The ForexBrokers.com annual forex broker review (six years running) is the most cited in the industry. With over 50,000 words of research across the site, we spend hundreds of hours testing forex brokers each year. Here's how we test.
Trading forex (currencies) in the Philippines is popular among residents. While recommended, forex brokers are not required to become authorised by the Securities and Exchange Commission (SEC) to accept residents of the Philippines as customers.
The Securities and Exchange Commission is the financial regulatory body in the Philippines. Website: http://www.sec.gov.ph. We recommend Philippines residents also follow the SEC on Facebook: https://www.facebook.com/Philippine-Securities-and-Exchange-Commission-1667835130107172/.
The SEC - Philippines was established in 1936 and is responsible for regulating the securities industry in the Philippines. For a historical breakdown, here's a link to the Securities and Exchange Commission webpage on Wikipedia.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Best Forex Brokers Philippines
To find the best forex brokers in the Philippines, we created a list of all brokers that list the Philippines as a country they accept new customers from. We then ranked brokers by their Overall ranking.
Here is our list of the best forex brokers in the Philippines.
- IG - Best overall broker, most trusted
- Saxo Bank - Best web-based trading platform
- Interactive Brokers - Great overall, best for professionals
- FOREX.com - Excellent all-round offering
- XTB - Great research and education
- AvaTrade - Great for beginners and copy trading
- OANDA - Trusted broker, great research
Philippines Forex Brokers Comparison
Compare Philippines authorised forex and CFDs brokers side by side using the forex broker comparison tool or the summary table below. This broker list is sorted by the firm's ForexBrokers.com Overall ranking.
| Forex Broker | Accepts PH Residents | Average Spread EUR/USD - Standard | Minimum Deposit | Overall | Visit Site |
|---|---|---|---|---|---|
| IG | Yes | 0.828 | £250.00 | Visit Site | |
| Saxo Bank | Yes | 0.800 | $2,000.00 | N/A | |
| Interactive Brokers | Yes | 0.600 | $0 | Visit Site | |
| FOREX.com | Yes | 1.100 | $100.00 | Visit Site | |
| XTB | Yes | 0.900 | $0.00 | N/A | |
| AvaTrade | Yes | 0.910 | $100.00 | N/A | |
| OANDA | Yes | 1.400 | $0.00 | N/A | |
| Admiral Markets | Yes | 0.800 | 100 | N/A | |
| IC Markets | Yes | 0.620 | $200 | N/A | |
| Capital.com | Yes | 0.800 | $20.00 | N/A | |
| XM Group | Yes | 1.600 | $5 | N/A | |
| FP Markets | Yes | 1.200 | $100 AUD | N/A | |
| Tickmill | Yes | 0.270 | $100.00 | N/A | |
| HYCM | Yes | 0.600 | $100 | N/A | |
| HFM (HF Markets) | Yes | 1.200 | $5 | N/A | |
| BDSwiss | Yes | 1.500 | $100-$5000 (depending on account type) | N/A | |
| Vantage | Yes | 1.220 | $200 | N/A | |
| Moneta Markets | Yes | 1.220 | $50.00 | N/A | |
| BlackBull Markets | Yes | 0.845 | $50 | N/A | |
| Trade Nation | Yes | 0.60 | $0 | N/A | |
| ACY Securities | Yes | 1.200 | $50 | Visit Site | |
| Eightcap | Yes | $100 | N/A | ||
| VT Markets | Yes | 1.200 | $200 | N/A | |
| easyMarkets | Yes | 0.900 | $100.00 | N/A | |
| LegacyFx | Yes | 0.00 | $500 | N/A |
How to Verify SEC Authorisation
Unfortunately, there is not a list of authorized forex brokers, however, residents can currently view a list of registered firms on the SEC website, as well as contact an office to verify the authorisation of a broker.
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Methodology
For our 2022 Forex Broker Review we assessed, rated, and ranked 39 international forex brokers over a three-month time period resulting in over 50,000 words of published research.
Each broker was graded on 113 different variables, including our proprietary Trust Score algorithm. This innovative scoring system ranks the level of trustworthiness for each broker based on factors such as licenses, regulation and corporate structure. Read more about Trust Score here.
As part of our annual review process, all brokers had the opportunity to provide updates and key milestones and complete an in-depth data profile, which we hand-checked for accuracy.
Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors with quality data they can trust. Learn more about how we test.
Forex Risk Disclaimer
There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses.Read more on forex trading risks.
