Best Forex Brokers in Philippines

Best Forex Trading Brokers in the Philippines

In the Philippines, Forex trading becomes well-known among citizens as a source to grow their income. It has a growing number of people who want to trade currencies. Forex trading has lots of benefits that make it a good investment tool. But, as with anything, it is bound to have its lapses. In this article, we will learn about the country’s current economy. And some benefits for Forex trading in the Philippines. Keep on reading to know more about forex trading in the Philippines and why it can be a good venture. Also, to find the right broker that will meet your needs.

The Philippines is a country found in Southeast Asia in the Pacific Ocean. It is an archipelago consisting of around 7,641 islands. The second-most-populous Asian country (next to India) with English as one of its official languages. Rich in resources, the Philippines has the potential to build an excellent industrial economy. At the end of the 20th century, rapid industrial growth was driven by a high degree of domestic and foreign investment. Since the Philippines relies on export and tourism, Forex trading is part of daily life for many people throughout the country. Forex trading is growing in demand, and the Philippine Peso (₱) or (PHP) is the country’s currency.

The Philippine Securities and Exchange Commission (SEC )doesn’t need a license from International Forex brokers. That is why many brokers from the Philippines are keen to give their services to the Filipino people. Forex is well-known in the country, and most of them practice it every month. The government views tourism as one of the sectors to bring more Forex events and wealth. The small population shows an interest in Forex trading. There are no well-established domestic Forex brokers in the country, but many international Forex brokers accept traders from the Philippines. Some educational companies and coaches extend the reach of the Forex market among the vibrant Philippine culture.

Why should you trade Forex in the Philippines?

Trading Forex in the Philippines can help you sustain your earnings and keep your financial situation. But this will need time, commitment, and discipline. But the long-term beneficial impact is well worth the struggle and effort. The Philippines economy continues to grow, and incomes are gradually improving. So, Forex trading will add to the overall financial condition of traders.

The Philippines is exposed to traditional Forex trading through remittances sent from family members abroad. Technological advancements make Forex trading open to everyone. Since the Forex market operates 24/5, it offers the best way to grow your profits. Almost all international Forex brokers accept Philippine traders, and you have plenty of options to choose your best Forex broker in the Philippines.

The highly liquid market and choice of currency pairs create trading chances. With leverage, you can improve your buying power and grow your profit. But keep in mind that you must use it along with risk management. Or else, you will possibly face losses. The market’s direction does not matter, as you can earn when an asset grows by buying or going long. And if it declines by selling or going short. What is vital is to be on the best side of the trade. It offers you many trading strategies to track. If you don’t have enough time to trade, you may also use automated trading solutions known as expert advisors (EAs) by MT4. Social trading is another way, along with account management services. The Forex markets offer various avenues for traders to earn money.

What stops traders from trading Forex in the Philippines?

The Forex market remains volatile and risky for new traders. So, you must know about trading before you can profit from it. Sadly, many scams are happening in the Forex market. The Philippines undergoes many of those, which aided the Philippine Securities and Exchange Commission (SEC) to begin a warning in October 2018. It names Forex trading as illegal in the country. But lately, the advisory is no longer available on the SEC website. SEC aims not to ban Forex trading but to stop the fraud against Philippine traders. If you want to know about the current status, you may get in touch with the Enforcement and Investor Protection Department (EIPD).

Forex Trading Regulations in the Philippines

The Philippine Securities and Exchange Commission (SEC) remains the only regulatory body for the domestic Forex market. SEC does not require international brokers to have a license with them to accept traders from the Philippines. But the rules and regulations change as the country tries to reign in fraud. To check, you can contact the Enforcement and Investor Protection Department (EIPD). Also, you can report scams and fraud attempts.

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How to Verify SEC Authorization?

The SEC does not keep a list of authorized Forex brokers. Traders can contact them via e-mail or phone or check their website.

Forex Trading Strategies

You can make money from trading forex if you have an effective strategy to perform in your trading plan. The key to your success consists of having the best trading strategy. Get the best training from one of the many free courses online, Forex trading Philippines guide, or from your broker. Funding your account will be easy, but you need to choose one trading strategy to meet your trading style. Find one that fits your being if you do not have one yet.

Below are five Forex trading strategies you can consider:

Scalping – requires raw spreads, along with a commission cost, as you will trade high volumes on short timeframes to take a few pips. Choose a Forex broker with a reward program for high-frequency traders. It will lower your trading costs and grow your earnings.

Day Trading

You never hold overnight trades and will close all your positions during the day. While you are asleep, it lessens swap charges and destroys the risk of sudden growth. Trading decisions will base on technical analysis. You will need a Forex broker with a wide asset choice for diversification reasons.

News Trading

After an economic release, it profits from the volatility following quickly. You will need a Forex broker with a grand technological infrastructure to bypass slippage, which often brings volatility spikes. great

Swing Trading

Along with the candlestick pattern, momentum indicators form the backbone of this strategy. You may trade a few assets and hold positions overnight. But when you exit, you will also enter a trade in the reverse direction to seize the reversal. Swing traders often take constant trades in range-bounce assets.

Trend Trading

It is for long-term traders who catch the trend. You trade in well-established trends, analyzing the assets daily, and pay attention to fundamental developments.

Types of Forex Markets in the Philippines

As a trader, you have to know many types of Forex markets in the Philippines.

Below are three types of Forex markets:

Spot Forex Market – applies to the physical exchange of currency pairs on the spot at the given market price. Forex trading in the Philippines happens using spot rates. Forex brokers also allow access to spot rates for CFD trading.

Forward Forex Market – Both buyer and seller agree to exchange money at a set price at the forward rates.

Futures Forex Market – It is almost the same as the Forward Forex Market, but the contracts are legally binding. The buyer and seller must change the number of currencies at the named price.

Conclusion – Forex Trading in Philippines

Forex trading in the Philippines offers some benefits, but traders must be cautious. There are lots of scams in the forex market. Some have great marketing campaigns to promote their titles. They hunt for new traders to lure them out of hard-earned money. Keep in mind to use your common sense. Learn the key concepts, how forex trading works, and how you can gain and lose money from trading. There are helpful educational courses that are free of charge. You may also find a Forex trading Philippine guide for free. All the material is ready without extra costs. It is vital as this will set the basis for your learning. It will help you know markets and the ins and outs of forex trading. Keep in mind to check the latest update of Forex trading in the Philippines by the SEC. Get in touch with the Enforcement and Investor Protection Department (EIPD). Almost all international Forex brokers accept Filipino traders. Open an account with one of the top Forex brokers in the Philippines once you feel ready. Make a small deposit, and keep learning until you gain constant profit. You can form a deposit plan, and grow your portfolio through monthly deposits and trading income. Also, slowly start on your path to being a successful Forex trader. Now that you know more about forex trading in the Philippines, you can choose if investing in this market is right for you.