Who should make use of our comparison for forex trading in the Philippines
As long as you are in some way interested in discovering more about online forex trading in the Philippines, then you should make use of this comparison here at TradersBest. Whether you’re looking to find a new forex broker to trade with, or you just want to get clued up on the basics, we can help you out.
For us, it doesn’t matter if you’re a complete forex trading novice, or you’re a professional trader who’s looking to level up with a new broker, we’ve got you covered. Our comparison tool is made up of forex broker reviews and ratings that have been designed to help each and every single one of our readers to find the best forex broker for them.
Help for beginner to expert traders
For new forex traders, our comparison tool can help you to find your first broker so that you can start trading today. Beginner-friendly brokers should have a free demo account so that you can practice trading with virtual currency before you start risking your own capital. Additionally, we’ll also help you to find a site that has plenty of tools and guides to help you along the way on your forex trading journey.
If you’re an intermediate, advanced or professional trader who’s looking for a new platform, then we’re confident that you’ll find what you’re looking for in one of our reviews. Our categorised ratings mean that you can find a broker that has all of the attributes that you feel your old provider was missing. If you’ve just moved to the Philippines and are looking to find out what brokers are available in the country, this is the best place to discover the best options available to you.
Is it legal to trade forex in the Philippines?
Before we can help you to find the best online trading platform for you, we first need to take a look at the legal situation when it comes to trading forex in the country. Forex trading is something of a grey area in the Philippines as things stand. The Securities and Exchange Commission (SEC) in the Philippines made forex trading illegal in 2016 in a bid to prevent fraud and citizens from losing money.
However, all is not totally lost as the buying and selling of foreign currencies is legal, though more strictly regulated than in many other countries. This does mean that overseas forex brokers can offer accounts to users based in the Philippines, but the functions available will be limited based on the local laws.
Top five steps for a fair and secure experience for forex trading in the Philippines
As well as helping you to find the best online forex broker in the Philippines, we also want to ensure that you have a fair and secure experience when trading. That’s why our experts have put together these top tips that should help you to have the best possible experience. Forex trading involves risking money, and there’s always a chance you will lose it, but your aim is to keep you as safe as possible while trading.
Authorisation and compliance
Whether you’re looking for the best forex broker in Thailand, the Philippines, or anywhere else in the world, the first thing that you want to do is ensure that the platform is legal. The first port of all is to look at what financial regulators the site has been licensed and authorised by. In most countries, including the Philippines, this can be an overseas regulator, such as the SEC in the US or the FCA in the UK. Most importantly though, you need to make sure that the broker is compliant with the strict regulations in the Philippines.Â
Forex trading in the Philippines involves having to hand over your money and personal details to the broker. As a result, it’s vital to ensure that the broker has the best possible security measures in place to protect your funds and data. You want to look for things such as transaction encryption technology and high-level account security. The best forex broker in the Philippines should treat your account like a bank, with multi-factor authentication and KYC protocols in place.Â
Measures like KYC and account authorisation are essential when it comes to keeping your account secure. However, it also involves giving the broker a lot of your personal data. That’s why it’s important to read the privacy policy, as this will tell you what the company does with your data in relation to selling your data. Additionally, you should also always look for checkboxes when signing up and opt-out of having your data sold on to third parties if possible.
As we’ve said previously, forex trading involves storing large sums of money with your broker, which will hopefully only grow as you start to make a profit. How and where the bulk of your funds are stored is very important, as you want to make sure that they are as safe from hackers and cyber attacks as they possibly can be. The best forex broker in the Philippines should keep at least some of your funds in cold storage. This means that they are offline and impossible for hackers to access.Â
Equally important as the privacy policy are the terms and conditions, as this is where you will find out how fair your trading experience is going to be. We understand that reading the small print is extremely boring, but it is a necessary evil if you want to protect yourself. We will cover the most important T&Cs in every forex broker review for the Philippines that we create, but we always recommend that you also take the time to read through them yourself as well.Â
This is how our experts test the best forex brokers in the Philippines
As well as providing you with what we believe to be the fairest and most honest forex broker reviews in the world, we also want to be transparent in the process behind creating them. Every broker that we review for you here at TradersBest is put through a rigorous testing process. We then rate the operators in a categorised manner that is designed to help each individual user to find their ideal platform. Below, we have detailed the five most important criteria that we look at when testing brokers for forex trading in the Philippines.
