The best Forex brokers in the Philippines, according to our research, are:
- XM
- Pepperstone
- FBS
- AvaTrade
- FP Markets
- IC Markets
- Admirals
- HFM
- Fusion Markets
In order to create this list of the best Forex brokers for Philippines traders, here’s what we have taken into consideration:
- The minimum deposit requested by the broker
- The spread charged by the broker
- The duration of the demo account
- The overall quality of the broker
- The eligibility of bonuses and promotions for Philippines traders
What are the best Forex brokers in the Philippines?
Below is our curated list and review of the best forex brokers for traders living in the Philippines, with details and information about the country’s laws, the features, and the characteristics.
XM
XM caters to Filipino traders under FSC regulation, offers a minimum deposit of $5, Filipino language support, and provides bonus programs, spreads from 0.6 pips, and an unlimited demo account.
-
Regulations:
-
Avg. EUR/USD Spread:
-
Platforms:
About XM
XM is a global forex and CFD broker founded in 2009, offering trading on currencies, commodities, indices, stocks, and cryptocurrencies. XM provides MetaTrader 4, MetaTrader 5, and proprietary platforms. XM is regulated by multiple authorities including CySEC, ASIC, and IFSC. XM is known for competitive spreads, extensive educational resources, and multilingual customer support. XM serves over 5 million clients from 196 countries. XM offers various account types and a no-requote policy.
XM Features
The features of XM are listed below.
- XM provides services to Filipino clients under the regulation of FSC.
- The XM website offers Filipino language support.
- Traders in the Philippines can start with a minimum deposit of $5 at XM.
- XM offers various bonuses in the Philippines such as the XM Loyalty Program and deposit bonuses.
- Forex spreads at XM start from 0.6 pips on the Ultra Low account.
- XM Traders in the Philippines can benefit from an unlimited demo account.
XM Pros and Cons
Advantages of XM
The advantages of XM are listed below.
- There’s a wide range of account types
- The demo account at XM is unlimited
- Wide range of educational resources
Disadvantages of XM
The disadvantages of XM are listed below.
- No social trading features available
- The account availability changes depending on the location of the trader
- High minimum deposit to invest in securities ($10000 for the XM Shares account)
Pepperstone
Pepperstone accepts Filipino traders under SCB regulation, requires no minimum deposit, offers spreads from 0 pips, and provides a 30-day demo account.
-
Regulations:
-
Avg. EUR/USD Spread:
-
Platforms:
About Pepperstone
Pepperstone is a global forex and CFD broker founded in 2010 in Melbourne, Australia. Pepperstone offers trading on currencies, commodities, indices, stocks, and cryptocurrencies through MetaTrader and cTrader platforms. Pepperstone is regulated by multiple authorities including ASIC, FCA, and CySEC. Pepperstone is known for competitive spreads, fast execution, and extensive educational resources. Pepperstone serves clients in over 160 countries worldwide. The Pepperstone CEO is Tamas Szabo.
Pepperstone Features
The features of Pepperstone are listed below.
- Pepperstone accepts Filipino traders under their SCB regulation
- Pepperstone offers trading on MT4, MT5, and cTrader platforms with a minimum deposit requirement of $0.
- Traders at Pepperstone can have spreads starting from 0 pips with a $7/lot round-turn commission
- Premium client status is available for Philippines traders reaching $15 million USD notional volume monthly.
- Pepperstone provides a 30-day demo account.
Pepperstone Pros and Cons
Advantages of Pepperstone
The advantages of Pepperstone are listed below.
- Stable raw spreads (0,09 pips on EUR/USD on average)
- Caters for algorithmic trading
- Has won over 30 Forex industry awards
Disadvantages of Pepperstone
The disadvantages of Pepperstone are listed below.
- The demo account is not unlimited
FBS
FBS serves Filipino clients under FSC regulation with a minimum deposit of $5, offers spreads from 0.7 pips, and provides a 90-day demo account.
-
Regulations:
-
Avg. EUR/USD Spread:
-
Platforms:
About FBS
FBS is a global forex and CFD broker founded in 2009, offering trading on currencies, commodities, indices, stocks, and cryptocurrencies. FBS provides MetaTrader 4, MetaTrader 5, and proprietary platforms. FBS is regulated by multiple authorities including CySEC, ASIC, and IFSC. FBS serves over 27 million clients in 150+ countries. FBS is known for low minimum deposits, extensive educational resources, and copy trading services.
FBS Features
The features of FBS are listed below.
- FBS serves Filipino clients under their FSC regulation.
- With a standard account, traders can experience spreads from 0.7 pips.
- FBS accepts various payment methods in the Philippines (such as GCash, BPI and UnionBank among the others) with no associated fees.
