Best Forex trading signals in the Philippines
Forex exchange is the most promising sector where investment done right will yield a good return in the long run. Trading Forex in the Philippines is popular among residents. While recommended, Forex brokers are not required to become authorized by the Securities and Exchange Commission (SEC) to accept residents of the Philippines as customers.
In this article, we will go over what Forex signals are, what are the best free Forex signals in the Philippines, and whether or not these signals can be trusted. Continue reading to find out more.
What are Forex signals?
When you are interested in forex trading, there are a number of tasks that you need to consider. One of the most daunting would be the fact that research and expertise become some of the most critical factors behind your success. Failure to understand how you should analyze current trends in the forex market can lead to significant losses on your side. This often involves sitting in front of charts for hours on end, trying to find that sweet spot at which you should initiate a new position on a trading platform.
It takes quite some time to get used to the way that these systems work. If you are new to forex trading, you may also find it very difficult to get started - the trends and charts you need to analyze look extremely complex. You need to learn about different trading strategies and ensure the financial info in front of you is 100% accurate.
This is why many people turn to trading signals. A forex trading signal is essentially a set of instructions that tells you when to initiate a specific trade. There are different kinds of forex signal types and sources available - and the format you obtain may differ as well.
Some brokers will give you access to signals that are compiled by internal experts. There are also platforms that specifically focus on compiling signals that you can use with any broker. While it is possible to find free trading signals in some cases, many experts will charge a fee if you want access to the signals they compile.
How Do I Get Forex Signals? A Guide For BeginnersTop Forex signals providers in the Philippines
Learn2Trade
Learn2Trade is an innovative free Forex signals provider that helps traders take advantage of the potential opportunities present in the Forex markets. Through its range of alert types, Learn2Trade ensures users remain risk-averse when trading and provides them with accurate take-profit and stop-loss orders. As a free Telegram channel member, users can access three signals per week with no blackouts and have complete visibility of stop-loss prices.
For added convenience, Learn2Trade also provides live chat support for users who may have further queries. With its reliable Forex signals and range of features, Learn2Trade is the ideal choice for any trader looking to take advantage of the Forex markets.
ForexSignals.io
ForexSignals.io is a renowned site that offers traders free Forex trading signals. Since it began operating in 2016, it has rapidly increased in size, with a sizable number of verified active users worldwide. Since these signals are only compatible with the MetaTrader4 platform, you must have one to get them. You can create your account and receive trade signals from various market circumstances by using MT4.
1000pip Builder
Another top-notch provider of signal services is 1000pip Builder. This signals service is run by expert trader Bob James, who has 10 years of experience in London's financial firms. The signals made by the 1000pip builder use chart analysis, quantitative analysis, and technical indicators to find trades that have a better chance of success.
People using this service, which covers 15 currency pairs, get anywhere from 2 to 7 signals daily. The service guarantees users monthly earnings of 350 pips and is supported by trades from MyFXBook that have been validated.
Best free Forex signals in the Philippines
There are many free Forex signals available in the Philippines for traders to take advantage of. The Traders Union has done the research and listed a few of the best free Forex signals in the Philippines below.
RoboForex CopyFX
RoboForex CopyFX is an innovative service that allows users to access live Forex signals, fundamental analysis, and market updates from professional traders. Its wide reach of over 400,000 active clients in more than 150 countries gives users the opportunity to copy trades of experienced and successful traders.
Furthermore, the service allows users to access reliable signals with high accuracy and low risk. With all these features, RoboForex CopyFX is a great choice for those who are looking to make the most of their funds without having to install a trading terminal.
AvaTrade Copy Trading
AvaTrade is a Forex broker that enables traders to purchase, sell, and trade a variety of financial assets. It delivers trading signals through its copy trading service. To begin monitoring the transactions of other traders on the platform, you must create an account with AvaTrade and enter some money. You can access all the real-time indications these traders produce once your profile has been validated.
For its copy trading, AvaTrade only uses high-quality sources. These sources include hedge funds, money managers, and skilled brokers. Thus, by imitating their trades and investing with AvaTrade, you can benefit from the knowledge and expertise of veteran traders. This trading approach has the potential to be very successful. Many new and experienced social traders can now easily connect with the best traders on the platform, which has improved their chances of success.
