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2022 Legitimate Forex Brokers and Trading Apps for the Philippines

Author
|Updated April 6, 2022 07:16
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The number of Filipinos trading currencies online is growing rapidly in tandem with the growing forex industry. The daily turnover is north of $6 trillion. If you’re one of the uprising traders, you have come to the right place. You will not only know the best forex broker in the Philippines but also learn a few industry hacks.


It is common to encounter challenges when you start trading. So, where do you begin? 


The first step is by comparing forex brokers and creating an account. This is not a cakewalk. Luckily, our forex broker review can help you. It compares top forex brokers, inspects fees, trading platforms, minimum deposits, and analytics tools that give a particular broker a big tick.


Let's start!


List of Top Trusted Forex Brokers/Trading Apps for the Philippines

Before we get to the actual reviews, here’s a quick sneak peek of the most popular and well-trusted forex brokers in the Philippines.


Comparison of the forex trading platform for the Philippines

Broker

Features

General Info


Mitrade

Min   Deposit: $100

Maximum   Leverage:  N/A

Spreads:   Low

Location:   Australia

Trading   System: Proprietary software

Regulation:   ASIC, CIMA

Pepperstone

Minimum   Deposits: $200

Maximum   Leverage: 1:500

Spreads:   Up to Zero

Location:   UK

Trading   Systems: MT4 & 5, Web Trader

Regulation:   ASIC, CySEC, FCA, DFSA

IG

Min   deposit: $300

Maximum   Leverage: 1:200

Spreads:   Very low

Location:   UK

Trading   System: MT4,  FIX API (protocol), and

Web   Trader

Regulation:   ASIC, JFSA, FCA, DFSA, FINMA, MAS

XM

Min   deposit: $10

Maximum   Leverage: 1:800

Spreads:   Very Low

Location:   Australia

Trading   System: MT4 & 5, Web Trader

Regulation:   Web trader, MT4 & 5

Avatrade

Min   deposit: $100

Maximum   Leverage: 1:400

Spreads:   Mid-level

Location:   Australia

Trading   System: MT4 & 5, Web Trader

Regulation:   Central Bank of Ireland, ASIC, FSCA, JFSA, BVIFSC

Oanda

Min   deposit: $20

Maximum   Leverage: 1:100

Spreads:   Moderate

Location:   Australia

Trading   System: Web Trader, MT4, FIX API

Regulation:   FCA, ASIC, MAS, CFTC

XTB

Min   Deposit: N/A

Maximum   Leverage: 1:500

Spreads:   Very Low

Location:   UK

Trading   System: MT4, xStation5

Regulation:   FCA, KNF,

IC   Markets

Min   Deposit: $200

Maximum   Leverage: 1:500

Spreads:   Very Low

Location:  Australia

Trading   System: MT4 & 5, cTrader, Web Trader, Fix API

Regulation:   ASIC, CySEC

eToro

Min   Deposit: $200

Maximum   Leverage: 1:400

Spreads:   Moderate

Location:   UK

Trading   System: CopyTrader, Proprietary software

Regulation:   CySEC, FinCEN, FCA, ASIC

FP   Markets

Min   Deposit: $100

Maximum   Leverage: 1:500

Spreads:   Low

Location:   Australia

Trading   System: MT4 & 5, Web trader

Regulation:   ASIC, CySEC

FXCM

Min   Deposit: $50

Maximum   Leverage: 1:400

Spreads:   Low

Location:   UK

Trading   System:  MT4 & 5, Web Trader, Ninja   trader

Regulation:   ASIC, FSCA, FCA

( *Note that this list is just for reference. There are still many other choices outside our list. )


Top 5 Legit Forex Brokers/Trading Platforms for the Philippines

The highlight reel shows the most legitimate forex brokers in the Philippines. Now, here is a compilation of 5 top forex brokers in detail.


