Forex trading is not legal in the Philippines as per SEC (Securities and Exchange Commission of the Philippines) and traders are advised to not trade until there is a regulation in place. All brokers accepting traders from the Philippines are doing so illegally, and traders are trading at their own risk.

All of the retail traders that are currently trading forex & CFDs in the Philippines are trading via foreign brokers. Therefore, there is a huge third-party risk involved.

To avoid a scam, do not trade with any FX brokers that are not regulated with any tier-1 regulations (even though traders from the Philippines will be registered by brokers under their entity which is regulated with offshore regulation, still it is important that your FX broker is regulated with multiple top-tier regulators to ensure that it is low-risk).

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Comparison of Best Forex Brokers in the Philippines

Broker Tier-1 regulation EUR/USD Spread (Pips) Other Regulators Visit
XM

FCA, ASIC
1.7 (Standard Account)
FSC Belize, DFSA, CySEC
Visit Broker
OctaFX

None
0.7
FSA (SVG), CySEC
Visit Broker
FBS

FCA, ASIC
3 (Micro Account)
FSC Belize, CySEC, FAIS
Visit Broker
HF Markets

FCA
1.3
FSA (SVG), CMA, FSCA, DFSA
Visit Broker
FXTM

FCA
1.9 (Micro Account)
FSC Mauritius, CMA, FSCA, CySEC
Visit Broker
IC Markets

FCA, ASIC
0.62 (Standard Account)
FSA (Seychelles), CySEC, SC – Bahamas,
Visit Broker

Note: The spread and regulation is as per information on these brokers’ websites in Jan. 2023. Please see our methodology below.

Best Forex Brokers in the Philippines

Here are 2023’s Best Forex Brokers in the Philippines that we have reviewed:

  1. XM – Overall Best Forex Broker in the Philippines
  2. OctaFX – Forex Broker with Copy Trading
  3. FBS – Forex Broker with Crypto CFD Account
  4. HF Markets – Forex Broker with Tier-1 regulation
  5. FXTM – Forex Broker with Low Minimum Spreads
  6. IC Markets – Forex Broker with cTrader

#1 XM – Overall Best Forex Broker in the Philippines

EUR/USD Benchmark:
1.7 pips on Standard Account
Trading Platforms:
MT4, MT5, XM Webtrader and the XM Mobile App
Tier-1 regulation:
Yes

Philippines traders are registered under the Financial Services Commission (FSC) in Belize. Their parent company, Trading Points of Financial Instruments Limited, is regulated with the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investments Commission (ASIC) so XM is considered low-risk.

XM Pros

  • Multiple tier-1 regulations
  • You can deposit in Philippine Peso
  • Minimum deposit is $5 (261 Philippine Pesos)
  • Supports MT4 and MT5 trading platforms
  • Offers free deposits and withdrawals
  • XM does not charge commissions for forex trading. They make their money from the spread and the swap.

XM Cons

  • The swap for major pairs is high.
  • Few tradable instruments available
  • Charges dormant account fees

#2 OctaFX – Forex Broker with Copy Trading

EUR/USD Benchmark:
0.7 pips
Trading Platforms:
MT4, MT5, OctaFX Trading App, and the OctaFX Copytrading App
Tier-1 regulation:
No

OctaFX registers Philippines-based traders under the FSA-St-Vincent & Grenadines. They do not have tier-1 regulators like the FCA or ASIC. However, they are regulated with Cyprus Securities Exchange and Commission (CySEC) so they are considered a moderate-risk broker.

OctaFX Pros

  • OctaFX offers copytrading.
  • OctaFX does not charge extra commission per lot
  • You can trade cryptocurrencies
  • Multiple trading platforms
  • Supports copy trading
  • Has auto trading robots, Expert Advisor (EA) and cBot
  • Customer service is available 24/7

OctaFX Cons

  • Recommended minimum deposit is $100 (5,223 Philippine Peso).
  • No Philippine Peso base account. You can only deposit in USD or EUR.
  • Limited number of CFDs.
  • No tier-1 regulation.
  • Stock CFDs are not available on MT4.

#3 FBS – Forex Broker with Crypto CFD Account

EUR/USD Benchmark:
3 pips, $6 commission per lot (ECN Account), $20 commission per lot (Zero Spread Account)
Trading Platforms:
MT4, MT5, FBS CopyTrade App, and the FBS Trader (mobile app)
Tier-1 regulation:
Yes

FBS is regulated by top-tier bodies like ASIC and the FCA (temporary permission). They are also licensed with CySEC so they are considered low-risk. Traders based in the Philippines are registered under the IFSC in Belize.

FBS Pros

  • FBS offer multiple trading accounts with different minimum deposits
  • You can deposit and withdraw funds via local exchangers. This means you can carry out your transactions in Pesos
  • FBS offers multiple trading platforms and copy-trading
  • Offers commission-free trading
  • FBS does not charge dormant account fees
  • Has 24/7 live chat support

FBS Cons

  • The minimum deposit for Zero Spread and ECN Accounts is $500 and $1000 respectively.This is high compared to some brokers.
  • Total fees are high because of the swap and commission on certain account types and withdrawal fees for some methods.
  • Most deposit/withdrawal method is in USD and EUR
  • You can leverage up to 3000:1. This puts your capital at high risk

#4 HF Markets – Forex Broker with Tier-1 regulation

EUR/USD Benchmark:
1.3 pips (Micro Account)
Trading Platforms:
MT4, MT 5, HFM webtrader, and the HF Markets mobile trading app.
Tier-1 regulation:
Yes

HF Markets have just one tier-1 regulator – the Financial Conduct Authority (FCA). Philippine-based traders are registered under the FSA in St. Vincent & the Grenadines. With at least one top-tier regulaion, HF Markets is considered secure and low-risk.

