BSP Regulated Forex Brokers in Philippines for 2023

　　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.

　　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.

　　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.

　　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

　　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.

　　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.

　　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

　　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.

　　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.

　　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.