The selection of a good forex broker is of dire importance if you are looking for a successful trading journey. However, finding the best forex brokers in the Philippines might test your nerves. In this piece, I am going to review the top four forex brokers that I shortlisted after spending almost 40 hours on research and browsing. So without wasting time, let’s get started.
Best Forex Brokers in the Philippines
#1 FXCM
Forex Capital Markets, or commonly known as FXCM is a UK based forex broker. It offers online trading services in currencies, CFDs, and digital assets. In addition to traditional trading, the broker also offers social trading where newbie traders can copy trades from expert traders. FXCM offers a range of trading platforms including Metatrader4, Metatrader5 and cTrader. The broker believes in a true ECN mechanism with no dealing-desk involved.
FXCM supports a wide range of payment methods including but not limited to debit cards, credit cards, bank wire, Skrill, Neteller and several others. The broker is famous for its speedy deposit and withdrawal operations. The brokerage company also offers multilingual customer support round the clock, for five days a week.
- Founded: 1999
- Regulation: ASIC, FCA
- Headquarter: United States
- Minimum Deposit: $50
- Trading Platforms: Online, Desktop & Mobile (MT4, Zulu Trade)
Read: FXCM Review
| PROS | CONS |
| No dealing desk Multiple regulations Instant trade execution – STP/ECN Offers social trading | Limited leverage options for EU Clients No fixed spreads |
#2 Plus500
Plus500 is one of the leading forex brokerage firms offering trading services in forex, stocks, indices, CFDs, and cryptocurrencies. The broker has been in the online trading business for the past twelve years. With its user-friendly trading platforms, Plus500 offers exceptional trading conditions to its clients all over the world.
Traders at Plus500 can access a wide range of tradable instruments and enjoy low spreads with high leverage provisions. In addition to keeping clients funds in segregated bank accounts, the broker also offers clients investment protection under the financial services compensation scheme (FSCA). Clients who prefer trading from their laptops or desktop PCs can have the broker’s desktop trading applications, while on-the-go customers can use the supported mobile apps for the same purpose.
Plus500 offers a competitive pricing structure. The broker offers some premium services for free such as charting options and real-time price quotes. Requiring low deposits from clients for account opening, the broker offers multiple deposit and withdrawal methods to make the signup process more convenient. Instant trade execution, cash rebates, and round the clock customer services in nearly thirty languages of the world; are some of the reasons why traders prefer opening an account with Plus500.
- Founded:2008
- Regulation: FCA, ASIC
- Headquarter: United Kingdom
- Minimum Deposit: $100
- Trading Platforms: Online, Desktop & Mobile
Read: Plus500 Review
| PROS | CONS |
| Requires low deposits Diverse portfolio of tradable products Competitive pricing Intuitive trading platforms Offers funds protection under FSCS | Applies Inactivity fee Limited tools for research No fixed spreads Offers Basic level customer support |
#3 Forex.com
Forex.com is an online forex and CFD broker that has been providing trading services in financial derivatives for the last 20 years. The company holds multiple regulations from the world’s most renowned regulatory bodies across five continents. Ensuring lightning-fast trade execution, the broker enables clients to explore trading opportunities in more than 300 financial markets.
Forex.com offers a variety of trading platforms supported for both desktop and mobile-based electronic devices. The broker also offers some of the top-notch services such as market insights, charting tools, and economic calendar to help clients undergo technical and fundamental analysis before placing any trade. With a content-rich educational library, the broker offers a variety of tutorials to make traders learn and grow.
Clients looking to trade high volumes can sign-up for DMA accounts at Forex.com. Opening an account with the broker becomes quite convincing with a hassle-free signing up procedure and multiple options to deposit funds. Besides the welcome bonus promotion, the 15% cash rebate program is enough to attract newbie traders.
- Founded:1999
- Regulation: CIMA, FCA, FSA, NFA, ASIC
- Headquarter: New Jersey, United States
- Minimum Deposit: $100
- Trading Platforms: Online, Desktop & Mobile (MT4, MT5)
Read: Forex.com Review
| PROS | CONS |
| Offers variety of forex pairs Holds multiple regulations Fast trade execution Quick account opening process US Clients accepted Resourceful educational library | Hard margin requirements MT4 lacks DMA account Does not offer retirement or IRA accounts Average customer support |
#4 IG
IG Markets is a well-known name for first-class trading services in forex, indices, commodities, CFDs, and digital assets. The broker operates under the brand name of IG Group. The broker has been offering its trading services for the last 30 years. Along with the facility of manual trading through state-of-the-art trading platforms, the broker also provides favourable grounds for social trading. Clients can either use the platform’s native APIs or use the off-shelve services for algorithmic trading at IG.
IG Markets also offers a comparison tool to compare different features of varying trading platforms. The comparison tool helps clients to select the trading platform that fits their needs. The broker not only accepts clients from the US but allows flexible trading hours to trade the US Stocks. Offering tight spreads, fast trade executions, and advanced risk management tools, the broker turns out to be a tough competitor for its rivals in the region.
IG offers a wide range of educational resources to help clients learn different trading strategies. Providing traders with seamless trading experience, quick account opening, and 24/7 customer support, IG proves that it really cares for its customers.
