21 Best Forex Brokers Philippines for 2024

RoboForex - Best Forex broker for beginners ($10 min. deposit, copy trading)

RoboForex Review

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RoboForex is a brokerage company that was founded in 2009. RoboForex is a leading software developer in the Forex industry and one of the best Forex brokers based on client reviews.

RoboForex is recognized as a reliable partner by the most respected financial market experts. The company has won numerous prestigious awards. The RoboForex group of companies has an international license to provide services from FSC Belize (license No. 000138/437).

Eightcap - Best broker to trade directly from TradingView charts

Eightcap Review

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Eightcap offers more than 800 trading instruments, namely CFDs [contract for (price) differences] on currency pairs, cryptocurrencies, indices, stocks, commodities, and precious metals. The broker has a minimum deposit of $100, a free demo account, and two live account types, which differ in trading costs. One account type has standard spreads without a fee, and the other has raw spreads that carry a brokerage fee. The maximum leverage is 1:500. Traders can use any strategy with minimal restrictions. Trading is carried out through MetaTrader 4, MetaTrader 5, and TradingView. Eightcap has two main features. First, the broker has a powerful training and analytical base. Second, the platform offers a number of unique tools, for example, Capitalise.ai, which provides automated trading with minimal risk. At the same time, there are no options for passive income, not even a referral program.

Exness - Best raw spread account (avg. spread for major FX pairs 0.1-0.2 pips)

Exness Review

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The Exness brand is known worldwide due to its profitable trading conditions, high-security level, and wide range of financial instruments. It focuses on trading CFDs, especially currency pairs. Cryptocurrencies, commodities, stocks, and derivative stock indices are also available. Exness offers account types for novice traders, more experienced traders, and professionals. It allows traders to use a variety of strategies including passive ones, such as copy trading and algorithmic trading. The proprietary Exness platform for social trading is used by over 20,000 investors globally. The broker’s activities are legal and its services are available in over 130 countries. Exness is supervised by 8 financial commissions, including CySEC (Cyprus, 178/12), one of the strictest European regulators, and FCA (UK, 730729), FSA (Seychelles, SD025), FSC (BVI) SIBA/L/20/1133, CBCS (Curacao, 0003LSI), FSCA (South Africa, 51024), and CMA (Kenya, 162). The broker offers demo and cent accounts for novice traders, as well as standard and ECN account types for experienced traders.

Pocket Option - Best for Social Trading (top rated service by customers)

Pocket Option Review

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Pocket Option is an innovative Forex and binary options broker with over $500 million in trading volume. It offers active trading on financial markets, copy trading, and passive income on holding funds in dollar and cryptocurrency safes. The broker provides an in-house platform to trade binary options and MetaTrader platforms to trade CFDs on currencies, cryptocurrencies, stocks, indices, and commodities. Pocket Option was incorporated in 2017. The broker’s service is available in more than 95 countries and regions globally. Today, over 10 million users are registered with the broker, and 100,000 traders regularly use its services. In July 2023, it obtained a license from Mwali International Services Authority number T2023322.

FBS - A reliable broker with affordable offers (ASIC regulation, min. deposit 5$)

FBS Review

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76.5% of retail accounts lose money when trading ᏟᖴᎠs with this provider.

FBS (fbs.com) is an international broker operating in 190 countries. The brokerage company has been on the market for over 10 years, and during this time it has earned about 40 international awards. It is regulated by the CySEC under license number 331/17 and provides flexible conditions for Forex trading. In addition to classic currency pairs, the company's clients can trade indices, futures contracts, exotic currencies, and metals. FBS is especially popular in Asian countries such as India, Malaysia and Indonesia.

FreshForex - Best for occasional trading on-the-go (through proprietory Telegram bot)

FreshForex Review

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FreshForex has been operating since 2004. The broker is registered in Kingstown, Saint Vincent, and the Grenadines. FreshForex has won more than 20 International awards and these achievements include Best Trading Conditions according to FXDailyInfo in 2016 and Best Bonus Program in 2017.

