NAGA is a well-regulated broker that caters well to beginner traders. It offers an excellent social trading platform in addition to MT4 and MT5 and a range of accounts with higher deposits linked to tighter spreads.  With a focus on social trading, NAGA’s web app allows its customers to copy the trades of top traders, who then earn a commission on each profitable trade.  The platform is easy to set up and use, and traders can access multiple technical analysis and charting tools.  NAGA’s trading costs are higher than other brokers, with spreads that start at [fxs-broker-property identifier="eur_usd_spread_smallest_account"] pips on the EUR/USD in exchange for a minimum deposit of [fxs-broker-property identifier="deposit"] USD on its lowest account tier.  Spreads tighten to 0.7 pips (EUR/USD) on its highest account tier, but this is in exchange for a minimum deposit of 90,000 USD, making it inaccessible to most traders.  

Founded in 1977 and listed on the NASDAQ, Interactive Brokers is one of the best-regulated brokers in the industry. Ideal for sophisticated, active traders, Interactive Brokers is in a league of its own with the astounding number of assets on its books and its feature-rich platforms. However, its website, complicated account structure, and unusual trading rules may leave less experienced Filipino traders reeling.  Interactive Brokers’ world-class research, trading tools, and education will leave traders of all experience levels satisfied, and consistent with its excellent reputation, Interactive Brokers’ trading costs are some of the lowest in the industry. Spreads start at 0.1 pips (EUR/USD) in exchange for a round turn commission of 4.4 USD.   However, because Filipino traders will be trading under the Interactive Brokers’ subsidiary based in Connecticut, USA, they will only be able to open a margin day trading account if they deposit more than 25,000 USD. Another complaint traders may have is that it does not offer third-party platforms like MT4 and MT5, and traders can only fund their accounts by bank transfer.

With a wide range of tradable assets and good trading conditions on four live accounts, Skilling may appeal to traders familiar with the MT4 or cTrader platforms. Skilling's commission-free Standard accounts have a minimum deposit requirement of [fxs-broker-property identifier="deposit"] [fxs-broker-property identifier="currency"] and spreads that start at [fxs-broker-property identifier="eur_usd_spread_smallest_account"] pips (EUR/USD), which is tighter than the spreads on other brokers' entry-level accounts. Spreads tighten to 0.1 pips (EUR/USD) with a commission of 6 USD (round turn), but this is in exchange for a minimum deposit requirement of 5000 USD on its Premium Accounts.  Skilling's financial instrument offering is impressive, with 73 forex pairs, 37 cryptocurrencies, over 700 share CFDs, 5 commodities, and 17 indices available for trading. MT4, cTrader, and Skilling’s proprietary trading platform are all supported, with seamless integration provided between cTrader and Skilling’s own platform – an industry first. Beginner traders will be disappointed to know that Skilling’s Forex education and market analysis are almost completely absent.