5 best Forex Brokers in the Philippines – Real comparison
Trading in forex is entirely possible in the Philippines. It is growing in popularity with residents the length and breadth of the islands. All you require is a reasonably stable internet connection, a bank account, and a little spare cash. These three are all you need to get you going in the exciting and potentially lucrative world of foreign currency trading.
However, it is essential to remember that while it’s recommended, there is no legal compulsion on forex brokers to seek registration with the Securities and Exchange Commission, the Philippines financial regulatory body, or SEC for short. Being authorized by the SEC gives residents of the Philippines extra protection should they run into severe difficulties with a company going bust, etc. However, all the five we highlight here in the forex broker review are well-known overseas. So no SEC registration is not necessarily a massive deal-breaker for most people.
Broker: | Review: | Regulation: | Spreads: | Assets: | Advantages: | Open Account: |
|---|---|---|---|---|---|---|
1. IQ Option  | / | Starting 0.0 pips variable | 300+ (26+ currency pairs) | + User-friendly platform + Binary Trading + Support 24/7 + Min. Deposit 10$ | (Risk warning: Your capital might be at risk.) | |
2. Olymp Trade  | IFC | Starting 0.0 pips + fixed % commission (depending on leverage is used) | 200+ (30+ currency pairs) | + Trade with 1$ + Options and Forex + Bonus program | (Your capital is at risk) | |
3. BDSwiss  | CySEC, FSC | Starting 0.0 pips + $ 2.0 commission per 1 lot | 250+ (52+ currency pairs) | + Individual offers + Trading signals + Raw Spreads + Leverage up to 1:500 + Best education + Personal support | (Your capital is at risk) | |
4. FxPro  | FCA, CySEC, FSCA, SCB | Starting 0.0 pips variable | 250+ (50+ currency pairs) | + High liquidity + NDD Broker + No requotes + No commissions | (Risk warning: 72.87% of CFD accounts lose money) |
(5 / 5) 
(4.9 / 5) Who are the best 5 Forex brokers in the Philippines?
For your information, the SEC was formed in 1936 and is responsible for financial regulation in the Philippines ever since. You can find out more about this body, should you wish, on their website at www.sec.gov.ph. It’s full of great information and advice and well worth spending some time studying.
5 Best Forex Brokers in the Philippines:
- IQ Option – Easy navigation
- Olymp Trade – Great track record
- BDSwiss – Award-winning Forex from Switzerland
- FxPro – Permits the use of trading bots
1. IQ Option
IQ Option has a well-earned reputation as a trusted online forex broker.
Among those in the know, it is held up as having one of the better trading platforms. It is intuitive to use and easy to navigate, two things you should always look out for in any forex or trading platform. The very last thing you want getting in the way is a clunky website that’s ill-thought-out and difficult to use. So as far as IQ Option goes, the experience is one of the better ones out there for seamless and, quite frankly, elegant forex trading.
With form taken care of, how about the substance?
Yes, there are no worries there either. If you want a robust forex trading platform with great graphical charting tools that’s equally appealing to beginners as advanced traders, IQ Option should be on your radar. As well as being a powerful forex trading platform that’s rich in features, there are plenty of other plus points on the scoreboard too.
There’s a low $10 minimum trading deposit for starters, so literally, anyone can dip their toes into forex trading. But there’s no need to commit straight away. No forex trading platform is going to appeal to every single trader out there. We are all different, with varying preferences, not to mention experience levels and forex trading objectives. To get around this one size fits all approach, you can instead open a demo account. You get virtual money to trade with in order to evaluate the platform personally. You can access all the same tools, and IQ Option features as a regular live account holder to get a feel for the platform with zero risks to your hard-earned cash.
Founded in 2013, IQ Option backs up their brilliant award-winning forex platform with responsive customer service and a plethora of learning and training resources to assist you on your forex trading journey. With both a desktop and a mobile app, starting on that journey could not be easier as the whole package is compatible with an array of different devices and operating systems.
