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Forex Philippines – Best Forex Brokers in Philippines Revealed

Looking for the best legitimate forex brokers in the Philippines? If so, read our guide on the top Philippines forex brokers of 2020.
Alan Draper Lewis
Last Updated: July 4, 2020

If you live in the Philippines and you wish to trade forex online, there are heaps of platforms to choose from. While choice is always a good thing, this can make it difficult to know which broker to go with. That’s why we’re here – to help you compare the best Philippines forex brokers and choose the right one for you.

In this article, we clear the mist by reviewing the top five Philippines forex brokers of 2020. We also give you some handy tips on how to find an online forex broker that meets your personal needs and provide a step-by-step guide on how you can start trading forex today.

    Our Top-Rated Philippines Forex Broker

    Want to start trading right now and don’t have the time to read our guide in full? If so, you’ll find our top-rated forex broker, eToro, listed below. The platform is regulated by three tier-one licensing bodies, and you easily deposit funds with a Philippines debit or credit card. This broker allows you to buy and sell a wide range of currencies without paying any trading commissions and offers an array of innovative copy trading tools.

    eToro: Best Philippines Forex Broker 2020

    Our Rating

    • 0% commission forex trading
    • Wide range of currency pairs
    • Social and copy trading tools
    • Strictly regulated
    75% of retail investor accounts lose money when trading CFDs with this provider.

    What is a Forex Broker?

    In a nutshell, a forex broker is a company or firm which allows traders to access the international forex exchange markets and trade currency pairs. Most forex brokers are online-based and offer trading through either their own proprietary platform or a platform like MetaTrader 4. These platforms typically offer a range of resources and tools, such as advanced charting, risk management, technical indicators, leverage, market data, finacial news and analysis.

    Forex brokers earns money through the fees they charge, the most common of which is the bid-ask spread of every currency pairs. There is no standard spread for Philippines forex brokers, and it varies from platform to platform. Forex brokers may also impose a fixed or variable commission for trades executed on their platform, as well as other fees like withdrawal fees and inactivity fees.

    What Makes a Good Forex Broker?

    When comparing Philippines forex brokers, you should take into account a range of different factors. These include:

    • Regulation: You should only ever use forex brokers that are licensed by leading regulatory bodies like the UK’s FCA or Australia’s ASIC. This ensures that your trading account and personal details are protected by encryption technology and that your funds are securely stored in separate bank accounts.
    • Advanced trading platform: The best Philippines forex brokers offer high-quality trading platforms with a range of research resources and advanced trading tools. A forex trading platform should also provide fast order execution speeds and a strong number of currency pairs to trade, including minors and exotics.
    • Fair pricing: Fees charged by brokers vary a lot, so you should choose a platform that offers affordable services while still maintaining quality. Look for a broker that charges no commission, tight spreads, and transparent non-trading fees, such as banking and inactivity fees.
    • Accessible: Creating a forex trading account should be quick and easy. The best forex brokers in the Philippines also allow users to access their account on multiple devices like web trader, desktop and mobile apps, so that you can trade in the way that suits you.

    Best Philippines Forex Brokers of 2020

    With dozens of regulated forex trading platforms now accepting traders from the Philippines, we decided to narrow our list of recommended brokers down to just five. In doing so, this ensures that you are able to locate a trusted broker that meets your needs, without you needing to do any of the hard work.

    Note: Although all of the brokers listed below allow you to deposit funds with a Philippines debit/credit card or bank account, they will dominate your trades in US dollars or GB pounds. This might result in a small currency conversion fee. Rarely does this exceed 0.5%.

    1. eToro - Best All-Round Forex Broker

    If you're based in the Philippines and looking for an online forex broker that ticks all of the right boxes, then we would have to point you in the direct of eToro. The online broker has attracted millions of users to its platform since launching in 2006, largely due to its social and copy trading features.

