Trading forex on the go has never been easier thanks to forex trading apps, and there are many top brokers offering mobile trading apps in the Philippines. However, with so many apps to choose from, finding the best one for you isn’t always easy.
To help you get started, we have reviewed the best 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 provide a step by step guide on how to open a trading account in the Philippines and set your first order.
How to Trade Forex on Your Mobile in 3 Steps
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.
Step 1: Sign Up & Download App
Open a trading account with our recommended broker, eToro, and then download its mobile trading app.
Step 2: Deposit Funds
Now you can fund your account. eToro offers debit/credit cards, bank transfer and e-wallets like PayPal.
Step 3: Trade Forex
Browse the forex trading market, choose a currency pair, set the trade parameters and open your first trade.
75% of retail investors lose money when trading CFDs with this provider.
The Best Forex Trading Apps in the Philippines
Without further ado, let’s take a look at the top forex trading apps available in the Philippines. Every broker here has been selected for its regulatory standing, low fees and, of course, excellent mobile trading experience.
1. eToro – Best Social Trading Forex App in the Philippines
eToro is a multi-asset social trading platform that offers a huge selection of markets and products to trade on in more than 140 countries, including the Philippines. This broker is considered extremely safe and secure as it is regulated by top-tier regulators such as the Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), and The Cyprus Securities and Exchange Commission (CySEC).
eToro made its name as a pioneering social trading broker and its platform is simple, intuitive, and similar to other social media dashboards. It also offers the innovative CopyTrader tool, which allows you to copy top traders on the platform – great for beginners looking to learn the ropes. There’s also more advanced CopyPortfolios, which utilise algorithmic trading, those these have a $5,000 (250,375 peso) minimum.
When it comes to forex, eToro offers a good range of currency pairs with some exotics on offer. It’s a very affordable platform, thanks to its 0% and tight spreads for forex trading. The eToro mobile app is available for iOS and Android and offers the full functionality of the desktop website.
You can get started on eToro with a $200 (10,018 peso) minimum deposit, which you can make via bank card, bank transfer or an e-wallet, such as PayPal. There’s even a free demo account which you can use to try the app out and learn the ropes before risking your money.
- Largest social trading platform in the world
- Features the CopyTrade tool that allows users to copy trades of other successful traders
- Highly regulated broker
- eToro does not offer an advanced trading platform
- Charges a withdrawal fee of $5
2. Plus500 - Regulated Forex Broker with Tight Spreads
Plus500 is a UK-based broker that has made it's name as one of the best platforms in the online CFD (contacts for difference) space. It offers an excellent range of forex trading pairs, with 70 available, and there's a good number of minors and exotics to choose from.
Plus500 is particularly popular due to its low fees for forex trading. There's no commission to pay, and the spreads charged by Plus500 are some of the tightest in all of the Philippines. You don;t have to worry about any deposit or withdrawal fees, either.
Plus500 offers its own proprietary trading platform which is available on both desktops and as a mobile app. It's a very user-friendly platform that is easy to navigate and comes with some basic charting tools. There's also a demo account you can use to get to grips with things.
With licenses from a number of leading regulatory bodies, and a parent company that's listed on the London Stock Exchange, Plus500 is a very reputable broker. In addition to forex, it also offers CFDs for a range of other financial instruments, including stocks, indices, ETFs, interest rates, and cryptocurrencies.
- Very tight spreads
- 70 currency pairs
- Mobile app available
- Little educational material
3. AvaTrade – Supports MT4 and MT5
AvaTrade is another highly regulated forex broker that accepts clients from the Philippines. This strictly regulated broker was founded in 2006 and has expanded enormously since then. Today, AvaTrade has more than 200,000 users worldwide and the broker executes more than two million trades a month.