IQ Option advantages:
- Easy and attractive interface
- Learning and training resources
- Minimum $10 deposit
- Spreads from 0.0 pips
- Unlimited-time demo accounts
- Transparent
- Good reputation
- Custom-built platform
- Widely compatible with a range of devices
- Mobile app available
- Lots of great features
(Risk warning: Your capital might be at risk.)
2. Olymp Trade
Olymp Trade forex broker in Philippines
This online forex broker comes with a history of being considered safe and trusted in the Philippines. Though relatively new compared to its rivals, Olymp Trade has done much to democratize forex trading. From the outset, their emphasis has been on making the world of forex trading open and accessible to all.
So it’s not without good reason that Olymp Trade has earned a good rep among forex traders in the Philippines for being both reliable and transparent. Many Filipinos have already done their personal due diligence on Olymp Trade and concluded it is a safe bet for their money. Being authorized by the Financial Commission, this is not an unreasonable conclusion.
The Olymp Trade platform is innovative and a breeze to navigate around. It is reasonably apparent from the outset that a lot of investment and resources have been applied to make the platform easy to use. Likewise, significant time and energy have been spent developing its educational resources to underpin its claim to making forex trading open for all. They do an excellent job explaining what are often quite complex financial concepts in easy to understand language with the minimum of jargon. Even if you haven’t traded forex before, the learning and training center in Olymp Trade will provide you with a solid understanding of forex trading and how to avoid the pitfalls that put your money at risk. So plaudits are due to Olymp Trade for their efforts being tangible and practical rather than mere marketing hype.
Like all forex brokerages, Olymp Trade allows newbies and those wishing to try the platform out first with a demo account. Unlike some brokers that offer only a 30-day demo account, the Olymp Trade demo is unlimited. This nice touch is to their credit as it’s highly debatable whether anyone with a day job can usefully get a real taste of a forex platform in just a month. Indeed if you are entirely new to forex trading, you will most assuredly appreciate having the extra time to try out the platform. This will give you the time and space required to practice and refine your forex trading strategies and get up to speed in a safe, risk-free environment. Even if you ultimately decide to go elsewhere, Olymp Trade is a great platform to learn on.
Olymp Trade advantages:
- Learning and training for all levels of experience
- Fast and easy withdrawals
- Unlimited demo accounts
- Multiple award winner
- 100% deposit bonus
- Low $10 or €10 minimum deposit
- Highly customizable platform to suit your needs
- Multiple account types
- User-friendly and transparent
- Multiple charts and indicators
(Risk Warning: Your capital is at risk)
3. BDSwiss
BDSwiss forex broker in Philippines
Switzerland is the banker to the world. Their reputation for financial wizardry spans hundreds of years. So it’s little wonder that the Swiss would want to carve out a niche for themselves in the sphere of forex trading. Step forward BDSwiss to take on the role of forex brokerage to the world.
Around $5 trillion of trades are conducted in the forex market each day, and you, too, can capture a slice of the action in the Philippines. And BDSwiss is an excellent place to earn your forex trading chops.
However, despite their widely acknowledged expertise that has been recognized internationally by the forex industry and leads to multiple awards wins, BDSwiss is let down a little by their customer service. No doubt they are working to improve this. Still, it is worth bearing in mind, particularly if you are entirely new to forex trading.
That said, BDSwiss is an acknowledged world leader in the forex industry. They are a global online trading platform whose history stretches back to 1994, making them one of the longest established forex players around. So you should have few reservations about trusting BDSwiss as a reliable forex brokerage.
They offer account holders the ability to easily access the forex markets to trade on the price movements of more than 50 currency pairs from as low as a 0.0 spread and with leverage as high as 1:500.
Opening an account is comparatively straightforward and allows you to buy or sell forex pairs like EUR/USD on their award-winning platform. You will also get the inside line on the forex market thanks to BDSwiss’ industry-leading research and superior analysis tools.
