75-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website you agree to our Terms of Service.

EditorEditor: Alison HeyerdahlUpdated: Apr 8, 2024
AuthorAuthor: Chris Cammack

Last Updated On Apr 8, 2024

Chris Cammack

No single Forex broker is the best option for all traders. For this reason, we have chosen the best brokers that we think will appeal to a wide variety of traders. Rather than just choosing the “best broker in the Philippines,” we have selected the best brokers for traders with different tastes in trading platforms and with different budgets and priorities.

These are the best Forex brokers in Philippines for 2024, according to our testing and our research.

  • Exness - Best Trading Account Conditions for Beginners
  • IC Markets - Best ECN Broker for Beginners
  • XM - Filipino Broker with the Lowest Spreads
  • Pepperstone - Best ECN Trading Execution
  • AvaTrade - Best Mobile Trading Experience
  • HFM - Highest Leverage for Market Execution
  • FBS - Lowest Minimum Deposits
  • Eightcap - Best Broker for Filipino Traders
  • Axi - Best ECN broker on MT4
  • Fusion Markets - Low Trading Fees and Great Range of Trading Platforms

Leading Forex Brokers With The Best Platforms

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Broker
Broker Score
Official Site
Min. Deposit
Max. Leverage
Cost of Trading
Platforms
Beginner Friendly
Regulators
Compare
Exness
4.32 /5
Read Review
Visit Broker >
71.67% of retail CFD accounts lose money
USD 3
Unlimited:1
USD 7
Exness Terminal
Standard
FSCA Regulated Forex Brokers
The Seychelles Financial Services Authority
Capital Markets Authority
British Virgin Islands Financial Services Commission
Financial Services Commission
Jordan Securities Commission
IC Markets
4.46 /5
Read Review
Visit Broker >
70.81% of retail CFD accounts lose money
USD 200
30:1
USD 8
TradingView
Excellent
CySEC Regulated Brokers
The Seychelles Financial Services Authority
Securities Commission of the Bahamas
XM
4.45 /5
Read Review
Visit Broker >
75.33% of retail CFD accounts lose money
USD 5
1000:1
USD 6
Excellent
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
Dubai Financial Services Authority
International Financial Services Commission
FSCA Regulated Forex Brokers
Pepperstone
4.61 /5
Read Review
Visit Broker >
75.3% of retail CFD accounts lose money
USD 0
30:1
USD 10
TradingView
Excellent
FCA Regulated Brokers
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
Dubai Financial Services Authority
Bundesanstalt für Finanzdienstleistungsaufsicht
Securities Commission of the Bahamas
Capital Markets Authority
AvaTrade
4.59 /5
Read Review
Visit Broker >
76% of retail CFD accounts lose money
USD 100
30:1
USD 9
Avatrade Social
AvaOptions
Excellent
ASIC Regulated Forex Brokers
FSCA Regulated Forex Brokers
CySEC Regulated Brokers
Financial Services Agency
Central Bank of Ireland
Financial Regulatory Services Authority
Israel Securities Authority
HFM (HotForex)
4.53 /5
Read Review
Visit Broker >
72.90% of retail CFD accounts lose money
USD 0
2000:1
USD 10
HFM Trading App
Excellent
CySEC Regulated Brokers
FCA Regulated Brokers
FSCA Regulated Forex Brokers
Dubai Financial Services Authority
Financial Services Commission
The Seychelles Financial Services Authority
FBS
4.33 /5
Read Review
Visit Broker >
69.21% of retail CFD accounts lose money
USD 5
3000:1
USD 7
FBS App
Excellent
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
International Financial Services Commission
Eightcap
4.53 /5
Read Review
Visit Broker >
N/A of retail CFD accounts lose money
AUD 100
500:1
USD 10
TradingView
Excellent
ASIC Regulated Forex Brokers
Securities Commission of the Bahamas
FCA Regulated Brokers
CySEC Regulated Brokers
Axi
4.44 /5
Read Review
Visit Broker >
75.6% of retail CFD accounts lose money
USD 0
500:1
USD 10
Excellent
FCA Regulated Brokers
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
Financial Markets Authority of New Zealand
Dubai Financial Services Authority
Financial Services Authority – St. Vincent & the Grenadines
Fusion Markets
4.41 /5
Read Review
Visit Broker >
89% of retail CFD accounts lose money
AUD 0
30:1
USD 4.50
TradingView
Excellent
ASIC Regulated Forex Brokers
Vanuatu
Tickmill
4.58 /5
Read Review
Visit Broker >
70% of retail CFD accounts lose money
USD 100
500:1
USD 6
Excellent
CySEC Regulated Brokers
FCA Regulated Brokers
FSCA Regulated Forex Brokers
The Seychelles Financial Services Authority
Dubai Financial Services Authority

How We Determine Who is Best

To test each Forex broker’s trading platform, we opened an account, set up the trading software, read through the educational material, and deposited and traded 20 000 PHP of our money. We also created all kinds of trouble for the customer service teams and tested how long it took to withdraw our money. In our test we investigated:

Broker Regulation: Regulators keep an eye on Forex brokers to make sure they’re behaving legally and ethically. Some regulators, such as ASIC, the FCA, and CySEC, are better at keeping brokers honest than others.

