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2021 Legitimate and Trusted Forex Brokers for the Philippines

Suzie|December 22, 2021 07:21

Are you searching for how to trade forex in the Philippines?  

If you want to start forex trading in the Philippines, then the easiest way is to compare forex brokers and create an account.

Our Forex broker review list considers a wide range of factors, from fees, trading platforms,  minimum deposits to analytics options, everything that gives that broker a big tick mark. There is also a comparison of top forex brokers and trading platforms. Let's start!

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Forex Regulation In The Philippines


The Securities and Exchange Commission Philippines (SEC) was formed in 1936, and although it mostly regulates the stock market, the commission also licenses forex brokers who operate in the country. We consider you should trade with a broker who is authorized and regulated by SEC, or other international Authorities, such as FCA, ASIC.

As the forex industry keeps growing in leaps, with daily turnovers north of $6 trillion, the number of Filipinos trading currencies online is growing rapidly. 

If you’re one of these uprising traders, you have come to the right place to not only get to know the best forex broker in the Philippines but also learn a few industry hacks.

A List of Top Trusted Forex Brokers/Trading Platforms for the Philippines

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

Comparison of the best forex trading platform for the Philippines

Broker’s Name


General Info


Min   Deposit: $100

Maximum   Leverage:  N/A

Spreads:   Low

Location:   Australia

Trading   System: Proprietary software

Regulation:   ASIC, CIMA


Minimum   Deposits: $200

Maximum   Leverage: 1:500

Spreads:   Up to Zero

Location:   UK

Trading   Systems: MT4 & 5, Web Trader

Regulation:   ASIC, CySEC, FCA, DFSA


Min   deposit: $300

Maximum   Leverage: 1:200

Spreads:   Very low

Location:   UK

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

Web   Trader



Min   deposit: $10

Maximum   Leverage: 1:800

Spreads:   Very Low

Location:   Australia

Trading   System: MT4 & 5, Web Trader

Regulation:   Web trader, MT4 & 5


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


Min   deposit: $20

Maximum   Leverage: 1:100

Spreads:   Moderate

Location:   Australia

Trading   System: Web Trader, MT4, FIX API

Regulation:   FCA, ASIC, MAS, CFTC


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


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


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 Trusted Forex Brokers/ Trading Platforms For the Philippines

So you've seen our highlight reel of the most legitimate forex brokers in the Philippines. We decided to compile a more detailed section focusing on 5 of the top forex brokers (according to our informed opinion.

1.  Mitrade - Best Forex Trading Platform For Beginner


Mitrade is a popular forex broker, providing global financial markets investment opportunities for the Philippine trader.  Commendably, Mitrade is a regulated forex broker, they hold a license from the Australian Securities and Investments Commissions (ASIC) and Cayman Islands Monetary Authority (CIMA),  Licence No. 1612446. However, you should note that Filipino customers are only allowed to open accounts under the CIMA license.


Best for:

• Who needs an easy-to-use and fast-execution platform 

• CFD trading, day trading, short-term trading

Fees and Commissions

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

•  The spread is relatively low and varies with your trading moves. 

•  The overnight fee is charged at 21:00GMT+00, but in the Philippines, it should be charged at 5 o'clock in the morning.

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.)

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

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

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

Deposits and Withdrawals

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

Notably, withdrawals and deposits accrue zero charges (in most cases) and all transactions 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 own, custom platform. The Mitrade Trading Platform is simple, intuitive, user-friendly, and is based on cloud technology, meaning you don’t need to download it. Nonetheless, the broker has a mobile app for both 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 average.

Get free $50000 experience funds in the demo account! 


2. eToro – Top Broker For Social Trading


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 begun to add the more traditional asset classes like stocks, CFDs, and indices to its list, which has ramped up its popularity even higher. 


Best for:

  • Social and copy trading

  • Interactive trading system


eToro has some pretty high fees, which may or may not be a problem depending on where you stand. For one, 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. 


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

Deposits and Withdrawals

The broker offers a nice 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 of charge, while withdrawals are charged $5 per transaction as mentioned earlier. 

Trading Platform:

Mostly known for its deep focus on copy trading, eToro runs on its own custom software which is 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. 