1.  Mitrade - Best Forex Trading Platform For Beginner

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Mitrade is a popular forex broker, providing investment opportunities to Philippine traders in the global financial markets. Commendably, Mitrade is a regulated forex broker with a license from the Australian Securities and Investments Commissions (ASIC) and Cayman Islands Monetary Authority (CIMA), License No. 1612446. However, Filipino customers can only open accounts under the CIMA license.

Best for: CFD trading, day trading, short-term trading


Fees and Commissions

There are no hidden charges or fees. The main costs are Buy and Sell spread and overnight funding.

  • The spread is relatively low and varies with the trades

  •  The overnight fee is charged at 21:00GMT+00 - 5 am in the Philippines


Financial Markets

Mitrade gives traders access to over 300 popular financial products, including Forex, Indices, Commodities, cryptocurrencies, and cryptocurrency pairs. 


  • 60+ forex currency pairs

  • 11+International stock indexes (SPX500, Nasdaq100, etc.)

  •  nine kinds of commodities (gold, silver, crude oil, etc.)

  • five cryptocurrencies with the largest trading volume (BTC, ETH, XRP, LTC, BCH)

  • 300 popular US stocks (such as Apple, Google, TSLA, etc.)

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Deposits and Withdrawals

The broker offers a decent range of deposit and withdrawal options: Wire transfer, debit and credit cards, QR code payments, and via eWallets like Poli and Skrill. 

Notably, withdrawals and deposits usually accrue zero charges, and all transactions are completed within one day, except for bank wire transfers. 


Trading Platform 

Unlike most forex trading apps in the Philippines, Mitrade does not run on the popular Metatrader platforms but on its custom platform. The Mitrade Trading Platform is simple, intuitive, user-friendly, and based on cloud technology, so you don’t need to download it. Nonetheless, the broker has a mobile app for iOS and Android that offers even more cool features, most notably price alerts. 


Account Opening 

Mitrade offers an easy and straightforward way for interested traders to open accounts, with the account verification process taking less than 24 hours. The minimum deposit ($100) is also lower than the industry’s average


Get free $50000 experience funds in the demo account! 

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2. eToro – Top Broker For Social Trading

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Our second best forex broker in the Philippines is the popular eToro. The British broker has over 17 million members and operates in around 100 countries. And while it was originally a forex-intensive platform, the site has recently added more traditional asset classes like stocks, CFDs, and indices to its list, which has ramped up its popularity. 

Best for:

  • Social and copy trading

  • Interactive trading system

Fees 

eToro has pretty high fees, which typically don’t augur well with many traders. Everyone wants to pay less, right?  First, there is a conversion fee (starting from 50 pips) for every deposit or withdrawal made in a currency other than USD. There’s also a $5 charge for every withdrawal, not to mention a $10 inactivity fee for accounts that have been idle for over 12 months. 


Markets

The eToro platform offers 2000+ tradable assets, including 47 currency pairs, 200+ stocks, 15 cryptocurrencies, and 1800+ CFDs. 


Deposits and Withdrawals

The broker offers an array of payment options, ranging from all the popular credit and debit cards to digital wallets like Neteller, PayPal, Skrill, and iDeal. All deposits are free, while withdrawals are charged $5 per transaction. 


Trading Platform

Mostly known for its deep focus on copy trading, eToro runs on its own custom software available in both mobile and desktop formats. It also runs a parallel mobile app known as eToroX that acts as a coin wallet for cryptocurrency traders. 

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Account Opening

There are little to no restrictions on opening an eToro account. All you need is proof of identity and the $200 minimum deposit, and you’re good to go. 



3. Avatrade – Popular forex trading platform

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It may not have millions of users like the other brokers on the list, but Avatrade is a formidable name in the Philippines forex exchange field. Apart from its large number of CFD assets, Avatrade offers a decent selection of trading platforms and cryptocurrencies

Best for:

  • Diversity in trading platforms

  • Traders who prefer using the MetaTrader platform


Fees

Avatrade trading fees aren’t the lowest in the market but not high either. The minimum spread is 0.9 pips per trade on the benchmark pair EURUSD, higher than the market average. An inactivity fee of $50 is charged on inactive accounts for more than three months. 