HF Markets Pros

  • Supports multiple trading platforms MT4, MT5
  • Offers a wide range of tradable instruments
  • The typical spread for major pairs is low
  • Offers free deposits/withdrawals
  • Has responsive 24/5 customer support via email and live chat

HF Markets Cons

  • Extra commission per lot on Zero Spread Account
  • Customer service is not available 24/7
  • Charges dormant account fees

#5 FXTM – Forex Broker with Low Minimum Spreads

EUR/USD Benchmark:
0.0 pips with $4 per lot commission on Advantage MT5 Account
Trading Platforms:
MT4, MT5, and FXTM Trader.
Tier-1 regulation:
Yes

The FCA (UK) and CySEC (Cyprus) regulate FXTM. Their Philippines clients are registered under the Financial Services Commission (FSC) in Belize. Since they have top-tier regulations, they are considered low-risk.

FXTM Pros

  • Fast processing of deposits and withdrawals
  • No fees on deposits for all payment methods
  • FXTM has bonus offerings
  • The customer care support of FXTM is good and available 24/5
  • Copytrading is available

FXTM Cons

  • Charges dormant account fees after 6 months of inactivity
  • FXTM customer support is not available 24/7
  • Charges withdrawal fees on some payment methods
  • Minimum deposit for their Advantage Account is $500

#6 IC Markets – Forex Broker with cTrader

EUR/USD Benchmark:
0.62 pips (Standard Account) with $3.5 per lot commission on Raw Spread MetaTrader Account, $3.0 per lot commission on Raw Spread cTrader Account
Trading Platforms:
MT4, MT5, and cTrader
Tier-1 regulation:
Yes

IC Markets are regulated with ASIC and have temporary permission with the FCA in UK. Philippines-based traders are likely registered with the Financial Services Authority (FSA) in Seychelles. IC Markets is low-risk.

IC Markets Pros

  • No fees for deposit/withdrawals
  • You can deposit your funds in Philippine Peso
  • Spreads for major pairs are low
  • No inactive account fees
  • Offers commission-free trading with Standard Account
  • Supports multiple trading platforms

IC Markets Cons

  • Few products available for trading
  • Philippines-based traders are not registered under tier-1 regulators
  • No copy-trading

How to Choose the Best Forex Broker in the Philippines

Since forex trading is not regulated in the Philippines, it is important to know what to check when choosing a foreign CFD broker. Below are some factors you should consider.

1. Safety

Check if your deposits are safe. Since forex trading is not regulated in the Philippines, there is no investor protection. Your broker could run away with all your money. All traders in the Philippines are trading at their own risk.

There are so many fraudulent brokers in the region who are promoting forex as a get-rich-quick scheme, even though trading forex & CFDs using leverage is very risky. Avoid any such brokers which offer promotions & promote forex as a way to get rich.

Make sure you verify that your broker is reputed, safe & well regulated. Check the tier-1 regulators the broker is regulated with.

Here is how you can do this using XM as an example (you can follow these steps using other brokers too).

At the footnote of xm.com, you will see that the parent company for XM is Trading Points as shown below

Checking Broker's Regulation
ASIC and the FCA are major tier-1 regulators. In this example, we will show you how to verify XM’s ASIC regulation. The first step is to go to asicconnect.asic.gov.au. On the home page, under search ASIC register, select organization and business name and input Trading Point. The illustration is shown below

Searching Broker's Regulation
Finally, click on go. You should have your final search result displayed as shown here

Checking Broker's ASIC Info

2. What are the Spreads, Commission & Other Non-Trading Charges

Overall fees should not be high. You lose money when you trade so giving extra money to your broker because of high fees is not helpful. Typical spreads should be low as well and if possible, no extra commission per lot. You have to check this by yourself.

Here is a guide on how to go about it for OctaFX. Go to octafx.com and click on “FX TRADING”. Select “Spreads & Conditions as shown below

Checking Broker's Fees
The page that follows will show you the spread for currency pairs.

Checking Broker's Spreads
In addition, there could be non-trading charges such as inactivity fees, currency conversion fees, deposit/withdrawal fees, etc. You can speak with the forex broker’s support to verify their non-trading charges.

3. How many CFD trading instruments are available?

A limited number of CFDs will limit the number of markets you are can trade. Your CFD broker should not only offer a good range of CFDs. The number must also be substantial for a good trading experience.

How Do I Open an Account With a Forex Broker?

We will explain the steps using XM broker as an example.
1. Go to xm.com and click on “Open Account”

Opening an Account
2. Fill in your personal details and trading account details, and proceed to the next step.

Checking Broker's Details
Checking Broker's Agreement
3. Fill in all the details in the next form and click on “Open a Real Account” as shown below. Do not forget to check the terms and conditions box

Broker's Real Account

FAQs on Best Forex Brokers in the Philippines

Is Forex trading legal in the Philippines?

Forex trading is not legal in Philippines. Forex traders in Philippines do so at their own risk because forex trading is not regulated in the region.

Which forex broker is the best in the Philippines?

No forex broker is the best. It all depends on individuals’ experiences. However, if you want to limit risk, only choose a forex broker with multiple tier-1 regulators.

Which forex broker charges the lowest fees?

According to our review, IC Markets and HF Markets charge the lowest fees. For example, HF Markets have Zero Account which has Raw spreads, and there is an extra commission of up to $7/lot.

XM is the No.1 Forex Broker in the PhilippinesRead More