- Founded:1974
- Regulation: FCA
- Headquarter: London, UK
- Minimum Deposit: $300
- Trading Platforms: Online, Desktop & Mobile (ProRealTime, Algorithmic Trading)
Read: IG Review
| PROS | CONS |
| A wide range of payment methods State-of-the-art trading platforms Allows US Clients Rebates based on trading volume Rich education resources | Charge Inactivity Fee Higher spreads for stocks/CFDs Inefficient customer support No guaranteed stops for US Clients |
#5 XM
XM is a popular forex broker known for offering cutting-edge trading services to its clients in nearly 196 countries of the world. Featuring multiple payment methods, the broker provides favorable trading conditions with easy-to-use intuitive trading platforms. Fast execution policy, competitive spreads, reasonable margins & leverages are some commendable features of the broker. Keeping in view the needs of its stakeholders, the broker offers both standard and micro trading accounts with low spreads.
With a minimum deposit requirement, and multiple payment methods, XM makes it easier for clients to get started right away. Allowing customers to deposit funds in more than 10 supported currencies makes the broker a global leader in a true sense.
XM also offers a zero account where all other terms and conditions stay the same as offered in micro and standard accounts, except the added benefit of free deposit and withdrawals. The broker has a wide range of research and educational resources available. With free VPS services, XM allows the usage of expert advisors for seamless trading experience. Transparent swap rates and three-day position rollover strategy with competitive spread betting makes the broker one of the best options to get started.
- Founded:2009
- Regulation: Cysec, ASIC, FCA, AFSL, DFSA
- Headquarter: Limassol, Cyprus
- Minimum Deposit: $5 for Micro & Standard Accounts, $100 for XM Zero account
- Trading Platforms: Online, Desktop & Mobile
Read: XM Review
| PROS | CONS |
| Strong regulatory framework Minimal deposit requirement Offers free VPS service Transparent swap rates High leverage | Limited trading tools Does not accepts US Clients Basic trading services Slow customer support |
How Did I Select The Above Forex Brokers?
Spending days and nights trading forex for the past decade, I’ve been through many seasons of good and bad trading spells. During my trading career, I fell prey to scam and dishonest brokers on several occasions. However, with new lessons learned with the passage of time, I mastered every bit of forex trading. Now I know what exactly one must look for when selecting a good forex broker. While compiling the list of mentioned above brokers, I kept a few crucial factors under my consideration that are as follows;
- Regulation
- Credibility
- Trading Platforms
- Fees
- Trading tools
- Account Types & Payment Methods
- Customer Support
Securities & Exchange Commission (SEC)
In the Philippines, the Banko Sentral ng Pilipinas (BSP) monitors the country’s economy. Regulation of different financial institutions falls under the scope of BSP, except forex brokers. The Securities & Exchange Commission (SEC) has the responsibility of regulating financial intermediaries providing trading services across the Philippines. Forex brokers seeking work permits in the Philippines need to have a valid license from the SEC before they start offering their services. The SEC has the autonomous power for inspections and imposing sanctions on the brokers found guilty in breach of conduct with the SEC stipulated guidelines.
Factors To Consider When Choosing A Forex Brokers
Finding a good forex broker these days is just like finding a gem in the rough. The reason is the overly populated forex market, with most of the brokers being good for nothing. It might sometimes become a headache, especially if you are a beginner, to find a good broker. However, I’ve listed a few key factors that you should consider while searching for a good forex broker in the Philippines.
Security
Security is by far the most common concern for every trader. No one wants to open an account with a scam broker. Therefore, you need to confirm if the broker can offer you the required level of security for both your personal and financial information? Secured brokers offer state-of-the-art encrypted web servers and practice the industry’s best safety measures like two-step authentication and HD video verification, etc. If you find your broker is offering the same services, you can go ahead opening an account with it. Else, it’s better to stay away.
Regulation
Regulation and security standards of a broker often go hand in hand. Regulation ensures that the broker complies with external factors, such as maintaining enough capital to remain a going concern and keeping clients funds in segregated bank accounts. On the other hand, security deals with the internal factors that a broker needs to have in place.
A regulated broker is not only safe for your investment but also remains fair to you on all grounds. That’s not the case with a non-regulated broker. Besides being unsafe for keeping your hard-earned money, it barely remains committed to the best ethical practices.
Trading Platforms
Despite offering an easy-to-use trading platform, your broker’s trading platforms should also have advanced charting options enabled with reasonable accuracy. Sometimes brokers lack the authenticity of charts in its trading platforms such as MT4/MT5. There could be various reasons for that, such as the presence of Sunday Candle or the wrong price feed. On the other hand, good forex brokers avoid this limitation by offering New York closing charts.
Fees
A good broker should offer competitive spreads and commissions without compromising the quality of trading services. In addition to trading fees, brokers also charge some fee for deposit and withdrawals. You should speak with the broker’s customer support representatives to know exactly about the associated fees.
Customer Support
I can’t help myself for not emphasizing the importance of good customer support. No matter how good a forex broker seems to be, the level of customer support can tell you all about its competitiveness. A good broker should offer round the clock customer support in all major languages.
Verdict
After a detailed research and investigation of several nights, I finally compiled the list of five best forex brokers in the Philippines. Among the five top rated brokers, I give maximum rating to FXCM thanks to its low spreads, multiple regulations, professional customer support and several other factors. So if you live in the Philippines, then I suggest you go with FXCM or any of the other brokers listed above.
