Best BSP Regulated Forex Brokers For Philippines Traders

Best and Trusted Forex Brokers in Philippines Regulated BSPThe Asian forex market is among the busiest markets in forex. Asian countries such as Indonesia, Singapore, Japan, and Malaysia have established themselves as big names in the forex space over a number of years. In the Philipines, however, forex trading hasn’t taken as big a hold as its Asian counterparts. That could be good news for investors looking to venture into the unexplored market.

Since it offers a wide range of opportunities for new brokers and even more potential investors, forex trading in the Philippines could be tricky to set up. If you find trusted forex brokers in the Philipines, you could be in peak position to make substantial financial gains from the underserved territory. Here’s how to choose trusted forex brokers in the Philippines:

  • Regulatory bodies

For its profitability, the forex business is a prime target for rogue brokers who would like to take advantage of new entrants. Fortunately, forex brokerage firms in the Philippines are regulated by Bangko Sentral ng Pilipinas (BSP). The BSP is the Central Bank of Philipines. As one of the most highly recognized financial institutions in Asia, it is responsible for maintaining financial market oversight in the Philippines.

Trusted Forex Brokers in the Philippines are required to adhere to the standards imposed on them by the BSP. Overall, the BSP was established with the key mandate of ensuring that the Filipino finance industry maintains a good business practice, fairness, and accountability. Its policies are geared towards providing fair competition and sustainable growth. The business environment resulting from sound economic policies is sure to attract more investors.

BSP does not have regulations aimed strictly at forex traders. Instead, it regulates all kinds of foreign exchange. This could be because the bank itself is a young institution and so is forex as a business opportunity in the Philippines.

If you intend to find trusted forex brokers in the Philippines, you should know that the BSP has put in place a policy known as Know Your Customer. Due to the massive amounts of withdrawals in forex, BSP requires that brokers confirm the identity of the people trading with them. As an investor trading with a BSP-regulated broker, you will be required to provide some sensitive documents. However, it is always safe to trade with a regulated forex broker for maximum consumer protection.

  • Trading Platforms

An investor’s next best tool is the trading platform on which they ply their trade. Trusted forex brokers in the Philippines should be able to provide you with a stable and responsive trading platform. This platform should be user-friendly enough even for beginner investors who would first like to initiate themselves into the trade.

An excellent trading platform should provide you with real-time charts and analytical tools that help you make profitable trades. The ideal platform should offer current news as news has the power to change the profitability of open positions. Most trading platforms offer demo accounts that help you learn the ropes before venturing into live trading.

Most importantly, a trusted forex broker in the Philippines offers a transparent deposit and withdrawal method that ensures that you can access your profits and maintain control over deposits.

Most brokers use popular platforms such as MetaTrader 4 (MT4) or MetaTrader 5 (MT5). However, others will have their own tailor-made platforms that offer additional and specific benefits to the trader.

  • Choice of commission and spreads

Commission based transactions take a large chunk of your profits as a trader. Fortunately, trusted forex brokers in the Philippines do not rely on commissions for their earnings as they operate using spreads. A spread is a difference between the buy and the sell or what the market calls bid and ask price. One of the reasons why brokers use spreads as their take-home is because spreads are often fixed.

Other brokers will have variable spreads. Major currency pairs such as the Dollar-Pound pair have spreads of between 0.1-0.8. On crosses (currency pairs that don’t include the dollar), the spread will be between 2 and 5.

Recommended Low Spread Forex Brokers

BrokerInfoBonusOpen Account
OCTAFX forex broker Min Deposit: $5
Spread: From 0.2 Pips
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xm best forex broker Min Deposit: $5
Spread: From 0 Pips
Leverage: 888:1 “*This leverage does not apply to all the entities of XM group.”
Regulation: ASIC, CySEC, IFSC Belize
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exness forex broker review Min Deposit: $1
Spread: From 0 Pips
Leverage: 2000:1
Regulation: FCA UK, CySEC, FSP, BaFin, CRFIN
35% of the account DepositVisit Broker Gain Capital review USA Min Deposit: $100
Spread: Starting 0 Pips
Leverage: up to 400:1
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FXOpen ECN Broker Min Deposit: $300
Spread: floating, from 0 pips
Leverage: 500:1
Regulation: FCA UK reference number 579202
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Pepperstone review best forex broker in Australia Min Deposit: $200
Spread: Starting 0 Pips
Leverage: 500:1
Regulation: ASIC Australia, FCA UK
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OANDA Logo USA Min Deposit: no minimum deposit
Spread: 1.2 pips
Leverage: 50:1
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etoro best forex broker USA Min Deposit: $200
Spread: From 3 Pips
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City Index forex broker Min Deposit: $100
Spread: Starting 0 Pips
Leverage: up to 500:1
Regulation: FCA UK, ASIC Australia, MAS Singapore
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These spreads typically stay in that range unless disturbed by major events. However, after the events, they normalize.

  • Accounts

When choosing a trusted forex broker in the Philippines, it is important to consider the types of accounts that a broker offers. These are live accounts on which traders use their deposits to make real-time trades. Unlike a demo account, your money as the investor is at stake.

Micro accounts will allow you to trade with as little as $50. However, micro accounts are at high risk of losing all the capital.

Operating mini accounts is possible with any amount between $1000 and $5000. With this kind of account, your mini lot becomes $10,000, and a pip is priced at $1.

Standard account
Standard accounts have a starting balance of $5000 up to $10, 000. In a standard account, pips are worth $10. The gains of these types of accounts could be high, but the potential for loss is also high. In some cases, forex brokers will operate what’s known as a managed account. In one kind of managed account, the pooled funds accounts, a broker can manage a mutual fund, and each trader gets a share according to their risk tolerance.

  • Customer Service

A trusted forex broker will have responsive customer service. This is because customer support largely determines how fast access issues are resolved. A good forex broker’s customer service is easily accessible across multiple platforms, provides adequate support, and in some cases, even assign specific case agents if a trader experiences a recurrent issue. If the customer service is below par, you might want to explore other forex broker options.

  • Extras

Some forex traders will offer a range of special offers to their investors to gain a competitive edge. Some of these extras include educational tools, market recaps, custom analytical tools and in some cases, live expert advice. Depending on the account type, some brokers will give traders exclusive account benefits that range from free transfers to exclusive market tips.

Before settling on a trusted forex trader in the Philippines, be sure to hold extensive consultations with them and seek clarity on as many issues as possible. This way, you will be able to know the kind of broker that you are dealing with.

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