Markets

Avatrade offers traders a chance to trade myriad instruments, including 50+ currency pairs, nine cryptocurrencies, options, and hundreds of stocks, ETFs, and indices. 


Deposits and Withdrawals

Financial transactions on the Avatrade platform may be channeled through credit cards (Visa, MasterCard), PayPal, Skrill, Neteller, and bank wire transfers. Deposits are processed immediately, while withdrawals can take up to 5 days to complete. Both are, however, free of charge. 


Trading Platform 

As mentioned above, one of Avatrade’s main selling points is its selection of trading platforms. Apart from the usual Metatrader 4, the broker supports the more modern Metatrader 5 and has a proprietary platform called AvaTradeAct.  Additionally, the broker allows traders to use automated trading software like RoboX, Duplitrade, and Mirror Trader to make fast trades.


Account Opening 

Opening an Avatrade account is a straightforward process that only requires a deposit of $100 and a few documents to prove your identity. Verification takes less than 48 hours. 


4. Oanda – Global Forex Broker

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Founded in 1996, Oanda is a global brokerage juggernaut with a reach in over 120 countries. And while it also offers stocks and indices, its tagline is “All things currency,” which means it mainly focuses on forex.

Best for: Comprehensive features and research tools.


Fees 

The Oanda forex spreads start from 0.6 pips while stocks and indices run up from a base of 0.8 points. It also charges overnight fees on positions held beyond 10 pm every night. These, however, vary from time to time. 


Markets

Oanda's product range encompasses 100 different types of assets, including more than 40 currency pairs and 60+ index CFDs. You can also trade crypto (Bitcoin in particular), albeit on a CFD basis.


Deposits and Withdrawals

The deposit and withdrawal options available include; credit/debit cards, bank transfers, Skrill, and Neteller. On the upside, Oanda does not charge commissions or fees on withdrawals and deposits. A major drawback is few payment options for a broker with a global eye. 


Trading Platform

As an fx-focused broker, Oanda's trading platform of choice is the Metatrader 4. The system, which has mobile and desktop versions, is very popular among forex traders due to its customizable layouts, a wide range of helpful tools, automated scaling, and sophisticated stop-loss functions.


Account Opening 

As one of the very few forex brokers allowed to operate in the US, Oanda is available in nearly every country. That, coupled with the $20 minimum deposit requirement, means no restrictions on opening an Oanda account. The fast verification process further consolidates this point.


5. Pepperstone - Best Forex Broker Overall

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Pepperstone Group is a British company founded in 2010 which offers general brokerage services to online traders. With licenses from top-tier regulators like FCA and ASIC, Pepperstone is certified, legit, and boasts of over 2 million active traders. 

Best for:

  • Overall forex trading experience

  • Traders who already use the MetaTrader or cTrader


Fees 

Trading currencies on Pepperstone attracts very low fees, with Standard account holders paying spreads as low as one pip with no commission. On the other hand, Razor accounts incur zero spreads but pay minimal commissions for every trade. 


Markets

At Pepperstone, you can trade over 60 currency pairs, 60+ share CFDs, ten index CFDs, and five commodity CFDs. Unfortunately, it doesn’t offer cryptocurrencies trading. 


Deposits and Withdrawals

The minimum deposit amount is 200 AUD or equivalent (the broker accepts 20 base currencies). You can fund and withdraw from your account via Visa, MasterCard, Bank Transfer, POLi, PayPal, Skrill, and Neteller. Pepperstone broker doesn't charge any fees for transactions. 


Trading Platform 

Pepperstone offers traders three options: Metatrader 4, Metatrader 5, or cTrader. These are third-party software that can be downloaded from their respective developers' websites or mobile app stores. 


