Our team of experts has conducted a comprehensive review of regulated forex brokers accepting traders from the Philippines. We evaluated the trading platforms, forex accounts, account opening process, trading fees, customer support quality, regulatory compliance, deposit and withdrawal process, and other relevant factors.
Top 5 Forex Brokers in the Philippines in 2023
Here is the summary of the best forex brokers in Philippines based on our forex market research:
- Pepperstone is the Best Forex Broker in the Philippines in 2023
- Skilling – Lowest Spread Forex Fees, Fast & Safe Deposits
- OctaFX – Excellent Forex Trading Platform for Beginners & Welcome Bonus 50%
- XM – Best High Leverage MT4 / MT5, $30 No Deposit Bonus
- XTB – Great Forex App for iOS/Android
Compare brokers available to traders from the Philippines
|Forex Broker||More Info||Benefits||Platforms||Review|
|Ultra Low Spread Forex Broker ||MT4, MT5|
|MT4, MT5||OctaFX Review|
Skilling Mobile Apps
|MT4 / MT5|
XM Mobile Apps
HFM Mobile Apps
Forex spread comparison
| EURUSD ||0.0 - 0.24||0.0 - 0.2||0.1||0.0|
|EURGBP||0.0 - 0.77||0.4 - 0.7||1.8||0.2|
|AUDUSD||0.0 - 0.24||0.0 - 0.5||0.17||0.4|
| GBPUSD ||0.0 - 0.59 ||0.0 - 0.7||1.4||0.2|
|USDJPY||0.0 - 0.26 ||0.0 - 0.5||1.4||0.0|
|USDCHF||0.0 - 0.49||0.0 - 0.7||1.7||0.4|
Pepperstone is one of the most reputable fx brokers in the world trusted by thousands of satisfied traders.
- Very Low Forex Spreads from ZERO Pips
- Very fast account opening
- Swap free islamic forex accounts
- 70+ forex pairs
- Cutting Edge Trading Platforms: MT4, MT5, cTrader and TradingView
- Forex + CFDs Shares, Crypto,Commodities, Indices
- English customer support
- Very fast trade execution 30 miliseconds
- Min deposit $1
- Large range of deposit methods
- No CFDs on stocks
- No proprietary webtrader platform yet
Tips for Choosing the Best Forex Broker
1. Choose the right trading platform
Most forex companies in Philippines offer “webtrader trading platform”. It is a forex trading platform that runs directly in your internet browser without the need to download any app to your computer. We recommend that each forex beginner use a web-based forex platform first when starting out.
Advanced traders who need to integrate Algo Trading bots or EA Expert Advisors (forex robots) into their daily trading routine prefer to use forex industry’s golden standard Metatrader 4 or recent Metatrader 5 or cTrader. There is no need for a beginner to start with MT4 or MT5 because of a steep learning curve.
If you are just starting out, we recommend to try proprietary webtrader first before moving on to more complex forex platforms.
2. Fees & Commissions
Watch out for trading fees as they are pretty important. Avoid those who charge inactivity fees and compare the spread with competition if you are in doubt.
It is advised to check & compare the following trading fees:
- Commision per standard lot (usually charged on ECN accounts)
- Spread for your chosen currency pair
- Swap overnight fees
- Currency conversion fees that you can find on the broker’s website.
3. Demo Platform
Experts recommend to try a demo platform before depositing funds with a forex broker. This is because a demo platform allows you to test the waters and get a feel for the broker’s platform and tools without risking any real money.
4. Safety & User Reviews
It’s always a good idea to check user reviews when you’re just starting with forex trading. This is because user reviews can give you a good idea of what to expect from a broker, including their level of customer service, the reliability of their platform, and how well they handle traders’ accounts. By reading these reviews, you can get a better understanding of the broker’s strengths and weaknesses and make an informed decision about whether or not they’re the right fit for you. So, always make sure to check out user reviews before signing up with a broker – it could save you a lot of headaches down the line!
FAQs (Frequently Asked Questions)
Q: Is Forex Trading Legal in the Philippines?
Yes forex trading in Philippines is legal as long as you choose a regulated forex broker.
Q: Which forex broker is the best for beginners ?
If you are a newbie in forex trading, then you should definitely choose a broker which meets certain requirements:
- Pepperstone is a recommended forex broker for beginners. It is beginner friendly broker and easy to use online forex trading platform with minimum deposit $1. You can trade anything from Forex, CFD on Stocks, CFD Cryptocurrencies.
- XM Group is one of the best MT4/MT5 forex brokers Philippines. Low minimum deposit $5 and max leverage up to 1:1000 together with an excellent customer support quality are the main reasons why many beginners start their trading career with XM.
Q: What broker has the best forex trading App in Philippines?
XTB has got the best forex trading app in the Philippines. The forex trading app provided by XTB broker is called xStation and works smooth on both iOS and Android operating systems. It is beginner friendly and pretty fast based on our test.
Q: Do popular world brokers work in the Philippines?
Yes majority of the most trusted international forex brokers work with the Philippines residents and will gladly open a live forex account for them.
Philippines traders are free to open forex trading account with any world broker.
Local traders decide to open forex accounts because in fact with solid and regulated international forex brokers they can get the best trading conditions such as ultra low forex fees, can choose from various forex accounts , islamic account, almost instant order execution etc.
Q: What is the regulation of forex market in Philippines?
The major forex market regulator agency in Philippines is the government owned BSP Banco Sentral ng Pilipinas in english Central bank of Philippines through SEC Securities Exchange Commision of Philippines. All Philippines forex brokers must abide by the regulations.
SEC also issues the license to financial companies operating locally across the Philippines territory.