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XM minimum deposit in The Philippines is $5 (281 PHP). That is all you need to open an account with XM Trading.

This article is a breakdown of XM minimum deposit requirements, payment methods, processing time for deposits and other important info you should know about funding your trading account with XM in The Philippines.

What is the minimum deposit for XM?

XM offers four trading accounts. Micro Account, Standard Account, Ultra Low Standard Account, and Shares Account.

You need $5 to open any of the accounts except for the Shares Account.

Though this is the the minimum deposit required, it is recommended that you fund your account with more money. This will help you cover the margin costs of your trades.

Let us look into XM’s trading accounts briefly.

1) Standard Account

Minimum deposit is also $5 (281 PHP) but 1 lot size here is the standard 100,000 units in terms of contract size. The minimum spread is 1 pip.

XM charge no extra commission per standard lot on this account as well and the minimum trade volume is 0.01. Per ticket, you will be restricted to 50 lots. You cannot exceed this figure.

The Standard Account has the same base currencies as the Micro Account.

2) Ultra Low Standard Account

This account is divided into Ultra Low Standard Account and Ultra Low Micro Account. The minimum deposit is $5 (281 PHP) but for both sub-divisions.

However, they vary in contract size. 1 lot size is 1000 units of currency for Ultra Low Micro Account. while the same lot size is 100,000 units for Ultra Low Standard Account.

They also vary for minimum trade volumes. For Ultra Low Micro Account, it is 0.1 lots. For Ultra Low Standard Account, the minimum volume is 0.01 lots

The account has the lowest spread beginning from 0.6 pips. All base currencies for the account are EUR, USD, GBP, AUD, ZAR, SGD.

3) Shares Account

This account is specifically for trading shares CFDs. The only base currency for this account is USD and the minimum deposit is $10,000 (562,530 PHP). You will pay a commission per standard lot traded.

Minimum trading volume is 1 lot so this account is for high volume traders.

4) Islamic Account

XM’s Islamic Account is swap free to accommodate traders that do not want to pay or receive interest. The Micro, Standard, Ultra Low Standard Account, and Shares Account all have an Islamic Account option.

The minimum deposit and all trading conditions are the same except for payments of swap.

Accepted Deposit Methods on XM Trading

XM offers different funding methods for forex traders in The Philippines:

Cards: XM accepts cards from Visa and MasterCard. Processing time is instant without any extra charges

Bank Transfer: You can fund your account via bank transfer. Transaction processing can take 2-5 business days. Bank transfer deposits is free. If your deposit is below $200 (11,252 PHP), you will be charged $15 (843 PHP)

E-wallets: XM accepts webmoney, Neteller, and Skrill for traders in The Philippines. XM does not charge extra fees for e-wallets. Processing time is instant.

Note: Though XM might not charge any fees for some deposit methods, your card/e-wallet providers or bank might charge you a fee when you fund your account.

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Note: CFD trading is risky

XM Trading Deposit Rules

1) XM does not accept third-party payments. All payments made must come from accounts, cards, or e-wallets that bear your name.

2) XM does not charge fees for deposits but your payment providers might charge.

3) All withdrawals must be made to the original source before you can change your deposit methods. This means if you fund your account with an e-wallet, you have to withdraw via the same method.

4) You can transfer funds between trading accounts that belong to you. You cannot transfer funds to another client’s trading account.

5) If you’ve fund your account using a debit or credit card, you can only withdraw an amount equal the amount you deposited back to the same card.

How Do I Deposit Money into my XM Account?

1) Log in to your XM Memeber Area through the XM website.

2) Click on ‘DEPOSIT FUNDS’ and choose the funding method you prefer.

3) Enter the amount you want to pay and click deposit.

Comparison Of XM Minimum Deposit With Other Brokers

Here is how XM’s minimum deposit compares with select brokers in The Philippines.

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Note: CFD trading is risky

What base currencies are accepted by XM?

XM accounts are denominated in USD. Any currency you deposit in will be converted to USD. It will be the equivalent of the currency you deposit with.

XM Minimum Deposit FAQs

The minimum deposit for City Index in Philippines is PHP 5800 ($100).

Here is detailed review of the minimum deposit requirements on City Index in the Philippines, including the processing time, applicable fees, step-by-step guide to deposit on the platform and available payment methods.

What is the minimum deposit for City Index

The overall minimum deposit on City Index is PHP 5,800 (US$100), this applies to deposits via bank transfers, e-wallet (PayNow) and cards.

City Index offers 2 main account types, Standard and MT4 account, and both have same minimum deposit of PHP 5,800 (US$100).

Accepted Deposit Methods on City Index the Philippines

City Index offers a number of options for depositing funds. Here’s what you can use:

1) Credit/Debit Cards (Visa, Maestro, Mastercard): You can use your bank cards to add funds to your City Index trading account. The minimum amount for this method is PHP 5,800 (US$100), the deposits are credited instantly and no deposit fee apply.

You can also withdraw funds to your bank cards, the minimum amount allowed is also PHP 5,800 (US$100), it takes 24 hours and up to 10 working days for you to receive the funds, and no withdrawal fees are charged.

2) Bank Transfers: Deposits via bank transfer is another option you can use to add funds to your trading account, the minimum amount is PHP 5,800 (US$100), it usually takes about 1-3 business days for the funds to reflect in your trading account, and no deposit fees is charged.

Funds can be withdrawn from your trading account to your local bank account as well, the minimum amount for withdrawal is PHP 5,800 (US$100), no fees are charged for withdrawal, and it usually take about 1-2 business days for you to receive the funds.

3) E-wallets (PayNow): City Index accepts deposit via PayNow, the minimum amount for deposits via PayNow on City Index is PHP 5,800 (US$100), such deposits are usually credited. No deposit fees for this method.

City Index does not allow withdrawal to e-wallet.

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Note: CFD trading is risky

City Index Deposit Methods Table

Here is a summary of payment methods accepted by City Index for deposits.

City Index Deposit Rules

1. Deposit Fees: No deposit fees are charged on City Index when depositing funds through bank transfer, PayNow or cards. Note that although City Index charges no fees for deposits, your bank, card issuer or payment processor may charge an independent fee.

2. Deposit Time: The time it takes for deposits to be credited depends on the payment method you used. Card deposits are deposited instantly, deposits via e-wallet (PayNow) are reflected instantly on your trading account as well. Bank transfers take 1-2 business days to be credited.

3. Payment Source: City Index does not accept deposits from third parties, all deposits to your trading account must come from sources that you own, the names on the cards, bank account or wallet must tally with the name on your trading account.

The broker usually requires you to provide verification documents when you first create an account on the platform.

How do I add funds to my City Index account?

Step 1) Log in to the City Index trading platform.

Step 2) Click on ‘Account Funding’ option from the menu.

Step 3) Select ‘Add funds’ and choose your preferred payment method.

Step 4) Enter the amount you want to deposit and submit.

Comparison Of City Index Minimum Deposit With Other Brokers

Here is a comparison of City Index minimum deposit with that of their competitors.

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Note: CFD trading is risky

City Index Minimum Deposit FAQs

OANDA’s minimum deposit in the Philippines Pesos is $0 (₱0). OANDA offers five trading accounts with varying properties and trading conditions.

In this article, we cover OANDA’s accounts and their minimum deposits. You will also find all you need to know about funding methods and how much they cost. We will also show you how to fund your OANDA trading account.

How Much is OANDA’s Minimum Deposit in the Philippines?

Now we begin to breakdown OANDA’s Accounts. All of these accounts and important trading conditions are discussed in our OANDA review.

1) Standard Account

Minimum deposit for the Standard Account is $0 (₱0). Full account verification is not needed if you are funding your account with less than $9000 (₱505,980).

Minimum spreads begin from 0.6 pips with zero commission per standard lot. The account is available on MT4, MT5, and fxTrade.

There are no strict rules to opening this account. It is available to all kind of traders. Other base currencies supported by the account are Euros (EUR), Hong Kong Dollar (HKD), and Singaporean Dollar (SGD).

2) Core Account

Minimum deposit for the Standard Account is $0 (₱0). You do not need to fully verify your account if your depositing below $9000 (₱505,980).

Minimum spreads begin from 0.1 pip. Commissions for the account is quiet high. You will pay $40 per million traded.
There are over 200 CFD instruments that you can trade on MT4, MT5, and fxTrade.

OANDA’s core account is suitable if you are a short term trader or high frequency trader. It is suitable for Expert Advisors as well.

Other base currencies for the account are Euros (EUR), Hong Kong Dollar (HKD), and Singaporean Dollar (SGD).

