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2021 Legitimate and Trusted Forex Brokers for the Philippines
Lynne
2021-04-14 132

The Philippines is one of the fastest growing economies in Asia, spurred on by massive manufacturing industries. A liberalized and fast-growing financial services sector has also placed the country a big attraction for all sorts of financial investments, including forex trading.


While there are no trusted Philipppines-based forex brokers yet, the millions of Filipinos interested in trading forex have plenty of overseas brokers to choose from. 


How will you compare and find the best Forex broker in the Philippines for you? 


Our Forex broker review list considers a wide range of factors, from fees to trading platforms and minimum deposits and analytics options, everything that gives that broker a big tick mark.


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Forex Regulation In The Philippines

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The Securities and Exchange Commission Philippines (SEC) was formed in 1936, and although it mostly regulates the stock market, the commission also licenses forex brokers who operate in the country. We consider you should trade with a broker who is authorized and regulated by SEC, or other international Authorities, such like FCA, ASIC.


As the forex industry keeps growing in leaps, with daily turnovers north of $6 trillion, the number of Filipinos trading currencies online is growing rapidly. If you’re one of these uprising traders, you have come to the right place to not only get to know the best forex broker in the Philippines, but also learn a few industry hacks.


A List of Top Trusted Forex Brokers for the Philippines

Before we get to the actual reviews, here’s a quick lowdown of the most popular and well-trusted forex brokers in Philippines.


Comparison of the best forex trading platform for the Philippines


Broker’s Name

Features

General Info


Mitrade

Min   Deposit: $50

Maximum   Leverage: 1:250

Spreads:   Low

Location:   Australia

Trading   System: Proprietary software

Regulation:   ASIC, CIMA

Pepperstone

Minimum   Deposits: $200

Maximum   Leverage: 1:500

Spreads:   Up to Zero

Location:   UK

Trading   Systems: MT4 & 5, Web Trader

Regulation:   ASIC, CySEC, FCA, DFSA

IG

Min   deposit: $300

Maximum   Leverage: 1:200

Spreads:   Very low

Location:   UK

Trading   System: MT4,  FIX API (protocol), and

Web   Trader

Regulation:   ASIC, JFSA, FCA, DFSA, FINMA, MAS

XM

Min   deposit: $10

Maximum   Leverage: 1:800

Spreads:   Very Low

Location:   Australia

Trading   System: MT4 & 5, Web Trader

Regulation:   Web trader, MT4 & 5

Avatrade

Min   deposit: $100

Maximum   Leverage: 1:400

Spreads:   Mid-level

Location:   Australia

Trading   System: MT4 & 5, Web Trader

Regulation:   Central Bank of Ireland, ASIC, FSCA, JFSA, BVIFSC

Oanda

Min   deposit: $20

Maximum   Leverage: 1:100

Spreads:   Moderate

Location:   Australia

Trading   System: Web Trader, MT4, FIX API

Regulation:   FCA, ASIC, MAS, CFTC

XTB

Min   Deposit: N/A

Maximum   Leverage: 1:500

Spreads:   Very Low

Location:   UK

Trading   System: MT4, xStation5

Regulation:   FCA, KNF,

IC   Markets

Min   Deposit: $200

Maximum   Leverage: 1:500

Spreads:   Very Low

Location:  Australia

Trading   System: MT4 & 5, cTrader, Web Trader, Fix API

Regulation:   ASIC, CySEC

eToro

Min   Deposit: $200

Maximum   Leverage: 1:400

Spreads:   Moderate

Location:   UK

Trading   System: CopyTrader, Proprietary software

Regulation:   CySEC, FinCEN, FCA, ASIC

FP   Markets

Min   Deposit: $100

Maximum   Leverage: 1:500

Spreads:   Low

Location:   Australia

Trading   System: MT4 & 5, Web trader

Regulation:   ASIC, CySEC

FXCM

Min   Deposit: $50

Maximum   Leverage: 1:400

Spreads:   Low

Location:   UK

Trading   System:  MT4 & 5, Web Trader, Ninja   trader

Regulation:   ASIC, FSCA, FCA

( Note that this list is just for reference. There are still many other choices outside our list. )


Top 5 Trusted Forex Brokers For the Philippines

So you've seen our highlight reel of the most legitimate forex brokers in the Philippines. 

we decided to compile a more detailed section focusing on 5 of the top ranked brokers (according to our informed opinion, of course).


And here we go.


1. Mitrade - Best Forex Trading Platform For Beginner

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Mitrade is arguably the best forex broker in the Philippines although it's main market is Australia. Commendably, Mitrade holds a license from the Australian Securities and Investments Commissions (ASIC) and has a near universal presence.


Mitrade offers a custom trading platform that allows us to trade with over 100 CFDs on indices, commodities, cryptocurrencies, and forex pairs. Mitrade offers free Real-time quotes, free technical charts, free-market insights.

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Best for:

• Who needs an easy-to-use and fast-execution platform 

• CFD trading, day trading, short-term trading


Fees and Commissions

There are no hidden charges or fees. The main costs include the Buy and Sell spread, and overnight funding,  

The spread is relatively low and vary with your trading moves. 


