7 Best Forex Brokers Philippines (Updated List 2024)

Best Forex Brokers in The Philippines

If you are trading forex online in the Philippines, you are trading at your own risk. This is because there are no local brokers and foreign forex brokers are not licensed locally.

Philippine online forex traders just like other forex traders in jurisdictions with no local regulation for forex trading, trade via foreign forex brokers who are regulated under foreign regulations outside the Philippines.

You should avoid trading forex from the Philippines until there is a regulation for brokers.

For the purpose of this research, Exness is a forex broker regulated with tier-1 regulations, but accepting traders from the Philippines. It is regulated in different countries including with the FCA.

List of Best Forex Brokers in the Philippines

• Exness – Overall Best Forex Broker In The Philippines
• HF Markets – Best Forex Broker For Low Trading Fees
• XM Broker – Best Forex Broker in Philippines For Zero Commission Trading
• FXTM – Good Forex Broker for MetaTrader 4
• IC Markets – Low Fees Forex Broker For Pro Traders Regulated With ASIC
• Octa – Forex Broker With Low Spreads
• Tickmill – Well Regulated Forex Broker with Pro Account

Risk Disclaimer: Online forex/CFD trading carries high probability of you losing all of your investment. You should consider if you have the right knowledge of how CFDs work & if you can accept huge losses before you continue.

We have looked into factors including the broker’s regulation(s), spreads, commissions, minimum deposit, trading platform/app, available account types, customer service, etc.

1. Exness – Overall Best Forex Broker in the Philippines

Pros & Cons

Pros

• Tier 1 regulation from FCA UK
• 100+ currency pairs are available for trading on Exness
• No deposit & withdrawal fees
• Free Demo account
• Exness accepts cryptocurrency as a means of funding your trading account

Cons

• No PHP base currency
• High commissions
• Poor Customer support which is slow

Exness was founded in 2008, although they are not regulated and licensed by the SEC, they are regulated abroad by the following regulatory bodies:

• Financial Conduct Authority (FCA) UK: License number 730729
• Cyprus Securities and Exchange Commission (CySEC): License number 178/12

How safe is Exness?

Forex trading is unregulated in the Philippines so even though Exness is regulated in the United Kingdom, Seychelles, British Virgin Islands, Kenya, & South Africa; you are not protected by Philippine laws.

Your accounts are held outside the Philippines so in cases of litigation or disputes, recovery of funds will be difficult.

Trading Fees

Exness charges commission that starts from $0.2 each side per lot for the zero account and can get as high as $3.50 per side per lot for the raw spread account.

Spread starts from 0.0 pip for the raw spread account, 0.3 pip for the standard account, and 0.1 pip if you are trading on the pro account. The table below is a summary of spread for some currency pairs.

EUR/USD	GBP/USD	USD/CHF	NZD/USD	USD/CAD	AUD/USD
1 pip	1.2 pip	1.4 pip	2 pip	2.1 pip	1.4 pip

Trading Features

• Exness trading app, MetaTrader4 and MetaTrader5 are available on mobile, web, & desktop. Exness also offers a demo account for learning how to trade.
• Payment Methods: Bank transfer, mobile money, Cryptocurrencies, e-wallets, and cards. Exness does not charge deposit or withdrawal fees.
• Minimum deposit: Exness has a minimum deposit of $10.
• Customer Support: You can access customer service through email, live chat and calls 24/7
• Tradable instruments:

Currency pairs	Stocks	Indices	Energies	crypto	Metals
100+	90+	10+	3+	30+	10+

 Get information about Exness broker

2. HF Markets– Best Forex Broker for Low Trading Fees

Pros & Cons

Pros

• Tier 1 regulation from FCA UK
• Demo account
• Copy trading platform
• No commission and minimum deposit for three out of the four live accounts.
• Accepts cryptocurrency as a means of funding your trading account
• Allows you trade government bonds

Cons

• No Peso base account currency
• No local office

Regulation

HF Market was founded in 2010 and was formerly known as HotForex. They got incorporated into Saint Vincent & The Grenadines in 2015 with IBC number 22747 IBC 2015.

Incorporation in Saint Vincent & The Grenadines (SVG) means that your account is under SVG laws, and any legal claims will be subject to court hearings in SVG.

HFM is regulated with the following regulators:

• Financial Conduct Authority FCA: License number 801701.
• Dubai Financial Services Authority (DFSA: License number F004885.
• Financial Services Authority (FSA) Seychelles: License number SD015

Trading Fees

HFM charges a commission of $3 per turn per lot on their zero account, and does not charge commission for other accounts.

