XM offers the web version, the mobile and desktop version of the MT4 platform to Nigerian traders, one of the best forex trading apps. Here are other important details about the tests we conducted on the five Filipino Forex brokers discussed above:. At the time of writing, we could not confirm if any of our chosen brokers have offices in Manila. 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. If traders fail to do so, they may face some fines and penalties as a result. 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. Everything you find on BrokerTested is based on reliable data and unbiased information.

Read more about our methodology. Your email address will not be published. Save my name, email in this browser for the next time I comment. Broker Reviews. BlackBull Markets. CMC Markets. All Reviews. Broker Categories. Brokers by Type. ECN Forex Brokers. Zero Spread Forex Brokers. Cryptocurrency Brokers.

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Forex Trading. Editor Updated on July 23, Open Account. It is converted to your chosen base currency by XM. XM does not charge commissions for forex trading. They make their money from the spread and the swap. XM Cons The swap for major pairs is high. There is no Peso-based trading account Philippines-based traders are registered under an offshore regulator.

OctaFX Pros OctaFX offers copytrading. OctaFX does not charge extra commission per lot You can trade cryptocurrencies. Multiple trading platforms. No Philippine Peso base account. You can only deposit in USD or EUR. Limited number of CFDs. No tier-1 regulation. Stock CFDs are not available on MT4. FBS Pros FBS offer multiple trading accounts with different minimum deposits.

You can deposit and withdraw funds via local exchangers. This means you can carry out your transactions in Pesos. FBS offers multiple trading platforms and copytrading. This high compared to other brokers. Total fees are high because of the swap and commission on certain account types. Philippines traders are registered in Belize. You can leverage up to This puts your capital at high risk.

They have tier-1 regulation so they are low-risk You get an account manager to attend to your enquiries. The typical spread for major pairs is low. HotForex Cons Extra commission per lot on Zero Spread Account. They do not have multiple tier-1 regulators.. FXTM Cons No multiple tier-1 regulation. Philippine traders are registered in Belize. 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.

To help Filipino traders choose a broker we compared the 27 best forex brokers. Each broker was compared based on the brokerage, forex trading platform offered and customer support available in the Philippines. With over 20 years of investing experience and 10 years of trading, Justin co-founded Compare Forex Brokers in He has worked within the foreign exchange trading industry for several years and for several of the largest banks globally. Justin achieved Honours in Commerce and has a Master's degree from Monash University.

He also owns Innovate Online offering digital marketing services with over 20 employees. Fact Checked. Our forex comparisons and broker reviews are reader supported and we may receive payment when you click on a link to a partner site.

We awarded Pepperstone the best broker based on their:. Pepperstone is regulated with multiple tier-one brokers. This gives Pepperstone a reputation of trust and integrity with its business offering as they aspire to meet the requirements of the most stringent regulators worldwide.

This is an important measure when selecting a broker, as it means your funds are secure from scams and unauthorized activities with the broker. Pepperstone is regulated by the following:. Traders in the Philippines will be signed with Pepperstone Markets Limited, which uses the Securities Commission of the Bahamas SCB for regulation.

While this is not a tier-1 regulator, Pepperstone Markets Limited still offers tier-1 regulatory standards, as their policies are in line with what is required by ASIC. This means you will still have segregated bank accounts, complaints procedures, product disclosure statements and top-level execution speeds and true no-dealing desk practices that ensure you will get the best available spreads.

The central bank of the Philippines, the Bangko Sentral ng Pilipinas BSP is the local regulatory body governing all foreign exchange transactions. However, international brokers are not required to be registered with the BSP. The online services the forex brokers offer to their clients come at a cost. The fee structure varies between the forex brokers and the account types used.

Pepperstone is one of the best brokers in the Philippines because it offers lower trading costs in all three categories spread, commission and rollover. At Pepperstone, spreads start from 0. The best forex brokers with low spreads are IC Markets and Pepperstone.

Our proprietary trading cost calculator is designed to help traders better assess the total brokerage fees you pay for your trades. To work out your trading costs, we require three inputs:. Residents of the Philippines can start trading forex with a broker that is not bound by US and EU regulations.

The CFTC in the US limits forex leverage to At the same time in the EU, due to the ESMA rules, leverage is limited to With Pepperstone, Filipino traders can gain access to the foreign exchange market using a maximum leverage of The leverage for trading CFDs is capped at various levels depending on the financial markets traded:. Trading on leverage allows Philippines FX traders to maximize their profits.

Additionally, high leverage allows traders to control large sums of money with a small trading account. Pepperstone is the only broker in the Philippines that can bring the best trading features into a single place. The retail investor accounts only require a minimum deposit of USD Make sure you grab your live account today by clicking the button below. With more than , active clients across the globe, IC Markets, founded in , is among the largest FX CFD providers in terms of Forex volume.

It falls under the regulation of some of the most reputable regulatory bodies worldwide:. Traders in the Philippines receive regulation from the financial services regulator of Seychelles FSA. This regulator is not considered a tier-1 regulator which means the regulatory compliance standards IC Markets needs to meet are not as high as regulators like ASIC and CySEC however IC Markets Global the subsidiary registered in Seychelles apply a standard that exceeds FSA requirements.

Clients with IC Markets Global receive regulation that is consistent with what IC Markets AU use for ASIC. The broker offers three main account types, with the minimum deposit being USD and the maximum leverage allowed — Traders have the opportunity to take advantage of spreads starting from 0.