While AvaTrade does not offer a wide range of products as eToro does, this broker focuses on providing professional trading platforms, including MetaTrader 4 and 5, and advanced trading tools. It is one of the best trading apps in the market for investors who want to automate their trading, with a variety of different auto trading platforms, including trading bots and expert advisors. AvaTrade also integrates third-party Forex signals providers such as DupliTrade, ZuluTrade, and MQL5.
Another advantage of trading with AvaTrade is the ability to trade forex options on the AvaOptions trading platform that is available on desktop and mobile. This means you can trade more than 40 currency pairs on any options trading strategy. Forex trading is available on this platform for as little as 0.9 pips.
In terms of regulation, AvaTrade is regulated by several regulators across the world that includes the Central Bank of Ireland, the Australian Securities & Investments Commission, the Financial Services Agency, the Financial Futures Association of Japan, and the South African Financial Sector Conduct Authority.
- Offers Islamic (Swap-Free) trading accounts
- One of the best platforms for automated trading
- AvaTrade offers FX options trading
- Not suitable for beginner traders
- Limited selection of markets and products
4. Forex.com - More Than 80 Currency Pairs
With over 80 currency pairs to trade, Forex.com offers one of the most impressive selections of trading options on the market.
One of the standout aspects of this broker is that there is a range of accounts to choose from. For example, one account option allows you to trade major pairs from just 0.2 pips plus commission if you're trading large volumes. For beginner forex traders, the standard account offers 0% commission trading, although the spreads are slightly higher.
If you're looking to learn he ropes, there are plenty of educational resources available at Forex.com, including trading courses and webinars. There's also a range of charting and market analysis tools for more advanced traders, in addition to MT4 support.
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.
You can open an account with just $50 - which amounts to about 2,504 peso. This is also one of the most secure brokers around, as it's based in the US and regulated by FCM, RFED, CFTC, and the NFA, so you're in safe hands.
- More than 80 forex pairs
- Multiple account types
- Strong educational resources
- $40 wire withdrawal fee
5. IG – Spreads From 0.6 Pips
IG Markets is one of the most popular and well-known trading apps in the world, and deservedly so. This broker, which was founded in 1974, allows trading on a wide range of more than 17,000 financial assets, including stocks, ETFs, forex, commodities, and cryptocurrencies. IG Markets is also heavily regulated with top regulators such as the FCA, MAS, CFTC, NFA, and ASIC.
Filipino investors at IG Markets can enjoy highly competitive spreads that start from 0.6 pips for EUR/USD and fast order execution. For highly active forex traders, IG offers the Direct Market Access (DMA) trading account that enables currency trading at the market price, with liquidity from major providers.
There’s a range of platforms to choose from. You can trade on IG’s own proprietary platform – which is one of the best around – of the likes of ProRealTime and MT4, offering access to advanced trading tools, trading robots and forex Expert Advisors.
Setting up an account with IG Markets is relatively simple. Before being able to trade, you will have to fill in your personal details and confirm your identity by submitting a government-issued ID. Moreover, the broker maintains a minimum deposit requirement of $300 (15,719) in order to open an online trading account.
- Offers a wide range of more than 17,000 assets
- Highly regulated forex broker
- Offers a DMA account for orofessonal active traders
- Inactivity fee is charged only after 2 years of inactivity
- Not suitable for beginners
Step 2: Learn 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. However, there are still some crucial factors you should check to make sure you choose the right broker for you.
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 reputable broker that has operated in the industry for a long period of time.
Some of the leading 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 with brokers regulated by these bodies ensures your funds are kept in secure and segregated accounts, and that your personal details are protected by encryption technology.
The number and types of currencies you can trade depends on the forex trading app you choose. For example, while some brokers support just 30 pairs mostly made up of majors, others include over 80 with plenty of minors and exotics. This is particularly something to keep in mind if you’re looking to the trade the Filippino peso, as only a few select forex brokers offer this currency.
When you’re searching for the best forex trading apps, no doubt you’ll want to find the one with the lowest fees while still maintaining quality services. The first thing to look for is brokers that don’t charge any commission, like the ones on our list.
