to purchase loss protection for a time. Any losses during that time are fully refunded, but any profits are the traders to keep.

Pros

Good for beginners
Well regulated
Low minimum deposit

Cons

Dealing desk
Limited market analysis

Accepts Malaysian Clients. Spreads start at 0.90 pips on theEUR/USD on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.

XM – MT5 Broker with the Lowest Spreads

XM is one of the most regulated market makers in the Forex industry and stands out for leading trading conditions, account choice, execution speed and a wide range of CFD assets available on both the MT4 and MT5 platforms. Hedging, scalping and algorithmic trading are all permitted.

With a minimum deposit of 50 USD, traders can open the XM Ultra Low Account, where spreads start at 0.6 pips with no commission charged. All accounts also benefit from having access to XM’s no-requotes execution policy, and 99.35% of XM orders are executed in less than one second, making XM one of the fastest executors of trades in retail Forex trading.

Pros

Well regulated
Excellent education
Free deposits and withdrawals

Cons

Dealing desk
Wide spreads on its entry-level accounts

Accepts Malaysian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 888:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC.

HotForex – Highest Leverage for Market Execution

Regulated by the FCA, CySEC and the DFSA, HotForex provides No-Dealing Desk STP execution for all trades. Client’s trades are posted directly to the market, and leverage is flexible up to 1000:1 on the Micro Account where the minimum deposit is 5 USD. Spreads are reasonably tight for the industry, starting at 1 pip even on the Micro Account.

HotForex devotes a section of its website to detailed market analysis for beginners and professionals and trading tools; these include daily market news, trade analysis, and outlooks. Trading calculators and economic calendars are also available for reference outside of a trading platform, and customer support is available 24/5 from toll-free local phone number to assist.

Pros

Low minimum deposit
Tight spreads
Well regulated
Good range of accounts

Cons

Limited base currencies