Please note that eToro no longer offers services to Filipino residents.  This review is for informational purposes only. Founded in 2007, eToro is an ASIC, FCA, and CySEC-regulated CFD broker offering multi-instrument trading on Forex, stocks, commodities, cryptocurrencies, ETFs, and indices. Having created the first social trading system, it remains the largest social trading broker in the market.  Its unique bespoke web trader platform offers full support for eToro’s CopyTrader, and CopyPortfolios, social trading systems at the core of eToro’s offerings.  eToro offers a single commission-free live account with a minimum deposit requirement of 50 USD and spreads starting at 1.0 pips on the EUR/USD, which is wider than other well-regulated market makers.   Unlike other brokers, eToro also charges high withdrawal and currency conversion fees, affecting the profitability of trading. Lastly, eToro provides a relatively limited selection of educational and market analysis compared to other large international brokers and only offers support for its proprietary platform.  Additionally, its trader community is often let down by non-responsive customer support.

Traders from Philippines can only open an account with KhweziTrade if they have a South African bank account in their name. Founded in 2013, Khwezi Trade is an FSCA-regulated local broker with low deposit ZAR accounts, fast trade execution and is renowned for its customer-focused approach to traders. KwheziTrade will particularly appeal to traders looking for an MT4 broker with personalised customer support. Khwezi Trade’s entry-level account accommodates beginner traders with a minimum deposit of 500 ZAR, spreads averaging at 1.4 pips on the EUR/USD, which is slightly wider than other brokers, but with no commissions. Its other three accounts offer very competitive spreads which will appeal to more experienced traders with higher minimum deposits. All accounts come with a personal account manager, which benefits both beginners just getting started and experienced traders looking for flexibility in their trading conditions.  Khwezi Trade’s CFD assets outside of their Forex offering are limited compared to other brokers, with only 11 indices, and 7 commodities available restricting traders who wish to diversify their trading strategy. Although Khwezi Trade only offers support for MT4, beginners have access to an adequate selection of educational materials, including webinars and various training videos to get their trading careers underway.

HFM (formerly known as HotForex) is a well-known international broker with a strong presence in the Philippines. It has excellent regulation and customer support, and has a range of accounts to suit both beginners and more experienced traders. HFM offers four standard accounts and two specialised copy trading accounts, but the Cent Account stands out with no minimum deposit and reasonable trading fees. We were also pleased to find that HFM has recently reintroduced cryptocurrency trading, no doubt because of the popularity of the asset. This is alongside an excellent range of trading instruments, including over 950 other international stocks. HFM supports the MT4 and MT5 platforms in addition to its own mobile HF App, which allows clients to trade from charts and make deposits and withdrawals. It also has several excellent trading tools to assist traders further. Unfortunately, access to tools such as Autochartist, which other brokers offer as a free service, requires an account balance of 100 USD.

One of our highest-rated brokers for Filipino traders, Pepperstone was founded in Australia in 2010 and is globally renowned for its low trading costs and choice of trading platforms. Pepperstone keeps costs low with some of the tightest spreads we've seen, starting from [fxs-broker-property identifier="eur_usd_spread_smallest_account"] pips (EUR/USD) on its Standard Account. For those who prefer classic ECN trading, the Razor Account has low commissions and spreads, averaging just 0.1o pips on the EUR/USD. Neither account has a required minimum deposit. Islamic accounts are also available for Filipino residents. Despite the low costs, we are disappointed with Pepperstone's complicated commission structure. But more experienced traders will appreciate Pepperstone’s trading platform options, including MT4, MT5, and cTrader, which integrates seamlessly with the TradingView tool. All are available on desktop and mobile devices. Pepperstone’s education section is not the most extensive we’ve seen, but it is competent and well-structured, making it a good place to start for beginner traders. 

XM has some of the lowest fees in the industry, provides excellent research and education, and has a beginner-friendly trading app. With a large customer base and a good reputation, XM will be a good option for most Filipino traders. It has an outstanding range of trading tools and offers traders generous bonuses and incentives. It also has one of the best copy trading services in the industry.  XM offers four trading accounts, three of which have a minimum deposit of 5 USD and have no commissions for Forex trading. The highlight is the commission-free Ultra Low Account with spreads that start at 0.6 pips (EUR/USD). The main drawback is that Filipino clients will be trading through XM’s company in Belize, which has poor regulatory oversight.