Overnight funding refers to that after 10 PM, the funding is either debited or credited if the position is held.


Inactivity fee: Mitrade exchanges charge accounts that have been inactive for more than 6 months ($ 10). 


Markets

Mitrade gives traders access to over 100 popular financial products, , including Forex, Indices, Commodities, cryptocurrencies, and cryptocurrency pairs. 


  •60+ forex currency pairs

  •11+International stock indexes (SPX500, Nasdaq100, etc.)

  •9 kinds of commodities (gold, silver, crude oil, etc.)

  •5 cryptocurrencies with the largest trading volume (BTC, ETH, XRP, LTC, BCH)

  •30 popular US stocks (such as Apple, Google, etc.)


Deposits and Withdrawals

The broker offers a decent range of deposit and withdrawal options that includes: Wire transfer, debit and credit cards, QR code payments, and via eWallets like Poli and Skrill. 


Notably, withdrawals and deposits accrue zero charges (in most cases) and all transactions complete within one day, except for bank wire transfers. 


Trading Platform 

Unlike most forex trading apps in Philippines, Mitrade does not run on the popular Metatrader platforms but on its own, custom platform. The Mitrade Trading Platform is simple, intuitive, user-friendly, and is based on cloud technology, meaning you don’t need to download it. Nonetheless, the broker has a mobile app for both iOS and Android that offers even more cool features, most notably price alerts. 


Account Opening 

Mitrade offers an easy and straightforward way for interested traders to open accounts, with the account verification process taking less than 24 hours. The minimum deposit ($50) is also lower than the average.


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2. eToro – Top Broker For Social Trading


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Our second best forex broker in the Philippines is the popular eToro. The British broker has over 17 million members and operates in around 100 countries. And while it was originally a forex-intensive platform, the site has recently begun to add the more traditional asset classes like stocks, CFDs and indices to its list, which has ramped up its popularity even higher. 


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Best for:

  • Social and copy trading

  • Interactive trading system


Fees 

eToro has some pretty high fees, which may or may not be a problem depending on where you stand. For one, there is a conversion fee (starting from 50 pips) for every deposit or withdrawal made in a currency other than USD. There’s also a $5 charge for every withdrawal, not to mention a $10 inactivity fee for accounts that have been idle for over 12 months. 


Markets

The eToro platform offers 2000+ tradeable assets, including 47 currency pairs, 200+ stocks, 15 cryptocurrencies and a total of 1800+ CFDs. 


Deposits and Withdrawals

The broker offers a nice array of payment options, ranging from all the popular credit and debit cards to digital wallets like Neteller, PayPal, Skrill and iDeal. All deposits are free of charge, while withdrawals are charged $5 per transaction as mentioned earlier. 


Trading Platform:

Mostly known for its deep focus on copy trading, eToro runs on its own custom software which is available in both mobile and desktop formats. It also runs a parallel mobile app, known as eToroX that acts as a coin wallet for cryptocurrency traders. 


Account Opening:

There are little to no restrictions on opening an eToro account. All you need is proof of identity and the $200 minimum deposit and you’re good to go. 



3. Avatrade – Popular forex trading platform


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It may not have millions of users like the rest of the brokers in the list, but Avatrade is a formidable name in the field of forex exchange in Philippines. Apart from its large number of CFD assets, Avatrade offers a decent selection of trading platforms and cryptocurrencies as well. 


Best for:

• Diversity in trading platforms

• Who prefer to use the MetaTrader platform


Fees

In regards to trading fees, Avatrade doesn’t rank too highly as the minimum 0.9 pip per trade on the benchmark pair EURUSD is higher than the market average. There is also an inactivity fee of $50 charged on accounts that remain inactive for more than 3 months. 


Markets

Avatrade offers traders a chance to trade an exceptional array of instruments that includes 50+ currency pairs, 9 cryptocurrencies, options and hundreds of stocks, ETFs and indices. 


Deposits and Withdrawals

Financial transactions on the Avatrade platform may be channeled through credit cards (Visa, MasterCard, etc), PayPal, Skrill, Neteller and bank wire transfer. Deposits are processed immediately while withdrawals can take up to 5 days to complete. Both are, however, free of charge. 


Trading Platform 

As mentioned above, one of Avatrade’s main selling points is its selection of trading platforms. Apart from the usual Metatrader 4, the broker supports the more modern Metatrader 5, and also has a proprietary platform calles AvaTradeAct.  Additionally, the broker allows traders to use automated trading software like RoboX, Duplitrade and Mirror Trader if they wish to make fast trades. 


Account Opening 

Opening an Avatrade account is a straightforward process that only requires a deposit of $100 and a few documents to prove your identity. Verification takes less than 48 hours. 



4. Oanda – Global Forex Broker


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Founded in 1996, Oanda is a global brokerage juggernaut with a reach in over 120 countries. And while it also offers stocks and indices, its tagline is “All things currency”, which means it mainly focuses on forex. 