- Filipino traders are required at least $5 to open an account with FBS.
- FBS offers a 90-day demo account in the Philippines.
FBS Pros and Cons
Advantages of FBS
The advantages of FBS are listed below.
- Low minimum deposit
- User-Friendly Platforms
- 90 international awards
Disadvantages of FBS
The disadvantages of FBS are listed below.
- Limited Financial Instruments
AvaTrade
AvaTrade caters to Filipino traders under BVI regulation, supports multiple platforms, requires a minimum deposit of $100, and provides a 30-day demo account.
-
Regulations:
-
Avg. EUR/USD Spread:
-
Platforms:
About AvaTrade
AvaTrade is a global forex and CFD broker founded in 2006 and headquartered in Dublin, Ireland. AvaTrade offers trading on currencies, commodities, indices, stocks, bonds, ETFs, and cryptocurrencies. AvaTrade provides proprietary platforms alongside MetaTrader 4 and 5. AvaTrade is regulated by multiple authorities including CySEC, ASIC, and FSA. AvaTrade serves over 300,000 clients worldwide. AvaTrade is known for competitive spreads and extensive educational resources. The AvaTrade CEO is David Dryzin since 2016.
AvaTrade Features
The features of AvaTrade are listed below.
- AvaTrade offers trading services in the Philippines under their BVI regulation.
- AvaTrade provides fixed spreads starting from 0.9 pips and 0.6 pips for professional accounts.
- AvaTrade supports multiple platforms such as MT4, MT5, and DupliTrade, as well as offering solid mobile trading apps.
- The minimum deposit for Filipino traders is $100
- Filipino traders can try AvaTrade with a 30-day demo account.
AvaTrade Pros and Cons
Advantages of AvaTrade
The advantages of AvaTrade are listed below.
- Tight fixed spreads from 0.6 pips (0.9 pips for retail traders)
- The mobile apps are well designed
- Can be connected to ZuluTrade and Duplitrade
Disadvantages of AvaTrade
The disadvantages of AvaTrade are listed below.
- High inactivity fees
- The demo account is limited to 30 days
FP Markets
FP Markets serves Filipino clients under SVG regulation, offers spreads from 0 pips with a $100 minimum deposit, and provides an unlimited demo account.
-
Regulations:
-
Avg. EUR/USD Spread:
-
Platforms:
About FP Markets
FP Markets is an Australian-based global forex and CFD broker founded in 2005. FP Markets offers trading on over 10,000 instruments including forex, stocks, indices, commodities, and cryptocurrencies. FP Markets provides MetaTrader 4, MetaTrader 5, and proprietary platforms. FP Markets is regulated by multiple authorities including ASIC, CySEC, and FSA. FP Markets is known for tight spreads, fast execution, and extensive educational resources. The FP Markets CEO is Craig Allison.
FP Markets Features
The features of FP Markets are listed below.
- FP Markets accepts Filipino clients under their SVG regulation.
- In the Philippines FP Markets offer spreads starting from 0 pips with a $6/lot round turn commission.
- The minimum deposit requirement at FP Markets in the Philippines is $100.
- FP Markets provides an unlimited demo account.
FP Markets Pros and Cons
Advantages of FP Markets
The advantages of FP Markets are listed below.
- Broad Instrument Offering
- Competitive Spreads
- Multiple Trading Platforms
Disadvantages of FP Markets
The disadvantages of FP Markets are listed below.
- High Fees for International Withdrawals
- Outdated Platform Design
IC Markets
IC Markets offers services to Filipino traders under FSA and SCB regulations with no minimum deposit and provides an unlimited demo account.
-
Regulations:
-
Avg. EUR/USD Spread:
-
Platforms:
About IC Markets
IC Markets is a global forex and CFD broker founded in 2007 and based in Sydney, Australia. IC Markets offers trading on over 2,250 instruments including currencies, commodities, indices, stocks, and cryptocurrencies. IC Markets provides MetaTrader 4, MetaTrader 5, and cTrader platforms. IC Markets is regulated by multiple authorities including ASIC and CySEC. IC Markets is known for its ECN execution model and low spreads. The IC Markets CEO is Andrew Budzinski.
IC Markets Features
The features of IC Markets are listed below.
- IC Markets offers trading services to Filipino traders under their FSA and SCB regulations.
- In the Philippines there’s no minimum deposit requirement to open an IC Markets account.
- Spreads at IC Markets start from 0 pips with a $6 commission per lot on the cTrader account, and from $7 on MetaTrader account.
- IC Markets in the Philippines offer an unlimited demo account.
IC Markets Pros and Cons
Advantages of IC Markets
The advantages of IC Markets are listed below.