3) Swap-free Account

There is no required minimum deposit for the swap-free account. This is an Islamic account that is Shariah compliant.

It is suitable for traders who do not wish to pay or receive interest on their accounts. So no rollover charges will be paid or received.

This account is not available to all. If you request for the account, the final decision will be at OANDA’s discretion so there’s no guarantee.

Spreads for OANDA’s swap-free account begins from 1.6 pips with $0 commission per million traded. Only 20 instruments are available and traders can open the account on MT4 only.

No other base currencies other than USD.

4) Premium Account

You will need to fully verify your account before you can fund it. The minimum deposit for OANDA’s Premium Account is $0 (₱0).

The account is designed for high volume traders with spreads beginning from 0.7 pips. You will not pay any extra commission on this account. There are over 200 trading instruments offered with MT5 and fxTrade as the only trading platforms.

Traders who want to open this account must maintain $20,000 minimum balance and trade more than USD 10 million notional or equivalent per month.

5) Premium Core Account

The minimum deposit for OANDA’s Premium Core Account is $0 (₱0). It has exact same trading conditions as the Premium Account except for spreads and commissions.

Compared to the Premium Account, the spreads are lower beginning from 0.1 pips. However, you will pay $35 in commissions per million traded.

The acceptance criteria is the same as well. You have to maintain $20,000 minimum balance and trade more than USD 10 million notional or equivalent per month. If not, you cannot hold this account.

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Note: CFD trading is risky

OANDA Deposit Methods and Required Fees

You can fund your OANDA CFD trading account with a number of different methods. OANDA does not have a Philippine-Peso based account. So you cannot fund your account in PHP.

Here are the funding methods available for traders resident in the Philippines.

1) Credit/Debit card: OANDA accept payments from credit and debit cards from MasterCard and Visa. Findings via a credit or debit card will show on your trading account within one business day.

2) Bank wire and bank transfer: Without extra commission on your transactions

3) E-wallets: OANDA supports Skrill and Neteller

4) Alternative payment methods: These are payments methods that are designed for specific regions like South East Asia, Latin America and African countries. Methods may vary by region.

Note: OANDA processes all withdrawals back to source. This means if you fund your account via a credit card, you can only withdraw your funds via that same credit card.

OANDA Deposit Terms

1) OANDA does not accept third party payments. Please ensure that the name on the account from which your funds are being sent matches the one on your OANDA account.

2) OANDA does not charge any fees for deposits made by credit card, debit card, and bank transfers. Your payment service provider may charge a service fee.

3) OANDA Global Markets (BVI regulation) does not make cross-border withdrawals. Funds arriving from one country will need to be returned to source in that same country.

4) If you are funding your account with more than $9000 (₱505,980), your transaction will be restricted if you do not provide necessary documentation.

How to Deposit Money Into Your OANDA Account

1) Log in to your OANDA client area.

2) Once your client area loads, click on ‘Manage Funds’.

3) Follow the on-screen prompts to complete your funding process.

Comparison Of OANDA Minimum Deposit With Other Brokers

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Note: CFD trading is risky

Is OANDA Legal in the Philippines

Forex trading in Philippines is regulated by the SEC (Securities and Exchange Commission of the Philippines). They issue license to forex brokers that operate in the Philippines.

OANDA is not regulated by the SCM. However, they are able to register traders based in the Philippines through their FSC license in the British Virgin Islands.

Frequently Asked Questions

XM is a forex and CFDs broker with a platform for trading foreign exchange currency pairs, metals CFDs, energies CFDs, indices CFDs, crypto CFDs, stocks CFDs, commodities CFDs, and shares.

XM was founded in 2009 and launched the website trading-point.com. In 2013, after acquiring XEMarkets.com, it changed its trading name to XM.com. The broker is licensed by Top-Tier financial regulators in Belize, Australia, Cyprus, and Dubai.

This review of XM gives you an overview of the account types, trading fees, tradable instruments, trading platforms, customer support and deposits/withdrawal options available on the platform.

XM Review Summary
Broker Name	XM Global Limited
Establishment Date	2009
Website	www.xm.com
Address	XM Global Limited, Suite 404, The Matalon, Coney Drive, Belize City, Belize
Minimum Deposit	$5
Maximum Leverage	1:1,000
Regulation	FSC Belize, ASIC, CySEC, DFSA
Trading Platforms	XM WebTrader, XM App, MT4 and MT5 available on PC, Mac, Web, Android, & iOS
Visit XM

XM is the trading name of Trading Point Holdings Ltd, which is regulated under different names by various Tier-1 and Tier-2 financial regulators. The multiple regulations of XM make them score low on risk.

Here are some of the jurisdictions in which XM is regulated.

1) Financial Services Commission (FSC), Belize: XM is licensed in Belize as ‘XM Global Limited’ with license number 000261/309. Traders in the Philippines are registered under this regulation.

Note that XM is not regulated in the Philippines, trading with the them is at your own risk, as the offshore regulation consumer protection rules may not cover traders based in the Philippines.

2) Australian Securities & Investments Commission (ASIC): XM is regulated in Australia as Trading Point of Financial Instruments Pty Limited with ACN (Australian Company Number) 164-367-113 since 2013 and is licensed to provide financial services in Australia.

Note: XM has changed their name under ASIC regulation. Their new registered name is Trading.com Markets Pty Ltd. The AFSL number remains unchanged.

3) Cyprus Securities and Exchange Commission (CySEC): XM is regulated in Europe by CySEC under a new name as Trading.com Markets EU Ltd and authorized to offer investment service, with license number 256/14 issued in 2014.

4) Dubai Financial Services Authority (DFSA): XM is regulated in Dubai, UAE as Trading Point MENA Limited, DFSA Reference Number: F003484, authorized to carry on financial services in 2019.

5) Financial Sector Conduct Authority: XM is regulated as a financial service provider in South Africa under the name. XM (ZA) Pty Ltd. Their authorisation number is 49976. However, XM (ZA) Pty Ltd only acts solely as an intermediary between the client and XM Global Limited. XM (ZA) Pty Ltd is not an issuer of CFD products.

The leverage on XM varies, depending on the instrument you are trading. The maximum leverage on XM is 1:1,000, which applies to major forex pairs, other instruments have lower leverage limits.

With leverage of 1:1,000, you can open a trade position worth 1,000 times your deposit. For example, if you deposit $100 you can place a trade worth $100,000.

XM leverage also has limits based on your total equity. Total equity of US$5 to US$20,000 can access a maximum leverage of 1:1,000, total equity of US$20,001 to US$100,000 has a maximum leverage of 1:200, and total equity of more than US$100,00 have a maximum leverage limit of 1:100.

It is important that you do not use high leverage as this increases your risk of losing your money. It is best to avoid trading CFDs as they involve risk of losing money, only trade if you understand them or have experience.

XM offers 3 types of trading accounts for retail clients: Standard, XM Ultra Low and Shares Accounts. You can open demo accounts to practice trading on the platform.

Below are details of the various account types currently available on XM and their features:

1) Standard Account: The XM Standard Account is available on MT4 and MT5 platforms and lets you trade Forex and CFDs on indices, energies, metals, cryptocurrencies, stocks and agriculture commodities.

This account does not charge commission fees for opening or closing trade positions. Spreads start from 1 pip for major pairs and you pay swap fees for keeping a position open overnight on the Standard Account.

The contract size for this account is 100,000 for 1 lot, with a required minimum deposit of US$5, and a minimum trade lot size of 0.01. The maximum number of open positions on the Standard Account is 300 with a leverage limit is 1:1,000.

You have negative balance protection with this account, which means that you cannot lose more than the money you deposit. If you make a loss on a trade position, your account cannot run into a negative balance.

2) XM Ultra Low Account: The XM Ultra Low Account is available on MT4 and MT5 platforms and offers lower spreads. You can open a Micro Ultra Low or Standard Ultra Account.

Spreads on this account start from 0.6 pips for major pairs, no commission fees are charged for opening or closing trade positions, and you do not pay swap fees on some selected instruments if you keep a trade position open overnight.

The contract size for this account is 100,000 per 1 lot for Standard Ultra and 1,000 per 1 lot for Micro Ultra. The minimum trade lot size is 0.01, and the maximum number of open positions is 300 with a leverage limit is 1:30.

This account also requires a minimum deposit of US$5 and you have negative balance protection.

Note that this account is not eligible to receive bonuses.

3) Shares Account: The XM Shares Account is designed for experienced traders, available on MT4 and MT5 platforms and supports only USD as account currency. You can only trade shares with this account.

Spreads on this account depend on the underlying exchange and commissions start from US$5 per trade. This account is also swap-free by default, so you do not pay swap fees for keeping a trade position open past the market’s closing time.