Best for:

Who seek a comprehensive offering and research tools.


Fees 

The Oanda forex spreads start from 0.6 pips while those for stocks and indices run up from a base of 0.8 points. Overnight fees are also charged on positions held beyond 10 pm every nights. These, however, vary from day to day. 


Markets

Oanda's product range encompasses 100 different types of assets, including more than 40 currency pairs, and 60+ index CFDs. You can als trade crypto (bitcoin in particular) albeit on CFD basis.


Deposits and Withdrawals

The deposit and withdrawal options available include; credit/debit cards, bank transfers, Skrill and Neteller. On the up side, Oanda does not charge any commissions or fees on withdrawals and deposits. On the flipside though, the payment options are too few for a broker with a global eye. 


Trading Platform

As a fx-focused broker, Oanda's trading platform of choice is the Metatrader 4. The system, which has both mobile and desktop versions, is very popular among forex traders due its customizable layouts and a wide range of helpful tools automated scaling and sophisticated stop loss functions. 


Account Opening 

As one of the very few forex brokers allowed to operate in the US, Oanda is available in nearly every country. That, coupled with the $20 minimum deposit requirement, effectively means that there's no restrictions on opening an Oanda account. The fast verification process further consolidates this point. 



5. Pepperstone - Best Forex Broker Overall

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Pepperstone Group is a British company founded in 2010 and which offers general brokerage services to online traders. With licenses from top-tier regulators like FCA and ASIC, Pepperstone is certifiably legit and boasts of over 2 million active traders. 


Best for:

• Overall forex trading experience

• Traders who already use the MetaTrader or cTrader 


Fees 

Trading currencies on Pepperstone attracts very low fees, with Standard account holders paying spreads as low as one pip with no commission. Razor accounts, on the other hand, incur zero spreads but pay minimal commissions for every trade. 


Markets

At Pepperstone, you can trade over 60 currency pairs, 60+ share CFDs, 10 index CFDs and 5 commodity CFDs. Unfortunately, cryptocurrencies are unavailable. 


Deposits and Withdrawals

The minimum deposit amount is 200 units of whichever currency you choose (the broker accepts 20 base currencies). You can fund and withdraw from your account via Visa, Mastercard, Bank Transfer, POLi, PayPal, Skrilk, and Neteller. The broker doesn't charge any fees for transactions. 


Trading Platform 

As far as trading goes, Pepperstone offers traders 3 options: Metatrader 4, Metatrader 5, or cTrader. All these are third-party software that can be downloaded from the websites of their respective developers or the mobile app stores. 


Account Opening 

Pepperstone makes it exceedingly easy to open an account, with user verification taking a few hours at most. While signing up, one has to choose between a Standard account (no commissions and low spreads) or a Razor account (zero spreads and low commissions). 


How to Select Trusted Forex Tradng Platforms in the Philippines?

With so many good choices available, choosing a forex broker to trade with can be quite a challenge. To help you pick the right choice, here are our top 3 things to consider when choosing a broker:


1. Fees


Naturally, you want a broker who offers very low commissions and spreads so as to maximize your returns. Some brokers are also known to hide certain charges from their websites, so it's always a good idea to go through the legal documents of any broker you like for the complete breakdown of all the costs. Thereafter, you can decide if it’s worthwhile for you. 


2.Credible Licenses 


As mentioned earlier, the Philippines has its own financial regulatory authority (the SEC Philippines). However, the commission does not regulate the foreign brokerages operating within the country, which means it’s hard to find a certified broker to be particularly safe for the Philippines market. 


Nonetheless, there are certain top tier regulators whose licenses give recipient brokers unparalleled credibility. These include the Commodities and Futures Trading Commissions (CFTC) in the USA, the FCA (Financial Conduct Authority) in the UK, Australian Securities and Investment Commission (ASIC) in Australia and the Cyprus Securities and Exchange Commission (CySEC).


Ideally, you should only go for brokers with a license from one of the above bodies. If you want to be doubly sure, look for brokers with both US and UK licenses. 


3. Withdrawal and Deposit Procedures 


Having to wait for days for your withdrawals to be processed is a mood-killer. Similarly, paying over-the-top fees and commissions for every deposit and transaction you make will eventually put a big dent on your account. 


For this reason, we strongly recommend that you read through a broker's withdrawal and deposit policy before giving them your money. Apart from the underlying charges, keep an eye on how long transactions take to process and the requirements for depositing/withdrawing using each of the allowed methods.


Conclusion

While we have done our best to highlight credible brokers, the final choice is ultimately in your hands. Caution and due diligence is highly recommended because a bad choice can be very costly.


The content presented above, whether from a third party or not, is considered as general advice only.  This article does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Mitrade does not represent that the information provided here is accurate, current or complete. For any information related to leverage or promotions, certain details may outdated so please refer to our trading platform for the latest details. Mitrade is not a financial advisor and all services are provided on an execution only basis. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks. *CFD trading carries a high level of risk and is not suitable for all investors.  Please read the PDS before choosing to start trading.

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