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Forex brokers connect traders with the Forex market. While Forex brokers in the Philippines will appear similar at first glance, there are big differences that affect the cost of trading and the overall experience for the trader. To compile this shortlist of the best brokers in the Philippines, we tested 160+ Forex brokers catering to Filipino clients, including all the Securities and Exchange Commission, based locally.

To test each broker, we opened a live account and verified the broker regulation and the choice of trading platforms. We assessed the quality of the learning materials, as traders benefit greatly from a variety of trading courses, additional market analysis and an unlimited demo account. We also calculated the trading cost, as a lower overall trading cost, the greater opportunity to profit. These are the best Forex brokers the Philippines for 2021.

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Here are the best Forex brokers in the Philippines

Last updated on 12 May 2021
Updated 12 May 2021
by Editorial Director Chris Cammackby Chris Cammack
Chris Cammack
All Brokers Regulated
All Brokers Regulated
by Trusted Authoritiesby Trusted Authorities
Trusted
1
FXTM
Min. Deposit
USD 10
4.334.33
Min. Spread
0 pips
Fx Pairs
59
Regulated by
Overall Rating
11110.54.33/ 5
AlertAccepts 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.
2
OctaFX
Min. Deposit
USD 50
4.024.02
Min. Spread
0 pips
Fx Pairs
28
Regulated by
Overall Rating
11110.54.02/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 1.10 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.
3
Tickmill
Min. Deposit
USD 100
4.484.48
Min. Spread
0 pips
Fx Pairs
60+
Regulated by
Overall Rating
11110.54.48/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 0.00 pips with 4 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 platform support. Tickmill is regulated by CySEC, FCA, FSCA, and the FSA-Seychelles.
4
AvaTrade
Min. Deposit
USD 100
4.484.48
Min. Spread
0.90 pips
Fx Pairs
50+
Regulated by
Overall Rating
11110.54.48/ 5
AlertAccepts 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.
5
XM
Min. Deposit
USD 5
4.254.25
Min. Spread
0.60 pips
Fx Pairs
57
Regulated by
Overall Rating
11110.54.25/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 1.60 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.
6
HotForex
Min. Deposit
USD 5
4.494.49
Min. Spread
0 pips
Fx Pairs
51
Regulated by
Overall Rating
11110.54.49/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.
7
FBS
Min. Deposit
USD 1
4.034.03
Min. Spread
0 pips
Fx Pairs
37
Regulated by
Overall Rating
11110.54.03/ 5
AlertAccepts Malaysian Clients. Spreads start at 4 pips on the EUR/USD on the trading account with lowest minimum deposit. Max leverage 3000:1. Islamic account available. MT4 & MT5 platforms supported. FBS is regulated by ASIC, CySEC, the FSCA, and the IFSC.
8
Pepperstone
Min. Deposit
USD 5
4.614.61
Min. Spread
0.01 pips
Fx Pairs
80+
Regulated by
Overall Rating
11110.54.61/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 0.69 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, and CySEC.
9
BDSwiss
Min. Deposit
USD 100
4.324.32
Min. Spread
1.40 pips
Fx Pairs
50+
Regulated by
Overall Rating
11110.54.32/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. BDSwiss is regulated by CySEC, FSC, and the FSA-Seychelles.
10
Oanda
Min. Deposit
USD 0
4.254.25
Min. Spread
0.10 pips
Fx Pairs
45
Regulated by
Overall Rating
11110.54.25/ 5
AlertAccepts Malaysian Clients. Average spread EUR/USD 1 pips on the trading account with lowest minimum deposit. Islamic account available. MT4 platform supported. OANDA is regulated by the FCA, MAS and ASIC.

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. 


