75-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website, you agree to our Terms of Service.

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 2023.

  • FXTM - Best Forex Broker in the Philippines
  • OctaFX - Best Platform Options
  • Tickmill - Most Trusted Broker
  • Pepperstone - Best ECN Trading Execution
  • AvaTrade - Best Mobile Trading Forex App
  • XM - MT5 Broker with the Lowest Spreads
  • HFM - Highest Leverage for Market Execution

Best Forex brokers in the Philippines 2023

Scroll for more detailsPreviousNext
Broker
Overall Rating
Official Site
Min. Deposit
Max. Leverage (Forex)
Cost of Trading
Beginner Friendly
Regulators
Platforms
Compare
FXTM
4.27 /5
Read Review
Visit Site >
81% of retail CFD accounts lose money
USD 102000:1USD 15ExcellentCySEC Regulated BrokersFCA Regulated BrokersFinancial Services CommissionMT4, MT5
OctaFX
4.27 /5
Read Review
Visit Site >
of retail CFD accounts lose money
USD 25500:1USD 6ExcellentCySEC Regulated BrokersFinancial Services Conduct AuthorityFinancial Services Authority – St. Vincent & the GrenadinesMT4, MT5
Tickmill
4.48 /5
Read Review
Visit Site >
72% of retail CFD accounts lose money
USD 100500:1USD 4ExcellentCySEC Regulated BrokersFCA Regulated BrokersLabuan Financial Services AuthorityFinancial Services Conduct AuthorityThe Seychelles Financial Services AuthorityDubai Financial Services AuthorityMT4, MT5
Pepperstone
4.61 /5
Read Review
Visit Site >
75.8% of retail CFD accounts lose money
USD 0200:1USD 6ExcellentFCA Regulated BrokersASIC BrokersCySEC Regulated BrokersDubai Financial Services AuthorityBundesanstalt für FinanzdienstleistungsaufsichtSecurities Commission of the BahamasCapital Markets AuthorityMT4, MT5, cTrader
AvaTrade
4.49 /5
Read Review
Visit Site >
76% of retail CFD accounts lose money
USD 100400:1USD 9ExcellentASIC BrokersFinancial Services Conduct AuthorityCySEC Regulated BrokersFinancial Services AgencyCentral Bank of IrelandFinancial Regulatory Services AuthorityMT4, MT5, Avatrade Social, AvaOptions
XM
4.35 /5
Read Review
Visit Site >
75.33% of retail CFD accounts lose money
USD 51000:1USD 7ExcellentCySEC Regulated BrokersASIC BrokersDubai Financial Services AuthorityInternational Financial Services CommissionFinancial Services Conduct AuthorityMT4, MT5
IC Markets
4.36 /5
Read Review
Visit Site >
77% of retail CFD accounts lose money
USD 200500:1USD 8ExcellentCySEC Regulated BrokersASIC BrokersThe Seychelles Financial Services AuthoritySecurities Commission of the BahamasMT4, MT5, cTrader
HFM (HotForex)
4.43 /5
Read Review
Visit Site >
72.90% of retail CFD accounts lose money
USD 01000:1USD 10ExcellentCySEC Regulated BrokersFCA Regulated BrokersFinancial Services Conduct AuthorityDubai Financial Services AuthorityFinancial Services CommissionThe Seychelles Financial Services AuthorityMT4, MT5
Fusion Markets
4.33 /5
Read Review
Visit Site >
89% of retail CFD accounts lose money
USD 0500:1USD 4.50ExcellentASIC BrokersVanuatuThe Seychelles Financial Services AuthorityMT4, MT5, cTrader
Markets.com
4.58 /5
Read Review
Visit Site >
70.3% of retail CFD accounts lose money
USD 100300:1USD 7ExcellentFCA Regulated BrokersCySEC Regulated BrokersASIC BrokersFinancial Services Conduct AuthorityBritish Virgin Islands Financial Services CommissionMT4, MT5, markets.com

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. 


Others Also Visit

Scroll for more detailsPreviousNext
Visit
FXTM
4.27 /5
Read Review
Visit
OctaFX
4.27 /5
Read Review
Visit
Tickmill
4.48 /5
Read Review
Visit
Pepperstone
4.61 /5
Read Review
Visit
AvaTrade
4.49 /5
Read Review
Visit

FXTM – Best Forex Broker in the Philippines

Overall Rating
4.274.27 / 5
🏦  Min. DepositUSD 10
🛡️  Regulated By
💵  Trading Cost 
USD 15
⚖️  Max. Leverage2000:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

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
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

Overall Rating
4.274.27 / 5
🏦  Min. DepositUSD 25
🛡️  Regulated By
💵  Trading Cost 
USD 6
⚖️  Max. Leverage500:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

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
AlertAccepts 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

Overall Rating
4.614.61 / 5
🏦  Min. DepositUSD 0
🛡️  Regulated By
💵  Trading Cost 
USD 6
⚖️  Max. Leverage200:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

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
AlertAccepts 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

Overall Rating
4.494.49 / 5
🏦  Min. DepositUSD 100
🛡️  Regulated By
💵  Trading Cost 
USD 9
⚖️  Max. Leverage400:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

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

Overall Rating
4.354.35 / 5
🏦  Min. DepositUSD 5
🛡️  Regulated By
💵  Trading Cost 
USD 7
⚖️  Max. Leverage1000:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

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
AlertAccepts Malaysian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the Belize FSC.

HotForex – Highest Leverage for Market Execution

Overall Rating
4.434.43 / 5
🏦  Min. DepositUSD 0
🛡️  Regulated By
💵  Trading Cost 
USD 10
⚖️  Max. Leverage1000:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

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 1.00 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.

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.

 

Others Also Visit

Scroll for more detailsPreviousNext
Visit
FXTM
4.27 /5
Read Review
Visit
OctaFX
4.27 /5
Read Review
Visit
Tickmill
4.48 /5
Read Review
Visit
Pepperstone
4.61 /5
Read Review
Visit
AvaTrade
4.49 /5
Read Review
Visit

Stay updated

This form has double opt in enabled. You will need to confirm your email address before being added to the list.

Close
>