Rules and Regulation
Licensing in the Philippines
Forex brokers operating in the Philippines are required to obtain licenses from the Securities and Exchange Commission (SEC) or the Bangko Sentral ng Pilipinas (BSP), depending on the nature of their business activities.
Investor protection in the Philippines
The SEC and the BSP have implemented various measures to protect Forex investors in the Philippines:
- disclosure requirements
- client fund protection
- regulatory oversight
Taxation in the Philippines
Capital gains tax rates in the Philippines vary depending on the type of asset and the holding period. The tax rates applied to capital gains from the sale or exchange of capital assets:
- for gains from the sale of shares of stock not traded on the stock exchange and other capital assets not otherwise covered, a final tax rate is 5% of the net capital gains.
- for gains from the sale of shares of stock traded on the stock exchange and other similar transactions, a final tax rate is 0.60% of the gross selling price or gross value in money of the shares of stock sold, exchanged, or transferred.
- for gains from the sale of real property classified as capital assets, a final tax rate is 6% of the gross selling price or fair market value, whichever is higher.
- it's important to note that tax rates and regulations may be subject to change, so it's advisable to consult with tax authorities or financial professionals for the most up-to-date information.
Where can I get Forex signals in the Philippines?
If you are looking for reliable and accurate Forex signals in the Philippines, there are a few options available to you.
Here are a few of the most popular and reliable sources for Forex signals in the Philippines:
Copy trading signals
Copy trading is a great way to get Forex signals in the Philippines. It offers the advantage of being able to access and follow the trades of experienced professionals, as well as providing an easy way to diversify your portfolio.
By copying the strategies of other successful traders, you can reduce the risk of making costly mistakes and improve your chances of success in the Forex market. The platforms mentioned above are some of the most popular and reliable sources for copy trading signals, so it’s definitely worth checking them out.
Forex signals via Telegram
There are various ways to get the best Forex trading signals, but Telegram is currently one of the most popular options. It is one option to have access to top signals at no cost or with a subscription. With the group's up-to-date data and trading recommendations, you can predict market changes and make money from them.
Forex indicators
Using Forex indicators is a great way to get reliable and timely signals to help with trading decisions. Indicators provide clear signals that can help traders understand complex market movements and make informed decisions. They also enable traders to identify potential entry and exit points for different currency pairs, allowing them to take advantage of high-performing trends. By keeping an eye on market changes, traders can spot opportunities early and take advantage of them quickly.
Are Forex signals reliable? Are trading signals worth it?
It is important to know that trading signals are not a guarantee of success, but they can certainly offer valuable insights into the market. Ultimately, whether or not a signal is worth it depends on the accuracy and reliability of the provider. If you opt for a reliable provider who has experience in their field and a good track record, then the signals can certainly be beneficial.
It is also important to consider how much time you are willing to dedicate to trading, as signals may require a certain amount of monitoring and analysis on your part. When used properly, trading signals can help you make informed decisions in the Forex market and increase your chances of success.
FAQ
Is Forex trading legal in the Philippines?
Yes, Forex trading is legal in the Philippines, however, you must use an international Forex broker to make your trades. In order to trade Forex in the Philippines, you will have to open an account with a foreign broker that is regulated by the applicable authority.
Who regulates Forex in the Philippines?
The Bangko Sentral ng Pilipinas (BSP) is the central bank of the Philippines and regulates Forex activities within the country. Established in 2003, BSP is responsible for maintaining price stability and ensuring a sound financial system. It also sets floating exchange rates according to the supply and demand of a currency in the market and works to ensure fair and transparent conditions for all participants.
How do signals work in Forex?
Signals in Forex are trading ideas sent from a signal provider (or trading system) to traders. These signals can include entry and exit prices, stop-loss levels, and specific trade instructions. Upon receiving a signal, traders can decide whether to take the suggested trade or not.
How reliable are Forex signals?
Forex signals can be of different quality, so it's important to learn as much as you can about a signal provider before following their advice. Free signals might not be reliable, and you should be aware of the risks that come with trading.
Team that worked on the article
Alamin Morshed is a contributor at Traders Union. He specializes in writing articles for businesses who want to improve their Google search rankings to compete with their competition.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).