The contract size for this account is 1 share per 1 lot, with a minimum trade size of 1 lot, and a maximum number of open positions is 50. This account does not use leverage.

This account requires a minimum balance of US$10,000 and you have negative balance protection.

4) Islamic Account: XM offers an Islamic Account that is swap-free for Muslim traders who want to adhere to the sharia law of no-riba.

To avoid paying swap fees, Islamic Accounts on XM pay commissions for every trade.

You can convert a Standard, Ultra Low Account or Shares Account to Islamic status, and the same features will apply, except that the Islamic Account does not pay any swap fees.

If you want an Islamic account, first open a Standard, Ultra Low Account or Shares Account, then contact customer support to convert your account to the swap-free status. Note that you will have to agree to the terms of conditions of the Islamic Account.

This account also requires a minimum deposit of US$5 and you have negative balance protection.

XM Base Account Currency

Base account currencies supported on XM are AUD – Australian Dollar, USD – United States Dollar, EUR – Euro, GBP – British Pound (Sterling), SGD – Singapore Dollar, JPY – Japanese Yen, CHF – Swiss Franc, HUF – Hungarian Forint, PLN – Polish Zloty and ZAR – South African Rand. You can choose one when creating an account.

Your trades, deposits, withdrawals, profits and losses are measured in your account base currency. Note that some account types cannot have some currencies.

Since XM does not offer Philippine Peso (PHP) as a base currency, traders from the Philippines can deposit in PHP and the funds will be converted to the base currency and you may incur a currency conversion fee.

Fees on XM Philippines vary based on instruments traded and account type. Find an overview of XM fees here:

Trading fees

1) Spreads: XM charges spreads whenever you trade instruments, which is the difference between the bid and ask prices. The lowest spreads start at 0.6 pips for Ultra Low Account and 1 pip for the Micro and Standard Account. Here are the average spreads on XM:

2) Commission fees: XM offers commission-free trading for all account types except shares. This means that you will not pay any commission when you open or close trade positions on the platform.

The shares account charges a minimum commission of USD 5 per trade.

3) Swap fees: If you keep a trade position open past the closing time of the market which is 22:00 GMT, the trade rolls over to the next day and you incur a rollover fee also called overnight funding cost or swap fee, this is applicable to all account types on XM except Islamic and Shares Accounts.

The swap fees depend on the instrument you are trading, the leverage used, the spread, and whether your position was long (buy) or short (sell).

Shares Accounts do not pay swap fees on some instruments. Islamic also do not pay any swap fees for holding a position overnight on all instruments. Islamic Accounts pay admin fees in place of swaps after the grace period.

Non-trading fees

1) Deposit and Withdrawal fees: XM does not charge any fees for deposits and withdrawals on all payment methods which applies to all account types. Although, all deposits and withdrawals below 200 USD processed via international bank wire transfer incur a fee of US$15 per transaction.

Some international banking institutions may charge independent fees.

2) Account Inactivity charges: If you do not perform any trade on your account or log in for 90 days, your account is considered inactive, and will be charged US$5 every month as inactive account fees on any funds in the account. If you have no funds in it, no fees will be charged.

How to Open XM Account in Philippines?

To start trading on XM, follow these steps to open an account.

Step 1) Visit the XM website homepage at www.xm.com and click on ‘OPEN AN ACCOUNT’

Step 2) Fill out your name, email, and phone number on the form that appears. Select your country of residence, preferred trading platform and account type, check the box below ‘Confirmation’ to receive newsletters then click the ‘PROCEED TO STEP 2’ button.

Step 3) Provide your date of birth and address, and choose whether you are a US citizen or not.

Step 4) Select your preferred base account currency, set maximum leverage and choose if you want to receive bonus then answer questions about your financial, employment, and education background and knowledge/experience as an investor.

Step 5) Create a password, check the confirmation box to agree to the terms and conditions, then click ‘OPEN A REAL ACCOUNT’.

Step 6) Got to your email inbox and click the verification link sent, then log into the XM dashboard (Member Area)

Step 7) On the dashboard, click on VERIFY YOUR ACCOUNT HERE, then provide your Tax Identification Number (TIN) and click Submit.

Click on START VERIFICATION to upload a government-issued ID card or utility bill to verify your identity and address.

Note that until your account is verified, you cannot place trades or initiate withdrawals.

Payment methods accepted for deposits and withdrawals on XM include cards, e-wallets (Skrill, Neteller), and online bank transfers from local banks in Philippines.

Learn about the minimum amount and the time it takes to process deposits and withdrawals from XM below:

XM Deposit Methods

Here is a summary of payment methods accepted by XM for deposits.

XM Withdrawal Methods

Here is a summary of payment methods for withdrawals accepted on XM Trading.

What is the minimum deposit for XM?

The minimum deposit on XM is US$5 for all payment methods which applies to all account types.

How do I put money in my XM account?

Step 1) Log in to your XM Member Area through the XM website or by visiting my.xm.com/member/login.

Step 2) Click on the DEPOSIT FUNDS tab on the dashboard and select the payment method you would like to use.

Step 3) Enter the amount you want to deposit, click DEPOSIT, and follow the on-screen instructions to complete the deposit.

What is the XM minimum withdrawal?

The minimum withdrawal on XM Philippines is US$5 and withdrawals are processed within 24 hours.

How can I withdraw from XM?

You can follow these steps to withdraw your money from XM.

Step 1) Log in to your XM Member Area (dashboard).

Step 2) Click on the WITHDRAW FUNDS tab.

Step 3) Select a withdrawal method and the trading account you wish to withdraw from, enter the amount you want to withdraw and follow the on-screen instructions to complete your funds’ withdrawal on XM.

Below are financial instruments that can be traded on XM

Trading platforms supported by XM are:

1) XM WebTrader: XM offers a web trader that can be accessed online on any device. The web trader is owned by the XM Group.

2) XM App: The proprietary XM Trading mobile app (XM App) is also available for traders on Google Play Store and Apple App Store for mobile devices.

3) MetaTrader 4 and MetaTrader 5: The MT4 & MT5 trading applications are supported by XM and integrated for trading financial markets offered by XM. You can access the platforms via the web, desktop, and mobile devices (Android & iOS).

Economic Calendar: The economic calendar is one of XM’s trading tools. It has a smart filter that allows you to zero in on the specific news you want. From the filter, you can select date, currency, and the impact level of news. The filter is a time saver that helps you remove the noise and focus on important news only.

XM economic calendar covers news on different countries including but not limited to the US, India, Belgium, Korea, New Zealand, etc.

Forex Calculators: Input your trading parameters like account types, currency, lot size, bid/ask price, and leverage to see your trading fees. Costs like spread and swaps are displayed in the result of your calculation.

There is also a currency converter. This tool works out basic currency conversions for you. You can convert one currency to another. Over 20 currencies are available on the converter. You can choose any of the currencies and convert, as you want.

XM offers a number of promotions to traders in the Philippines registered under XM Global Limited, regulated in Belize. Find a summary of various XM bonuses below:

1. Trading Bonus: This bonus is offered to new clients when you first create your live trading account. The bonus amount is $30 and is credited once your live trading account is validated.

   You do not need to deposit any funds to receive this bonus, you cannot withdraw it, but can withdraw any profits realised from using it to trade.

2. Deposit Bonus: This bonus is given to new clients on their first deposit of at least $5. The broker credits 50% of your deposit amount as a bonus to your account, capped at $500. This is a non-withdrawable bonus on XM and XM Ultra Low and XM Swap Free accounts cannot get this bonus.

Note that you will have to select the option to receive bonuses when creating your account, to qualify for the bonuses.

XM offers online customer support to clients via the following channels.

1) Live chat support: The XM live chat is available 24/7 for client enquiries and can be accessed on their website.

When our team tested, there was no wait time before an agent joined the chat and the answers provided were relevant. You will need to provide your email and name to start the chat.

2) Email support: XM offers email support for clients, you can find the email on the contact page of their website. The XM email address for enquiries is [email protected] or [email protected].

When our team tested their email support ([email protected]), we did not get any response after several hours. Email support is supposed to be available 24/7.

3) Phone support: XM offers phone support for clients in the Philippines that is also available 24/7. The XM phone number is +501 223-6696.

Do we Recommend XM Philippines?

XM is licensed by Top-Tier financial regulators such as ASIC, CySEC, DFSA and FSC Belize, these regulations means they are mandated to protect deposited client funds, however, such protection may not cover clients based in the Philippines.

XM Markets have moderate fees, as they offer commission-free trading with competitive spreads, and offer free deposits/withdrawals. They also process deposits and withdrawals relatively faster than some brokers. Note that they charge dormant account fees of US$5 after only 90 days of inactivity.