    As a social broker, eToro allows you to interact with other users via customized feeds. It also offers innovative copy trading tools, such as CopyTrader. With this, you can copy the entire portfolio of any of eToro's 12 million users, meaning you can trade and invest passively.

    When it comes to forex trading, eToro offers a good range of currency pairs, with some exotics available to trade with up to 1:30 leverage. There's no commission on this platform, spreads are tight, and there's a flat withdrawal fee of just $5.

    As an account holder, you will benefit from three regulatory bodies overseeing the broker. This includes the FCA (UK) CySEC (Cyprus), and ASIC (Australia). The main benefit that this presents is that your funds will need to held in separate bank accounts from that of eToro's working capital.

    In terms of depositing money into eToro, you will be able to deposit funds with a Philippines debit/credit card, e-wallet, or bank account. Minimum deposits start at $200, which amounts to around 10,018 peso. There's also the eToro mobile app for iOS and Android devices, which is perfect for mobile trading.

    • Currency Pairs: 47
    • Demo Account: Yes
    • Trade Commissions: No
    • Research Tools: Social trading, Copy Trading, Basic Charts
    • Minimum Deposit: $200 (10,018 peso)

    Our Rating

    • Social and copy trading tools
    • No commissions
    • Dozens of currency pairs
    • FCA, ASIC, CySEC regulated
    • Only 1:30 leverage
    75% of retail investor accounts lose money when trading CFDs with this provider.

    2. Plus500 - Regulated Forex Broker with Tight Spreads

    Based in the UK, Plus500 is a leading CFD broker that accepts traders from the Philippines. It offers a very impressive selection of forex trading pairs, with 70 available, including a good number of exotics.

    There's no commission to pay for forex trading on Plus500, and this broker also has a reputation for having some of the lowest spreads on the market. There are no charges for depositing and withdrawing funds, either.

    Trading on Plus500 takes place on the broker's own proprietary platform, which is available on both desktops and as a mobile app. The platform is very easy to use and comes with some basic charting tools and a demo account you can use to get to grips with things.

    Plus500 is regulated by a number of tier-one licensing bodies, and its parent company is listed on the London Stock Exchange, so it's a very trustworthy broker. As well as forex, Plus500 offers CFDs for a range of other assets, including stocks, indices, ETFs, interest rates, and cryptocurrencies.

    • Currency Pairs: 70
    • Demo Account: Yes
    • Trade Commissions: No
    • Research Tools: Basic charts
    • Minimum Deposit: £100 (6287 peso)

    • Very tight spreads
    • 70 currency pairs
    • Mobile app available
    • Little educational material
    80.5% of retail investors lose money when trading CFDs with this provider.

    3. AvaTrade - Spreads From 0.9 Pips

    Next up on our list is AvaTrade. This international broker accepts account registrations from more than 100 countries, including the Philippines. The broker is heavily regulated, which includes licenses in Ireland, South Africa, Japan, and Canada.

    On top of its strong commitment to regulation, AvaTrade is known to offer some very competitive trading fees. This includes a spread of just 0.9 pips when trading GBP/USD. There are 55 currency pairs in total on AvaTrade, and this broker is particularly notable for its high leverage - 1:400 for traders not located in Europe.

    AvaTraders supports both MT4 and MT5, which provide access to a huge range of advanced tools, trading bots and forex EAs. You can also download the AvaTrader trading app to your mobile phone, which is great for buying and selling currencies on the move.

    The broker also offers a fully-fledged demo account, which is great for testing the platform out before risking your own funds. Once you do open an account, you will need to make a minimum deposit of $100 (about 5,009 PHP). The platform accepts debit and credit cards from the Philippines, but there is no support for e-wallets. Bank wires are also possible, but expect to wait 3-5 working days for the funds to appear.

    • Currency Pairs: 55 (42 for options trading)
    • Demo Account: Yes
    • Trade Commissions: No
    • Research Tools: Advanced charts, MetaTrader 4
    • Minimum Deposit: $100 (5009 peso)

    • Both MT4 and MT5 supported
    • Multiple licenses
    • Spreads from just 0.9 pips
    • Lack of fundamental research features
    There is no guarantee you will money with this provider.

