Filipino residents love to trade Forex currency. While it is advised, forex brokers are not required by the Securities and Exchange Commission (SEC) to become approved to accept customers from the Philippines.
Forex trading isn’t as easy as it appears. Trading foreign currencies may be extremely dangerous because the chance of losing your money is just as great as the risk of making a profit. Before you start trading in the FX market, you’ll need to choose a forex broker in the Philippines to help you manage your risks and execute your trades. Here is the list of Top 10 forex trading companies in the Philippines to help you know the best trading options available.
FOREX is a broker company with over 430,000 customers in more than 180 countries. It executes trades quickly, with 99.78 percent of trades taking less than one second to complete and an average execution time of 0.05 seconds.
High-volume traders can also take advantage of the forex broker’s advantages, which include up to 15 percent cash rebates on trades. As a result, the FOREX broker company is suitable for enthusiastic traders who purchase and sell big amounts of currency.
Millions of forex traders of various levels of experience use eToro in over 140 countries, including the Philippines. Although this MetaTrader company is not available on the Forex site, eToro’s own social trading platform which is beginner-friendly and creative is more than sufficient.
It provides a diverse set of capital market investment tools. You can build a portfolio with equities, commodities, cryptocurrencies, ETFs, and more on eToro. eToro users can connect and follow with fellow traders through a social media news feed embedded into the Forex broker site to broaden or share their knowledge.
3. IQ OPTION
With 1.3 million trades made daily, IQ Option has more than 48 million registered traders from 200+ countries, including the Philippines. In the absence of MetaTrader platforms, IQ Option provides its own mobile trading interface, which is tailored to the demands of the user.
A demo account with refillable virtual amounts worth USD 10,000 is available on the forex trading platform, allowing for unlimited experimentation. This allows inexperienced forex traders to study at their own pace and with no risk. IQ Option, unlike many other online forex brokers in the Philippines does not charge rollover fees for overnight positions.
4. XM Global
It is ideal for CFD and Forex traders, particularly newbies, who wish to minimize trading costs while learning how to trade currencies. XM Global is a multi-award-winning and well-regulated online forex broker with worldwide licenses in five jurisdictions and a client base of over 3.5 million people from 196 countries, including the Philippines.
With a wide selection of research tools and a modest minimum investment of only $5, forex trading is simple. All of their systems are designed with the client in mind and are updated on a regular basis. From the initial account opening process to account management, withdrawing and depositing funds, and finally trading, everything is simple and easy to use for all clients.
5. FP MARKETS
FP Markets has 15 years of trading experience and delivers continuously tight spreads on major currency pairs as low as 0.0 pips. Their goal was to build a better Forex trading location where traders could access a full range of global market items. One of the main reasons traders select FP Markets is the simplicity of being able to trade CFDs across Forex, Commodities, Shares, Indices, and Cryptocurrencies from a single account.
Here, opening an account, making deposits, and withdrawing funds are all simple and quick. Furthermore, it is ideal for Forex and CFD traders who want to use the IRESS and MetaTrader platforms.
AvaTrade, which was founded in 2006, is one of the first companies to offer CFD trading on commodities, equities, and indices. It now has 300,000 registered users worldwide and does over three million trades every month. It’s ideal for Forex and CFD traders that want to work with MetaTrader platforms.
Their customer care representatives are available to assist you with any trading issues you may be experiencing. Their traders can enter the markets with confidence because of their quality service and in-depth knowledge of the financial markets.
Since its inception in 2011, FXTM has grown to over three million clients from 180 countries. FXTM has established itself as a market leader in emerging and frontier markets, providing goods and services to new retail traders who are frequently underserved by other brokers. It accomplishes so by employing a localized strategy in high-growth areas where economic conditions occur to ignite a bang and call for Forex trading.
The firm provides copy trading as well as a diverse range of trading instruments and forex instructional resources. Beginners who want to learn from the pros about forex trading methods are welcome here.
NordFX manages over 1.5 million trading accounts from nearly 190 countries and has over 10 years of currency trading experience. It is the finest forex broker Philippines for individuals who trade high volumes of assets due to its fast trade execution of 0.5 seconds.
For those who want to explore passive investment, NordFX forex company offers copy trading for them. Moreover, it can also be used by active traders who are looking for diverse research tools.
9. VANTAGE FX
Vantage FX was created in 2009 by a highly skilled group of individuals with experience in FOREX, finance, and technology. They offer transparent access to the FOREX market, strong trading platforms, great execution speed, and award-winning client support to assist clients achieve their financial goals.
Regular and professional traders can detect the significant difference between Vantage FX and other brokers because they have always been able to provide greater access to global FOREX marketplaces.
10. SAXO BANK
Saxo is a fully regulated and licensed leading broker company in almost 15 jurisdictions, including Singapore, Denmark, and the United Kingdom, and holds banking licenses in both Switzerland and Denmark.
Your money is safe with them when you deposit it into a Saxo account, because it is held in at least one segregated account and is covered by the Financial Services Compensation Scheme.