Usability
First and foremost, the site has to be fit for purpose, and it’s always a bonus if it looks good as well. We are always looking to find sites that are easy to navigate and that rate highly in terms of usability for traders of all experience levels. Added to that a nice design and colour scheme are also important.
Having more than one trading platform is essential for a top-rated broker, so that traders of all experience levels can be catered for. Additionally, mobile apps and trading platforms are now considered to be must-haves, as more and more forex traders require on-the-move trading. The best forex platform in the Philippines right now is probably the MT4.
Account types
Having at least three account types is essential if an operator is to be considered the best forex broker in the Philippines by us. A beginner account for new and low-volume traders should be joined by advanced and professional accounts. You will find that some of the larger brokers have numerous account types available.
Payment options
How you fund your account is extremely important, and you want to be able to do it quickly, efficiently and with little to no fees if possible. As well as bank transfers and credit/debit cards, we want to see e-wallets, including PayPal and more.
Customer service
It doesn’t matter if you’re using a broker that is considered to be the best forex platform worldwide, issues can occur. What we, therefore, need to look for is that good customer service is provided. As well as looking for what channels are available, we also need to test the actual quality of the service for you.
Our favourite forex brokers in the Philippines
1.
Players from United States of America accepted
The risk of loss in online trading of stocks, options, futures, currencies, foreign equities, and fixed Income can be substantial.
2.
Players from United States of America accepted
All investments involve risks, including the possible loss of capital.
3.
Players from United States of America accepted
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Checklist: This is how you find the best forex broker in the Philippines for you
Whether you’re an advanced trader or a total newbie, there’s sure to be an operator in our forex broker list for the Philippines that suits you. In order to get the best out of our comparison tool for forex trading in the Philippines, we recommend taking the time to figure out what type of trader you are. You can do this by following the checklist below:
Experience
Naturally, the first thing that needs to be considered is your experience level when it comes to forex trading. If you’re completely new to it, then you’ll naturally be better suited to a simpler platform with a free demo account available. More advanced traders will require the complex tools that high-volume trading necessitates.
Preferences
Are there certain niche currency pairs that you want to trade, or do you have a specific trading platform that you prefer using? Whatever your preferences may be, however specific, there will be an operator out there to suit you.
Location
If you only trade at your desk, then a high-quality desktop trader will surely be at the top of your list. On the other hand, modern traders that like to trade on the move will require a mobile app that performs well.
Travel
Are you based permanently in the Philippines or do you travel for work? There are forex brokers that offer services in over 230 locations worldwide, so the travelling trader is catered for here.
What else can you trade online in the Philippines?
Surprisingly, for a country that has such a strict regulator stance on trading regular forex currencies, crypto trading is legal in the Philippines. You can legally trade with exchanges that are regulated by the Central Bank of the Philippines (Bangko Sentral ng Pilipinas). CFD trading is not legal in the Philippines, but you can check out our CFD broker list for the rest of the world here.
Forex trading in the Philippines – The conclusion
Before you go ahead and use our comparison tool to find the best forex broker in the Philippines for you, just keep a few key takeaways from this article in mind. Above all, you want to ensure that you have a fair and secure experience with an authorised and compliant broker. Then, before using our comparison, it’s vital to consider what your trading needs are so that we can match you with the correct broker.
Best Forex Broker in the Philippines FAQ
🤔 What is the best forex trading broker in the Philippines?
You can find the ideal forex broker for you by using the comparison tool at TradesBest. Use our reviews and ratings to compare the best operators in the Philippines today.
⚖️ Is forex trading legal in the Philippines?
You can read all about the current legal situation of forex trading in the Philippines here in our handy guide. This article has been written by our experts and we will update it as and when changes in the law are made.
đź’± Is there a forex broker in the Philippines?
Find out if there are any forex brokers in the Philippines and discover where they are here at TradersBest, the home of all things trading.