Forex4you - Best cent account for beginners ($0 minimum deposit, spread from 0.1 pips)

Forex4you Review

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The broker Forex4you started in 2007. The company provides a full range of active and passive trading services in the Forex market. The company runs its operations in the British Virgin Islands, under the license BVI FSC (license number SIBA/L/12/1027). Forex4you is committed to responsibility and professionalism. In 2018, according to Le Fonti, the company was awarded the ‘Best Broker’ which is the highest award achievable, and prior to this it has consistently won and received nominations for awards including ‘Forex Broker of the Year’ and ‘Best Service Quality’ nomination. Read more about Forex4You Available Countries.

TeleTrade - Best for learning trading basics (a lot of educational and analytical materials)

TeleTrade Review

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TeleTrade was established in 1994. The company won 2018 Traders Union Awards as the Best Broker in Europe. The brokerage company is a member of the Association of Forex Dealers, a self-regulatory organization in the financial market. The company is also regulated by the Cyprus Securities and Exchange Commission (CySEC, 158/11). The European branch of TeleTrade has adopted the brand name Earn.
The broker provides access to trading various currency pairs, as well as metals, stocks, cryptocurrencies, indices, and energies.

FxPro - Biggest choice of currency pairs (70+ FX CFDs)

FxPro Review

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The FxPro broker was registered in July 2006 in Cyprus. The company’s activities are licensed by financial regulators: CySEC, 078/07 (Cyprus), Bahamas SCB (SIA-F184), FCA, 509956 (UK), and South African FSCA (45052). FxPro is successfully operating in more than 170 countries for retail and institutional clients. The broker has received more than 85 awards, including “Best Forex Trading Platform” and “Best Trading Platform”. FxPro has become known for providing the best trading tools. With FxPro broker, traders can trade more than 70 currency pairs, futures and stocks (Twitter, Apple, Google). The broker has over 2,100 trading assets in its pool, including cryptocurrencies, which are subject to the account type. The basic set of assets is available on cTrader accounts, the full set is available on accounts opened on MT4 and MT5. FxPro sets high safety standards with the client's funds being kept in large international banks. They are insured and separated from the broker's equity.

XM Group - Best Order Execution (99.35% of orders are executed nearly instantly)

XM Group Review

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77.74% of retail investor accounts lose money when trading CFDs with this provider.

XM Broker was founded in 2009. Initially, the company covered a narrow niche of the trader market, specializing exclusively in intermediary services at the foreign exchange market. It has since experienced considerable success and growth, has diversified and is now an international broker operating in almost 190 countries around the world. For over a decade XM Broker has attracted more than 5 million traders, offering unique technological solutions. The company is now being recognised as the Fastest Growing Broker, the Best Forex Service Provider and various other contributing achievements. The team at XM Broker is committed to continually working hard to improve the quality of the services provided every year as they are committed to continually providing the best service to their traders.

Best Forex Brokers For beginners in the Philippines

For beginners, starting with a demo or cent account, or using copy trading, can be a great way to learn and gain experience. Demo accounts allow traders to practice trading strategies in a risk-free environment, using virtual money. Cent accounts, on the other hand, allow traders to trade with small amounts of real money, reducing the risk while still providing a real trading experience. Copy trading involves copying the trades of experienced traders, allowing beginners to learn from their strategies and decisions.

Is Forex Regulated in the Philippines?

Forex trades in the Philippines are regulated with the help of the Banko Sentral ng Pilipinas. This is the central bank of the Philippines that is responsible for monitoring the functioning of the Philippines economy. Nevertheless, given that widespread Forex trading is a relatively new phenomenon, the Philippines financial system is somewhat new to the global Forex markets. The country is forced into competition with neighboring countries such as Singapore, Japan, Hong Kong, and Malaysia.

Nevertheless, on the plus side, the Banko Sentral ng Pilipinas is highly revered by an array of Asian financial experts for being one of the most effective regulators on the planet. This is why BSP Forex brokers are bound by an array of regulatory guidelines implemented by the central bank on Forex transactions and the Peso Dollars.