It’s probably true to say that BDSwiss may not be everyone’s cup of tea. However, you can figure this out by opening a demo account first before committing to the $100 minimum deposit required for a live trading account.
Despite what you may have read in other reviews, BDSwiss is regulated. And quite extensively via the financial regulatory bodies in Seychelles, Cyprus, the US, Germany, and Mauritius.
BDSwiss advantages:
- Zero commission fees on withdrawals and deposits
- Islamic accounts
- $100 minimum deposit
- Bitcoin and other cryptocurrency payments accepted
- You can have five separate trading accounts
- 24/5 customer support
- Forex education resources and courses
- Easy and fast to open an account
- Swiss financial wizardry
- A reputable and safe company
- Trading signals
- MetaTrader 4/5
(Risk Warning: Your capital can be at risk)
4. FxPro
FxPro forex brokers in Philippines
If you are hunting for a forex broker in the Philippines regulated at tier-one and tier-two level, you should have FxPro in your sights. Founded 14 years ago in 2006, FxPro is widely regarded as a low-risk forex broker.
While it may not be the most competitively priced, FxPro has a lot going for it with its multiple order execution methods and substantial offering of MetaTrader and c trader, all available in desktop, web, and smartphone mobile app modes. They also offer FxPro Edge, their proprietary web-based trading platform you should check out for sure.
With more than 70 awards under its belt, FxPro did not earn these by being just another vanilla-flavored forex broker. It also has ranked highly consistently over the years, evidence that FxPro is a strong offering that doesn’t rest on its laurels.
It’s safe to say that FxPro is much better than the average online forex brokerage. Its place among the 5 Best Forex Brokers in Philippines is well justified since it is deemed safe, reliable, and transparent. But its biggest advantage compared to others is its ability to execute larger orders than usual. And these can be placed as close as you want to current market prices without minimum distance limitations.
Also rather attractive is the various execution methods you can choose from, either variable or fixed spreads on MetaTrader 4, for example. With variable spreads, you have two options; instant or market. The instant option offers no slippage but is subject to requoting. Market execution is vice versa; no requotes but can be subject to slippage. It’s your call on which will suit you best. MetaTrader 5 there is no fixed spreading, and you are stuck with only market execution.
Variable spreads are available on both MT4 and 5 via either instant or market execution. Ctrader, meanwhile, offers the best competitive spreads as it is based on commission pricing.
Finally, FxPro has an Active Trader program you should check out too. It’s pretty good, but the discounts could be a little better if FxPro wants to pull ahead of the pack.
FxPro advantages:
- Multi-award winners
- MetaTrader 4 & 5, c trader support
- Zero charges for deposits and withdrawals
- Extensively regulated
- $100 minimum deposit
- Trades over 70 currency pairs
- Permits trading bots
- Tight spreads
- Choose between instant execution or market execution
- Complementary real-time market news and technical analysis
(Risk warning: 72.87% of CFD accounts lose money)
Which forex brokers in the Philippines are the most reliable?
We are most likely biased, but we believe this forex broker review picks out the best five for the Philippines’ residents.
Can trading forex be a full-time job?
Maybe. But only after you have put in several years of trading and spent many long hours learning and training. It is not something you would ever contemplate without getting significant forex trading under your belt first.
How long will it take me to understand forex?
The short answer is a long time if you are starting from scratch. Demo accounts only take you so far. It’s not possible to become an expert using a month-long demo account. Factor in a lot of hard work and research into forex trading.
The final verdict on the best Forex Brokers in the Philippines
Residents of the Philippine Islands are well placed to take advantage of the explosion of interest in forex trading. With a small pot of cash that you can afford to lose and a stable internet connection, it’s eminently feasible to start with forex trading. There are plenty of trustworthy forex brokers out there that are willing to get you underway on your forex trading journey. However, like so many things, there are no handy shortcuts to success. Be prepared to do a lot of serious homework if you are to make money trading currencies successfully.
Last Updated on January 4, 2024 by Arkady Müller
