In this article, we’re going to talk about the best forex broker and trading platform in the Philippines. I will share with you the broker that I personally used from the very beginning when I first started forex trading, and of course, explain everything why I consider this broker the best for us Filipino forex traders.
I have used a handful of different forex brokers, and I will share with you the best one that works for me as a forex trader from the Philippines. So, without any further ado, let’s get straight to it. If you don’t have any idea what forex trading is, I also have created a detailed forex trading for beginners.
What Is A Forex Broker?
A forex broker is a financial services company that bridges traders to the forex market. The forex brokers provide access to traders on a platform like Metatrader 5, where buying and selling foreign currencies happens. In a nutshell, a forex broker is a doorway to access the forex market.
One of the crucial parts especially for forex beginners is choosing their forex broker, which is probably the reason why you’re being here. The Securities and Exchange Commission issued a notice last 2018 that prohibits Filipinos to participate in the forex market, it was a result of rampant scams from forex brokers and other entities in the Philippine forex space.
We can still trade forex in the Philippines, but it’s our responsibility to educate ourselves about forex trading and most importantly in choosing the forex broker that helps us access the forex market.
What Makes A Best Forex Broker For Us Filipino Traders?
What makes a forex broker considered the best? Well, the first thing, it should be a legitimate company with a proven business track record. Aside from that, it should be a broker that has specific solutions for our specific needs as a Filpino forex trader. For example, easy payment methods to fund our account and withdraw profits, like using GCash. Most importantly, a forex company that has been operating for decades.
The majority of the forex brokers (forex company) offers the same financial services. But there are some instances where one particular broker has special perks and offers to their new clients, and this is what we’re going to also consider checking before we decide to open a forex trading account on a broker.
Best Forex Broker In The Philippines 2022
The best forex broker for us Filipino forex traders is the company called XM. It started last 2009 and they have over 5 million clients across 190 different countries. With countless awards from the forex trading space, they become one of the most popular and trusted forex brokers worldwide.
XM has a proven business track record. I personally used XM since I first started forex trading, and if you will signup today, you can take advantage of their amazing bonuses as one of their new clients. Just click the banner below for more details.
They have been operating for decades and that’s what makes them huge and become available in 190 countries. Check the featured image of this blog post (above), that’s one of the XM’s seminars conducted for Filipino aspiring forex traders.
They also have a free webinar that is specifically created for Filipino forex traders, especially for the new signup or their new clients that they assumed as a beginner in forex trading. In terms of payment methods, GCash is one of their main options to fund our trading account and withdraw profits.
Here’s how you can easily get started with XM.
- Signup For An XM Trading Account
- Verify Your Account (Claim Free $30 Bonus)
- Fund Your Account (Using GCash, VISA, Master, Etc.)
- Download Your Prefered Trading Platform
- Start Buying And Selling Foreign Currencies
I also created a video explaining why XM is the best forex broker for Filipino traders. Watch the video below if you’re interested to learn more.
You can also subscribe to my channel if you also like watching videos.
Is Forex Trading Legal In The Philippines?
As of the year 2022, there are no known government regulatory bodies that control forex trading in the Philippines. The Securities and Exchange Commission (SEC) only regulates Philippine stocks, securities, stocks brokers, and dealers. So it’s completely up to us if we choose to get involved in the forex market.
SEC released an advisory last 2018 that prohibits Filipinos to participate in the forex market, and it’s because of the rampant scams from brokers and other fraud forex entities. We can trade forex in the Philippines, but it’s our responsibility to educate ourselves about forex trading and most importantly choose a legitimate broker.
That’s all I can have for you guys on this blog post, please let me know in the comments if you still have questions. You can also add me on Telegram if you prefer to have a conversation with me.