What is SEC Philippines?

In case you’re unfamiliar, SEC Philippines or The Securities and Exchange Commission is the agency of the Government of the Philippines that is responsible for the registering and management of establishments and securities, as well as investing platforms and participants doing business in the Philippines. The organization heavily promotes investor protection in the Philippines, as a means of providing this supervision and protection.

Are there some Forex trading limitations in the Philippines?

Virtually every area places some sort of limitations on Forex trading, and the Philippines are no exception. For instance, in order to legally trade Forex in the Philippines, investors must purchase from authorized agent banks (AABs) and/or related foreign exchange corporations. They may also purchase from non-bank entities doing business as foreign exchange dealers (FXDs), as well as money changers (MCs) that are utilized to fund valid foreign exchange obligations.

Those trading Forex in the Philippines can receive maximum leverage of up to 1:500.

Do I Need to Pay Taxes for Forex Trading in the Philippines?

Yes, individuals involved in Forex trading in the Philippines are generally liable for taxes. The tax treatment can vary based on factors like whether you're classified as an individual trader, business entity, or investor. As an individual trader, profits from Forex trading might be seen as taxable income, requiring you to report these earnings when filing your annual tax return.

The tax rate can depend on your total income and the prevailing tax laws in the Philippines.

Consulting a tax professional or the Bureau of Internal Revenue (BIR) in the Philippines is crucial to ensure compliance with tax regulations and reporting requirements related to Forex trading. As tax laws can change, staying informed and seeking professional advice is essential to accurately fulfill your tax obligations.

5 Tips for Choosing the Best Forex Broker in the Philippines

1. Demo Platform

Before you pick a forex broker in the Philippines, it’s essential to ensure that you can have a demo on the platform. The demo will allow you to view all the features the platform offers and test everything out.

2. Safety

When you’re just starting with forex trading, safety is crucial. Make sure that your forex broker falls under tier 1 jurisdiction.

3. User Reviews

Read through the user reviews as they can give you a proper idea of how the platform behaves.

4. Research Options

There’s no point in going for a forex broker that doesn’t offer a decent variety of research options. Make sure that you can have a demo of the research options before you make your final decisions.

5. Automation Tools

One of the best features of modern trading platforms is that they offer a variety of automation tools. Test out the automation tools and assess whether they meet your requirements.

Can I Trade with Internationally Regulated Forex Brokers in the Philippines?

Yes, trading with internationally regulated Forex brokers is possible in the Philippines. However, certain conditions must be met to ensure a secure and legally compliant trading experience. If a Forex broker is not registered in the Philippines, it should hold a license from a reputable international regulator, such as the Financial Conduct Authority (FCA) in the UK, the ASIC Australia, or other recognized regulatory bodies.

Trading with internationally regulated brokers offers several advantages, including access to a wider range of financial instruments, competitive spreads, and a higher level of investor protection. These brokers adhere to stringent regulatory standards and must comply with strict financial and operational guidelines.

Before trading with an internationally regulated Forex broker in the Philippines, it's essential to verify their regulatory status and ensure they meet necessary compliance requirements. This helps protect your investments and ensures you trade with a reputable and trustworthy broker in accordance with international and Philippine regulations.

Best Time to Trade Forex in the Philippines

Even though each exchange runs separately, they all deal in the same currencies. As a result, there are much more traders actively buying and selling a particular currency when exchanges in two markets are open. All open exchanges in the currency market are immediately affected by the bids and requests on one exchange. Because of this, market spreads are narrower and volatility is higher during the following windows:

Can I Trade Forex with a Minimum Investment in the Philippines?

There is a technical minimum and a recommended amount to start forex trading. Technically, you can start trading with as little as $5-$10, but in practice it will be very difficult to achieve results, since you will have to trade on a cent account and with a large leverage. Such accounts are quite suitable for training, but not for professional trading. It is optimal to have at least $200-500 to start with, then you can trade micro-lots with a leverage of 1:2 - 1:5, which is already more justified from a risk management point of view.