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


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

Best for:

• Diversity in trading platforms

• Who prefer to use the MetaTrader platform


In regards to trading fees, Avatrade doesn’t rank too highly as the minimum 0.9 pip per trade on the benchmark pair EURUSD is higher than the market average. There is also an inactivity fee of $50 charged on accounts that remain inactive for more than 3 months. 


Avatrade offers traders a chance to trade an exceptional array of instruments that includes 50+ currency pairs, 9 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, etc), PayPal, Skrill, Neteller and bank wire transfer. 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 also has a proprietary platform calles AvaTradeAct.  Additionally, the broker allows traders to use automated trading software like RoboX, Duplitrade and Mirror Trader if they wish 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


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:

Who seek a comprehensive offering and research tools.


The Oanda forex spreads start from 0.6 pips while those for stocks and indices run up from a base of 0.8 points. Overnight fees are also charged on positions held beyond 10 pm every nights. These, however, vary from day to day. 


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

Deposits and Withdrawals

The deposit and withdrawal options available include; credit/debit cards, bank transfers, Skrill and Neteller. On the up side, Oanda does not charge any commissions or fees on withdrawals and deposits. On the flipside though, the payment options are too few for a broker with a global eye. 

Trading Platform

As a fx-focused broker, Oanda's trading platform of choice is the Metatrader 4. The system, which has both mobile and desktop versions, is very popular among forex traders due its customizable layouts and 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, effectively means that there's no restrictions on opening an Oanda account. The fast verification process further consolidates this point. 

5. Pepperstone - Best Forex Broker Overall


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

Best for:

• Overall forex trading experience

• Traders who already use the MetaTrader or cTrader 


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


At Pepperstone, you can trade over 60 currency pairs, 60+ share CFDs, 10 index CFDs and 5 commodity CFDs. Unfortunately, cryptocurrencies are unavailable. 

Deposits and Withdrawals

The minimum deposit amount is 200 units of whichever currency you choose (the broker accepts 20 base currencies). You can fund and withdraw from your account via Visa, Mastercard, Bank Transfer, POLi, PayPal, Skrilk, and Neteller. The broker doesn't charge any fees for transactions. 

Trading Platform 

As far as trading goes, Pepperstone offers traders 3 options: Metatrader 4, Metatrader 5, or cTrader. All these are third-party software that can be downloaded from the websites of their respective developers or the mobile app stores. 

Account Opening 

Pepperstone makes it exceedingly easy to open an account, with user verification taking a few hours at most. 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). 

How to Select Trusted Forex Tradng 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 so as to maximize your returns. 

The bid and ask spread


Overnight fees


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

2.Credible Licenses 

As mentioned earlier, the Philippines has 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 find a certified broker to be particularly safe for 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. 

3. Withdrawal and Deposit Procedures 

Having to wait for days for your withdrawals to be processed is a mood-killer. Similarly, paying over-the-top fees and commissions for every deposit and transaction you make will eventually put a big dent in 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 how long transactions take to process and the requirements for depositing/withdrawing using each of the allowed methods.


While 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 is highly recommended because a bad choice can be very costly.

About Mitrade>>

Mitrade is an online forex and CFD trading broker headquartered in Australia, regulated by ASIC (AFSL 398528) and CIMA (1612446).  At Mitrade, you can invest forex, cryptocurrencies, indices, and commodities via CFDs - contracts that track the change in value. 

✔️ Regulated by ASIC、CIMA

✔️ Simple and intuitive platform

✔️ 0 commissions, low spreads

✔️ Protect your account from negative balances

✔️Trade Forex, commodities, indices, and cryptocurrencies & more

✔️ Try $50,000 demo account to experience CFD trading without risk

The content presented above, whether from a third party or not, is considered as general advice only.  This article does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Mitrade does not represent that the information provided here is accurate, current or complete. For any information related to leverage or promotions, certain details may outdated so please refer to our trading platform for the latest details.  *CFD trading carries a high level of risk and is not suitable for all investors.  Please read the PDS before choosing to start trading.

Investments professional who excels at forex and and personal finance, featured on prominent financial literacy, fintech, B2B, and crypto.
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