Philippines Top 10 BSP Regulated Forex Brokers and Legal Forex Broker
With trillions of currencies flowing around the world 24/7, the Forex (also known as Forex or FX) market is the most active market in the world. As brokers regularly lend large amounts to traders to fund their speculation, the property can quickly be created and lost.
Forex (currency) transactions in the Philippines are popular among residents. Although recommended, Forex brokers do not need to be approved by the Securities and Exchange Commission (SEC) to accept Filipino residents as clients.
Although the (Security and Exchange Commission) SEC advised the public that persons and entities acting as brokers, sales, or agents of these securities have no licenses to engage or deal in any manner with these securities and should therefore be avoided or ignored. That is why regulated foreign brokers have their websites stated that foreign currency, stock, and options trading involves substantial risk of monetary loss.
The Securities and Exchange Commission is the financial regulatory body in the Philippines. Website: http://www.sec.gov.ph. We recommend Philippines residents also follow the SEC on Facebook: https://www.facebook.com/Philippine-Securities-and-Exchange-Commission-1667835130107172/.
The SEC - Philippines was established in 1936 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.
What are the legal Forex Brokers in the Philippines？
HotForex - High Leverage 1:1000
Oanda - Best ECN Forex Broker
Forex.com - Trusted FX Brands Across the World
GO Markets - Highly Regulated with Competitive Spread
IC Markets - Top MetaTrader broker 2023
IQ Broker - Great for all Trading Activitie
Plus500 - Best Free FX Demo Account
Pepperstone - Best Forex Broker Philippines 2023
XM - Best High Leverage MT4 - MT5, Low Spread
Tickmill - Run-of-the-mill MetaTrader broker
Philippines Financial Regulatory:
Philippines Securities and Exchange Commission (SEC)
Insurance Commission (Komisyon ng Seguro)
Bangko Sentral ng Pilipinas (Central Bank of the Philippines)
Philippine Deposit Insurance Corporation (PDIC)
Department of Finance (DOF)
Philippine Stock Exchange (PSE)
Bureau of Treasury
Foreign Exchange Market in the Philippine
Bangko Sentral ng Pilipinas (BSP) maintains a flexible exchange rate system. The exchange rate is determined based on the supply and demand of the forex market. The role of the BSP in the forex market is primarily to ensure the order of the market. Exchange rate market decisions are in line with the government's commitment to market-oriented reforms and outward strategies to achieve competitiveness through price stability and efficiency.
In the Philippines, peso-dollar transactions are conducted between member banks of the Philippine Banking Association (BAP) and between these banks and BSP through the Philippine trading system “PDS”. Most BAP member banks participating in peso-dollar transactions use an electronic platform called the Philippines Dealing and Exchange Corp. (PDEx). BAP has appointed PDEx as the official service provider for US dollar (USD) / Philippine peso (PHP) spot trading (in the case of US dollars, buy and sell with immediate delivery within 1 day), and Reuters has all PDEx data. Trading via PDEx allows you to send price information and transaction confirmations almost instantly. Banks that are not PDEx, on the other hand, can continue to settle peso dell spot contracts through Reuters trading screens.
Top 10 Best Forex Brokers in Philippines 2023
Both ASIC & CYSEC Regulated Financial Provider offers You Excellent Security.
24/7 Professional and Multilingual Customer Support Easy to Reach.
A Stringently Regulated Broker, Reliable and Safe to Trade With.
Quick & Easy to Start Real Trading by Funding As Low As 5 USD.
Comparison of the Best Forex Brokers in Philippines
Forex Trading Knowledge Questions and Answers
Is forex trading legal in the Philippines?
The Philippines benefits from its emerging market status as a Southeast Asian country. As more and more people are interested in trading currencies, some online brokers are now accepting customers from the country.
If you are a resident of the Philippines and are considering trading forex, the Securities and Exchange Commission of the Philippines (SEC) will be fairly against forex trading due to retailer reports of fraud and large losses. You need to know that you are in a negative position. In fact, in the last few years, the SEC has issued two notices that forex trading is illegal to discourage individuals from doing forex trading and local brokers engaging in forex trading. did.
Forex trading may not be strictly legal in the Philippines, so you probably won't be able to find a local broker to trade your currency. Nevertheless, you may still be able to find an international online broker based outside the Philippines to trade forex.
What is Forex Regulation?