If you want to compare several forex brokers in the Philippines and analyze their FX spreads, please use the table below. You can view how IC Markets compares to other forex brokers using the ECN pricing model. Data taken from broker website. Raw pricing coupled with a MetaTrader 4 server located in the Equinix NY4 data center are two key factors ensuring a true ECN environment for Forex traders — low latency and minimized probability for slippage, no re-quotes and ultra-fast execution of trade orders less than 40 ms.

In other words, perfect conditions for trading styles such as Scalping, Day Trading and Automated Trading. The broker offers low spreads even on its Standard Account — as low as 1. Filipino clients can choose from more than 60 Forex pairs. A total of 10 digital currencies can be traded with no commissions, maximum leverage of and spreads of as low as 4. IC Markets offers the most favorable trading conditions among the brokers we reviewed.

The spreads on the live trading account can even drop to 0. IC Markets ECN pricing model handles over USD 15 billion in daily FX volume. Claim your free demo account by clicking the button below. eToro was chosen as the best social trading broker in the Philippines. eToro is a leading Forex and CFD provider, recognized internationally for its social trading platform. The broker is authorized to operate in a number of jurisdictions, including:.

CopyTrader is a unique feature that enables beginners or traders with insufficient experience to monitor what real traders are doing and instantly replicate their trading activity. To help you find traders to follow and copy, eToro has a number filters and rankings to help you find the a signal provider to your like.

The popular investors who get copied will benefit from the following advantages:. When copy trading, clients do not have to pay any management fees or other hidden costs. All they have to do is allocate a part of their available account balance to copy the portfolio of a top-performing trader. It is quite a simple process. The performance of each CopyPortfolio is analyzed in-depth and rebalanced automatically so that its gain potential is maximized.

CopyPortfolios are structured as a medium to long-term investment vehicles and require longer investment periods. No management fees will be charged.

Since they are meant to minimize long-term risk, CopyPortfolios aim to offer a client up to double-digit annual returns. At eToro, both novice traders and professional traders have the opportunity to earn passive income. Filipino residents can connect with hundreds of thousands of traders and copy trading automatically across more than 2, financial markets.

For as low as USD , anyone can copy specific strategies within your own risk parameters. AvaTrade was handpicked as the best broker for beginner traders. New investors need to have access to an easy-to-use platform, in-depth learning center and proper market research to help you with your trading journey. AvaTrade is one of the globally recognized Forex brokers, regulated on five continents by tier-one reputable regulatory bodies such as:.

Traders from the Philippines will get BVI FSC regulation by default but can choose a preferred regulator if they wish. Since AvaTrade offers one of the lowest fixed spreads on the market, we recommend this broker to novice traders or traders with little experience. The broker grants access to the Forex market through its MetaTrader 4 and MetaTrader 5 platforms, available as desktop, web-based Web Trader and mobile versions.

AvaTrade also has no restrictions on scalping and hedging, as it aims to ensure the ultimate trading environment for its clientele. In addition, AvaTrade clients can access a comprehensive library of informative educational materials and useful Forex trading resources economic calendar, daily news, market analysis updates in fundamental, technical and sentimental aspects. The AvaTrade Education center will teach novice traders how online trading works and much more.

Last but not least, AvaTrade offers a new feature available exclusively on the AvaTradeGO app — known as AvaProtect. Or, the broker will reimburse clients for losing trades at the end of the protected period, directly into their trading account. In other words, with AvaProtect Philippines-based novice traders can open positions in the global markets with zero risks. Our team of experts examined all the best forex brokers for beginners, and AvaTrade makes trading more accessible to novice traders.

All in all, AvaTrade has an excellent trading environment for inexperienced traders. Open a demo account by clicking the button below and fine-tune your trading skills.

In our reviewing process, we have taken into account the range of trading markets. XTB allows traders to speculate on the price movement in different asset classes, average spreads of 0. XTB is a stock exchange-listed, award-winning CFD and Forex broker with over 15 years of business history and offices in more than 13 countries across Europe. Traders from the Philippines are registered with XTB International, which is regulated by the Belize International Financial Services Commission IFSC.

While the IFSC does apply a lighter touch to regulation than tier-1 regulators, XTB is a reputable forex company, regulated by multiple tier-1 brokers and XTB apply this standard to all clients. XTB offers Philippines-based traders access to over 1, financial instruments across a range of six markets. Those include:. Out of all the online brokers we reviewed, XTB is the most exclusive in terms of the available financial instruments on its platform.

If you like to combine trading the forex market along with stocks, indices, commodities, ETFs or cryptocurrencies, TB is the best in the industry. Operating as a market maker broker since , Markets. com is one of the best CFD brokers accepting Philippine retail traders.

The broker is seen as trusted thanks to global regulation by tier-1 financial authorities such as the FCA UK , CySEC Europe FSCA South Africa and ASIC Australia. Traders from the Philippines receive regulation from the British Virgin Islands Financial Services Commission BVI FSC. com practices exceed the minimum requirements of the regulator.

The reason for this is the broker recently dropped their minimum spreads for standard accounts from 1. They do not have multiple tier-1 regulators.. Securities and Exchange Commission of the Philippines. You can also switch across to MT4 on desktop or WebTrader, should you need to. Index CFDs.

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