It was established in The BSP keeps floating exchange rates according to supply and demand. One of its major roles is to ensure good, fair, and transparent conditions in the market. The exchange rates are determined on the basis of specific market reforms aimed at stimulating competitiveness and growth through price stability. We can see that the regulator works on good principles and tries its best to maintain an honest market which will attract traders and investors from around the world.

BSP regulated Forex brokers have to follow a very strict set of rules. These rules cover everything, from who is allowed to trade, how much they can trade, and under which conditions foreign currency trades can take place.

A problem with understanding these rules is that not all of them apply directly to Forex brokers and they were not created with Forex brokers in mind. Instead, BSP regulations are intended to monitor any and all FX foreign exchange activities and, subsequently, Forex brokers also fall under their scope. The situation here is similar to many other online activities, where a wider regulation is applied to somewhat novel concept, and the basic ideas are transferred to this new environment in the best way possible.

One of the things BSP insists on with all FX transactions is KYC. KYC, which stands for Know-Your-Customer, understands that all those getting involved with Forex trading will need to confirm their identity.

This is done to prevent money laundering practices, something that many smaller countries have to struggle with. What this means for traders registered with BSP regulated Forex brokers is that you can expect to be asked to provide relevant documents, proving you are who you claim to be prior to making any trades or, more often, before you are allowed to make a withdrawal.

The KYC procedure can be a painstaking experience sometimes, so you should be fully prepared for it before you invest your money with a Philippines Forex broker. While BSP can try its best to make their brokers conduct their business in a fair and transparent manner, there will always be those trying to bypass the rules. However, BSP regulated brokers do have to submit regular reports and they are responsible to the regulator, which adds a layer of protection for the traders.

The market seems to be past poor regulation and loose conduct. Many international Forex broker companies established their seats in the Philippines for natives and for all other traders who would like to get a taste of the Forex thrill in Asia. To find a top Forex broker in the Philippines, traders and newcomers should run the basic research and subject themselves to the same procedure as in any other country.

First of all, it is important to find a Forex broker who complies with the law and the strict regulations imposed by the regulator. We would kindly suggest finding a BSP licensed Forex broker who meets the high standards of the industry. FXTM Review Regulated by : FCA, CySEC, FSCA, FSC. Headquarters : Cyprus. FXTM, otherwise known as ForexTime, was founded in The FXTM brand holds licences and authorisations from global regulators such as the UK Financial Conduct Authority, the Cyprus Securities and Exchange Commission, the Financial Sector Conduct Authority of South Africa and the Financial Services Commission of the Republic of Mauritius.

These offer a variety of commission-free and commission-based trading with low spreads and minimum deposits. XTB Review Regulated by : FCA, CySEC, FSC, CNMV in Spain, KNF. Headquarters : Poland. XTB was founded in and is headquartered in Warsaw, Poland. The XTB Group has entities in different jurisdictions, authorised and regulated by bodies such as the UK Financial Financial Conduct Authority, the International Financial Services Commission in Belize, the Cyprus Securities and Exchange Commission, the Komisja Nadzoru Finansowego in Poland and the Comisión Nacional del Mercado de Valores in Spain.

The broker offers two core trading accounts called Standard, Pro in XTB UK, and Islamic accounts with a maximum leverage of on accounts opened with XTB International based in Belize. This will vary on accounts opened in other jurisdictions.

Philippines is still among the developing countries in the world. However, it does not mean opportunities are not there when it comes to investment.

On the contrary, the smartest investors search for opportunities to develop their businesses where there are still few competitors. This is very true about Forex. A new and fresh market for the country means lots of brokers are coming to gain a market share of those Philipinos who want to trade and make money. However, one should not forget that where big money is involved, a lot of scams follow too.

So, when in search for a reliable Forex broker you need to remember to look for the one who is regulated by BSP. Then, you need to check what trading platform the broker offers, are there any hidden fees or commissions, is there a choice of accounts that would fit your needs, is customer service good or not and whether there are any other additional services. Gone are the days, when just any broker can open an offshore company and offer his services wherever he wants.

Most countries have implemented quite strict regulation frameworks and you can hardly find a place in the world where an unregulated broker is not frowned upon. This means more security and confidence for the average trader and fewer opportunities for scammers who prey on your hard earned money. Philippines is no different.

BSP is the Central Bank of the Republic of the Philippines. It was founded in , which makes the Bank quite a young financial institution. The main responsibility of the entity is to supervise financial markets and ensure that they function smoothly, competitively and transparently. The Bank also supervises market players offering their services to local citizen with intention to regulate their services.

Despite the fact the regulator allows market intermediaries freely trade any market they want, BSP will not tolerate any scams, price manipulation and money laundering schemes, but punish any broker who dares to engage in those.

So, a Philippino trader should feel safe with a BSP regulated broker. If you live in the Philippines, want to trade and think you have found a decent broker, you also need to check what kind of trading platform and software the broker offers you. The trading platform will be your main tool you work with. If it is bad, it does not matter how good you are in trading or how good your trading system is, you can make a bad decision due to not knowing what icon or button you need to push and accidentally make a wrong trade which will cause you to lose money.

So, the platform has to be easy to use. Each button and function on the platform should be understood easily by you. You should also be able to open as many charts on it as you need for analysis, both technical and fundamental. Back testing function should also be there, so that you know whether the strategy or code you want to use work well or not.