It is a form of financial regulation specifically targeted at the foreign exchange market, which is decentralized and operates without a central exchange or clearinghouse. Due to its decentralized and global nature, the forex market is more prone to forex fraud and less regulated than other financial markets.
However, some countries regulate Forex brokers through government and independent regulatory agencies such as the National Futures Association of the United States and the Commodity Futures Trading Commission, the Australian Securities and Investment Commission of Australia, and the Financial Behavior Oversight Agency of the United Kingdom. I am. These institutions act as supervisors of their respective markets and provide financial licenses to organizations that comply with local regulations.
The goal of the regulation is to ensure fair and ethical business behavior. On their side, all Forex brokers, investment banks, and signal sellers must comply with the rules and standards set by Forex regulators.
How to Choose a Forex Broker as a Philippines Trader
The Philippines is still one of the developing countries in the world. But that doesn't mean there are no opportunities for investment. On the contrary, the savviest investors are looking for ways to grow their business in places where there are few competitors.
This is very true in Forex. The country's new and fresh market means that many brokers are gaining market share from Filipinos who are trying to make trade and money. But keep in mind that where it costs a lot, there are a lot of scams that follow. Therefore, if you are looking for a reliable Forex broker, don't forget to look for one that is regulated by BSP. Next, you need to find out if there are trading platforms offered by the broker, hidden fees and commissions, a range of accounts that meet your needs, good or bad customer service, and other additional service.
What are the top Forex Regulators?
Although the Philippines has no forex regulator in foreign regulators that the Filipinos can trade and are mostly chosen.
Commodities Futures Trade Commission (CFTC) - USA
National Futures Association (NFA) - USA
Financial Conduct Authority (FCA) - UK
Swiss Financial Market Supervisory Authority (FINMA) - Switzerland
Cyprus Securities and Exchange Commission (CySEC) - Cypru
Australian Securities & Investment Commisson (ASIC) – Australia
Define General Regulation & Philippines Regulation
The days when brokers can open offshore companies and serve them wherever they want are over. Most countries have introduced very strict regulatory frameworks, and there are few places in the world where unregulated brokers do not frown. This means that the average trader will be more secure and credible, and fraudsters will have less chance to plunder the hard-earned cash.
The Philippines is no exception. BSP is the central bank of the Republic of the Philippines. Founded in 2003, banks have become relatively young financial institutions. The institution's primary task is to oversee the financial markets and ensure that they function smoothly, competitively, and transparently. Banks also oversee market participants servicing local citizens to regulate services. All regulated brokers must comply with the regulations set by banks when trading in the forex market and protect their clients' capital by limiting the risk of their operations. Even though regulators allow market intermediaries to trade freely in any market, BSP does not tolerate fraud, price-fixing, and money laundering schemes, but dares to penalize the brokers involved. I will impose. Therefore, Filipino traders should be reassured by BSP-regulated brokers.
What are the best Forex Trading Platforms?
MetaTrader4 (MT4): is the most popular retail platform for currency trading. MetaQuotes created the trading platform in 2005 and has over 85% penetration from worldwide forex brokers.
MetaTrader5 (MT5): is a multi-asset platform that allows trading Forex, stocks, and futures. It offers superior tools for comprehensive price analysis, the use of algorithmic trading applications (trading robots, Expert Advisor), and copy trading.
cTrader: is the third most popular forex software and is offered by a wide number of retail foreign exchange brokers. While no exact market share statistics have been published, below shows the popularity of the websites and app downloads of the three most popular platforms.
Markets is a proprietary multi-asset trading platform, a one-stop solution for all your trading needs. The platform is part of an FTSE 250 company listed on the London Stock Exchange (LSE).
NinjaTrader: s an advanced charting forex software package created in 2004.
eSignal: is one of the oldest trading platforms on the market.
ThinkOrSwim: is a desktop, mobile, and web compatible trading platform for ETFs, forex, futures, stocks, and options.
What are the benefits of Forex Trading Compared to Stock Market Trading?
It's a Large and Global Market
It's Good for Beginner
You can Trade 24 Hours a Day
Here are Low Transaction Cost
You can Benefit from Leverage
It's a Market with High Liquidity
Volatility of the Forex Market
You can Buy and Sell Currency Pairs Depending on the Market
It's well Regulated
Why Forex Education is Important, especially traders in the Philippines
After graduating from high school or college, you may be wondering why this additional education is needed. Forex trading as a whole is a real business. You must have an ideal education. You need to develop your skills every day, and only experienced trainers can help you with it.
If you need to invest and contact a professional trader, you must first complete Forex education/training.
