Best trading platform in the Philippines
As people's interest in investment opportunities grows in the Philippines, so does the number of trading platforms to meet the growing demand. This article will provide information on the best trading platforms in the Philippines.
As you keep reading, you will be able to learn about critical metrics to be looked at while selecting a trading platform, and TU has also listed a few best trading platforms in the Philippines that meet its criteria.
What is the best trading platform in the Philippines?
RoboForex - Best Broker in Philippines
Description
RoboForex is a top Forex and CFD broker offering a wide choice of earning opportunities. Novice traders can copy the signals of professionals automatically. For professional traders, the broker offers a Forex bot constructor and individual trading in the Forex, stock and cryptocurrency markets. Learn more - RoboForex Review Great Britain 2023
Trading Instruments
RoboForex supports Forex, stock and crypto trading. The broker provides access to trading a total of 8,700 trading assets.
Deposit and withdrawal
Bank transfer, Debit/Credit card, Electronic wallets
How to choose the best trading platform in the Philippines
There are multiple factors to look at while comparing and selecting the best trading platform in the Philippines. Some criteria might be critical for you, while others might not be. You should pick the trading platform that meets all of your requirements. Here is a list of things to keep in mind when looking for the best trading platform in the Philippines:
1. Regulation
If you are choosing a trading platform based in the USA, then make sure it is a member of the National Futures Association (NFA) and registered with the Commodity Futures Trading Commission (CFTC). If the platform is from another country, it should be registered with the regulatory body of that country. In the Philippines, the Forex market is regulated by the Bangko Sentral Ng Pilipinas (BSNP).
2. Demo account
Make sure the best trading platform in the Philippines has a demo account before you choose it, so you can trade and check out the features and tools of the trading platform without investing anything. If the features are otherwise up to par, consider investing your money in that trading platform.
3. Safety
You want to avoid putting your money into a trading platform that violates the law and regulations, causing you to lose money. If you are a beginner, safety should be your priority when choosing the best trading platform in the Philippines. You can use the Tier 1 jurisdiction for your Forex trading platform.
4. Fees
The platform that you are choosing should have a transparent fee structure. Only go for accounts with high, overnight, or hidden fees. Usually, commissions or spread fees are charged. However, the spread fee should be between 0.03% and 0.5% and not more.
Brokerage Fees And Commissions Explained5. Payment methods
Look for a trading platform with multiple payment methods to ease the process of depositing money for users. Trading platforms usually accept credit and debit cards in the Philippines. However, there might be some additional charges associated with using these payment options that you should look out for.
6. Client service
How the client service teams of the trading platforms help you and answer your questions is also crucial in choosing which platform to use.
7. Tools
Modern trading platforms offer a wide range of automation tools for users. You should test these tools and check whether they meet your requirements. You should consider choosing the trading platform with your desired automation tools if they do.
What are the most trusted trading platforms?
eToro
eToro is one of the most trusted trading platforms in the Philippines as it is regulated by Cyprus's CySEC and the UK's FCA, and it has a representative office in Australia, US, UK, and Cyprus. Its transparent fee structure is within 0.03-0.5% and it offers a wide range of payment methods, as well as a demo account. Furthermore, its client service is helpful and efficient. With 2500+ tradable assets and a wide range of automation tools, eToro is the perfect platform for both experienced traders and beginners in the Philippines.
eToro Fees and Commissions ReviewFxPro
FxPro is another trusted trading platform in the Philippines. It's regulated by the FCA, CySEC, FSCA, and SCB, to ensure the security of clients’ funds. They also offer a demo account so users can try out the platform before investing money. Additionally, FxPro offers multiple payment methods, including credit and debit cards. Finally, FxPro features a range of automation tools and has an excellent customer service team to assist users. All these factors make FxPro one of the most trusted trading platforms in the Philippines.
FxPro Minimum Deposit And Account DetailsInteractive brokers
Interactive Brokers is one of the most trusted trading platforms in the Philippines due to its compliance with regulatory bodies such as the CFTC, NFA, SEC, and FINRA. Additionally, it offers one of the most advanced trading platforms on the market along with a large selection of tradable securities. Furthermore, it has a transparent fee structure with no commissions on most trades, and its SmartRouting feature ensures the best price execution for traders. Furthermore, its Trader Workstation comes with tons of technical analysis tools and other automation features to make trading easier. Finally, it abides by all local regulations in the Philippines and offers multiple payment methods. All these features make Interactive Brokers one of the most trusted trading platforms in the Philippines.
Interactive Brokers Fees ReviewWhat is the best trading platform for beginners?
As a beginner, it can take time to determine which trading platform is best for beginners. At the Traders Union, we've put together a step-by-step guide on how beginners can choose the best trading platform.
Step 1: Decide what type of trader you are
Are you a beginner who wants to dabble in stock investments? Or do you want to become an expert trader? Make sure you understand the types of activities you'll be doing on the trading platform before you decide which one is best for you.
Step 2: Research different trading platforms
Read reviews, compare features and prices, and get a clear understanding of the different types of platforms available. Consider your budget and the fees associated with each platform, as well as its accessibility and customer service options.
Step 3: Test out the platform
Once you've narrowed down your options to a few trading platforms, try out the ones that interest you the most by using demo accounts and virtual money. This will give you an idea of how the platform works, and you can decide if it's right for you.
Step 4: Open an account
Once you have chosen the trading platform that best suits your needs, open an account. Make sure to read all of the terms and conditions before signing up.
To know more about which trading platform is best for beginners in the Philippines, check out TU’s guide here. The Traders Union gives full reviews and expert advice about the best trading platforms. With our help, you'll be able to make informed decisions and get started.
FAQ
What are the Forex trading regulations in the Philippines?
The Bangko Sentral ng Pilipinas (BSNP) regulates the Forex market. Any purchase made with Philippine pesos is subject to the FX Manual. All foreign exchange transactions at a bank must follow all local laws, rules, and regulations, including the KYC policy. Filipinos are free to spend their foreign currency however they see fit.
Can I choose an international trading platform in the Philippines?
Yes, you can choose an international trading platform. However, it should be regulated in its own country and follow the rules of the Philippines. Moreover, it should also accept the Philippine peso.
How are user reviews of a trading platform helpful?
You can learn about other people's first-hand experiences by reading user reviews. It gives a clear idea of how the platform behaves and whether you should go for it.
Which platforms offer copy trading in the Philippines?
Many platforms offer copy trading to clients in the Philippines. Two such platforms are FBS and OctaFX.
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.
Over the past four years, Alamin has been working independently and through online employment platforms such as Upwork and Fiverr, and also contributing to some reputable blogs. His goal is to balance informative content and provide an entertaining read to his readers.
His motto is: I can dream or I can do—I choose action.
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.
The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert advisors, binary options. He has also worked on the ratings of brokers and many other materials.
Dr. BJ Johnson’s motto: It always seems impossible until it’s done. You can do it.