Finally, you should be able to copy other traders who might be more successful than you. So the copy function should be there. One of the best platforms that is downloadable is Metatrader and any good broker should offer you that. All traders know how commissions can take a huge bite off their profits and they search for brokers who offer the lowest commissions on transactions. Contrary to stock brokers, Forex brokers typically do not charge commissions, but they make money on spreads.

A spread is the difference between buy and sell or bid and ask price. Spreads tend to be fixed and variable. Brokers who offer fixed spreads will charge from pips on major currency pairs and around on currency crosses.

Those who operate with variable spreads will typically offer much smaller spreads. On majors variable spreads can be 0. However, you should remember that these spreads are under normal market conditions. When markets react to some unexpected fundamental event and prices start jumping up and down, brokers extend those variable spreads and they can become 10 or even 50 times bigger than usually.

Of course, this will typically last just a few minutes till markets calm down, but you still have to know when to avoid opening or keeping positions open.

A lot of brokers offer different levels of accounts that depend on size of capital you have and two hundred dollars is not too little to start with. Traders who have bigger capital than 10k can open a standard account and trade standard lots. One standard lot size is k position.

Of course, you had better have a bigger amount thank 50k to trade standard lots, just to ensure you control your risk. Before you open an account with a broker be sure to visit section on their website where customer service is. Ask as many questions as you want to find out how they respond and how they treat your problem.

You should expect fast replies, quick solutions and a polite way of dealing with your issues. If questions are not answered in a timely fashion and issues are not solved for weeks, do not trade with that broker.

Additional services that a broker provides may seem unnecessary and unimportant, but that is not the case. If a broker cares about their traders they will do as much as they can to improve the quality of their services.

Forex is a complex market and you need to find out about it as much as you can, so lots of resources about that should be available with the broker.

A broker will typically employ experts who do technical and fundamental analysis, market recaps, news interpretation and etc. for their website and the material will be free. The more material that is available, the better. Successful trading is not just about implementation of your excellent trading strategy, but also trading with confidence and peace of mind with the broker that is regulated and who cares about his customers.

The article indicated specific steps that you need to make in choosing a reliable broker. Review them, do your own research and only then open an account with the broker that you have tested yourself. Or to save time simply pick from our list of regulated and recommended brokers below. English English Italiano Español Português Deutsch العربية Français.

Written by Steven Hatzakis Edited by John Bringans Fact-checked by Joey Shadeck. The ForexBrokers. com annual forex broker review six years running is the most cited in the industry.

With over 50, words of research across the site, we spend hundreds of hours testing forex brokers each year. Here's how we test. Trading forex currencies in the Philippines is popular among residents. While recommended, forex brokers are not required to become authorised by the Securities and Exchange Commission SEC to accept residents of the Philippines as customers. The Securities and Exchange Commission is the financial regulatory body in the Philippines.

The SEC - Philippines was established in and is responsible for regulating the securities industry in the Philippines. For a historical breakdown, here's a link to the Securities and Exchange Commission webpage on Wikipedia. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. To find the best forex brokers in the Philippines, we created a list of all brokers that list the Philippines as a country they accept new customers from.

We then ranked brokers by their Overall ranking. Compare Philippines authorised forex and CFDs brokers side by side using the forex broker comparison tool or the summary table below. This broker list is sorted by the firm's ForexBrokers.

com Overall ranking. Unfortunately, there is not a list of authorized forex brokers, however, residents can currently view a list of registered firms on the SEC website, as well as contact an office to verify the authorisation of a broker.

Was this helpful? Yes or No. For our Forex Broker Review we assessed, rated, and ranked 39 international forex brokers over a three-month time period resulting in over 50, words of published research. Each broker was graded on different variables, including our proprietary Trust Score algorithm.

This innovative scoring system ranks the level of trustworthiness for each broker based on factors such as licenses, regulation and corporate structure. Read about Trust Score here. As part of our annual review process, all brokers had the opportunity to provide updates and key milestones and complete an in-depth data profile, which we hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than.

Learn more about how we test. There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument.

It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Read more on forex trading risks. Steven Hatzakis is the Global Director of Research for ForexBrokers. Steven previously served as an Editor for Finance Magnates, where he authored over 1, published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.

as a Commodity Trading Advisor CTA. John Bringans is the Senior Editor of ForexBrokers. An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. Joey Shadeck is the Content Strategist and Research Analyst for ForexBrokers.

He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.

com is committed to the highest ethical standards and reviews services independently. Learn How We Make Money. Home Forex Guides Directory. Published January 10, Last modified August 17, Submit Details. Steven Hatzakis Steven Hatzakis is the Global Director of Research for ForexBrokers. John Bringans John Bringans is the Senior Editor of ForexBrokers. Joey Shadeck Joey Shadeck is the Content Strategist and Research Analyst for ForexBrokers. star star star star star.

Visit Site. Saxo Bank. Interactive Brokers. Admiral Markets. IC Markets. XM Group. FP Markets. HYCM Henyep. Moneta Markets. Trade Nation. BlackBull Markets. ACY Securities. VT Markets.

To find the best forex brokers in the Philippines, we created a list of all brokers that list the Philippines as a country they accept new customers from. Liquidity Provider. KYC, which stands for Know-Your-Customer, understands that all those getting involved with Forex trading will need to confirm their identity. Last but not least, AvaTrade offers a new feature available exclusively on the AvaTradeGO app — known as AvaProtect. Interactive Brokers. All brokers on this list meet this requirement. Forex Brokers Kenya.

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