How to trade Forex in the Philippines & Top 10 Best Brokers List in the Philippines in 2021

The Philippines benefits from having an emerging nation status as a Southeast Asian country. It also has a growing number of people interested in trading currencies, so quite a few online brokers will now accept clients from the country.

There are two major financial regulators in the Philippines : BSP and SEC.

The major financial market agency is the government owned BSP which means Bangko Sentral ng Pilipinas in english it means the Central bank of Philippines. As the central bank it is in charge of maintaining the inflation rate in acceptable levels, monitoring the growth of the GDP and unemployment rate and last but no the least protecting local Philippine peso (PHP) currency stability. Established by the government in 2003 the main financial markets regulatory body is SEC – Securities and Exchange Commision of Philippines which overlooks the local financial market and its main role is to protect investors from fraud and ensure the stability of the capital market. They also issue the licenses to financial companies operating locally on the Philippines territory. They have been working in the recent years to achieve the higher transparency of the capital market and also aim to educate small investors in order to protect them from scam. If you ever face any issue with a particular forex brokerage, you can submit a complaint through the online form on the website www.sec.gov.ph

If youre based in the Philippines and would like to trade forex, you should know that the SEC has taken a rather adversarial stance against forex trading due to reports of fraud and heavy losses by retail traders. In fact, the SEC has issued 2 advisories in recent years stating forex trading is illegal to discourage private individuals from trading currencies and local brokers from engaging in the forex business.

Forex trading may not be strictly legal in the Philippines, so you probably cant find a local broker that will let you trade currencies. Despite that, you might still find an international online broker based outside the Philippines to trade forex.

6 steps you will need to take to start trading Forex :

- Step 1: Obtain an internet-connected device.

- Step 2: Find an online Forex broker that takes clients from the Philippines. (We recommend you to use WikiFX to find a reliable broker so that your money safety can be guaranteed.)

- Step 3: Fund an account with an online payment service that the broker accepts.

- Step 4: Open a margin account and deposit funds using that payment service.

- Step 5: Download a forex trading platform you can use with that broker. (You can download the MT4/5 platform of the brokers on WikiFX; At present, the MT4/5 platform is relatively the most reliable trading platform.)

- Step 6: Make your first trade.

Below is Top 10 Best Brokers List in the Philippines in 2021 :

We wish you happy trading ! If you have any questions, suggestions or opinions about Forex trading in the Philippines, you can publish some posts in our Forum column, or have access to WikiFX Official English BBS Forum : bbs.wikifx.com