In this article, we reviewed and tested multiple forex brokers serving traders based in the Philippines. The Securities and Exchange Commission (SEC) of the Phillippines 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 Phillipines are authorised by the the Securities and Exchange Commission (SEC) of the Phillipines to operate in the country. The SEC’s website is We suggest that investors and traders follow the Phillippines’ SEC on Twitter, @SEC_Phillipines, to get the latest news and updates.

Since the it not mandatory for Forex brokers to be licensed by the Phillippines SEC, we have chosen five brokers regulated by top-tier regulators, such as the UK’s FCA, who accept traders from the Phillippines.

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 Phillippines SEC makes it mandatory for Forex brokers operating in the Phillippines to be locally licensed.

Some of the key highlights of trading with SEC-regulated brokers:

🏦The Phillippines RegulatorSecurities and Exchange Commisison (SEC) of the Phillippines
📊Max. LeverageNo Leverage Cap
🛡️Is It safe to tradeYes
🔒Negative Balance ProtectionNo Negative Balance Protection
💰Compensation SchemeNo Compensation Scheme

Best Forex Brokers in the Phillipines

We tested and reviewed 5 forex brokers operating in the Phillipines 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 Phillipines
  • Pepperstone – Best Forex Trading Platform in the Phillipines
  • IC Markets – Best Forex Broker for Beginners in the Phillipines
  • XM Forex – Best MT4 Broker in the Phillipines
  • HotForex – Lowest Spread & Trading Fees in the Phillipines

Best Overall Forex Broker in the Phillipines

We picked FXTM as the best overall forex broker in the Phillippines. 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 via Myfxbook and DupliTrade.

Best Forex Broker for Beginners in the Phillippines

The best Forex broker for beginner traders in the Phillippines 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 MT4 Broker in the Phillippines

The best MT4 broker in the Phillippines 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 both the web version of the MT4 platform and the mobile and desktop version of the popular trading app to Nigerian traders.

Filipino Forex Brokers List & Review

Here are other important details about the tests we conducted on the five Filipino Forex brokers discussed above:

Forex BrokerCBN RegulatedAbout Our TestOur Review
FXTMNoDeposit Amount: Over €6,000
Total Trade: 12 trades
FXTM Review
PepperstoneNoDeposit Amount: Over €6,000
Total Trade: 12 trades
Pepperstone Review
IC MarketsNoDeposit Amount: Over €5,000
Total Trades: 12
IC Markets Review
XMNoDeposit Amount: Over €5,000
Total Trades: 12
XM Review
HotForex NoDeposit Amount:
Total Trades:
HotForex Review

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 cofirming that our top five brokers serving traders based in the Phillippines.

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

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