Spread for the cent and premium account starts from 1.2 pip, 0 pip for the zero account, and 0.5 pip if you are trading through pro account.

EUR/USD	GBP/USD	USD/CHF	NZD/USD	USD/CAD	AUD/USD
1.2 pip	1.9	2.2	2.4	2.3	1.8

Trading Features

• HFM trading app, MT4, and MT5 are all available on mobile, web, & desktop. HFM also offers a copy trading platform.
• Payment Methods: Bank transfer, e-wallet, cards, cryptocurrency, and international wire transfer. HFM does not charge deposit or withdrawal fee, except for deposit via wire transfer that is below $100
• Minimum deposit: HFM does not have minimum deposit on their cent, zero, and premium accounts. However, the Pro account has a minimum deposit of $100.
• Customer Support: You can access customer support through calls, email, and live chat for 24 hours 5 days a week.
• Range of Asset Classes:

Currency pairs	Commodities	Indices	Stock CFDs	ETFs	Energies	Metals	Bonds	Crypto
50+	4+	10+	90+	30+	2+	5+	3+	40+

Get more information on the trading conditions at HF Markets

3. XM Broker – Best Forex Broker for Zero Commission

Pros & Cons

Pros

• Strong regulation from CySEC, Cyprus
• Zero commission
• Demo account
• Customer support is available 24/7
• Low spread
• No deposit & withdrawal charge

Cons

• No Peso account base currency
• No cryptocurrency funding methods

Regulation

XM broker was founded in 2009 and is regulated by:

• CySEC under the license number: 120/10
• FSC Belize under license number 000261/397

Trading Fees

XM broker does not charge commission, but their spread are variable for the standard and micro account. Spread can go as low as 0.6 pip for the Ultra-Low trading account. The table below is the minimum spread for some currency pairs:

EUR/USD	GBP/USD	USD/CHF	NZD/USD	USD/CAD	AUD/USD
1.6	1.9	1.9	2.5	2	1.6

Trading Features

• MT4 and MT5 are XM broker mobile, desktop and web platforms. XM proprietary platform called XM app is available on mobile phones and tablets. You can learn how to trade using XM demo account.
• Local Funding & Withdrawal Methods: Using bank transfer, cards, wire transfer and e-wallet. Deposits and withdrawals are free of charge.
• Minimum deposit: XM broker has a minimum deposit of $5.
• Customer Support: You can reach customer support through live chat and email 24/7.
• Tradable instruments

Currency pairs	Commodities	equity indices	Precious metals	Crypto CFDs	Energies	Stocks CFDs	Shares
50+	8+	20+	3+	30+	3+	1000+	90+

Get more information about XM & their accounts

4. FXTM – Good Forex Broker for MetaTrader 4

Pros & Cons

Pros

• Tier 1 regulation from FCA UK
• Demo account
• Copy trading
• No commission on two out of three live accounts

Cons

• No Peso base account currency
• Withdrawal fees

FXTM was founded in 2011 and is regulated by the following regulatory bodies:

• FCA under License number 777911
• CySEC under License number CIF No 185/12
• FSC Mauritius under License number C113012295

Trading Fees

FXTM only charges commission on the Advantage account, all other accounts are commission free. This commission ranges from $0.4 to $2. Spread on the micro account, and advantage plus starts from 1.5 pip, for the advantage account spread starts from 0.0 pip.

The table below is the spread for some currency pairs:

EUR/USD	GBP/USD	USD/CHF	NZD/USD	USD/CAD	AUD/USD
1.9 pips	2 pips	2.2 pips	14 pips	2.5 pips	2 pips

Trading Features

• MT4, MT5, FXTM trader app, all available on mobile, web, & desktop. You can learn how to trade and practice trading strategies using the FXTM demo account. FXTM also has a copy trading platform.
• You can deposit money using e-wallets, wire transfer and cards, and bank transfer. FXTM doesn’t charge any fees for deposit. FXTM however charges $3 for withdrawal via cards. Withdrawals via bank wire is also charged at 30 EUR.
• Minimum deposit: The micro account has a minimum deposit of $/€/£ 10, while the advantage and advantage plus account have minimum deposit of $/€/£ 500
• Customer Support: Customer Service at FXTM is available via email, call, and live chat.
• You can trade these asset classes as CFDs on FXTM:

Currency pairs	Commodities CFDs	Spot metals	Stock CFDs	Indices CFDs	Stocks
60+	3	5	100+	3+	100+

 

Get more information on the trading conditions at FXTM

5. IC Markets – Low fees Forex Broker for Pro Traders regulated with ASIC

Pros & Cons

Pros

• Tier 1 regulation from ASIC Australia
• Customer support is available 24/7
• Demo account
• Social trading
• C-Trader
• Low spreads

Cons

• No Peso based account
• High commissions

Regulation

IC markets was founded in 2007 and is regulated by multiple regulatory bodies as seen below:

• Financial Services Authority (FSA) Seychelles License number SD018
• Cyprus Securities and Exchange Commission (CySEC) License number 362/18
• Securities Commission Bahamas (SCB): License number SIA-F214
• Australian Securities and Investments Commission (ASIC) License number 335692

How safe is IC Markets for local traders?

