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Best Forex Brokers Philippines for 2023

Steven Hatzakis

Written by Steven Hatzakis
Edited by John Bringans
Fact-checked by Joey Shadeck

January 11, 2023

ForexBrokers.com has been reviewing online forex brokers for over six years, and our reviews are the most cited in the industry. Each year, we collect thousands of data points and publish tens of thousands of words of research. 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/.

Securities and Exchange Commission Phlippines

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
  • Capital.com - Great for beginners, easy to use

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.

Company Accepts PH Residents Average Spread EUR/USD - Standard Minimum Initial Deposit Overall Rating Visit Site
IG logoIG check 0.86 (September 2022) £250.00 5/5 Stars Visit Site
Saxo Bank logoSaxo Bank check 0.9 (September 2022) €2,000 5/5 Stars
Interactive Brokers logoInteractive Brokers check 0.6 (Aug 2022) $0 5/5 Stars
FOREX.com logoFOREX.com check 1.0 (July 2022) $100 5/5 Stars Visit Site
XTB logoXTB check 1.07 (Q3 2022) $0 5/5 Stars
AvaTrade logoAvaTrade check 0.91 (Aug 2020) $100 4.5/5 Stars
Capital.com logoCapital.com check 0.6 (July 2021) $20 4.5/5 Stars
XM Group logoXM Group check 1.6 (Aug 2020) $5 4.5/5 Stars
OANDA logoOANDA check 1.26 (5/22-5/27/22) $0 4.5/5 Stars
Admiral Markets logoAdmiral Markets check 0.8 (July 2021) $100 4.5/5 Stars
FP Markets logoFP Markets check 1.2 (August 2022) $100 AUD 4.5/5 Stars
IC Markets logoIC Markets check 0.62 (August 2022) $200 4.5/5 Stars
Tickmill logoTickmill check 0.51 (August 2022) $100 4/5 Stars
BlackBull Markets logoBlackBull Markets check 0.827 (August 2022) $0 4/5 Stars
HFM logoHFM check 1.2 (August 2021) $5 4/5 Stars
FlowBank logoFlowBank check N/A $0.00 4/5 Stars
HYCM (Henyep) logoHYCM (Henyep) check 0.6 (Sept 2021) $100 4/5 Stars
Vantage logoVantage check 1.22 (August 2021) $50 4/5 Stars
Eightcap logoEightcap check 1.0 (Aug 2022) $100 4/5 Stars
Trade Nation logoTrade Nation check 0.6 $0 4/5 Stars
Moneta Markets logoMoneta Markets check 1.27 (September 2022) $50 4/5 Stars
ACY Securities logoACY Securities check 1.2 (Sept 2021) $50 4/5 Stars
easyMarkets logoeasyMarkets check 0.9 (as of Mar 2020) $100 4/5 Stars
Libertex (Forex Club) logoLibertex (Forex Club) check -1 $10 3.5/5 Stars

About the SEC Philippines

The Securities and Exchange Commission (SEC) Philippines is the principal regulator for the financial markets in the republic of the Philippines. The SEC Philippines oversees local capital markets, including broker-dealers, investment companies, lending and financing firms, financial institutions, and other licensed intermediaries. There are over 351,000 stock corporations, as per the SEC’s latest annual report. While forex and CFD trading is not regulated in the Philippines, the SEC regulates the following types of entities:

  • Stock corporations
  • Non-stock corporations
  • Partnerships
  • Securities brokers and dealers
  • Dealers in government securities
  • Investment houses
  • Transfer agents
  • Underwriters of securities
  • Investment company advisers
  • Financing companies
  • Lending companies
  • Mutual fund/ Investment companies
  • Mutual fund/distributors
  • Issuers of unlisted securities
  • Issuers of proprietary/non-proprietary securities
  • Exchange-traded funds
  • Publicly-listed companies
  • Public companies
  • Self-regulatory organizations (SROs)
  • Accredited surety companies
  • SRO exchanges
  • Clearinghouses
  • Securities depositories
  • Operators of alternative trading systems (ATSs)
  • Registrars of qualified buyers

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, or contact an office to verify the authorisation of a broker.

Is forex trading legal in the Philippines?