    4. Forex.com - More Than 80 Currency Pairs

    As you can tell by the name, this broker is a specialist in forex and offers the most currency pairs of all brokers on this list, with over 80 available to trade.

    One of the attractive things about Forex.com is that you can choose from multiple account types. For example, one account type allows you to trade major pairs from just 0.2 pips + commission. This is best for those of you that typically trade large volumes. If you're more of an entry-level forex trader, the standard account permits commission-free trades, although you will pay a much higher spread than 0.2 pips.

    Forex.com supports MT4, which is an ideal platform for forex trading, and it offers a range of advanced charting and market analysis tools. It's also strong in the educational department, with trading courses and webinars on offer.

    When it comes to getting started at Forex.com, the process takes less than 10 minutes. Simply open an account, deposit funds with a debit/credit card, and you're good to go. We also like the fact that you can open an account with just $50 - which amounts to about 2,504 PHP. Finally, as Forex.com is based in the US, this means that it is regulated by FCM, RFED, CFTC, and the NFA. This means that you should have no concerns about the safety of your funds.

    • Currency Pairs: 80+
    • Demo Account: Yes
    • Trade Commissions: Dependent on account type
    • Research Tools: MT4
    • Minimum Deposit: $50 (2504 peso)

    • More than 80 forex pairs
    • Multiple account types
    • Strong educational resources
    • $40 wire withdrawal fee
    There is no guarantee you will money with this provider.

    5. IG - Forex Broker Supporting 17,000+ Assets

    IG is a highly trusted broker that has been facilitating forex trades since 1974. It now boasts a global customer base that exceeds 178,000 accounts, most of which falls within the remit of retail clients.

    This broker hosts a huge asset library that consists of more than 17,000 financial instruments. This includes no less than 80 forex pairs, which you can trade with up to 1:30 leverage, and CFDs in the form of stocks, indices, commodities, and cryptocurrencies.

    In terms of the spreads, this starts at just 0.6 pips when trading major forex pairs. You will also benefit from a 0% commission policy. There are also no fees to get money in and out of your IG account, although the broker does have a somewhat high minimum deposit requirement. Standing at £250, this equates to about 15,719 PHP. If you are fine depositing this much, you can get started with an account in minutes.

    After opening an account and uploading a copy of your Philippines passport or driver's license, you can deposit funds with a debit/credit card or bank wire. Finally, you will have the option of trading via MT4, ProRealTime, or with IG's excellent in-house software. You can choose to trade on desktop or your mobile, and you'll be able to make use of a range of tools and features.

    • Currency Pairs: 80
    • Demo Account: Yes
    • Trade Commissions: No
    • Research Tools: Advanced charts, MetaTrader 4, ProRealTime
    • Minimum Deposit: £250 (15,719 peso)

    • 80 forex pairs
    • Spreads from just 0.6 pips
    • 0% commission
    • 1% deposit fee on Visa cards
    There is no guarantee you will money with this provider.

    How to Choose a Philippines Forex Broker

    We always suggest performing your own research prior to joining a new Philippines forex broker. In doing so, this will ensure that the platform is 100% right for your personal circumstances. For example, while it is all good and well if the broker supports your preferred payment method, it may not be suitable if it’s expensive in the commission department.

    To help you along the way, below you will find a list of factors that you need to consider when comparing legitimate forex brokers in the Philippines.

    • Licensing

    The most important metric that you need to look out for is with regards to the platform’s regulatory standing. As we noted earlier, you should ensure that the platform holds at least one license. In the five broker recommendations that we gave above, each platform is regulated in multiple countries. This includes the likes of the FCA (UK), ASIC (Australia), CySEC (Cyprus), and MAS (Singapore).