The customer support of XM is fair, as their live chat is responsive during working hours and the email and phone are also active, although the email support is slow.

The website of XM is easy to navigate and has details about the account types, fees, trading conditions, and other information that clients might need. The broker also offers a variety of account types for you to choose from.

We recommend that you visit XM website to confirm their offerings and chat with their customer support to answer any questions you might have to help you decide if you want to trade with them.

XM Philippines FAQs

OANDA is a forex and CFD broker that offers trading services for forex (foreign exchange) currency pairs and CFDs indices, shares, metals, oil, cryptocurrencies and agricultural commodities.

OANDA was established in 1996 in the United States of America (USA), and the broker is licensed in multiple jurisdictions by top-tier financial regulators.

In our review of OANDA, we look at the trading conditions of the broker, fees, deposit/withdrawal options, available tradable instruments, supported trading platforms and customer support.

OANDA Review Summary
🏢 Broker Name	OANDA Global Markets Ltd
📅 Establishment Date	1996
🌐 Website	www.oanda.com
🏢 Address	OANDA Global Markets Ltd, Kingston Chambers, PO Box 173, Road Town, Tortola, British Virgin Islands
🏦 Minimum Deposit	$0
⚙️ Maximum Leverage	1:200
📋 Regulation	FSC BVI, ASIC, FCA, MAS, Malta FSA
💻 Trading Platforms	MT4, MT5 and OANDA Trader available on PC, Mac, Web, Android, & iOS
Visit OANDA

OANDA is a trading name of OANDA Corporation, which is incorporated in Delaware, USA. OANDA Corporation is registered with the Commodity Futures Trading Commission (CFTC) and National Futures Association in the USA.

The broker is regulated by Tier-1 and Tier-2 financial regulators around the world under different names. Find some of the regulations of OANDA in various jurisdictions below:

1) Financial Services Commission (FSC), British Virgin Islands: OANDA is registered in the British Virgins Islands as OANDA Global Markets Ltd and Regulated by the FSC with license number SIBA/L/20/1130. Traders from the Philippines are registered under this regulation.

Note that forex trading is not regulated in the Philippines and the broker is not licensed in the Philippines, this means that Philippine traders are trading at their own risk as the foreign regulations may not apply/cover you in the event of a dispute.

2) Australian Securities & Investment Commission (ASIC): OANDA is regulated in Australia by ASIC as OANDA Australia Pty Ltd and licensed to offer financial services with Australian Company Number (ACN) 152 088 349, issued in 2011.

3) Financial Conduct Authority (FCA): OANDA is regulated in the UK by the FCA and authorised to offer financial services under the name ‘OANDA Europe Limited’ with reference number 542574, issued in 2011.

4) Malta Financial Services Authority (MFSA): OANDA is licensed in Europe as ‘OANDA Europe Markets Ltd’ by the FSA in Malta with registration C 95813, issued in 2020. OANDA serves residents of the EEA (European Economic Area) with this license.

5) Monetary Authority of Singapore (MAS): OANDA is regulated in Asia by the Monetary Authority of Singapore as ‘OANDA Asia Pacific Pte Ltd’ and licensed to deal in capital market products.

Leverage on OANDA depends on the instrument you are trading and the size of your trade. The maximum leverage on OANDA is 1:200, which means that you can open a trade position worth up to 200 times the value of your deposit.

For example, with a deposit of $1000, you can open a trade position worth up to $200,000 to increase your profit potential. Note that it also exposes you to more risk.

The maximum leverage of 1:200 is for forex majors, other instruments have lower leverage limits. Also, note that the leverage becomes lower as the size of your trade increases.

1:200 applies to trades under US$2 million, 1:100 applies to trade above US$2 million but under US$5 million, 1:20 applies trades between US$5 million and US$50 million. Trades above US$50 million have a leverage limit of 1:5.

Note that trading with leverage exposes your capital to risk and you can lose all your money. It is best to avoid trading CFDs unless you understand it. It is important not to use all the leverage as it increases your risk.

OANDA offers 5 account types for clients from the Philippines, depending on your trading experience level, the volume of your trades, and the fees you are comfortable paying.

You can request an Islamic Account that is swap-free or open a demo account on OANDA to practice trading with virtual money before putting your real money.

You can open an account on OANDA as an individual, a partnership (joint account) or as a company (corporate account).

Find an overview of the account types on OANDA Philippines below:

1) Standard Account: The OANDA Standard Account is designed for all categories of traders, both beginners and experts. The account can be accessed on the MT4, MT5 and OANDA trading platforms. With this account, you can trade Forex pairs, indices, shares, cryptocurrencies, agriculture commodities, oil, and metals.

Spreads for the Standard Account on OANDA start from 1.1 pips for major pairs like EURUSD, you pay zero commission fees for opening and closing trade positions but will incur swap fees whenever you keep a trade position open past the market’s closing time.

There is no mandatory minimum deposit with this account type, a minimum lot size of 0.01 is required with maximum leverage of 1:200.

The Standard Account does not require full account verification if your deposits are below US$9,000 (PHP 5,06,470).

2) Core Account: The OANDA Core Account is designed for traders with more experience, who want to use EAs (Expert Advisors), and trade frequently. You can operate this account on the MT4, MT5 and OANDA trading platforms and trade Forex pairs, indices, shares, cryptocurrencies, agriculture commodities, oil, and metals.

Spreads for the Core Account on OANDA start from 0.2 pip for major pairs like EURUSD, you pay commission fees of US$40 (PHP 2,250) per 1 million trade volume that you place. You will also incur swap fees whenever you keep a trade position open past the market’s closing time with this account.

There is no mandatory minimum deposit with this account type, a minimum trade lot size of 0.01 is required with maximum leverage of 1:200.

The Core Account does not require full account verification if your deposits are below US$9,000 (PHP 5,06,470).

3) Swap-free Account: The OANDA Swap-free Islamic Account is designed for Muslim traders who do not want to pay any interest on trade. The account can be accessed on the MT4 trading platform only. With this account, you can only trade 26 instruments, comprising some forex pairs and indices.

Spreads for the Swap-free Account on OANDA start from 1.6 pips for major pairs like EURUSD, you pay zero commission fees for opening and closing trade positions and will not incur any swap fees whenever you keep a trade position open past the market’s closing time during the grace period.

OANDA allows swap-free account holders a grace period of 5 days in which any trade kept open past market closing time does not incur swap fees. After the 5 days elapses, and a trade position is kept open past market closing time, you will incur a fixed admin fee of up to US$7 (PHP 393) per day.

There is no mandatory minimum deposit with this account type, a minimum lot size of 0.01 is required with maximum leverage of 1:200.

To get the OANDA Swap-free Account, you have to first open a Standard Account, and then contact the customer support team to convert your account to swap-free status.

This account also does not require full account verification if your deposits are below US$9,000 (PHP 5,06,470), and you can only have the USD as an account currency.

4) Premium Account: The OANDA Premium Account is a spread-only account designed for high-volume traders and can be accessed on the MT5 and OANDA trading platforms. With this account, you can trade Forex pairs, indices, shares, agriculture commodities, cryptocurrencies, oil, and metals.

This account is commission-free, spreads start from 0.8 pips for major pairs like EURUSD, and you pay swap fees whenever you keep a trade position open past the market’s closing time.

To get the Premium Account on OANDA, you must obtain full account verification, maintain an account balance of US$20,000 (PHP 11,25,610) and trade more than US$10 million (PHP 56,28,05,000) in notional value per month.

With the Premium Account, you are assigned a dedicated account manager, you have free deposits and withdrawals, and any bank charges are reimbursed. You also get priority support and a free VPN.

A minimum trade size of 0.01 lot is required with maximum leverage of 1:200.

5) Premium Core Account: The OANDA Premium Core Account is also designed for high-volume traders and can be accessed on the MT5 and OANDA trading platforms. With this account, you can trade Forex pairs, indices, shares, agriculture commodities, cryptocurrencies, oil, and metals.

This account charges commission fees of US$35 per 1 million trade volume you place, spreads start from 0.2 pips for major pairs like EURUSD, and you pay swap fees whenever you keep a trade position open past the market’s closing time.

To get the Premium Core Account on OANDA, you must obtain full account verification by submitting relevant documents like passport number and bank account statement, maintain an account balance of US$20,000 (PHP 11,25,610) and have a trade of more than US$10 million (PHP 56,28,05,000) in notional value per month.

With the Premium Account, you are assigned a dedicated account manager, you have free deposits and withdrawals, and any bank charges are reimbursed. You also get priority support and a free VPN.