In addition, the market is very eccentric and even the best traders encounter serious misfortunes, so it is important to consider the psychology of trading.
Forex training helps you to understand the basic principles and phrases, but it also teaches you how to put together your framework for training and balancing in trading. There are several courses and educational courses that you can be guided by an experienced teacher to learn your skills.
What account types do mostly regulated brokers have?
Suppose you have $ 200 you want to invest in a currency, but you wonder if that's enough. Many brokers offer different account levels depending on the size of your capital, and $ 200 is not enough from the beginning.
Most brokers will be able to start at as little as $ 100, and some will start trading for $ 50. In this case, you are trading a micro lot and its minimum size is $ 1000.
If you have an investment of $ 1000 or more, a mini account is probably the best bet. The mini lot is currently a $ 10,000 transaction and the pip price is around $ 1.
Traders with capital over 10,000 can open a standard account and trade standard lots. The standard lot size is 100,000 items. Of course, to ensure risk control, it would be better to have more money thanks to 50,000 to trade standard lots.
Filipinos are not governed by the authority to not do Forex Trading although SEC was imposing that trading forex in the Philippines is considered a high-risk investment due to no regulation imposed and no local broker, broking in the Philippines. A lot of sales agent, brokers introduce their Forex trading company that will scam Filipinos who doesn't know where to start. That is the main reason why Filipinos must avoid trading forex in the Philippines.
You Also Like:
How to Control Drawdown for Greater Forex Profits?
Best Forex Brokers for Beginners in Nigeria 2023
Differences between Bullish and Bearish Markets in Forex Trading
What Makes A Good Day Trader? Some Excellent Traits to Share
Differences between Dealing Desk & No Dealing Desk Forex Brokers
How to Use Currency Pair Correlations in Forex trading？
Forex Day Trading VS Forex Scalping: Which One to Choose?
How to Hedge Forex Positions? Some Relevant Strategies to Share.
Can I Trade Forex without Stop-Loss? Here Lets’ Discuss
Beginners’ Guide to Forex Exotic Currency Pairs
Forex Market Hours: What is the Best Time to Trade Forex?
Best US Forex Brokers for 2023
What is Forex Technical Analysis? Pro & Cons Revealed
What Is A Swap in Forex Trading? Some Fascinating Facts You May Like to Know
Forex Trading Scam? Is OmegaPro Safe to Trade with?
Pips in Forex Trading?
Is T4Trade Still Trustworthy?
Best Forex Brokers for Beginners in Nigeria 2023
Best Forex Brokers With Low Commissions for 2023
Best Micro Account Forex Brokers for 2023
Best Forex Brokers with Low Minimum Deposit
TOP 8 SC INVESTOR ALERT LIST in MALAYSIA 2023
Best Forex Brokers with Islamic Accounts 2023
Best Forex Demo Account Brokers for 2023
Best Copy Trading Forex Brokers in 2023
Best Managed Forex Accounts for 2023
Best Forex Market Maker Brokers 2023
Best Forex Brokers in Vietnam for 2023
Best Forex Social Trading Platform in 2023
Best Forex Trading Apps in 2023
Best MT4 Forex Brokers in 2023
Best Forex Trading Platform for Beginners in Australia
Best Forex Brokers for Spread Betting 2023
Best Forex Brokers for Algo Trading 2023
Best Forex Brokers in Philippines 2023
BSP Regulated Forex Brokers in Philippines for 2023
Best MT5 Forex Brokers in 2023
Best FSCA/FSB Regulated Forex Brokers in South Africa
Best Low Spreads Forex Brokers for 2023
Best Scalping Forex Brokers for 2023
Best Forex Brokers in UAE, Dubai for 2023
Best Forex Brokers in Germany for 2023
Best Forex Brokers in Mexico for 2023
Best Forex Brokers in Canada for 2023
Best Forex Brokers in Malaysia for 2023
Best Forex Brokers in Europe for 2023
Best Forex Brokers in Thailand for 2023
Best Forex Brokers in Indonesia for 2023
Best Forex Brokers in Nigeria for 2023
Best Forex Brokers in India for 2023
10 Best Australian Forex Brokers 2023
Best Forex Broker for Beginners in the Philippines 2023
Best Forex Trading Software for 2023
Best Forex Brokers in South Africa
Best High Leverage Forex Brokers for 2023
Best Forex Brokers for Beginners in 2023
Best Forex Brokers in the World for 2023