Account Opening 

Pepperstone makes it exceedingly easy to open an account, with user verification taking a few hours. While signing up, one has to choose between a Standard account (no commissions and low spreads) or a Razor account (zero spreads and low commissions). 


Forex Regulation In The Philippines

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Forex brokers in the Philippines are regulated by the Securities and Exchange Commission (SEC), and brokers are required to follow the instructions and guidelines prescribed by the SEC. The Securities and Exchange Commission Philippines (SEC), formed in 1936, regulates the stock market. The commission also licenses forex brokers operating in the country. 

When choosing a broker, ensure they are authorized and regulated by SEC, or other international Authorities, such as FCA and ASIC.


Is Forex Trading Legal In the Philippines?

In 2018, the Security and Exchange Commission made forex trading illegal, but what they really mean is that you trade at your own risk. Therefore, to trade forex you have to look for a foreign broker that supports traders from the Philippines. Now, here is a problem. Platforms that accept Philippine traders are not controlled by local regulations putting you at risk of losing money to fraudsters. 


Mitrade is one of the forex brokerage firms that accept Philippine traders. You can therefore trade your favorite currency pairs from your office in Manila or buy gold from your home in Quezon. The best part is that it is authorized and regulated by the Cayman Islands Monetary Authority (CIMA), Mauritius Financial Services Commission (FSC), and the Australian Securities and Investments Commission (ASIC). It also has a trading license from Australian Financial Services (AFS). You can therefore rest assured your capital is safe and secure. 


How to Select Trusted Forex Trading Platforms in the Philippines?

With so many good choices available, choosing a forex broker to trade with can be quite a challenge. To help you pick the right choice, here are our top 3 things to consider when choosing a broker:


1. Low Fees

Naturally, you want a broker who offers very low commissions and spreads to maximize your returns. 

  • The bid and ask spread

  • Commissions

  • Overnight fees

Some brokers are also known to hide certain charges from their websites. It's always a good idea to go through the legal information of any broker you like to get a complete breakdown of all the costs. Thereafter, you can decide if it’s worthwhile for you. 


2. Credible Licenses 

As mentioned earlier, the Philippines have its own financial regulatory authority (the SEC Philippines). However, the commission does not regulate the foreign brokerages operating within the country, which means it’s hard to guarantee the safety of international brokers operating in the Philippines market.


Nonetheless, there are certainly top-tier regulators whose licenses give recipient brokers unparalleled credibility. These include the Commodities and Futures Trading Commissions (CFTC) in the USA, the FCA (Financial Conduct Authority) in the UK, Australian Securities and Investment Commission (ASIC) in Australia, and the Cyprus Securities and Exchange Commission (CySEC).


Strong Regulation: 

Financial Conduct Authority of the United Kingdom (FCA) 

Australian Securities and Investments Commission (ASIC)

Cyprus Securities Exchange (CySEC)


Ideally, you should only go for brokers with a license from one of the above bodies. If you want to be doubly sure, look for brokers with both US and UK licenses. If you believe your broker has a legitimate dispute, you can file a dispute with the broker's regulator.


3. Withdrawal and Deposit Procedures 

Waiting several days for brokers to process your withdrawals is a mood-killer. Similarly, paying over-the-top fees and commissions for every deposit and transaction will eventually dent your account.  For this reason, we strongly recommend that you read through a broker's withdrawal and deposit policy before giving them your money. Apart from the underlying charges, keep an eye on the transactions processing period and the requirements for depositing/withdrawing using each allowed method.


Conclusion

Since we have done our best to highlight credible forex brokers in the Philippines, the final choice is ultimately in your hands. Caution and due diligence are highly recommended because a bad choice can be costly.


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  • 300+ global markets trading

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  • 0 commission, low spreads

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  • Flexible leverage


* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. *CFD trading carries a high level of risk and is not suitable for all investors. Please read the PDS before choosing to start trading.


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