A minimum trade size of 0.01 lot is also required with maximum leverage of 1:200.

OANDA Base Account Currency

Account base currencies available on OANDA are Euros – EUR, United States Dollars – USD, Honk Kong Dollar – HKD, and Singapore Dollar -SGD.

Upon signing up, you are assigned the USD and can change it. Although the Swap-free Account can only use the USD and is not allowed to change it.

Your deposits, trades, withdrawals, and fees are measured in your OANDA account currency.

OANDA charges different fees depending on the instrument you trade size and whether you are a retail or professional client. Here’s an overview of the broker’s trading and non-trading fees.

Trading fees

1) Spreads: When you trade a financial instrument on OANDA, the price you pay includes a markup that goes to the broker, the markup is called a spread. The spread is the difference between the bid and asks prices for a trade. The size of the spread depends on the instrument you are trading and your account type.

OANDA operates a variable spreads system, which means that the spreads will fluctuate during the day to reflect market movements. The minimum spread for majors like EURUSD is 1.1 pips for the Standard Account, but this changes as well.

2) Commission fees: OANDA offers commission-free trading in Philippines for Standard, Swap-free, and Premium Accounts which means that you do not pay any fees when you enter or exit a trade position. While Core and Premium Core Accounts pay a commission fee of US$35 and US$40 (PHP 2250) per 1 million trade volume.

3) Swap fees: If you open a trade position and yo do not close it before the closing time of the market, which is 5 PM ET, it will roll over to the next trading day, and you will be charged a rollover fee or overnight funding cost also called swap fees.

The fees will be added to your profit or loss when you eventually close the position. The fee is calculated based on the volume of your trade, the instrument you were trading, the leverage, and whether it was a long swap (buy) or a short swap (sell).

If your position was a long swap and the trade is successful, you gain swap interest, which is added to your profit.

Swap-free Accounts do not pay any swap fees for the grace period of 5 days, and they do not gain swap interests too.

4) Currency conversion fees: Whenever you trade a financial instrument that is not paired with the currency of your account, you incur currency conversion fees when you close the trade position.

For example, if your base account currency is USD, and you trade EUR/GBP, any profit or loss you make will be converted to your base account currency and charged a currency conversion fee because the pair you traded is not in the currency of your account.

The currency conversion fee on OANDA is 0.5% of the mid-point price at the time of conversion, applied to the profit or loss realized from the trade.

Here is the trading fess of some popular CFDs that OANDA provides.

Swaps are subjected to change daily. Click here to check OANDA’s daily updated overnight charges

Non-trading fees

1) Deposit and Withdrawal fees: OANDA charges zero fees for deposits for all payment methods, which means you don’t pay any fees for depositing funds to your trading account on OANDA, although your payment processor may charge an independent fee.

OANDA offers free withdrawals to cards, e-wallets (Skrill & Neteller), and local bank transfers. In contrast, international bank transfers attract a fee of US$20 (PHP 1,125) per withdrawal.

2) Account Inactivity charges: If you do not perform any trading activity on your account for 12 months, your account will be categorized as inactive and any funds in it will be charged US$10 (PHP 562) each month.

If you do not have any money in your account, you will not accrue a negative balance.

*OANDA charges $20 per withdrawal transactions. Other withdrawal methods are free though you might be charged by your service provider.

How to Open OANDA Account in Philippines?

Follow these steps to open a trading account on OANDA.

Step 1) Visit the OANDA Philippines website via www.OANDA.com, scroll down and click the ‘Create account’ or ‘Start trading’ buttons.

Step 2) Confirm that you live in Philippines, provide your full name and date of birth, select your country of birth, enter your email address, and phone number, then click ‘Confirm and continue’.

Step 3) Select your citizenship and enter your tax number then click ‘Confirm and continue’.

Step 4) Provide your residential address then click ‘Confirm and continue’.

Step 5) Answer questions about your employment and financial status then click ‘Confirm and continue’.

Step 6) You will be shown a notification stating that your account application request has been received and will be processed. You can then find some FAQs about the platform.

It takes up to 2 business for your account to be approved. Until your account is approved, you will be unable to deposit funds, withdraw or trade.

Payment methods supported on OANDA are cards (debit/credit), e-wallets (Skrill & Neteller), and bank transfers (local/international). The bank account or card used to deposit or withdraw funds must have the same name as the name on your trading account. Find an overview of the deposit and withdrawal on OANDA below:

OANDA Deposit Methods

Here is a summary of payment methods accepted by OANDA for deposits.

OANDA Withdrawal Methods

Here is a summary of payment methods for withdrawals accepted on OANDA.

What is the minimum deposit for OANDA?

There is no mandatory minimum deposit on OANDA, you can deposit any amount that you want with any payment method of your choice. You only need to deposit enough to cover the trades you want to place.

Note that to deposit more than $9,000 (PHP 5,06,524) you will have to provide the required documents for full account verification.

How do I deposit money into OANDA?

Follow these simple steps to deposit funds into your OANDA Account:

Step 1) Log in to your OANDA trading account via www.OANDA.com/account/login.

Step 2) Once your OANDA portal (dashboard) loads, click on the ‘View’ under ‘Manage Funds’ tab.

Step 3) Select ‘Deposit’ and follow the on-screen instructions to add funds to your account.

What is the OANDA Minimum withdrawal?

There is also no compulsory minimum withdrawal on OANDA and you can withdraw any amount, this applies to all payment methods. All withdrawal requests are processed within one business day by OANDA, and it may take up to 3 business days to receive funds for cards and up to 5 business days for bank transfers.

How to Withdraw Funds from OANDA

Follow these simple steps to withdraw money from your OANDA Account:

Step 1) Log in to your OANDA dashboard via www.OANDA.com/account/login.

Step 2) Once your dashboard loads, click on ‘View’ under the ‘Manage Funds’ tab.

Step 3) Select ‘Withdraw’ and follow the on-screen instructions to withdraw funds from your account.

You can trade the following financial instruments on OANDA:

Trading platforms supported by OANDA are:

1) MetaTrader 4 & MetaTrader 5: OANDA supports the MT4 & MT5 trading application which is available on the web, desktop, and mobile devices (Android & iOS).

2) OANDA Trader (fxTrade): OANDA offers trading via a proprietary trading platform developed by OANDA and can be accessed via the web, or desktop or downloaded from the Google Play Store or Apple App Store.

Advanced charts: TradingView provides these charts. You can access them via OANDA trading platform. Via the chart, you can use more than 65 popular indicators including Moving Averages, MACD, Bollinger Bands, Stochastics, Ichimoku Cloud, Volume, Aroon, Balance of Power and Donchian Channels.

If you want to compare two CFDs, you do not need to move from one tab to another. You can put the two CFDs side by side and compare them on one screen. To enjoy all of these and more, you have use the OANDA trading platform.

Economic overlay: This is like an economic news side bar. As you trade, you can follow the news on key economic events, announcements, and global economic overview.

MetaTrader premium indicators: This is a combination of advanced tools. You can use them on MT4 and MT5 by downloading the upgrade on OANDA’s website. The other tools that come with this upgrade include mini-terminal, session map, stealth orders, tick chart order, correlation matrix, alarm manager, sentiment trader, and correlation trader.

Does OANDA have a mobile app?

Yes, OANDA has a mobile trading app. It is called OANDA mobile. It has over 1 million downloads on the Google Play Store. It is rated 3.4 stars out of 5 from 6000 reviews.

1) OANDA Welcome Bonus: OANDA offers a welcome bonus to clients registered under the OANDA Global Markets Ltd. The bonus is 50% of your first deposit, with a required minimum deposit of $25 (PHP 1,407). The welcome bonus on OANDA is capped at a maximum of $5,000 (PHP 2,81,402).

You can only use this bonus to trade as there is no cash alternative. You can withdraw profits from trades.

OANDA offers 24/7 online customer support to traders via the following channels:

1) Live chat support: OANDA offers live chat support to clients that can be accessed through the support page of their website and is available 24/7 to chat with the Virtual Assistant, while live agents are available from 04:00 PM on Sunday to 06:00 PM on Friday ET (New York time).

When our team tested the OANDA live chat, there was no wait time as the agent was connected immediately. When you start the live chat, the chatbot will suggest some quick answers to you based on what you type.

To transfer to a live agent, type ‘Live chat agent’, then it will request your email and connect you to a live agent that is online. Although it will request for a code sent to the email, we didn’t get any, so we clicked resend code, then ‘I didn’t get email’ and we were connected to an agent.

The answers we received to our questions were relevant and we were directed sometimes to some articles that answered our questions.

