Best Forex Trading Apps in the Philippines

Trading forex in the Philippines has become extremely popular among residents. But finding the right broker that is authorized to offer financial services in the country and allows you to trade exotic currencies such as the Philippine Peso can be a challenge.

To help you get started, we have listed the top Forex trading apps in the Philippines as of 2020. In this guide, we also discuss the most essential factors to look for in a forex broker and show you a step by step guide on how to open a trading account in the Philippines and set your first order.

How to Trade Forex in the Philippines in 3 steps?

The official regulatory agency that is responsible for monitoring Philippine’s economic activity and ensuring a safe environment is the Bangko Sentral ng Pilipinas (BSP). However, unlike other countries that restrict offshore online forex broker, Philipino investors are able to open an account with any broker they choose. In the past few years, many international Forex broker companies have entered the Philipines market, offering forex and CFD online trading for Philipino investors.

If you wish to open an account without reading our full guide, below you’ll see three quick steps that you need to follow to open a forex trading account in the Philippines.

[three-steps id=”207302″]

Step 2: What to Look for in Forex Trading App in the Philippines?

If you are located in the Philippines, choosing one of our recommended brokers from the list above will save you a lot of headaches and ensures your funds are well protected. Yet, there are some crucial factors you should check before getting the right broker for you.

Automated Forex Trading 

Automated forex trading is a method of trading forex with a computer program. The computer program extracts a preset of parameters and automated the process of trading without any human involvement. In recent years, automated trading has become available for retail traders due to technological progress. Most forex traders that automate their trading use the Expert Advisor feature available on the popular MetaTrader4.

Among the brokers above, you can automate your trading with AvaTrade and IG Markets.

Fully Regulated 

A regulated Forex broker ensures that your funds are protected in safe accounts and that you are guaranteed to receive a fair and safe trading environment. Therefore, it is important that you invest your money with a regulated and well-reputed broker that operates in the industry for a long period of time. Some of the recognized forex regulators include the Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), and the Commodities and Futures Trading Commission (CFTC). Keep in mind that the regulator must solve any dispute between the broker and the client and these brokers must be a member of Compensation Schemes that compensate investors in the case of the broker’s insolvency.

Trading Platform

A trading platform is an essential tool that can either improve your trading performance or worsen it. Because the majority of forex brokers offer the same variety (more or less) of financial assets, these brokers offer different kinds of trading platforms for different types of traders. eToro, for example, offers a less professional trading platform but an innovative social trading experience where traders can interact with each other and mimic trades of other traders. On the other hand, AvaTrade and IG provide advanced trading platforms for professional investors.

Additionally, if you are looking for a forex broker that gives you access to your account through various platforms, then AvaTrade and IG have a wide selection of platforms, unlike eToro and Plus500 that offer their own propriety trading platforms.

Forex Analysis Tools and News

There is a great variety of technical indicators and analysis tools that forex traders can add to their platforms. Some of the most well-known and used Forex analysis tools that you should become familiar with:

• The FX trading signals
• Economic calendar
• Markets sentiment – Bullish/bearish/neutral
• Analysts recommendations
• Volume indicator
• Live FX news
• Technical analysis advance indicators
• FX currency pairs correlation matrix
• Interest rates
• CME FedWatch Tool – CME interest rate hike probability

Financial Instruments

Forex brokers try to offer the most favorable trading instruments for clients. The majority of CFD brokers offer the following markets: forex, indices, commodities, stocks, and cryptocurrencies. However, some brokers like eToro and IG Markets, are offering much more than that. eToro offers Exchanged Traded Funds (ETFs) and the CopyPortfolios, which are a collection of CFD stocks, commodities, or ETFs, according to a pre-defined sector.

In terms of tradable assets, IG Markets is most likely at the top of the list of the ‘CFD brokers with the widest selection of products’. This broker offers more than 17,000 tradable assets to trade on that include options, IPOs, ETFs, bonds, and interest rates.

Alerts and Notifications

Nowadays, it very important to follow market news, however, it is also a challenge for many traders. There’s a stream of market news and real-time economic data that can confuse traders rather than help them.

Yet, Forex traders often make use of forex trading signals and market news. It is still one of the most important data coming into the forex market. Many forex brokers have stepped into this new system, offering users alerts and notifications. For example, Plus500 has a service that enables users to get a real-time email, SMS, and push notifications based on price alerts or daily/hourly percentage change. Further, you will find other brokers such as AvaTrade that focus on trading signals services rather than alerts and notifications. These services allow users to automatically follow experienced traders’ and analysts’ signals and strategies in real-time.

Step 3: Open a Trade using a Forex Trading App

Our review finds eToro as the most user-friendly and intuitive trading platform, whether you are a beginner or professional trader. If you are ready to place your first forex order in the market, then simply follow the three steps below:

Create an Account and Verify your Identity

First, you will have to visit eToro’s official website and sign up for an online trading account. eToro requires you to fill in your personal details and submit the necessary documentation that verifies your identity.

Deposit Funds

Next, you will have to deposit funds into your account. In the Philippines, eToro allows you to make instant deposits directly from your bank account with a maximum deposit of $10,000. According to eToro PayPal country restrictions, it appears that investors from the Philippines can also fund their account with PayPal.

Trade Forex

Once your account has been approved and the funds have reached the destination, you can place orders in the market. Search for the currency pair you wish to trade on and click on the ‘Trade’ button. You will be immediately transferred to the asset page where you can find Twitter feed, stats, charts, and research (market sentiment, analysts recommendation, etc). Whenever you are ready to place an order, click on the Trade button at the top right corner of the screen. Then, set the amount of the trade, the leverage ratio, and a stop-loss order (recommended). To complete your trade, click on the ‘Set Order’ button.

Pros and Cons of Forex Trading

Conclusion

The regulatory framework in the Philippines is not yet clear. The BSP does not have a role to play in regulating the Forex industry, and the SEC is more concerned with improving the integrity of the Philippine financial markets but has no sufficient power to enforce laws and regulations on Forex brokers operating in the Philippines. Furthermore, the legality of forex trading in the Philippines has come under question for many years with the SEC advisory from 2018 remains the most notable piece of information.

Nevertheless, offshore Forex brokers still accept clients from the Philippines. Also, it seems that the Philippines authorities will take note of the growing popularity of forex trading among residents and soon, will allow forex trading activity. Keep in mind that if you decide to open a trading account with one of our regulated brokers, the same regulations and laws apply to all and therefore, your funds will be protected in a segregated account.

FAQs