Unregulated in the Philippines, you trade with IC Markets at your own risk. However, they are regulated abroad in Cyprus & Australia.

Trading Fees

IC market charges a commission of $3.5 per lot per side on the raw spread account, and $3 per lot per side for C-Trader, while the standard account at IC Markets is commission free.

Spread starts from 0 pip on the raw spread and C-Trader account while for the standard account, spread starts from 0.6 pip. The table below is the average spread for some currency pairs.

EUR/USD	GBP/USD	USD/CHF	NZD/USD	USD/CAD	AUD/USD
0.62 pips	0.83 pips	0.79 pips	1.38	0.85 pips	0.77 pips

With the Raw Spread Accounts, IC Markets is able to offer spreads starting from 0 pips, in exchange for commissions of $3.5 per side per 100,000 units traded on MetaTrader (on cTrader commission is lower at $3 per side).

For context, EUR/USD average spread is 0.62 on the Standard Account, but the Raw Spread Account offers 0.02 pip which is 3.2% lower.

Swaps are part of your trading cost as you pay/receive swaps for overnight CFD positions left open.

Trading Features

• MT4, MT5, and C-Trader as well as a demo account are all available on mobile, web, & desktop. IC social is a copy trading platform for automated trading.
• IC Markets features 2 Raw Spread Accounts (cTrader & MetaTrader versions), as well as one ordinary Standard Account. Starting deposit is $200 across all accounts.
• Payment Methods: e-wallets, cards, bank transfer and wire transfer. IC markets does not charge extra deposit or withdrawal fees
• Minimum deposit: IC market has a minimum deposit of $200 for opening an account.
• Customer Support: IC market customer support for all issues is available 24/7 through call, email, and live chat.
• IC Markets has multiple asset classes:

Currency pairs	CFDs on Commodities	Indices CFDs	Bond CFDs	crypto	Stocks CFDs	Futures CFDs
60+	22+	25+	9+	10+	2100+	4+

Find out more about IC Market’s spreads & features

6. Octa – Forex Broker with Low Spreads

Pros & Cons

Pros

• No commission
• Free deposit & withdrawals
• Low spreads on majors
• Customer service is available 24/7
• Demo account
• Copy trading platform

Cons

• Low tier regulation from Saint Lucia which is not known for having strong financial laws as compared to other regulators in the United Kingdom, Australia, etc.
• Lack of multiple regulators
• Limited currency pairs for trading forex
• Peso base account currency is not available

Regulation

OctaFX was founded in 2012 and is incorporated & regulated in the Saint Lucia   It is also regulated by:

• Cyprus Securities and Exchange Commission (CySEC): License number 372/18
• Financial Services Regulatory Authority Saint Lucia

How safe is Octa?

Octafx is unregulated in the Philippines but overseas it is regulated in Cyprus and Saint Lucia.

Does Octafx have a Mobile App?

Yes they have developed the Octa trader mobile App. On google play store, it has a 4.3/5 rating with over 10 million downloads.

Although the app can be paired with Bluetooth, it doesn’t have Fingerprint/Touch ID login. App features include: In-app LiveChat support, transfer funds between accounts, Webinars, Earnings calculator, etc.

Trading Fees

OctaFX does not charge any commissions when you trade. OctaFX spread starts from 0.6 pips on both its MT4 & MT5 accounts. Here is the typical spread for some currency pairs on OctaFX:

EUR/USD	GBP/USD	USD/CHF	NZD/USD	USD/CAD	AUD/USD
0.9 pips	1.0 pips	1.3 pips	1.6 pips	1.3 pips	1.2 pips

Trading Features

• MT4, MT5, and octaTrader are available on mobile, web & desktop platforms. OctaFX also has a copy trading app where you can copy trading strategies from experienced traders. You can practice trading strategies using the OctaFX demo trading platform.
• Payment Methods: e-wallets, mobile money, bank transfer, and Cryptocurrencies. OctaFX does not charge funding or withdrawal fees.
• Minimum deposit: There is a minimum deposit of $25 (but OctaFX recommends $100).
• Customer Support: OctaFX customer is available 24/7 from Monday to Sunday through email, enquiry form, live chat, and call.
• Instruments

Currency pairs	Stocks	Indices	Energies	crypto
35+	150+	10+	3+	30+

Read more about OctaFX

How To Choose the Best Forex Broker in the Philippines?

a. Tier-1 & Tier-2 Regulations

Regulation is a very important factor to consider when choosing a broker because a regulated broker offers you a secure trading environment and protects your interest. Unregulated brokers on the other end are looking to make money and will not prioritize your protection.