    • Eligibility for Philippine Traders

    You then need to confirm that the broker supports traders from the Philippines

    • Forex Pairs

    If you’ve got a number of forex pairs that you find yourself trading regularly, make sure your chosen broker supports them. For example, while a platform might host majors and minors, they might fall short in the exotics department. You’ll have to be particularly fussy if you are looking to trade Philippines peso (PHP), as very few brokers support it.

    • Payments

    When it comes to payments, your first port of call should be to check the minimum deposit amount. This can vary quite wildly depending on the broker you choose. For example, while Forex.com requires just $50, the minimum at IG is $300.

    Once you’ve established the account minimum, you then need to check what payment methods are supported. The easiest way to get money in is via a Philippines debit or credit card, as this is instant. E-wallets are also handy. You can deposit funds with your Philippines bank account too, but this will take a few days.

    • Spreads and Commission

    It’s important to choose a forex broker that offers low spreads, as this is an indirect trading fee that you will always need to pay. Some of the brokers that we have recommended offer spreads on major currency pairs from just 0.2 pips.

    Much like the spread, you will also want to choose a broker that offers low commissions. What we normally find is that brokers offering zero commissions will typically charge a higher spread. Similarly, brokers offering low spreads might charge more in the commission department. This is why you should focus on legitimate forex brokers in the Philippines that offer tight spreads alongside a low commission model.

    • Trading Tools and Research

    You will need to utilize a number of research tools if you wish to make money in the forex space. In the technicals, this includes advanced chart reading tools and technical indicators. In the fundamentals, this includes real-time news developments and trading tips. Choose a broker that offers a good selection of both research angles.

    • Educational Resources

    If you’re a beginner just starting out with forex trading, we recommend going with a broker that offers plenty of educational resources. For example, while some brokers may just offer a few guides, others go all-out and have ebooks, webinars and video lessons to help newbies learn the ropes.

    • Customer Support

    Explore what customer support channels Philippines forex brokers offer, in addition to what times the support team are available. The easiest way to make contact is via live chat, as you won’t need to worry about calling a non-Philippines number. 

    How to Join a Philippines Forex Broker

    Once you find a broker that meets your personal needs, you then need to open an account and deposit funds before you can begin trading. Below we list the steps that are required to get started with our top-rated Philippines forex broker, eToro, due to its low fees, great range of trading options and excellent tools. To learn more, check out our eToro Philippines review.

    Note: While the below steps relate to the account opening process with eToro, the guidelines remain largely the remain at all brokers. As such, go with the broker that best meets your needs.

    Step 1: Open an Account

    Head over to the eToro homepage and elect to open an account. As is the case with all online trading platforms, you’ll need to provide some personal information.

    This includes:

    • First and Last Name
    • Nationality
    • Date of Birth
    • Home Address
    • National Tax Number
    • Contact Details

    You will also need to ask a few questions about your prior trading experience. This is to ensure you have a firm grasp of the risks of buying and selling currencies. Finally, to ensure eToro complies with its license issuers, you will need to upload some ID. This can be either a Philippines passport or driver’s license.

    Step 2: Add Funds to Your Account

    Once you’ve uploaded your ID, you will then be asked to deposit some funds. You’ll need to meet a minimum deposit of around 10,000 PHP at the broker.

    Supported payment methods include:

    • Debit Cards
    • Credit Cards
    • Paypal
    • Skrill
    • Neteller
    • International Bank Transfer

    Other than the bank account option, all other deposit methods at eToro are instantly credited.

    Step 3: Choose a Forex Pair

    You will now need to find a forex pair to trade. If you know which pair you want to start with, enter it into the search box at the top of the screen.

    Alternatively, browse through the forex trading department at eToro to see what markets are offered.

    Step 4: Place Order

    You will now need to place an order on your chosen forex pair. This tells the broker the specifics surrounding your trade.

    As you can see from the screenshot above, you will need to enter some information so that eToro knows that you want to do. Read through the explainers below to make sure you know what each requirement means.

