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BSP Regulated Forex Brokers in Philippines for 2022

Philippines Top 10 BSP Regulated Forex Brokers and Legal Forex Brokers

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 Spreads

IC Markets - Top MetaTrader broker 2022

IQ Broker - Great for all Trading Activities

Plus500 - Best Free FX Demo Account

Pepperstone - Best Forex Broker Philippines 2022

XM - Best High Leverage MT4 - MT5, Low Spreads

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 Philippines

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 2022

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.

A Multi-regulated Broker for you to Start Real Trading with a $1 Initial Deposit.

Incredibly Unlimited Leverage Offering for Asia, Rare Among Brokers.

4

Regulated by Two Tier-1 Regulators: ASIC & FCA, Trustworthy to Trade With.

Low Forex Trading Fees, Spreads From 0 Pips, No Inactivity Fee.

5

Strictly Regulated by ASIC and CYSEC, a Safe Broker to Trade With.

MT4 & MT5 Available, Plus Two Copy Platforms: Social Trading & Myfxbooks.

6

Strictly Regulated by ASIC & FMA, rendering you enough confidence to Invest With.

A Multi-Asset Broker, with Over 12,000 Trading Instruments On Offer.

7

A long-established Broker, Strictly Regulated by Multiple Regulatory Bodies in Various Jurisdictions, Offering Sufficient Reliability.

Over 80 Currency Tradable, Competitive Pricing Structure with Tight Spreads from 0 Pips.

8

A Multi-Regulated Big Player that renders you adequate Safety.

Enjoy the Ease of Withdrawal without any Additional Charges.

9

Licensed & Regulated in Multiple Jurisdictions: ASIC, CYSEC, FCA, DFSA, SCB.

Super-Low 1 USD Initial Deposit Quite Friendly to Active Traders.

10

Globally Licensed and Regulated by FAC & CYSEC, Offering Great Reliability.

Advanced Trading Platforms Offering of Ultra-Low Spreads, Starting from 0 pips.

more

Comparison of the Best Forex Brokers in Philippines

Forex Broker

Licenses

Minimum spread

Maximum Leverage

Minimum Deposit

Detail
Compare
IC-Markets
9.19

Regulated

/

1:500

$200 USD

XM
8.99

Regulated

/

/

$10,000 USD

Exness
8.99

Regulated

0.1

1:Unlimited

$3,000 USD

Eightcap
8.44

Regulated

0.1

1:400

$500USD

FP-Markets
8.39

Regulated

From 0.0 pips

1:500

$100 AUD or equivalent

TMGM
8.37

Regulated

/

1:400

$1,000 USD

Forex.com
8.36

Regulated

Depends on the trading commodity

1:400

$100 USD

FXTM
7.06

Regulated

/

/

$500USD

Forex Trading Knowledge Questions and Answers

Is forex trading legal in the Philippines?

The Philippines benefits from its emerging market

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

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

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

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) - Cyprus

Australian Securities & Investment Commisson (ASIC) – Australia

Define General Regulation & Philippines Regulation

The days when brokers can open offshore companies

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

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 a Large and Global Market

It's Good for Beginners

You can Trade 24 Hours a Day

Here are Low Transaction Costs

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

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

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.

Micro Account

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.

Mini Account

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.

Standard Account

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.

Conclusion:

Filipinos are not governed by the authority to not do Forex Trading

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.

Babala sa Panganib

Ang Database ng WikiFX ay nagmula sa opisyal na mga awtoridad sa regulasyon, tulad ng FCA, ASIC, atbp Ang nai-publish na nilalaman ay batay din sa pagiging patas, pagiging totoo at katotohanan. Ang WikiFX ay hindi humingi ng mga bayarin sa PR, bayad sa advertising, bayad sa ranggo, bayad sa paglilinis ng data at iba pang hindi bayad na bayad. Gagawin ng WikiFX ang buong makakaya upang mapanatili ang pare-pareho at pag-synchronise ng database na may mga mapagkukunang data ng mga awtoridad tulad ng mga awtoridad sa regulasyon, ngunit hindi ginagarantiyahan ang data na hanggang sa napapanatiling petsa.

Dahil sa pagiging kumplikado ng industriya ng forex, ang ilang mga brokers ay inisyu ng mga ligal na lisensya sa pamamagitan ng mga institute ng regulasyon ng pagdaraya. Kung ang data na nai-publish ng WikiFX ay hindi naaayon sa katotohanan, mangyaring i-click ang 'Mga Reklamo' at 'Pagwawasto' upang ipaalam sa amin. Susuriin agad namin at ilalabas ang mga resulta.

Ang mga dayuhang palitan, mahalagang mga metal at over-the-counter (OTC) na mga kontrata ay mga produkto na na-leverage, na may mataas na panganib at maaaring humantong sa mga pagkalugi ng iyong punong pamuhunan. Mangyaring mamuhunan nang makatwiran.

Espesyal na Tandaan, ang nilalaman ng Wikifx site ay para lamang sa mga layunin ng impormasyon at hindi dapat mailarawan bilang payo sa pamumuhunan. Ang Forex broker ay pinili ng kliyente. Naiintindihan ng kliyente at isinasaalang-alang ang lahat ng mga panganib na nagmula sa pangangalakal ng Forex ay hindi nauugnay sa WikiFX, dapat tanggapin ng kliyente ang buong responsibilidad para sa kanilang mga kahihinatnan.