In the Philippines the SEC regulates the capital market space but has no framework in place to regulate these online forex brokers. This means retail online forex trading is not regulated in the Philippines.

You can look out for brokers who are regulated abroad by top tier regulatory bodies like the Financial conduct authority (FCA) UK, and Australian Securities and Investments Commission (ASIC).

You also want to go extra mile to know which country’s laws your account will be opened with. This is because even brokers with top tier regulations may register your account under offer shore regulation of another country. The implication is any court cases you may have with them will be heard in that country.

For instance a forex broker could be regulated in United Kingdom, but register your account under their subsidiary in the Bahamas. Your account is now subject to laws of the Bahamas.

Be sure your account is registered under laws of a country known for best capital market practices such as United Kingdom, Australia, Ireland, etc.

b. Overall Charges for Forex & CFDs

When choosing a broker, you should factor in the fees the charge before trading with them because the fees can eat into your profit.

Not all brokers charge commission, however if a broker in your consideration charges commission, you should be sure it’s not too high.

Every broker claims to offer the lowest spread in the industry but you don’t have to take their word for it. Do your own research.

Spread is the difference between ask and bid price of a currency pair. Some brokers charge fixed spread and other charge floating or variable spread.

For example, let’s say you want to trade EUR/USD and the quotation is EUR/USD = 1.1300/1.1302  how to read a forex brokers quote is that 1.1302 Is the price you pay to buy EUR/USD from your broker, and 1.1300 is the true market price of EUR/USD. The difference is 0.0002 or 2 pips, and is called the spread and who benefits from forex spread is your broker.

You may want to consider brokers who charge tight spread because wide spread can affect your profit.

Even with exotic and minor currency pairs where the spread tends to be wide, you want to compare the rate with other brokers to be sure you are choosing the broker with the most competitive rates.

Secondly, some non-trading fees include inactivity fee, research fees etc. which can be avoided as not every broker charges them.

c. Asset Classes

Brokers who offer a wide range of products makes it possible for you to diversify your portfolio and hedge one open position with another.

Another reason why you should consider brokers who offers several tradable instruments is because it makes it possible for you to carry out all your trade with the same broker. Else, when you wish to trade an asset your broker does not offer, you will have to start searching for a new broker.

d. Ease of Account Opening

How long does opening an account take and are the required documents easily accessible?

Today many brokers offer online account opening but getting your account to be approved for trading could take days. A good broker should open your account speedily and offer necessary assistance.

For example when uploading an electronic copy of your passport, the broker should make it easy for you by not specifying a specific file size.

Another example is proof of residence document where some brokers only accept limited/specific documents as proof of residence instead of being flexible and accepting general documents used in your country of residence.

e. Available Accounts

You may want to consider brokers that offer several types of accounts to suit the trading style of a wide range of traders.

If you are a beginner you should be on the lookout for brokers who have beginner-friendly accounts such as cent accounts with low minimum deposit.

Pro traders can look out for brokers who offer Electronic Communications Networks (ECNs). ECN gives traders direct access to liquidity providers without having to pass through middle men. It is usually considered by traders who are carrying out large trades and provides them tighter spread.

f. Available Platforms

A good broker should offer platforms that are easily accessible on web, mobile, desktop, tablets etc. when one platform is down you can manage and execute trades with another.

g. User friendly website

Website information is so important that regulators in Europe mandated CFD brokers to visibly display information about the percentage of traders who record losses while trading CFD contracts with the broker.

A broker’s website holds a lot of useful information and updates. For example when choosing a broker you need to check their website for regulation information. Some brokers with low tier regulation make this information difficult to find on their website.

Even information on spreads for various currency pairs should be easily visible on the website, and you should not have to ravage through lots of tabs to find it.

A forex broker with nothing to hide, will proudly display all their information visibly instead of making the information hard to find so you don’t bother verifying.