2) Email support: OANDA also offers email support for traders and is available 24/5 as well. When our team tested the OANDA email support, we got a response 20 minutes later and the answers were relevant.

The OANDA email address for customer support is [email protected].

3) Phone support: OANDA currently does not offer local phone support for traders in the Philippines. You can reach OANDA Global Markets international number on + 1 855 257 7413 for support.

Do we Recommend OANDA Philippines?

OANDA is regulated in multiple jurisdictions by top-tier financial regulators, this means the broker is obliged to take measures to protect deposited client funds based on the various regulations.

OANDA offers several account types to traders, including commission-free, swap-free accounts and Premium Accounts to provide access to both beginners and experienced traders. You can also use the demo account option to learn more about the platform and trading in general.

Fees on OANDA are moderate, as they offer spread-only trading accounts with zero commission for opening and closing trade positions, the spreads are also competitive, they only charge withdrawal fees for bank transfers, while all deposits are free of charge.

A downside to OANDA Philippines is that they do not have negative balance protection, which means that if a trade position results in a loss, you can lose more than the money deposited into your account and will be required to deposit more money to clear the negative balance. They charge currency conversion fees and dormant account fees after 1 year, although you can avoid the dormant account charges if you have no funds in the account.

The customer support is responsive and available 24/7. The website is informative although the account registration process is easy, although it takes longer for your account application to be approved.

Although OANDA offers few tradable instruments, you can check out the broker’s website and probably chat with the live support to help decide if you want to trade on the platform.

OANDA Philippines FAQs

Saxo Bank is an international forex and CFD broker that has been in operation since 1992. Saxo Bank does not have a physical presence in the Philippines and is not regulated by the Securities and Exchange Commission (SEC) of the Philippines.

However, Saxo is a highly reputed broker that has catered to almost a million clients around the world and executes 270,000 trades on a daily basis.

Group companies of Saxo Bank are regulated by the best tier-1 and tier-2 financial authorities around the world including the FCA of the UK and the ASIC of Australia. Since the group companies of Saxo are so well-regulated, they are considered to be legit broker to trade through for Philippines residents, even though they are not locally regulated in the Philippines.

To traders from the Philippines, Saxo offers a wide range of forex and CFD instruments including currency pairs, shares, metals, bonds, ETFs, and cryptocurrencies.

Saxo offers both leveraged products as well as investment products to its clientele.
You can get in touch with Saxo through phone call or email though they do not have a live chat option for non-registered traders.

In this review, we’ll discuss everything you need to know about Saxo to make an informed decision about trading with them.

Saxo Review Summary
🏢 Broker Name	Saxo Bank A/S
📅 Establishment Date	1992
🌐 Website	https://www.home.saxo/
🏢 Address	Saxo Bank A/S (Headquarters), Philip Heymans Alle 15, 2900 Hellerup, Denmark
🏦 Minimum Deposit	USD 0
⚙️ Maximum Leverage	1:30
📋 Regulation	FSA Denmark, FCA, ASIC, MAS
💻 Trading Platforms	SaxoTraderGo, SaxoInvestor, SaxoTraderGoPRO for web, desktop and mobile devices
Start Trading with Saxo

As mentioned earlier, Saxo is not regulated by the SEC of the Philippines which means that residents of the Philippines will not be able to initiate legal proceedings against Saxo in case of any malpractice. Trading with Saxo Markets is at your own risk as you can lose all your money. However, the likelihood of any malpractice is relatively low since group entities of Saxo are regulated by global tier-1 and tier-2 financial authorities such as the FCA of the UK and the ASIC of Australia.

Saxo Bank is a highly reputed international bank based in Europe, which makes Saxo Markets (the broker) score low on risk.

Further, Saxo provides negative balance protection as well as segregation of funds. These are just two of the ways in which Saxo protects the trader’s interests.

1) FSA of Denmark: Saxo Bank A/S is incorporated in Denmark and regulated by the Financial Supervisory Authority (FSA) through license number 15731249. The company provides full-scale banking and financial services in Denmark. Traders from the Philippines are subject to Danish laws when trading through Saxo Bank.

2) FCA of the UK: Saxo Capital Markets UK Limited is incorporated in the United Kingdom and regulated by the Financial Conduct Authority with license number 551422. They provide forex broking and CFD trading services in the UK.

3) ASIC of Australia: Saxo Capital Markets (Australia) Limited is incorporated in Australia and regulated by the Australian Securities and Investment Commission (ASIC) under license number 32 110 128 286. This entity provides brokerage and related capital markets services in Australia.

4) MAS of Singapore: Saxo Capital Markets Pte. Ltd. Is incorporated in Singapore and regulated by the Monetary Authority of Singapore with the license number 200601141M. Their license allows them to provide capital markets solutions and services in Singapore.

5) FSA of Japan: Saxo Bank Securities Limited is regulated by the Japan Financial Services Authority (FSA) under the license number 0104 – 01 – 082810. The company provides banking and financial services in Japan.

6) SFC of Hong Kong: Saxo Capital Markets HK Limited is regulated by the Securities and Futures Commission in Hong Kong. The company has been accorded license number 1395901. This Saxo entity is authorized to provide capital markets-related services in Hong Kong.

In addition to the licenses listed above, Saxo group entities are authorized and licensed in several other countries which are UAE, Brazil, Czech, Switzerland, Italy, Netherlands, France, and Belgium.
It is clear that Saxo has a global presence (not just online, but in physical offices as well). The company is highly credible and has been providing stellar services for decades since 1992.

Leverage on Saxo depends on whether you are a retail or professional client and the instrument being traded. The broker offers leverage ranging from 1:5 to 1:30 for retail clients while professional clients have leverage from 1:5 to 1:50.

With a leverage of 1:30, you open a trade position worth 30 times the value of your deposit. For example, if you deposit $1,000, you can open a $30,000 trade position.

Note that the maximum leverage limit applies to major forex pairs and other instruments have lower leverage limits.

It is important not to trade with all the available leverage as it increases your risk and you can lose all your money. Do not engage in leverage trading if you don’t understand it or ready to bear the risks.

Saxo Capital Markets offers three primary types of accounts in the Philippines. Each of the account types differs in terms of commission and minimum deposit along with value-added features.

1) Classic Account – The Saxo Classic account is the most basic account offered by Saxo. This is the account you get by default when you first signup with the broker.

There is no mandatory minimum deposit required for this account. Users of this account type will be charged $200 for adding new instrument to their trading portfolio.

2) Platinum – The Platinum account can be opened by making a minimum deposit of US$200,000. This type of account allows traders to trade with 30% lower transaction fees.

Further, users can gain access to priority local-language customer support. Users of Platinum account on Saxo Markets will be charged $200 for adding new instrument to their trading portfolio.

3) VIP – The VIP account can be opened by making a minimum deposit of US$1,000,000.

If you have a VIP account, you can trade with the best prices offered by Saxo. Further, you gain access to a dedicated trading advisor. You will also be invited to exclusive events hosted by Saxo.

In addition to these Saxo accounts, users can also sign up for a Joint Account (which allows you traders to create an account with a family member), a Corporate Account (which allows traders to benefit from a professional-grade platform), and a Professional Account (which allows users to be classified as an Elective Professional client which comes with a range of benefits.

Saxo Markets also has negative balance protection for all accounts for up US$100,000. If you suffer a loss during a trade and lose all your deposits, any negative balance will be reset to zero.

Fees on Saxo depend on the instruments you are trading, the size of the trading, your account type, and how long you keep the trade open. Here is an overview of the trading and non-trading fees on Saxo.

Trading fees

1) Spread – Saxo charges spreads when you trade financial instruments on the platform. The spread is a markup on the market prices of the instrument, starting from about 0.7 pips on the VIP Account. Find the average spreads for major currency pairs in the image below:

2) Commission – Saxo charges a high commission based on your account type. The fee associated with a trade depends largely on the type of instruments being traded. Commissions start from $1 for stocks and 0.5% for bonds.

3) Custody Fee – Saxo also charges a custody fee. This custody fee can range from 0.09% per annum to 0.15% per annum, depending on the type of instrument being traded and the type of account being held by the user.

4) Currency Conversion Fee – Saxo charges a currency conversion fee when you open a trade in a currency different from the base currency of your account. The currency conversion fee is based on the forex exchange rate plus interest rates starting from 0.50% and can be up to 1%, depending on the instrument type you are trading.

5) Swap Fee – If you keep a trade position open past the market closing time on Saxo, the trade rolls over to the next trading day and you incur rollover fees or overnight funding costs also called swap fees. This fee is determined based on the instrument being traded, spread, leverage, and the number of nights the position is kept open.

