- BSP Forex Brokers Regulation
- The BSP Forex policies and regulations
- What are the best Philippines Forex brokers regulated by the BSP?
A forex broker is a financial services company that works as a middleman between traders and the foreign exchange market by executing buy or sell orders placed by their clients. Aside from forex, brokers also enable their clients to trade on other assets such as stocks, indices, commodities, metals, and cryptocurrencies.
Typically, FX brokers are international companies based abroad. But even without a Philippine-based headquarters, some forex brokers can serve Filipino clients because all transactions—from account opening to fund withdrawals—are done online. Forex brokers offer a range of services that makes trading foreign currencies easier and more affordable for their clients.
To trade currencies in the marketplace, you need to set up a trading account. A forex broker Philippines lets you do that, so you can start trading forex online. FX brokerages make forex trading platforms available to their clients for placing buy and sell orders, which brokers will execute.
The MetaTrader 4 MT4 forex trading software is widely used among traders today.
In addition to MT4 integration, some forex brokers in the Philippines also offer their own proprietary trading platform. Most forex trading sites have beginner-friendly features such as educational tools and resources to help first-timers learn the ropes of trading currencies. They also provide a free demo account that new traders can use to practice trading using virtual money without risk. For advanced traders, demo accounts enable them to test new strategies.
Some brokers also offer a copy trading feature also called social trading that allows inexperienced traders to automatically replicate the trades of successful traders. In doing so, newbies learn from the pros. Experienced traders also benefit from copy trading, as it allows them to earn more money by selling their trading signals.
BSP Forex Brokers Regulation
Traders can borrow money from their broker to buy a larger volume of currencies with a smaller capital. This forex broker service is called leverage, which is expressed in a ratio. For example, if your forex trading account is leveraged at , this means you can trade times the amount you put into your trade. Forex trading platforms provide traders with the necessary data to track and analyze the market, so they can make the best trading decision. In return for the services they provide, forex brokers in the Philippines make a profit in two ways: collecting bid-ask spreads and charging fees.
Instead, they take a cut from executed trades through spreads. A spread is the difference between the bid price and the ask price for a currency pair. The bid price is the highest price a buyer is willing to pay, while the ask price is the lowest price a seller is willing to accept.
The BSP Forex policies and regulations
Spreads are calculated in pips short for point in percentage , which is the fourth decimal point of a price. FX brokers also earn from charging different fees from clients. Here are the common forex broker Philippines fees traders may incur:. Rollovers — Also called financing fee or swap charges, this fee is charged for holding a currency position open overnight. Withdrawal fee — A minimal fee may be charged each time you withdraw funds from your forex trading account.
Here are the top-rated global brokerage companies that serve clients in the Philippines. Through a social news feed built into the forex trading site, eToro users can follow and interact with fellow traders to broaden or share their knowledge. Trading instruments: Forex, stocks, cryptocurrencies, exchange-traded funds ETFs , indices, and commodities. It performs trades fast, with Trading instruments: Forex, equities, commodities, indices, bonds, ETFs, industry sectors, cryptocurrencies, gold, and silver. XM Global [3] is a multi-awarded and highly regulated online forex broker with international licenses in five jurisdictions and serving over 3.
Forex trading is made easy with a wide range of research tools and a low minimum deposit of only five dollars. Trading instruments: Forex, stocks, indices, commodities, precious metals, and energies. Research tools: Free video tutorials, daily forex webinars, forex market research, daily technical analysis, daily FX market outlook, and daily forex trading signals.
The forex trading site features a demo account with refillable virtual funds worth USD 10, that allows for unlimited practice. This helps new traders learn forex trading at their own pace with no risk. Unlike many online forex brokers in the Philippines, IQ Option does not charge rollovers for holding positions overnight. Trading instruments: Forex, options, stocks, cryptocurrencies, ETFs, commodities, and indices. Educational tools: Fundamental and technical analysis, news feed, and economic calendars. Established in , AvaTrade [5] is one of the pioneers of CFD trading on commodities, stocks, and indices.
Today, it serves , registered users globally and executes over three million trades monthly. Trading instruments: Forex, stocks, indices, bonds, commodities, ETFs, and cryptocurrencies. Research tools: Free ebooks, articles, videos, webinars, and daily market analysis.
With 15 years of trading experience, FP Markets [6] offers consistently tight spreads from as low as 0. Account opening, deposits, and withdrawals are easy and quick.
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Trading instruments: Forex, shares, commodities, indices, cryptocurrencies, gold, and silver. With more than 10 years of forex trading experience, NordFX [7] manages over 1. Its fast trade execution of 0. NordFX offers copy trading for people who want to try passive investing. Trading instruments: Forex, stocks, basic stock indices, cryptocurrencies, oil, gold, and silver. Research tools: Videos, economic calendar, trading calculator, and in-depth live market analysis. FXTM [8] was launched in and now has more than three million clients from countries. The company offers copy trading and a wide selection of trading instruments and forex educational tools.
Trading instruments: Forex, CFDs, precious metals, commodities, stocks, and cryptocurrencies. With a number of offices in Asia, a variety of different language websites, and round the clock customer service, IG are well suited to traders from the Philippines. IG offer clients the opportunity to speculate on the direction that the underlying markets will move in through products such as contracts for difference CFDs and spread bets.
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These ensure that customers can take out short positions when markets are moving downwards, and are not restricted in their trading decisions. Their platforms can be accessed in a variety of different languages, and allow clients to trade through their web browser, without having to download additional software on to their desktop computers. Alternatively, clients can download the mobile apps. Both of these facilities were developed by IG, putting them firmly at the forefront of the industry again. AvaTrade are one of the top online brokerage services providers for traders around the world.
The company was established in and have since acquired over , customers who place in excess of 2 million trades per month. AvaTrade are suitable for customers from the Philippines, with customer services helplines available in the region in China, Hong Kong, Taiwan, Malaysia, Singapore, and Korea.
What are the best Philippines Forex brokers regulated by the BSP?
AVA Trade Ltd. One of the most attractive features of AvaTrade is the access it provides to so many markets and financial instruments. These include cryptocurrencies such as Bitcoin and Ethereum , individual company stocks, corporate and government bonds, a wide range of commodities, and many popular indices. Forex pairs can also be traded through the MetaTrader 4 platform.
Other platforms available include AvaTradeAct, which allows access to the full range of markets and has many additional advanced features to help traders. A dedicated learning platform, SharpTrader, has recently been launched by the company for its customers. The international offering is regulated and authorised by the International Financial Services Commission IFSC based in Belize, which is a center for international financial services.
Clients from the Philippines can use the international version of the website, which is in English, or select their preferred language version of the website to access the information and learning materials provided. Just some of the features that XTB offer clients include: total transparency, with access to market depth and liquidity information; a comprehensive charting package with the ability to place trades from within the charting tools; an easy to use trading platform which boasts extra fast execution speeds and many other powerful features; and access to over financial markets.
Clients from the Philippines are offered two different account types with XTB. The Standard Account offers floating spreads whereas the Pro account offers market spreads. There are other minor differences between the two accounts, including commission charges. Traders can open accounts by depositing funds from their bank account or through their ewallet accounts.