    • Buy/Sell: Place a buy order if you think the exchange rate will increase, or a sell order if you think the opposite.
    • Amount: All trades are quoted in US dollars at eToro, so enter the amount you wish to trade in USD.
    • Limit/Market: Choose a limit order if you want to enter the market at a specific price. If you’re happy taking the next available price, stick with a market order.
    • Leverage: If you plan to trade on leverage, select your preferred multiple (2x, 3x, etc.).
    • Stop-Loss: Enter the price that you want to exit a losing trade.
    • Take-Profit: Enter the price that you want to exit a winning trade.

    Finally, click on either ‘buy’ or ‘sell’ to complete your order.

    Leverage at Philippines Forex Brokers

    Leverage allows you to make larger trades by borrowing capital from your chosen broker. For example, a PHP 1,000 trade with 1:20 leverage is worth PHP 20,000.

    Unlike other countries, the Philippines government has not imposed any limits when trading with leverage. This means that you can effectively trade with as much leverage as the broker is willing to offer you, which can vary a lot depending on the platform you choose.

    With that being said, you do need to be careful when amplifying your trades with leverage, as you could lose your entire margin. This is why established and legitimate forex brokers in the Philippines often limit the amount you can trade with.

    For example, those licensed by the FCA and CySEC will follow the limits imposed by the European Securities and Markets Authority (ESMA). This means that you can trade at 30:1 on major forex pairs and gold, and 20:1 on minor/exotic pairs and major indices.

    Brokers not restricted to the limits set by the ESMA can allow significantly higher leverage – up to 1:400. However, this comes with significantly higher risks, so you should always do your research and tread carefully.

    Conclusion

    As a trader living in the Philippines, you’ve got heaps of regulated forex brokers to choose from. While some are notable in the fees and commission department, others excel by offering same-day withdrawals. Either way, we hope that by reading our guide you now have a firm understanding of the type of broker you are looking for.

    If you don’t have time to research a broker yourself, we have discussed our top five Philippines brokers of 2020. Each broker holds multiple tier-one licenses and supports a bunch of everyday payment methods. As such, it takes just minutes to get started with one of our recommended trading platforms.

    If you’re looking for the very best forex broker in the Philippines, we recommend eToro. With 0% commission, a good range of currency pairs and innovative copy trading tools, this broker is hard to beat. Simply click the link below the get started on eToro today!

    eToro: Best Philippines Forex Broker 2020

    Our Rating

    • 0% commission forex trading
    • Wide range of currency pairs
    • Social and copy trading tools
    • Strictly regulated
    75% of retail investor accounts lose money when trading CFDs with this provider.

    FAQs

    Are Philippines forex brokers regulated?

    The vast majority of online forex brokers are regulated, as this is a legal requirement of holding client funds. Some of the most respected licensing bodies in the forex space includes the FCA, ASIC, and CySEC.

    Can you trade forex with leverage in the Philippines ?

    There are no leverage-specific regulations in the Philippines for those trading forex online. This means that you can use as much leverage as the broker is willing to give you. With that said, leverage trading is extremely risky, so make sure you understand the risks.

    Will I need to provide ID at a Philippines broker?

    As long as you are using a regulated broker (which you should be), then yes - you will always need to upload some ID when opening an account. Some brokers will also ask you to provide proof of address. This can be a bank statement or utility bill.

    What is the minimum deposit amount at Philippines forex brokers?

    This depends on your broker of choice. For example, while you are required to deposit no less than $300 at IG, Forex.com permits deposits of $50 or more.

    What payment options do Philippines forex traders have to choose from?

    Most online brokers accepting Philippines traders will support a debit or credit card, as well as a bank account. Regarding the former, Visa and MasterCard are preferred. You can sometimes deposit funds with an e-wallet like Paypal and Skrill.

    All trading carries risk. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.
    Alan Draper Lewis

    Alan is a content writer and editor who has experience covering a wide range of topics, from finance to gambling.