Best Forex Brokers Philippines 2022
In this article, we reviewed and tested multiple forex brokers serving traders based in the Philippines. The Securities and Exchange Commission (SEC) of the Philippines is the government authority tasked with regulating online trading, but brokers are not mandated to register with the authority.
Therefore, we compiled a list of trusted brokers licensed by tier 1 and 2 regulators globally that serve Filipino traders.
We opened a real account with each broker and deposited between $4000-$8000. Then, we placed live trades of the most popular instruments to identify the actual spreads.
We also reached out to each broker’s customer support team to resolve any issues we encountered. Lastly, we withdrew our funds to determine if the withdrawal process was smooth.
We chose the best forex brokers based on the trading data collected and our experience as traders.
SEC-Licensed Forex Brokers in the Phillipines
Forex brokers in the Philippines are authorized by the Securities and Exchange Commission (SEC) of the Philippines to operate in the country. The SEC’s website is www.sec.gov.ph. We suggest that investors and traders follow the Philippines’ SEC on Twitter, @SEC_Philipines, to get the latest news and updates.
Since it not mandatory for Forex brokers to be licensed by the Philippines SEC, we have chosen five brokers regulated by top-tier regulators, such as the UK’s FCA, who accept traders from the Philippines.
These are reputable brokers who adhere to the stringent rules set by the tier 1 and 2 regulators that license them. Furthermore, many of them offer customer deposit compensation schemes if the broker becomes insolvent.
We shall promptly update this list if the Philippines SEC makes it mandatory for Forex brokers operating in the Philippines to be locally licensed.
Some of the key highlights of trading with SEC-regulated brokers:
|🏦The Philippines Regulator||Securities and Exchange Commission (SEC) of the Philippines|
|📊Max. Leverage||No Leverage Cap|
|🛡️Is It safe to trade||Yes|
|🔒Negative Balance Protection||No Negative Balance Protection|
|💰Compensation Scheme||No Compensation Scheme|
Best Forex Brokers in the Philipines
We tested and reviewed 5 forex brokers operating in the Philippines by opening live accounts, depositing real money, and placing actual trades to identify the best forex brokers.
We wanted to accurately test the actual spreads and commissions, the trading platform, deposit and withdrawal conditions, trader education, and customer service.
- FXTM – Best Overall Forex Broker in the Philipines
- Pepperstone – Best Forex Trading Platform in the Philipines
- IC Markets – Best Forex Broker for Beginners in the Philipines
- XM Forex – Best MT4 Broker in the Philipines
- HotForex – Lowest Spread & Trading Fees in the Philipines
Best Overall Forex Broker in the Philipines
We picked FXTM as the best overall forex broker in the Phillppines. FXTM offers the full package for a good broker and is licensed by four global regulators. The account opening is pretty straightforward, and the broker offers multiple deposit & withdrawal methods.
The spread is competitive on most popular assets and the broker has no limits on trading strategies. Furthermore, FXTM provides great educational and trading tools, including video tutorials, webinars, Autochartist and more. The broker recently added social trading apps (Myfxbook and DupliTrade).
Best Forex Broker for Beginners in the Philippines
The best Forex broker for beginners in the Philippines is IC Markets, which offers in-depth and well-structured educational content. The broker also holds frequent webinars to educate beginner traders on various aspects of trading.
Traders can learn about fundamental and technical analysis, and how to apply the same tactics in their trading. The broker has invested heavily in its education program to give its clients a headstart when trading the markets.
Traders can learn via various formats, including high quality pre-recorded videos, written texts and live webinars.
Best Broker MT4 Forex Trading Platform in Philippines
The best MT4 forex broker in the Philippines is XM, which offers the MT4 and MT5 trading platforms. The broker does not have its own proprietary trading platform but offers the MT4 & 5 platforms from Meta Quotes.
XM offers the web version, the mobile and desktop version of the MT4 platform to Nigerian traders, one of the best forex trading apps.
Filipino Forex Brokers List & Review
Here are other important details about the tests we conducted on the five Filipino Forex brokers discussed above:
|Forex Broker||CBN Regulated||About Our Test||Our Review|
|FXTM||No||Deposit Amount: Over €6,000|
Total Trade: 12 trades
|Pepperstone||No||Deposit Amount: Over €6,000|
Total Trade: 12 trades
|IC Markets||No||Deposit Amount: Over €5,000|
Total Trades: 12
|IC Markets Review|
|XM||No||Deposit Amount: Over €5,000|
Total Trades: 12
FAQ & more on Filipino brokers
Manila Forex Brokers
At the time of writing, we could not confirm if any of our chosen brokers have offices in Manila. However, we’ll keep you posted if we get any information confirming that our top five brokers serve traders based in the Philippines.
Tax in Philippines for Forex Trading
Traders often wonder whether forex trading is subject to taxation in the Philippines. The answer is positive. The income generated from outside sources is also taxable in the country. It is usually taxed the same way as Capital gains.
It is important to remember that it is the trader’s responsibility to file tax forms to the relevant institutions of the Philippines. If traders fail to do so, they may face some fines and penalties as a result.
Author of this review
By George Rossi
Author of this review
I am a well-rounded financial services professional experienced in fundamental and technical analysis, global macroeconomic research, foreign exchange and commodity markets and an independent trader.
Now I am passionate about reviewing and comparing forex brokers.
Everything you find on BrokerTested is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology