These are the Best Forex Brokers in Philippines ranked based on our Research for 2024<\/strong><\/p>\n In this article, we\u2019ll provide an overview of six of the best forex brokers in the world that provide their services to residents of the Philippines.<\/p>\n Let’s start comparing all the above-listed forex brokers one by one for better understanding.<\/p>\n XM Brokers is one of the most well-known forex and CFD brokers in the world. The broker started operating in 2009 and has served more than five million clients.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n Regulation:<\/b> XM is licensed to operate by the Financial Services Commission (FSC) of Belize. <\/p>\n The broker incorporates negative balance protection and segregation of funds for the safety of traders. <\/p>\n Due to its strong reputation and global presence, we believe XM is safe for traders residing in the Philippines. <\/p>\n Overall Fees:<\/b> The typical spread charged by XM for trading the benchmark EURUSD currency pair is around 1.7 pips. This spread is applicable when you\u2019re not being charged a commission. <\/p>\n Under the Shares account, you will be charged a commission, but the spread will be much tighter. <\/p>\n XM does not charge a deposit or withdrawal fee, but they do charge an inactivity fee.<\/p>\n If you keep an open trading position overnight, then you will be charged an overnight swap fee. <\/p>\n Overall, the fees charged by XM are quite average when compared to other similar brokers. <\/p>\n Trading Conditions:<\/b> XM offers four account types. These are the Micro, Standard, Ultra Low, and Shares accounts. The fee structure depends upon the type of account that you hold. You will also have different trading conditions under each type of account. <\/p>\n For example, if you\u2019re using the Micro account then the minimum deposit is $5, however, if you open a Shares account then the minimum deposit is $10,000.<\/p>\n XM offers a leverage of up to 1:888 to its traders. However, they do not offer any leverage to traders using the Shares account. <\/p>\n With XM, you gain access to upwards of 1000 different instruments. This includes 59 currency pairs, 5 cryptocurrencies, 1,286 stock CFDs, 8 commodities, 14 indices, gold, silver, and more. <\/p>\n With XM, you can choose between the MetaTrader 4 and MetaTrader 5 trading platforms. They do not offer any proprietary trading platforms. <\/p>\n You can deposit money into your XM trading account through bank transfer, debit card, credit card, or certain payment wallets. <\/p>\n Customer Support:<\/b> XM provides customer support through a live chat option on their website. You can also access customer support through phone call or email. <\/p>\n While writing this review, we reached out to them and received a prompt response from their executive within five minutes. We found the response to be helpful and courteous.<\/p>\n Phone support is available at all times during weekdays but is closed on weekends. <\/p>\n <\/i> XM Broker Pros<\/p>\n <\/i> XM Broker Cons<\/p>\n <\/br><\/p>\n HotForex was founded in 2010 and has become one of the world\u2019s largest retail forex and CFD brokers within the space of 12 years. <\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n Regulation:<\/b> HotForex has various group entities that are regulated by different authorities. <\/p>\n HF Markets (SV) Limited is regulated in the St. Vincent and Grenadine by the extant laws of the country. <\/p>\n Further, HF Markets Group is regulated by the Financial Conduct Authority (FCA) of the UK and holds the license number 801701. It is also regulated by the DFSA of the UAE, the FSCA of South Africa, and the FSA of the Seychelles. <\/p>\n HotForex also provides negative balance protection and segregation of funds to its traders. <\/p>\n Overall, we consider HotForex to be highly safe for traders from the Philippines. <\/p>\n Overall Fees:<\/b> HotForex charges a typical spread of 1.3 pips for trading the benchmark EURUSD currency pair. <\/p>\n If you\u2019re using the Zero Spread account, then you will be charged almost no spread and a commission per lot per trade. The commission through the Zero Spread account (when your based currency is USD) is $3 per lot for major currency pairs and $3.5 per lot for other instruments. <\/p>\n The overall fee charged by HotForex depends on the type of account you\u2019re holding, the instrument that you\u2019re trading, and the timing of your trade. Most accounts are spread only while the Zero Spread account charges a commission.<\/p>\n HotForex does not charge a deposit or withdrawal fee when transferring through most payment methods. You may still be charged by the payment service provider. <\/p>\n Trading Conditions:<\/b> HotForex offers you a choice between six different account types. These are Micro, Premium, HFCopy, Auto, PAMM, and Zero Spread. The trading conditions under each type of account differ. <\/p>\n The minimum deposit that you need to make also differs according to the type of account. For a Micro account, you need to make a minimum deposit of $5 in order to open an account.<\/p>\n HotForex offers a variety of ways in which you can make your deposit to your trading account. This includes bank transfers, wire transfers, debit card, credit card, or payment wallets like Skrill and Neteller.<\/p>\n When trading forex instruments, you can take advantage of leverage up to 1:1000. <\/p>\n HotForex offers a wide variety of trading instruments including 53 currency pairs, 5 metal CFDs, 4 energy CFDs, 54 share CFDs, and so on. They do not offer any cryptocurrency CFDs, yet. They have recently started offering ETFs and Stocks DMA as trading instruments. <\/p>\n HotForex traders can trade using either the MetaTrader 4 or the MetaTrader 5 trading platforms. They do not offer any proprietary trading platforms. <\/p>\n Customer Support:<\/b> HotForex offers customer support through a contact form on their website, live chat, phone call, or email. While they have an international toll-free number that Philippines residents can call, they do not have a dedicated phone line for the Philippines. <\/p>\n We contacted them through the live chat option and received a response within 10 minutes. Overall, we were satisfied by the response that we received. <\/p>\n The customer support is available at all times on weekdays, but not on weekends. <\/p>\n <\/i> HotForex Pros<\/p>\n <\/i> HotForex Cons<\/p>\n <\/br><\/p>\n OctaFX was founded in 2011 and has won awards for its services.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n Regulation:<\/b> OctaFX is regulated in the St. Vincent and Grenadine according to local laws under the name Octa Markets Inc. The company holds the license number 19776 IBC 2011. <\/p>\n Further, OctaFX provides negative balance protection and segregation of funds. <\/p>\n Overall, we believe OctaFX is a risky broker for traders from the Philippines. This is because it is not regulated by any tier-1 or tier-2 financial authority. <\/p>\n However, they have been included on this list due to their strong reputation and track record. <\/p>\n Overall Fees:<\/b> The typical spread for trading the benchmark EURUSD currency pair is 0.7 pips. This spread is extremely low, which makes OctaFX a very cost-effective forex broker. OctaFX also does not charge any hidden fees in the form of deposit or withdrawal fee. <\/p>\n You will be charged a swap rate if you hold an open trading position overnight. <\/p>\n Trading Conditions:<\/b> OctaFX offers two types of accounts to its traders. These are the OctaFX MT5 and OctaFX MT4 trading accounts. The two accounts differ in terms of which trading platform is available, as indicated by the name. The maximum volume also differs depending on the type of account, however, most other trading conditions remain the same. <\/p>\n OctaFX does not mandate a minimum deposit at the time of account opening. <\/p>\n They offer leverages up to 1:500, however, the maximum leverages differs in terms of which kind of trading instrument you\u2019re using. <\/p>\n OctaFX accepts deposits through local bank transfer, debit and credit cards, and certain payment wallets. They also accept cryptocurrencies as payment. <\/p>\n OctaFX offers a small range of trading instruments. These instruments are 32 currency pairs, 10 indices, 5 commodities, 5 cryptocurrencies, and so on. <\/p>\n Customer Support:<\/b> OctaFX provides excellent customer support. You can reach them through a contact form on their website or through a live chat option. <\/p>\n Unfortunately, you cannot contact them through phone call. <\/p>\n Their customer support is available at all times including weekends. <\/p>\n We contacted their team through live chat and got an instant and helpful answer. <\/p>\n <\/i> OctaFX Pros<\/p>\n <\/i> OctaFX Cons<\/p>\n <\/br><\/p>\n FBS has been in operation since 2009. The broker has a presence in more than 150 countries including the Philippines.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n Regulation:<\/b> FBS is regulated by the International Financial Services Commission of Belize. The broker is registered under the name FBS Markets Limited and holds the registration number 119717. <\/p>\n Group companies of FBS are also licensed by the CySEC of Cyprus and the ASIC of Australia. These group companies have separate websites run by separate legal entities. <\/p>\n FBS also provides negative balance protection and segregation of funds. <\/p>\n Overall, we consider FBS to be moderately risky for traders from the Philippines. FBS has been included in this list thanks to its strong track record and global clientele. <\/p>\n Overall Fees:<\/b> The typical spread for trading the benchmark EURUSD currency pair is 0.8 pips. Traders have the option of choosing between variable spread, fixed spread, and zero spread, depending on the type of account the trader holds. <\/p>\n Under the Zero Spread and ECN accounts, FBS charges a commission but minimal or no spread. <\/p>\n FBS does not charge any hidden fees in the form of deposit fee, withdrawal fee, account maintenance fee, or inactivity fee. <\/p>\n Overall, we consider the fee charged by FBS to be slightly above average, when compared to similar brokers. <\/p>\n Trading Conditions:<\/b> FBS offers a wide range of accounts with different trading conditions. These account types are called Cent, Micro, Standard, Zero Spread, ECN, and Crypto. The minimum deposit that you need to make in order to open an account is $1 but it varies depending upon the type of account. <\/p>\n FBS provides a very high level of leverage. Traders can take advantage of leverage of up to 1:3000 if they use the Micro, Standard, or Zero Spread account types. <\/p>\n FBS users can trade a decent variety of instruments including 43 currency pairs, 11 indices, 99 stocks, 6 commodities, and 30 cryptocurrencies. <\/p>\n The main advantage of FBS is that allows users to trade a wide range of cryptocurrencies and even has a dedicated account type for cryptocurrency traders. <\/p>\n The deposit options for traders from the Philippines is quite limited. Traders can only deposit funds through Visa debit or credit cards. They can also use certain payment wallets. Local bank transfer or wire transfer is unavailable. <\/p>\n Customer Support:<\/b> Traders can get in touch with FBS through a live chat option available on their website or by requesting a callback. The customer support is available at all times. <\/p>\n We contacted the support team while writing this review, and we got a prompt reply within 10 minutes. <\/p>\n FBS does not provide customer support through email and their FAQs section is quite limited. <\/p>\n <\/i> FBS Pros<\/p>\n <\/i> FBS Cons<\/p>\n <\/br><\/p>\n IC Markets was founded in 2007, and it has its headquarters in Australia.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n Regulation:<\/b> IC Markets is a highly regulated broker. Since it is headquartered in Australia, it is licensed to operate by the ASIC of Australia which is a global tier-1 financial authority. The broker is registered under the name IC Markets AU. <\/p>\n Further, IC Markets is also regulated by the FSA of the Seychelles and the CySEC of Cyprus. <\/p>\n IC Markets provides segregation of funds and negative balance protection for the safety of its traders. <\/p>\n Overall, we consider IC Markets to be safe to trade through for traders from the Philippines. <\/p>\n Overall Fees:<\/b> IC Markets charges a typical spread of 0.6 pips to trade the EURUSD currency pair, when using the Standard account. It charges a much lower typical spread of 0.2 pips when trading through the Raw Spread account. <\/p>\n IC Markets charges a commission of AUD 3.5 per lot per trade when trading through the Raw Spread account. <\/p>\n IC Markets does not charge any fee for deposits, withdrawals, account opening, or inactivity. <\/p>\n Overall, the fees charged by IC Markets is average. <\/p>\n Trading Conditions:<\/b> IC Markets charges a minimum deposit of $200 when opening an account, but the minimum deposit varies depending on the type of account you want to open. <\/p>\n IC Markets offers two types of accounts. These are the Raw Spread (with commission) and the Standard (only spread) accounts. The Raw Spread account is recommended for high volume traders because of the tight spread. <\/p>\n IC Markets provides leverage of up to 1:500. You are free to determine the amount of leverage that you want to use subject to the maximum limit.<\/p>\n You have the option of trading several instruments such as 61 currency pairs, 25 indices, 22 commodities, more than 730 stocks, 11 bonds, as well as cryptocurrencies. <\/p>\n They provide a range of deposit options such as Credit and Debit cards, PayPal, and wire transfer. You can also deposit funds through certain payment wallets, subject to their availability in the Philippines. <\/p>\n Customer Support:<\/b> IC Markets provides customer support through email, phone call, and live chat. They have an international phone number, however, charges apply. <\/p>\n We contacted them through live chat and found their response to be quick (within 5 minutes) and helpful. <\/p>\n The customer support team is available 24\/7. They also have an extensive help section where you can find answers to common questions. <\/p>\n <\/i> IC Markets Pros<\/p>\n <\/i> IC Markets Cons<\/p>\n <\/br><\/p>\n\n
Best Forex Brokers Philippines for 2024<\/h2>\n
#1 XM Broker – Overall Best Forex Brokers for the Philippines<\/h3>\n
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#2 HotForex – Best Forex Broker with Educational Materials<\/h3>\n
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#3 OctaFX – Best Low-Cost Forex Broker<\/h3>\n
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\nOctaFX does not charge any commission under any account. <\/p>\n\n
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#4 FBS – Best for Mobile Trading<\/h3>\n
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#5 IC Markets – Best for High Volume Traders<\/h3>\n
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#6 ForexTime (FXTM) – Best for Copy Trading<\/h3>\n
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