The exchange of local currency is regulated under Circular Number 1389 and applicable to authorized agent banks (AAG), but retail forex trading is not legal in the Philippines nor are any local brokers licensed to offer forex and CFDs, according to the local financial market’s regulator (the SEC Philippines). The SEC Philippines has repeatedly advised the public to stop engaging in foreign exchange trading and warned against trading CFDs and other off-exchange derivatives offered by international brokers.

This highly conservative stance against forex is representative of the government's long-standing view that margin-based derivatives such as forex and CFDs are not suitable investments, and is meant to protect local residents from losing money to scam brokers. In a 1993 case brought to the Supreme Court of the Philippines, Onapal vs. Court of Appeals, the court ruled that commodity futures contracts (including forex and CFDs) are considered to be “purely gambling and declared null and void by law.” This ruling is referenced in an SEC Advisory, dated November 2013, and the SEC’s latest advisory regarding the illegality of forex in the Philippines was in October 2018.

Do forex traders pay tax in the Philippines?

Yes, citizens and residents of the Philippines must declare all of their worldwide income, including income from any forex brokerage accounts with international brokers. If you are not a resident or citizen of the Philippines, your countries of residence and/or citizenship will have their own tax obligations.

The Bureau of Internal Revenue of the Philippines further states that in the event of double taxation from other countries and/or potential tax treaties, residents are still obliged to report all foreign-sourced income to the Philippines government. In cases where there are tax treaties, residents can apply for a Tax Residency Certificate using their Tax Identification Number (TIN).

Note: If you are a resident or national citizen of the Philippines, be sure to contact a local tax accountant to learn how the local tax laws apply to you.

How can I start forex trading in the Philippines?

As a resident or citizen of the Philippines, your options for forex trading are limited. There are currently no SEC-regulated brokers that offer forex trading in the Philippines (and the SEC Philippines advises its citizens against forex trading). That said, should you decide to open an account with an international broker to trade forex, it is best to choose one that is highly trusted and well-regulated to reduce your risk of becoming the victim of a potential scam. From among the most trusted brokers that accept clients in the Philippines, you can open a live account with the following brokers to start trading forex:

  • 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
  • Capital.com - Great for beginners, easy to use

Pro tip: Once your new forex trading account is established, it is important to learn how your broker’s trading software works. A demo account can be a great way to familiarize yourself with the software and test trading strategies before placing real trades in a live account. If you are just getting started as a forex trader, check out our popular guide to forex trading for beginners.

Who is the best forex broker in the Philippines?

IG is our top choice among forex brokers that hold regulatory licenses around the world, and accept residents of the Philippines. IG is a highly trusted, publicly-traded brand that operates a bank, and it ranks at the top across nearly every category important to traders. That said, it’s important to note that the SEC Philippines warns its residents against forex trading, as it is not a locally regulated activity. To learn more, check out our full-length review of IG.

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2023 Review Methodology

At ForexBrokers.com, our reviews of online forex brokers and their products and services are based on our collected data as well as the observations and qualified opinions of our expert researchers. Each year we publish tens of thousands of words of research and detailed forex guides, and we monitor dozens of international regulator agencies (read more about how we calculate Trust Score here).

Our research team conducts thorough testing on a wide range of features, products, services, and tools (collecting and validating thousands of data points in the process). We test all available trading platforms for each broker – whether they are proprietary or come from third-party providers – and evaluate them based on a host of data-driven variables.

We also take an in-depth look at each broker’s commissions and fees, such as bid/ask spreads – including the average spread data for some of the most popular forex currency pairs. We research other trading costs, such as inactivity or custody fees, minimum deposit requirements, VIP rebates and/or discounts, and a range of other important fee-based data points.

Some of the other important research categories that are factored into our testing include mobile trading accessibility and capability, availability of market research and educational content, and each broker’s overall Trust Score.

Read our full explanation and accounting of our research and testing process to 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.

About the Editorial Team

Steven Hatzakis
Steven Hatzakis

Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).


John Bringans
John Bringans

John Bringans is the Senior Editor of ForexBrokers.com. An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and conducts research on forex and the financial services industry while assisting in the production of content.


Joey Shadeck
Joey Shadeck

Joey Shadeck is the Content Strategist and Research Analyst for ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.


Trading Leveraged Products such as Forex and Derivatives may not be suitable for all investors as they carry a high degree of risk to your capital. Please ensure that you fully understand the risks involved, taking into account your investments objectives and level of experience, before trading, and if necessary, seek independent advice. Please read the full Risk Disclosure.

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