Next up, you’ll want to make sure the spreads are competitive. Spreads can very greatly from broker to broker, but going with one of the platforms on our list will ensure you have competitive spreads when trading.
Finally, you should look out for non-trading fees. These most commonly include inactivity fees and withdrawal fees, so this is definitely something you should check prior to signing up.
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. However, copy trading brokers like eToro also offer a form of automated trading which can be considered as more beginner-friendly.
Brokers offer different kinds of trading platforms for different types of traders. eToro, for example, offers a more beginner-friendly mobile trading platform with 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, allowing you to choose their own proprietary platforms or the likes of MT4.
Forex Analysis Tools and News
There is a great variety of technical indicators and analysis tools that forex traders can add to their mobile forex trading appsp. Some of the most well-known and used Forex analysis tools that you should become familiar with include:
- TFX trading signals
- Economic calendar
- Markets sentiment – Bullish/bearish/neutral
- Analysts recommendations
- Volume indicator
- Live FX news
- Technical analysis advance indicators
- X currency pairs correlation matrix
- Interest rates
- CME FedWatch Tool – CME interest rate hike probability
Alerts and Notifications
Nowadays, it very important to follow market news, but it can also be challenging to always be up-to-date, especially for newbies. There’s a stream of market news and real-time economic data that can confuse traders rather than help them.
To help, forex traders often make use of forex trading signals and market news, and 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.
Furthermore, 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
Now you know what to look our for in a forex trading app, your can open an account and make your first trade.
If you are ready to place your first forex order in the market, then simply follow the three steps below. We’ve decided to show you the process on eToro, due to its low fees, social trading tools and excellent mobile trading experience. Learn more by reading our eToro Philippines review.
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.
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 minimum deposit of $200 (10,016 peso). Investors from the Philippines can also fund their account with PayPal, Neteller or Skrill.
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.
If you’re looking for a quick and easy way to trade forex on the go, there’s no better way to do this than with a Philippines forex trading app. The best forex trading apps provide smooth interfaces, custom notifications and all the functionality of web and desktop platforms, so you don’t miss out on anything when you trade on your mobile.
Sound good? If you want to get started with a forex trading app today. With low fees, a great range of currency pairs and innovative social trading tools, this excellent forex trading app ticks every box. Simply click the link below to register an eToro forex trading account today!
eToro: Best Philippines Forex Trading App
- 0% commission
- Wide range of currency pairs
- Social and copy trading tools
- Strictly regulated
Are forex trading apps safe in the Philippines?
As long as you use the broker's provided payment method in the Philippines, then yes, it is completely safe to trade with an online broker in the Philippines. Reputable CFD brokers such as eToro, Plus500, and IG are most likely to be in contact with regulatory agencies in the Philippines and state on their official website that they currently accept clients from the Philippines.
What is the minimum deposit required to start trading with a forex trading app in the Philippines?
The majority of the forex brokers that are authorized to offer service in the Philippines maintain a low deposit requirement that ranges between $50-$200. eToro, for example, maintains a minimum deposit requirement of $200 in order to open a trading account and start trading forex.
What do I need to open a forex trading app account in the Philippines?
If you choose one of the recommended brokers on the list above, you will have to fill in your personal details that include name, email address, occupation, phone number, etc. Further, you will have to submit a government-issued ID/passport and utility bill to verify your identity and home address.
Can I Trade the Philippine peso (PHP) on forex trading apps?
Yes. Some brokers allow you to trade the Philippine Peso as CFDs. IG Markets is one of the few brokers out there that provides investors the possibility to trade the Philippine Peso versus the US dollar.
Are forex trading apps legal in the Philippines?
The exact legality of forex trading in the Philippines is somewhat of a grey area. However, you can safely access the forex market via a reputable broker based outside of the Philippines such as eToro, AvaTrade, and Plus500.