Best Forex Broker in the Philippines

Best Forex Broker in the Philippines, what happened?

Before talking about the Best Forex Broker in the Philippines, let us ask a logical question that anyone living in the Philippines should ask. Is forex trading legal in the Philippines?

The answer to this question is YES; forex trading is illegal in the Philippines. However, there are so many ways to overcome this obstacle.

The Philippines, with over 100 million inhabitants, seem to be a promising location for Forex brokers all over the world. Many brokers have established their seats there to take part in this Asian promising country. Due to poor regulations, the forex market lost conduct and many Philippians have lost their money which pushed the authorities, reflected in SEC (Philippines Securities and Exchange Commission) to take action.

SEC issued it’s latest advisory in October 30th, 2018, stating categorically that “Forex Trading Is Illegal In The Philippines.” This stand is taken by SEC to discourage fraud and debilitating losses among private individuals.

Therefore, the question asked here is: how to trade forex as a Phillipian?

The only way to trade forex from the Philippines is through an international forex broker. A forex broker has not to be based in the Philippines to be reliable. There are many forex brokers which are under strict regulations and abide by the ethics of the industry.

Quick Tips: Select the Best Forex Broker in the Philippines

  • Forex trading is illegal in the Philippines. However, you can trade through an international broker based outside the Philippines. These brokers are regulated and have international licenses.
  • Forex trading is different from stock trading. Therefore, you need to make sure that you understand the rules of the game. Forex carries a high level of risk, you can make a lot of money as well as losing all your funds.
  • Choosing a broker is just as important as the trades you make. Below we present to you the top regulated brokers.

List of The Best Forex Brokers in the Philippines.

Broker Min Account Size Leverage Spread Review Open Account
FBS-best forex broker $0 up to 3000:1, the highest in forex Market Starting from 1.2 Review Visit Broker Demo
plus500 review $100 300:1 Review Visit Broker Demo
Hycm Review up to 500:1 Starting from 0,2 Review Visit Broker Demo
roboforex review $0 up to 2000:1 Starting from 0 Review Visit Broker Demo
iq-option-logo-best forex broker $1 Varies from Europe to other countries Review Visit Broker Demo
instaforex review $1 up to 1000:1 Starting from 3 Review Visit Broker Demo
hotforex-Review 1000:1 Starting from 0 Review Visit Broker Demo
AVAtrade- BEST FOREX BROKER up to 400:1 Starting from 1.3 Review Visit Broker Demo

Trading bonus are not eligible for clients registered under Trading Point of Financial Instruments Ltd and Trading Point of Financial Instruments UK Ltd. Similarly, leverage presented in the table is different from that offered to the European Union due to the European Securities and Markets Authority (ESMA) regulations”

How to select your favorite broker?

The list above doesn’t list brokers following a chronological order. All the brokers have pros and cons. However, we think, based on our research, that the brokers above operate well in the Philippines. In the same vein, we advise you to read reviews and make the best choice based on your knowledge. An alternative way is to open a demo account and test the performance of the broker. In addition, some brokers offer no deposit bonus which you can check here

Best Forex Broker for No Deposit Bonus

Factors to take into account to select the broker

  • Minimum Deposit: It is important to make sure that the broker requires a low minimum deposit that you can afford
  • Regulations: Regulated brokers abide by the guidelines of the authorities that regulated them. Therefore, your funds are protected
  • Good reputation with existing clients: Previous experience of traders is important. However, as forex carries a high level of risk, many traders lose money. Therefore, same of them blame brokers for their losses. Indeed, be careful about reviews.
  • Competitive spreads: Generally, the broker should afford low spread so that you can make some profit.
  • Reasonable, or no deposit and withdrawal fees: Brokers that require high fees for deposit and withdrawal should be avoided.

Below, we will review the brokers stated above according to these criteria.

Best Forex Broker Review for Philippians

IQ Option

IQ Option requires $10 to start trading. It is a fast-growing broker and offers high-quality services.  It is regulated by CySEC. The spread generally starts from 1 pip. IQ Option is among Best Forex Broker in the Philippines.

Open account

Your capital might be at risk

FBS

FBS is one of the best brokers in the industry with more than 12 million traders. The broker requires $0 for opening a real account, and you can deposit any amount you wish. Indeed, it is regulated by IFSC and CySEC and its spread starts from 1.2 pips.

Open account

Your capital might be at risk

HotForex

HotForex requires $5 minimum deposit. The broker is regulated by FCA , SV , DFSA , FSCA , and FSA. In addition, the broker has a good reputation among traders. Concerning the spread, it starts from 0 since the broker offers Zero Spread account.

Open account

Your capital might be at risk

HYCM

HYCM is a potential Best Forex Broker in the Philippines. This broker has strong regulations which make it among the best brokers in the market. Moreover, it offers a competitive spread that starts from 0.2 pips. It is regulated by CySEC, FCA, MiFID, DFSA, and SFC.

Open account

Your capital might be at risk

RoboForex

RoboForex has a good reputation in the market. The spread starts from 0 pip. In addition, RoboForex is regulated by IFSC and CySEC.

Open account

Your capital might be at risk

Plus 500

Plus500 has strong regulation; it is regulated by FCA. Therefore, it is one of the trusted brokers in the market which make it also a competitive best forex broker in the Philippines. The broker requires $100 for the first deposit and its spread starts from 0.6 pips.

Open account

Your capital might be at risk

AvaTrade

AvaTrade is based in Ireland and offers good services. The broker is regulated by Central Bank of Ireland, MiFID, ASiC, and BVI. The spread starts generally from 1.3 pips which make it slightly above the average.

Open account

Your capital might be at risk

InstaForex

This broker requires the minimum deposit of $1, but has a large spread which starts from 3 pips. Instaforex is regulated by BVI; however, there are tons of bad review on the net about this broker which makes us unsure about whether it is reliable or not.

Open account

Your capital might be at risk

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