- Low-latency trading environment
- Institutional level liquidity
- MT4, MT5, cTrader platforms are all available
Disadvantages of IC Markets
The disadvantages of IC Markets are listed below.
- Small amount of educational tools for new traders
- Small range of tradable assets compared to other CFD/Forex brokers
Admirals
Admirals is available to Filipino traders with a minimum deposit of $100, spreads from 0 pips, and provides a 30-day demo account.
-
Regulations:
-
Avg. EUR/USD Spread:
-
Platforms:
About Admirals
Admirals, formerly Admiral Markets, is a global forex and CFD broker founded in 2001. Admirals offers trading on currencies, commodities, indices, stocks, and cryptocurrencies through MetaTrader platforms. Admirals is regulated by multiple authorities including CySEC and FCA. Admirals is known for competitive spreads and extensive educational resources. Admirals recently halted onboarding of new EU clients to comply with regulatory standards. The co-founder of Admirals and CEO of Admirals Group is Alexander Tsikhilov.
Admirals Features
The features of Admirals are listed below.
- Admirals is well-regulated internationally, and is available in the Philippines
- Admirals offer 5 different types of accounts and support MT4 and MT5 platforms.
- The minimum deposit for Filipino traders at Admirals is $100, while spreads start from 0 pips with a $3.60 round-turn commission.
- Admirals provides a 30-day demo account in the Philippines.
Admirals Pros and Cons
Advantages of Admirals
The advantages of Admirals are listed below.
- Extensive Forex Options
- Strong Regulatory Framework
- Advanced Educational Resources
Disadvantages of Admirals
The disadvantages of Admirals are listed below.
- Charges Inactivity Fee
- Mobile App Limitations
- Higher Average Spreads for Some Assets
HFM
HFM serves Filipino clients under FSA regulation with no minimum deposit, offers spreads from $0, and provides an unlimited demo account alongside bonuses.
-
Regulations:
-
Avg. EUR/USD Spread:
-
Platforms:
About HFM
HFM, formerly known as HotForex, is a global multi-asset broker founded in 2010. HFM offers trading on forex, stocks, commodities, indices, and cryptocurrencies through MetaTrader and proprietary platforms. HFM is regulated by multiple authorities including FCA, CySEC, and FSCA. HFM is known for competitive spreads, fast execution, and extensive educational resources. HFM serves over 3.5 million clients worldwide. The HF Markets Group CEO is George Koumantaris.
HFM Features
The features of HFM are listed below.
- HFM accepts Filipino clients under their FSA regulation
- At HFM there’s an unlimited demo account, and no minimum deposit requirement to open a live account.
- HFM in the Philippines offers various bonuses such as giveaways and cashbacks
- Spreads at HFM start from $0 with a $6/lot round-turn commission.
HFM Pros and Cons
Advantages of HFM
The advantages of HFM are listed below.
- High Leverage Options
- Low Minimum Deposit
- Wide Range of Trading Instruments
Disadvantages of HFM
The disadvantages of HFM are listed below.
- Higher Trading Costs
- Limited Educational Resources
Fusion Markets
Fusion Markets caters to Filipino clients under VFSC regulation, offers spreads from 0 pips, and provides a 30-day demo account with no minimum deposit required.
-
Regulations:
-
Avg. EUR/USD Spread:
-
Platforms:
About Fusion Markets
Fusion Markets is an Australian-based forex and CFD broker founded in 2019. Fusion Markets offers trading on over 90 currency pairs, stocks, indices, commodities, and cryptocurrencies. Fusion Markets provides MetaTrader 4, MetaTrader 5, and cTrader platforms. Fusion Markets is regulated by ASIC and VFSC. Fusion Markets is known for low trading costs, no minimum deposit, and copy trading services. The Fusion Markets CEO is Phil Horner.
Fusion Markets Features
The features of Fusion Markets are listed below.
- Fusion Markets accepts Filipino clients under their VFSC regulation
- The broker’s website is not available in Philippines language
- Forex spreads at Fusion Markets start from 0 pips (with a $4.50/lot round-turn commission)
- Filipino traders can try Fusion Markets with a 30-days demo account
- There’s no minimum deposit for Fusion Markets in the Philippines.
- Filipino traders can trade with MT4, MT5 and there’s also Tradingview integration available
Fusion Markets Pros and Cons
Advantages of Fusion Markets
The advantages of Fusion Markets are listed below.
- Low Trading Costs
- Zero Spread Accounts
- Excellent Customer Support
Disadvantages of Fusion Markets
The disadvantages of Fusion Markets are listed below.
