In the last decade Forex trading has become increasingly popular in the Philippines and more people are trading in Forex from their home or office. Based on information available with experts in forex trading and information posted on forums, most of the Forex traders in Philippines prefer to trade in USD currency pairs, and some times currency pairs featuring the Japanese Yen. They also prefer to trade using the Metatrader 4 platform. While there are many Forex brokers, most of them are based outside the country and the best Forex Brokers in Philippines are discussed.
Hotforex platform – best forex trading platform in Philippines
Based on Google trends available data, it appears that Hotforex is the most popular Forex trading platform in Philippines. One of the reasons why it is very popular is the nice mobile platform features and Ipad trader, Though the minimum deposit required is higher at $50, it allows the members to trade in more than 47 currency pairs. All trades are executed quickly and customer support is available in the local language. In addition to Forex, members can trade in cryptocurrencies, commodities and stocks.
Regulation of Forex trading in Philippines
The main government financial organization is the Banco Sentral Philipinas (abbreviated as BSP) the central Bank of Philippines. In 2003, the government established the Securities and Exchange Commission (SEC) to regular the local financial markets and protect the local investors from financial fraud. They are issuing licenses to the local financial companies including brokers and traders. Trading of Forex in Philippines is regulated by the SEC, for Forex companies which are based in Philippines. However most of the Forex traders in Philippines are using reputed international brokers like eToro, XM.com, IQ option.
Legal issues and tips
Forex trading is legal in the Philippines, as long as the broker chosen is regulated and legal. Some of the Forex traders in the country are using a webtrader, and do not have to download anything to their computer or other devices for trading. Others are using tools like Metatrader 4 (this is most common and the best forex trading platform in Philippines), Metatrader 5 for computers offered by the top brokers and apps for Android, iOS phones. It is recommended that new traders start with a web trader and then use Metatrader, since the trader has to spend time learning to use it. More than 60% of the retail investors lose their money while trading Forex, hence traders should be careful and only invest the money they can afford to lose.
Top Philippines Forex Brokers 2019
There are a few excellent ways to ensure you are trading with the top forex brokers in the Philippines. The best way to ensure a successful trade on the forex market is to trade directly through international brokers. This is an important technique when creating desired results in terms of a return on investment. The international market provides ample opportunities, especially for countries that are less developed. The top brokers in the Philippines include FOREX.com, Interactive Brokers and FMCM.
The first tip when selecting the right broker is to understand the background of the forex market in the Philippines. For example, the Philippine Security and Exchange Commission issued an important notice about trading in the country. The advisory encouraged traders to do their research on reputable international traders. This is very important as it allows forex brokers in Philippines to understand the best ways to protect their investment. Forex trading has a unique component as a result of its exposure to the current news in the country of the trade. For example, a Japanese product release can influence the currency in the country. This is an important aspect to fully understanding how the market operates.
Brokers in the Philippines are able to take advantage of this knowledge and apply it to their investment to receive a high return. There are countless strategies and tips for brokers when trading on the forex market. Another method to selecting the best forex broker is to trade within a demo account. A demo account is also referred to as a virtual account. These types of accounts help brokers to experience what a real-life trading account is like in the Philippines. This helps brokers to therefore select the best brokers to trade with. This helps to build the broker’s understanding of the market. The market encourages brokers to test the waters before they begin official trades with domestic or foreign currencies.
FOREX.com is listed as the second the best brokers in the Philippines. The main reason for this is due to their international reputability and appeal. They offer the best trading services in the country and ensure traders are engaging in high-quality deals. Another top broker in the Philippines is Interactive Brokers. Interactive Brokers have been a top leader for the forex market specifically in the Philippines as well as the surrounding countries. They have been able to connect brokers with one another in order to create reputable transactions. Another top broker is FMCM (most clients use). FMCM is similar to FOREX.com and Interactive Brokers. They ensure high-quality trades for all users. This protect both brokers on either end of the deal. Therefore the risk for fraud is low.
When considering the best brokers to work with in the Philippines, it is important that the broker’s security and information is kept private. This ensures that the broker’s personal information is kept safe and secure during the transaction. The forex market is generally known to be a reputable and safe place to trade currencies. As a result these services are known as some of the top in the entire country.
Innovative BSP Regulated Brokers
The BSP is a financial bank in the Philippines. The BSP is known as the central bank for all financial endeavors in the country. BSP stands for Bangko Sentral ng Pilipinas. BSP regulated brokers are certified. The bank is responsible for ensuring market conditions are fair and abide by local regulations. There are specific regulations that pertain to the forex market. The role of the BSP is to confirm that brokers are licensed and the market is operating in accordance to regulations, There are many ways to select a reputable and certified broker in the Philippines. The Philippines is known as a developing forex market.
For this reason extra regulations and measures are put in place to ensure the developing market is being transparent about all transactions.The best advice for selecting a top forex broker in the Philippines is to use the same techniques for finding a broker in other countries. For example, when looking for the top forex broker in any market, traders should always use caution and research on their own. By researching the reputability of a source, you are more likely to have a positive and pleasant experience. In terms of background information, the BSP was initiated during 2003. BSP exchange rates are specially determined by market reforms. Market reforms encourage competitiveness and financial growth. This is very important as it keeps the market busy.
Brokers regulated by the BSP are required to follow very strict rules. Some examples of these rules include how much they can trade and the conditions of foreign currencies. Not all of the rules prescribed by the BSP apply for forex brokers. Therefore it is very important for forex brokers in the Philippines to research which rules apply specifically to them. This will enable brokers to trade with a better understanding of how the market works. This can avoid future issues and ensure that each broker is successful in their forex trades.
In certain countries that lack a strong government, the financial market can plummet as well. For this reason it is very important for developing countries similar to the Philippines to employ services like the BSP. This will ensure that each and every trader and broker has access to a safe and transparent market. It is very important to spend time researching brokers before making a hasty decision. For example, taking a a few extra days to research a broker is worth it. If a trader works with a broker before understanding all of their credentials, they can be subject to a loss.
Therefore conducting proper research prior to engaging in any trades is well worth it. There are many reputable online sources that will confirm or deny if a particular broker is reputable. This helps to save time when seeking access to the highest-quality information. Asking about the broker’s KYC procedures are important when determining their reputability. Selecting a BSP licensed broker can significantly boost the chances of success. It is very important for brokers to pass identification procedures in the verification process for ultimate success and reputability.
If you from Philippines – choose regulated broker and trade !