Which forex trading company is the most popular with Philippines traders ? Are they Legal?
According to my private statistics from what I have seen on international fx forums, Filipino traders prefer strong international brands with regulation, they trade mostly with Metatrader 4 and trade mostly currency pairs that include USD and/or JPY. Out of all brands that can be found in the comparison table on this page, eToro seems to be the most preffered licensed forex broker in the Philippines for a good reason.
Which forex broker is the best fit for you?
This is really a tricky question as it depends on many factors.
If you are a newbie in forex trading business, then you should definitely choose a broker which meets certain requirements:
eToro is the largest social trading platform which is on the market since 2008. This social trading platform connects thousands of traders from all over the World. This platform is focused mostly on forex and stock trading. Since 2019 they are known for their activities in crypto trading (created crypto wallet) and real stocks trading without paying a commision!
XTB.COM is our 1st option for you. It is beginner very friendly and easy to understand online trading platformand also doesn’t require a big minimum deposit (actually the minimum first deposit is currently just $50). You can trade anything from Forex + CFD on Stocks or Real Stocks+ Cryptocurrencies etc. Big plus is the ability to communicate and exchange trading ideas with other traders on the platform in the real time!
Who regulates forex brokers in Philippines
The major financial market agency is the government owned BSP which means Banco Sentral ng Pilipinas in english it means the Central bank of Philippines. As the central bank it is in charge of maintaining the inflation rate in acceptable levels, monitoring the growth of the GDP and unemployment rate and last but no the least protecting local Philippine peso (PHP) currency stability. Established by the government in 2003 the main financial markets regulatory body is SEC – Securities and Exchange Commision of Philippines which overlooks the local financial market and its main role is to protect investors from fraud and ensure the stability of the capital market. They also issue the licenses to financial companies operating locally on the Philippines territory. They have been working in the recent years to achieve the higher transparency of the capital market and also aim to educate small investors in order to protect them from scam. If you ever face any issue with a particular forex brokerage, you can submit a complaint through the online form on the website www.sec.gov.ph
The main role of the BSP and SEC
There are some local forex brokerages who are listed by Sec.gov.ph but according to our knowledge of local market, just like in other South East Asian countries like in Malaysia or Singapore vast majority of Filipinos trade forex through some of the world’s best fx companies who reside abroad and are regulated by worlds’ first class regulatory agencies like FCA in the United Kingdom or CySEC in Cyprus. This is due to a fact there are not yet many top firms physically located in the Philippines, since the currency trading market is still pretty small here and just slowly developing to a more mature stage. Once the country’s currency trading market will reach certain maturity level, we believe more and more brokers will establish local presence and obtain BSP license.
However with hundreds of brokers on the market, it is not easy to figure out which company is serious to deal with! We want to help you to start with forex trading and become profitable as fast as possible,therefore we prepared and regularly update the above table with comparison of the best forex companies.
Is Forex Trading Legal in the Philippines?
Yes it is legal as long as you choose a regulated forex trading company. As the economy of Philippines continues to grow, there are more and more locals open forex accounts with foreign forex companies who offer them the best trading services.