Comparison of the Best Forex Brokers in the Philippines

Broker Name	Accepts Philippines traders	Regulations	Minimum deposit	EUR/USD Spread
Exness	Yes	FCA, CySEC	$10	0.6 pips with Pro account
HF Markets	Yes	FCA,  DFSA,  FSA	$100 for pro account. Zero for others	1.2 pips
XM Broker	Yes	CySEC, FSC Belize	$5	1.6 pips with Micro Account
FXTM	Yes	FSC Mauritius, CySEC, FCA	$ 10	1.9 pips
IC Markets	Yes	ASIC, SCB, FSA, CySEC	$200	0.62 pips
OctaFX	Yes	CySEC, FRSA Saint Lucia	$25	0.9 pips

Tickmill

Yes

FCA, CySEC, FSA

$100

0.1 pips

Note that none of the forex brokers are locally regulated, and you are trading forex at your own risk. Preferably, you should avoid trading until there is a locally regulated broker.

 How do traders trade Forex in the Philippines?

1. Choose a Forex Broker

Take out time to research about several forex brokers, compare their account types, fees, platforms, customer service, and other factors.

Select the broker whose trading conditions best suit your trading style. For example, you can choose a tier-1 regulated broker like Exness or a broker with similar regulation.

2. Open Trading Account

After choosing a broker, you can proceed to open an account with them. Some brokers allow you to use their demo account to trade before opening a live account. Feel free to open demo accounts with several brokers to compare their trading conditions before trading with a live account.

3. Complete Your KYC

KYC is an acronym for ‘Know Your Customer’. It is a process in account opening that helps the broker to verify your identity.

KYC usually involves uploading Identity cards and other documents, as well as providing personal information about yourself. When completing your KYC, do well to provide accurate information.

4. Download the Trading App/Desktop Platform

Only download apps from trusted sources like your google playstore or Apple store as they have security scanners that frequently scan the store for malicious/fake apps.

Avoid downloading your trading app via a link sent to you by someone on social media, romance and dating sites etc. because they could redirect you to download a cloned version of a broker’s app.

Forex trading is a CPU-intensive activity so ensure your device is powerful and has security features such as biometrics to prevent unauthorized access.

If you intend to trade with a mobile phone, ensure the screen is big, and it has an AMOLED display for brighter colors. This is useful when reading charts and placing orders as chances of clicking the wrong button is lesser.

5. Fund Trading Account

When you are ready to go live, you can now fund your trading account. Brokers usually provide several deposit and withdrawal payment methods.

Each method has its duration and may come with some fee imposed by the broker or third party financial company.

It is noteworthy to add that some brokers have minimum deposit. You should know the minimum deposit of your broker before funding your account.

6. Place Trade

With your trading account funded, you can now open and manage a trade. Avoid greed and other emotions that make traders lose money. You also want to be careful with leverage that can amplify profit and loss.

Remember to employ risk management techniques by using stop loss orders smartly. Don’t set your stop loss too close to entry price to prevent being stopped out easily and starting again. You pay new fees to reenter the market when this happens.

How much is the cost to Open Forex Trading Account in Philippines?

You can open account at zero cost. There are many Tier-1 licensed forex brokers that have zero minimum deposit. The account opening is mostly without any extra charges.

But to trade, you would need to add funds/trading balance to your account. The exact deposit would vary from broker to broker, account type, funding method.

The lowest minimum account deposit is around USD 5. You will find the exact minimum deposit on the broker’s deposit page, when you are actually making the deposit. It will show you the method, speed, currency conversion rates (if you are depositing in PHP & your account is in USD).

You must note that these CFD broker may be Tier-1 licensed, but they don’t have license to operate in the Philippines. This guide is for education only, and should not be considered a trading/broker advice. You should consider the local laws in your region to make any decision related to any broker or investment.

Frequently Asked Questions – Forex Brokers Philippines

Which Forex Broker is the Best in the Philippines?

There is no one best forex broker. The brokers that are tier-1 regulated are generally lower risk compared to offshore only brokers.

Exness, HFM, XM, IC Markets, and FXTM are some of the forex brokers that accept traders in Philippines & are regulated with foreign tier-1 & tier-2 regulations.

What Forex Brokers are Legit?

There is no legal Forex broker in the Philippines. Most brokers are foreign brokers that are not licensed in the Philippines by any local regulator.

As such, traders from the Philippines are trading at their own risk & they should avoid trading forex until it is regulated.

What is a Forex Broker?

A Forex broker is a financial service company or firm that offers traders access to platform where they can buy and sell currency pairs.

Which Forex Brokers have the lowest overall Fees

Exness has the lowest trading fees overall, with spreads as low as 0.5 pips for EURUSD with Pro account.