Non-Trading fees

1) Deposit and Withdrawal Fee – Saxo allows traders based in the Philippines to deposit and withdraw funds in a variety of ways. Saxo does not charge any deposit fees, however, a fee may be charged by the payment service provider.

2) Inactivity Fee – Saxo bank charges any dormant account fees. If you do not log into your account for 6 months Saxo Markets charges an inactive account fee of US$100.

How to Open Saxo Account in Philippines?

Follow these steps to open a trading account on Saxo Markets.

Step 1) Go to the Saxo Markets website at www.home.saxo and click on ‘Open account’.

Step 2) On the form that appears, fill out your name, email, and phone number, create a password, select your country of residence (the Philippines will be selected by default), and then click on ‘Continue’. You can also choose to fill this out with Myinfo by Singpass. Fill out your address information and click ‘Continue’.

Step 3) Supply your date of birth, and gender, select nationality, check the box to indicate if you have another citizenship and provide your National ID Number then click ‘Continue’.

Step 4) Answer questions relating to your employment, financial status, trading experience and knowledge, then click ‘Continue’.

Step 5) Submit your tax information, confirm you are not a US citizen and click ‘Continue’. You will be required to confirm the information you have supplied, then click ‘Next’.

Step 6) Confirm the information you have supplied, then click ‘Next’. Then accept the terms and conditions and click ‘Continue’.

Step 7) Upload the required verification documents (identity and address proof documents) to verify your account.

After your account is activated, you can make deposits, place trades and withdraw funds from it.

Saxo allows traders based in the Philippines to deposit and withdraw funds in a variety of ways.

Saxo Markets Deposit Methods

Here is a summary of payment methods accepted by Saxo Markets for deposits.

Saxo Markets Withdrawal Methods

Here is a summary of payment methods for withdrawals accepted on IC Saxo.

What is the Saxo Markets Minimum deposit?

The recommended minimum deposit on Saxo Markets Platinum Account is US$200,000, for the VIP account, the minimum deposit is US$1,000,000, while the Classic account has no mandatory minimum deposit. This applis to all payment methods which apply to the Classic Account.

What is the Saxo Markets Minimum withdrawal?

There is no mandatory minimum withdrawal on Saxo Markets in the Philippines.

You can initiate deposits and withdrawals by logging into your account, and on the Saxo client area or dashboard, click on deposit or withdrawal on the left side menu.

Saxo traders can only withdraw money from their Saxo trading account directly into their bank account. Their website contains detailed information on how to withdraw funds from your trading account to your bank account. A withdrawal fee of US$50 may be applied in case you use the manual form for processing your withdrawal.

Saxo offers a very wide range of investment and trading products. Below are financial instruments that can be traded on Saxo Markets

Further, Saxo also offers managed portfolios for investors who need expert advice and help managing their investments. To traders from the Philippines, they offer cryptocurrency ETNs as well.

Overall, the range of instruments offered by Saxo is quite impressive and significantly above average.

Trading platforms supported by Saxo Markets are owned by the broker.

1) SaxoInvestor: This is a proprietary trading application owned by Saxo Markets which is available on the web, desktop (macOS & Windows), and mobile devices (Android & iOS). You can only trade stocks, mutual funds, ETFs, bonds and managed portfolios with this platform.

2) SaxoTraderGo: This is another proprietary trading application owned by Saxo Markets and is available on desktop and mobile devices. You can trade stocks, mutual funds, ETFs, bonds, forex, CFDs, futures, commodities, forex options, listed options and managed portfolios with this platform.

3) SaxoTraderGoPRO: This is another proprietary trading application owned by Saxo Markets and is available only on desktop (PC and MAC). You can trade stocks, mutual funds, ETFs, bonds, forex, CFDs, futures, commodities, forex options, listed options and managed portfolios on this platform.

Overall, the range of instruments offered by Saxo is quite impressive and significantly above average.

Saxo offers basic educational materials to its traders for free. This material covers the basics of fundamental and technical analysis but does not go into detail. The educational material also comprehensively covers Saxo’s trading platform and products, so that any new trader can quickly understand Saxo’s offerings.

The educational material provided by Saxo is in line with their unstated goal of attracting sophisticated investors and traders who are already familiar with the markets.

Further, Saxo dedicates a lot of manpower to providing accurate and timely research to its users. Saxo has several in-house analysts which provide regular updates on the market along with commentary.

Customers can get in touch with Saxo through phone calls or email. Saxo does not have a local office in the Philippines, so residents cannot directly visit them.

1) Phone Call – Users can get in touch with Saxo through phone calls. Their phone call option is available at all times from Monday to Friday.

2) Email – Contacting them through email is excellent for anyone who needs a record of their complaint. Emails also allow customer support teams to provide a detailed response. You can get in touch with Saxo at any time through email.

3) Live Chat – Saxo does not offer customer support through live chat to non-registered visitors. They do offer chat support through their trading platform to registered users, however, this support is only available in English.

4) Chatbot – Saxo has a chatbot but with extremely poor functionality. Saxo also has an extensive FAQs page that can help solve several issues and doubts, however, the search function could be more accurate.

Saxo is a broker that is meant for high net worth traders and investors. Their accounts are more suitable for those who can pay a high monthly fee in exchange for lower trading accounts. Their educational and research materials are also geared towards sophisticated traders.

Further, Saxo provides a very wide range of trading instruments which could be highly attractive to an active trader looking for exposure to a variety of instruments and portfolio diversification.

However, there are a few downsides to the services provided by Saxo as well. Saxo’s customer support is not user-friendly and it takes time and effort to get in touch with them. They only provide live chat support to users that have already opened an account with them. This can leave out prospects who want
to know more about their services before opening an account.

Overall, we recommend Saxo to traders based in the Philippines who are already experienced and want to trade in high volumes.

Saxo Bank Philippines FAQs

City Index Philippines, also known as forex.com, is forex broker & CFD broker, and their parent company is StoneX Group, which is listed on NASDAQ.

They are licensed by the Cayman Islands Monetary Authority (CIMA) along with multiple Tier-1 & Tier-2 regulatory bodies and offer a good range of CFDs. However, forex is trading is not regulated in the Philippines. Hence, traders from the Philippines are trading at their own risk.

Their CFD markets include indexes, shares, forex, oil, commodities, metals, and bonds. Apart from trading CFDs, City Index also offers spread betting on these instruments.

Traders from the Philippines can open a CFD trading account at City Index. You can fund your account via wire transfer, Neteller, Skrill, and credit/debit card. You can only deposit in USD, GBP, or EUR. City Index does not have a local office in Philippines.

City Index Review Summary
🏢 Broker Name	GAIN Global Markets Inc.
📅 Establishment Date	2001
🌐 Website	https://www.forex.com/en/
🏢 Address	C/O Walkers Corporate Limited, Cayman Corporate Centre, 27 Hospital Road, KY1-9008, George Town, KY | Cayman Islands.
🏦 Minimum Deposit	USD 100 (PHP 5600)
⚙️ Maximum Leverage	1:50
📋 Regulation	FCA, ASIC, CySec, and MAS
💻 Trading Platforms	MT4, MT5
Start Trading with City Index

City Index Video Review

As we said earlier, City Index (or forex.com) is not locally regulated in the Philippines since forex trading is not expressly legal in the country. Hence, traders from the Philippines are forex trading at their own risk. Such traders should trade through reputable foreign brokers that are regulated by top-tier foreign regulators, which are the FCA of the UK, the ASIC of Australia, and the CySEC of Cyprus. Here is a closer review of City Index’s regulations and licenses.

1) CIMA: City Index is licensed by the Cayman Islands Monetary Authority as GAIN Global Markets, Inc. with the trading name Forex.com. The broker was licensed in 2007 with reference number 25033. Traders from the Philippines are registered under this license.

This might be risky for local traders because this is an offshore regulation with rules that are not too strict.

2) ASIC: City Index is licensed with ASIC as Sotnex Financial Pty.Ltd. All financial services providers in Australia are issued an Australian Financial Services License (AFSL) Number. City Index’s AFSL number as seen on ASIC’s website is 345646.

3) MAS: MAS is the Monetary Authority of Singapore. City Index is incorporated in Singapore as StoneX Financial Pte. Ltd.

4) CySec: CySec is Cyprus Securities and Exchange Commission. City Index is regulated with CySec as StoneX Europe Ltd. The company registration number is 409708 with license number 400/21.

5) FCA: The Financial Conduct Authority (FCA) is the United Kingdom’s financial services regulator.City Index is licensed with the FCA as Stonex Financial Limited. Their FCA reference number is 446717.

City Index Investor Protection

The maximum leverage at City Index for trading currency pairs is 400:1 for traders from the Philippines. This means that you can place a trade worth 400 times the value of your deposit.