These are best Forex brokers in the Philippines for 2021

  • FXTM - Best Forex Broker in the Philippines
  • OctaFX - Best Platform Options
  • AvaTrade - Best Mobile Trading Forex App
  • XM - MT5 Broker with the Lowest Spreads
  • HotForex - Highest Leverage for Market Execution
  • Pepperstone - Best ECN Trading Execution
  • BDSwiss - Best Market Research Provider

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
Cons
  • Expensive withdrawals
AlertAccepts 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
  • Great platform choice
  • Fast and free withdrawals
  • Copy trading accounts
Cons
  • Limited education
  • Restrictive account types
AlertAccepts Malaysian Clients. Average spread EUR/USD 1.10 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.

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
AlertAccepts 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
  • Wide range of assets
  • Fast and free withdrawals
Cons
  • Dealing desk
AlertAccepts Malaysian Clients. Average spread EUR/USD 1.60 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
AlertAccepts Malaysian Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.

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
    AlertAccepts Malaysian Clients. Average spread EUR/USD 0.69 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, and CySEC.

    BDSwiss – Best Market Research Provider

    Winner of the award for the Best Market Research Provider of 2020, BDSwiss is recognised for its financial commentary, and BDSwiss’ clients benefit from exceptionally detailed and accurate market analysis for traders of all experience levels. Head and shoulders above its peers in the industry, the financial commentary at BDSwiss gives traders a unique insight into making better trading decisions. Besides BDSwiss’ market analysis, it also offers structured and detailed Forex education for traders of all experience levels, free webinars and a library of all its educational videos. 

    BDSwiss offers account types suitable for both beginners and more experienced traders, including a Raw Account with spreads down to 0 pips. All accounts benefit from fast execution speeds, with 97.5% of all trades executed in less than 0.2 seconds. Accounts are available on both MT4 and MT5 and the BDSwiss webtrader, which has an intuitive and user-friendly trading interface.

    Pros
    • Tight spreads
    • Good for beginners
    • Wide range of assets
    Cons
    • Expensive withdrawals
    AlertAccepts Malaysian Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. BDSwiss is regulated by CySEC, FSC, and the FSA-Seychelles.

    Is Forex Trading Legal in the Philippines?

    Interestingly, Forex trading in the Philippines is a legal grey area – and local traders are advised to be cautious. While there is no law to prevent people from trading with international registered Forex brokers, it is impossible for brokers to be regulated in the Philippines and the government is openly hostile to the concept of Forex trading. The regulations governing trading CFDs are currently suspended and the local regulator has made it very clear that it has no intention of lifting the suspension.

    The financial regulator in the Philippines, the Securities and Exchange Commission, has expressed its hostility to Forex trading on a number of occasions, and frequently publishes consumer warnings pertaining to particular Forex companies.

    The SEC’s public stance is that Forex trading is illegal, and that CFD trading is a form of gambling and should not be considered as a financial service or investment. This seems to stem from a 1993 court case, Onapal v. Court of Appeals where the Supreme Court stated that:

    “The payments made under said contract were payments of difference in prices arising out of the rise or fall in the market price above or below the contract price thus making it purely gambling and declared null and void by law.”

    Contradictions from the BSP

    Strangely, this public advice is contradicted by the other main governmental financial body, the Bangko Sentral ng Pilipinas (BSP), which does advise caution when trading Forex CFDs but does not state that the activity is illegal:

    “Don’t trade on margin unless you understand what it means. Certain foreign exchange transactions can make you responsible for losses that greatly exceed any amount you deposited. Don’t trade on margin unless you fully understand what you are doing and are prepared to ACCEPT LOSSES that exceed the margin amounts you paid.”

    So, who to believe in this scenario? It is a confusing situation, no doubt, but I think careful decision-making is advised for all Forex traders.

    What is very clear is that any Filipino broker will not be regulated, so the potential to be scammed is very high, as you will have no legal protection from the regulator – we are in strong agreement with the SEC when they warn traders against local Forex trading seminars or so-called Forex investment schemes.

    Keep it International

    Your best option is to trade with well-regulated, international brokers, such as the ones listed above. You will not be scammed; your funds will be protected and any difficulties you may have will be taken care of by these companies’ experienced customer service teams.

     

    References

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