- Limited Product Selection
- Basic Educational Resources
Comparison of the best Philippines Forex brokers
| Broker | Regulated | Minimum deposit | Base currencies | Spreads (From) | Bonuses or promotions |
|---|---|---|---|---|---|
| XM | CySEC, ASIC, DFSA, FSC | $5 | EUR, USD, GBP +5 more | 0.6 pips | Yes |
| Pepperstone | FCA, ASIC, DFSA, CySEC, BaFin, SCB, CMA | $0 | EUR, USD, GBP +7 more | 0 pips | Yes |
| FBS | FSC, FSCA, CySEC, ASIC | $5 | EUR, USD | 0.7 pips | No |
| AvaTrade | ASIC, FSCA, CBI, FSA/FFAJ, BVI | $100 | EUR, USD, GBP +3 more | 0.9 pips | No |
| FP Markets | CySEC, ASIC, FSCA, SVG | $100 | EUR, USD, GBP +6 more | 0 pips | No |
| IC Markets | CySEC, ASIC, FSA, SCB | $0 | EUR, USD, GBP +7 more | 0 pips | No |
| Admirals | CySEC, ASIC, FCA | $100 | EUR, USD, GBP +7 more | 0 pips | Yes |
| HFM | CySEC, FCA, DFSA, FSCA, FSA, CMA | $0 | EUR, USD, GBP +3 more | $0 | No |
What is the best Philippines Forex broker with a low minimum deposit?
The best Philippines Forex broker with a low minimum deposit is Pepperstone.
Pepperstone does not require any minimum deposit to open a trading account in the Philippines. For more options, see low minimum deposit Forex brokers.
What is the best Philippines Forex broker with the lowest spread?
The best Philippines Forex broker with the lowest spread is Pepperstone.
Pepperstone charges low spreads on the Razor account from 0 pips and a $7/lot round-turn commission. For more options see lowest spread Forex brokers.
What is the best Philippines Forex broker for beginners?
The best Philippines Forex broker for beginners is XM.
Unlimited demo account to try the broker, great educational resources to get started, user friendly interface. For more options see best Forex brokers for beginners.
What is the best Philippines Forex broker with trading bonus?
The best Philippines Forex broker with trading bonus is XM.
XM offers many trading bonuses and promotions including a loyalty program, deposit bonuses and no deposit bonuses. For more options see best Forex brokers for bonuses and promotions.
What is the best Philippines Forex broker for easy withdrawals?
The best Philippines Forex broker for easy withdrawals is FBS.
FBS in the Philippines offers many local withdrawal methods such as GCash, BPI, Unionbank, RCBC, Metrobank and PNB among the others. For more options see best Forex brokers for fast withdrawals.
Is Forex Trading Legal in the Philippines?
Forex trading is not legal in the Philippines, but traders can still apply to open an account with an international forex brokerage firm.
The origins of the Philippines’ government’s tough stance on these types of transactions can be traced back to 1993, when the country’s Supreme Court deemed commodity futures to be “purely gambling and declared null and void by law.” This ruling formed the basis for an SEC Advisory in 2013 that officially solidified the illegality of local Forex brokers.
For this reason, there are no forex brokers regulated by the Securities and Exchange Commission of the Philippines (SEC), but it’s not illegal for traders to use international brokers.
How to trade Forex in the Philippines
In order to trade forex in the Philippines you have to provide the brokers with these two information listed below:
- Proof of identity: it can be proven by showing the broker your passport or your national ID card.
- Proof of residence: it can be proven with an utility bill or bank statement.
Once you have provided these documents to the Forex broker, your account will typically be verified in a couple of business days. However, in some cases, the broker may require up to 1 week to verify your identity.
What should Philippines traders look for in a Forex broker?
There are a few things Philippines traders should look for that are listed below:
- Look for regulated Forex brokers: international Forex brokers should also have high-tier regulations such as the FCA from the UK, the ASIC from Australia or CySEC from Europe.
- Opt for a Broker with Low Minimum Deposit: Opt for a broker with a low initial deposit requirement so you don’t have to put a huge amount of money at stake.
- Check for the minimum trade size: Micro lots help you limit the trading risks by opening trades with a smaller amount of money.
- Look for Negative Balance Protection: Negative balance protection stops your balance from going below zero.
How to verify if a Forex broker is regulated in the Philippines
In order to verify if a Forex broker is regulated in the Philippines, you can visit the Philippines Securities and Exchange Commission (SEC) website and check on their database.
However, since Forex trading is not regulated in the Philippines there are no locally regulated Forex brokers.
Is Forex trading taxable in the Philippines?
Yes, Forex trading is taxable in the Philippines.
If you’re a resident of the Philippines, you need to pay taxes on any and all profits made from trading, and this includes Forex trading through international brokers. In the case of Forex, your profits should be declared as foreign-sourced income.
However, is wise to reach out to a local accountant for help in order to correctly adhere to the local laws.