For example, if you deposit $100, you can place worth $40,000. Note that this maximum leverage on City Index of 1:400 applies only to forex major pairs and other instruments have lower leverage limits. These leverage can be checked through the trading platform while trading.

Note that trading leveraged products are risky, and you can lose your money. It is best to avoid it. Only trade if you have experience or understand them.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

It is important that you do not trade with all the leverage available, because this will increase your risk and you can lose all your money.

City Index offers four primary types of accounts to traders from the Philippines. Find a summary of the account types below:

1) Standard Account – The Standard account is the most basic type of account offered by City Index.

The City Index Standard Account is designed for retail clients and can be accessed on the City Index proprietary trading platform on the web and mobile devices. The trading platform has features such as SMART Signals, performance analytics, research portal for fundamental and technical analysis, integrated news feed within trading platform.

Spreads on this account start from 0.8 pips for major pairs and you do not pay any commission fees on your trades except when trading shares from 0.05% to 0.15%. You also pay swap fees for keeping a position open past the closing time of the market.

This account requires a minimum deposit of $100. If you don’t use your account for 12 months, there’s a $15 monthly charge that applies. City Index does not have negative balance protection which means you can lose more money than you deposited if your trade position is unsuccessful.

2) MT5 Account – The MT4 account is best suited for those looking to trade only currency pairs and indices. This account comes with several expert advisors to help you make trading decisions along with research material for both fundamental and technical analysis.

The City Index MT5 Account is on the MetaTrader trading platform on the web, desktop and mobile devices.

Spreads on this account start from 0.8 pips for major pairs and you do not pay any commission fees for trades, except when trading shares. You also pay swap fees for keeping a position open past the closing time of the market.

This account requires a minimum deposit of $100. If you don’t use your account for 12 months, there’s a $15 monthly charge that applies. City Index does not have negative balance protection which means you can lose more money than you deposited if your trade position is unsuccessful.

3) Corporate Account – The Corporate Account is meant for corporations, as the name suggests. You can add multiple users to the same trading account for collaborative trading. This account provides access to more than 6,000 markets.

4) DMA Account – The DMA Account stands for Direct Market Access. The trading prices under this account are sourced directly from liquidity providers, so the costs are lower. The commissions are also lower if you make more trades through this account.

The City Index DMA Account is designed for clients who trade large volumes of instruments and requires a minimum deposit of $25,000.

City Index Base Account Currency

When opening an account on Fore.com you can choose from 3 currencies to serve as your base account currency including Great Britain Pound – GBP, Euros – EUR, and the United States Dollar – USD.

All your trades, deposits/withdrawals will be measured in your base account currency.

Philippine traders can find City Index’s spread, commissions, and other non-trading charges on their website. Here is a simplified view of their charges:

1) Spread: City Index offers the same spreads for their CFD Trading Accounts. The typical spread for major currency pairs is a little bit high. For example, they charge a typical spread of 0.8 pips to trade the benchmark EUR/USD currency pair. The minimum spread for major currency pairs on City Index are shown below.

2) Commission: City Index does not charge a commission when trading through their Standard and MT5 accounts, except when trading shares and the commissions can range from 0.05% to 0.15%. However, they do charge a commission through the DMA account.

City Index Trading fees Table

Here is a summary of the minimum spread fees and commission City Index charges on some instruments on the Standard Account:

3) Swaps: Whenever you keep a trade position open past the market closing time, you pay swap fees, which is calculated based on the trade size, leverage, spread and how long the position is kept open.

4) Non-trading Fees: City Index does not charge a deposit or withdrawal fee (however, the payment service provider may charge a fee). They do charge a small inactivity fee in case your account has been lying dormant for a prolonged period of time.

*Note that your payment processing company may charge some independent transaction fee.

How to Open an Account with City Index?

Here is how to sign up with City Index in basic steps:

Step 1) Go to City Index’s website for traders from Philippines at https://www.forex.com/en/ and click on the ‘OPEN AN ACCOUNT’ button at the top right side of the page.

Step 2) Enter your email address, create a username and password, fill out your name, password, date of birth and phone number then click ‘SAVE AND CONTINUE’.

Step 3) Next provide your home address and identity details then click ‘CONTINUE’.

Step 4) Select your preferred base account currency, answer questions about your employment, income and trading experience, then click ‘CONTINUE’.

Step 5) Check the boxes o agree to the terms and conditions then click ‘SUBMIT’.

Step 6) You will be redirected to the dashboard and required to upload some documents to verify your account

Step 7) Click on UPLOAD DOCUMENTS, then upload your proof of identify and address documents. Verification takes about 2 days, and the broker will reach out to you with their decision.

There are several ways in which a trader from the Philippines can make a deposit into their trading account:

City Index Deposit Methods

Here is a summary of payment methods accepted by City Index (Forex.com) for deposits.

City Index Withdrawal Methods

Here is a summary of payment methods for withdrawals accepted on City Index.

What is the City Index Minimum deposit?

The minimum deposit on City Index (Forex.com) is $100 for all payment methods.

What is the City Index Minimum withdrawal?

The minimum withdrawal on City Index in the Philippines is $100.

You can initiate deposits and withdrawals by logging into your account, and on the City Index area or dashboard, click on deposit or withdrawal on the left side menu.

City Index (Forex.com) provides a very wide range of trading instruments to traders from Singapore. They offer a selection of over 12000 instruments, depending on the type of trading account being used by the trader. Below is a breakdown of the various instruments offered by the broker.

On City Index’s homepage, you can find the different ways to learn under ‘Academy’. Here are the channels of learning with City Index.

1. Demo Account: City Index offers a demo account for retail traders. The only issue is the account expires in 30 days. Traders can re-apply for another demo account. However, the account will be as good as new. All settings will go back to default and you might not be able to track how well you are doing in the long term.

2. Courses: City Index’ courses are divided into basic, intermediate, and advanced levels. Each level has different courses and each course contains at least 3-4 lessons. The lessons are in text form and can take up to 5 minutes to read. There is also a progress bar that helps you track how far you have gone with the courses.

3. Glossary: Glossaries are good for getting the definition of terms quickly. City Index has a glossary for definition of terms and some financial instruments. In addition, the glossary is easy to navigate and arranged in alphabetical order. This saves you time and helps you search quickly.

4. News: This section covers economic events and information that traders can use for research. Events or information that affects forex, commodities, shares, and indices are shared and analyzed by top professionals and market analysts.

The support at City Index is good & we found it easy to talk to them via chat.

Good customer service is important. As a trader choosing a forex broker, you might have questions and inquiries. This is why we have reviewed City Index’s customer support in the Philippines.

1) Good Live chat: Forex.com has a live chat that is available from 10PM on Sundays to 10PM on Fridays. City Index has a live chatbot. It will be the first to respond to you on the live chat. When you start the chat, it will request your name and email address to connect you to a customer service representative. to transfer to a live agent, type “Chat Agent”. When we got connected to the customer service representative, we had a few seconds of holding time. We got quick responses to our answers (within two minutes). The answers were simple and relevant to our questions.

2) Phone number support: City Index have a phone number on their website that is available for calls from 10 PM on Sunday to 10 PM on Friday, GMT. It is under their ‘contact us’ section so clients. The internal Forex.com phone number is +357 220 900 62.

3) Email Support: Potential and existing customers can also reach City Index through email. They have separate email addresses available for different purposes. We tried one of their email addresses, [email protected], we got an auto-generated acknowledgement email, but no support staff responded to the email after several hours.

Is City Index a market Marker?

Yes, City index is a market maker. This means that City Index takes the opposite side of your trade, when you buy, City Index sells to you and when you sell, they buy from you.

As a market maker, City Index profits from the difference in the bid/ask price. On City Index trading platforms, you may notice that the ask price is always higher than the bid price. For example, they may display the bid/ask price of Tesla shares as 250/250.5

This means that City Index will buy Tesla shares at 250 from sellers but sell at 250.5 to buyers.

Do We Recommend City Index for Traders from Philippines?

Overall, yes.

City Index (or forex.com) is highly regulated by foreign top-tier regulators. The company has a highly credible lineage and is part of the well-known StoneX group. This means that trading through forex.com is relatively safe for traders from the Philippines.

Further, forex.com charges relatively low fees and they provide decent trading conditions such as a maximum leverage of 1:50.

There are a few downsides to trade through City Index as well. They do not have any local offices in the Philippines. Further, the range of trading instruments offered by them is quite limited with the exception of currency pairs. Essentially, they are a broker specialising in forex trading rather than other types of CFD trading.

City Index Philippines FAQs