Broker Trading Conditions and Costs: Forex brokers should charge traders as little as possible. Spreads should be narrow and minimum deposits should be low. Trading execution should be lightning-fast and with little or no intervention. Forex brokers should also publish their spreads, execution policy, and a list of all CFD assets available. 

Broker Education and Analysis: Brokers should offer beginner traders a coherent and well-structured trading course alongside a demo account. Brokers should supply detailed market analysis to highlight trading opportunities and provide a complete learning experience.

Broker Trading Platform: Brokers will have their own trading platform or provide support for a third-party platform, such as MT4, MT5, or cTrader. Some brokers will do both. Most Forex traders generally have a platform preference, so brokers with multiple platforms are more likely to have the platform a trader wants to use.


Others Also Visit

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Exness
4.32 /5
Read Review
Visit
IC Markets
4.46 /5
Read Review
Visit
XM
4.45 /5
Read Review
Visit
Pepperstone
4.61 /5
Read Review
Visit
AvaTrade
4.59 /5
Read Review
Visit

Exness – Best Trading Account Conditions for Beginners

Broker Score
4.324.32 / 5
🏦  Min. DepositUSD 3
🛡️  Regulated By
💵  Trading Cost 
USD 7
⚖️  Max. LeverageUnlimited:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Founded in Russia in 2008, Exness Group has over 200,000 clients worldwide and offers trading on 100+ Forex pairs, a small range of cryptocurrencies, 70+ stock CFDs, indices and commodities. Exness has nine account types on the MT4 and MT5 platforms – many more than most brokers.  The Standard Cent Account is aimed at beginners who want low fees and a low minimum deposit with a 1 USD minimum deposit, micro-lots unlocked, and spreads as low as 0.3 pips. The only disadvantages to this account are that traders will only be able to trade currency and metals and MT5 is not supported. 

EXNESS FEATURES

  • Nine accounts on the MT4 and MT5 trading platforms
  • ECN Accounts for experienced traders with raw spreads and 7 USD commission
  • Automated instant withdrawal system, with free withdrawals to e-wallets.
  • 24/7 customer service
Pros
  • Highly competitive spreads and low trading costs (7 USD per lot).
  • Extensive selection of trading instruments and over 100 Forex pairs
  • User-friendly trading platforms: MT4 MT5 and Exness Terminal.
  • Minimum deposit requirement of only 3 USD
  • Offers copy trading options
Cons
  • Extreme leverage
  • Limited range of share CFDs
AlertAccepts Filipino Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage Unlimited:1. Islamic account available. MT4 & MT5 platforms supported. Exness is regulated by CySEC, FCA, and the FSC.

IC Markets – Best ECN Broker for Beginners

Broker Score
4.464.46 / 5
🏦  Min. DepositUSD 200
🛡️  Regulated By
💵  Trading Cost 
USD 8
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Who IC Markets is for: IC Markets is for beginner traders looking for an ECN broker with low fees, great educational content, and 24/7 customer support.

Why we like IC Markets: IC Markets provides one of the most welcoming environments for beginner traders looking for an ECN broker. It’s not just the low trading fees, IC Markets also offers an archive of structured course material and expert-led webinars. Beginners can also take advantage of IC Markets’ excellent 24/7 technical support. Trading fees are lowest on IC Markets’ two Raw Spread Accounts, with variable spreads averaging 0.1 pips on the EUR/USD. Being Raw Spread accounts, they both have a small commission per trade. IC Markets also has a Standard Account with no commission, but spreads start at 1 pip, meaning trading costs are near the industry average. Another major selling point for IC Markets is the range of trading platforms, with MT4, MT5, and cTrader all supported. IC Markets pricing relies on 25 different liquidity providers, ensuring that trading fees remain low.

IC Markets drawbacks: While beginners will enjoy the low trading costs, IC Markets’ minimum deposit is higher than some other ECN brokers at 200 USD. And while the educational content here is of fantastic quality, traders will find better market analysis elsewhere.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Great platform choice
Cons
  • High minimum deposit
  • Limited market analysis
AlertAccepts Filipino Clients. Average spread EUR/USD 0.10 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC, ASIC, and the FSA.

XM – Filipino Broker with the Lowest Spreads

Broker Score
4.454.45 / 5
🏦  Min. DepositUSD 5
🛡️  Regulated By
💵  Trading Cost 
USD 6
⚖️  Max. Leverage1000:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Founded in 2009, XM is one of the most well-regulated brokers in the Forex industry and offers CFD trading on Forex, stock CFDs, commodities, equities, precious metals, energies, and shares. XM are well known for its low trading fees, wide account choice, execution speed and a wide range of CFD assets available on both the MT4 and MT5 platforms. Hedging, scalping and algorithmic trading are all permitted.

XM FEATURES

  • Both MT4 and the MT5 trading platforms are supported
  • The XM Ultra-Low account: A minimum deposit of 50 USD and spreads start at 0.6 pips with no commission.
  • All accounts have a no-requotes execution policy and 99.35% of XM orders are executed in less than one second.
Pros
  • Well regulated
  • Excellent education
  • Free deposits and withdrawals
Cons
  • Limited platform choice
AlertAccepts Filipino Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the Belize FSC.

Pepperstone – Best ECN Trading Execution

Broker Score
4.614.61 / 5
🏦  Min. DepositUSD 0
🛡️  Regulated By
💵  Trading Cost 
USD 10
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Pepperstone is the leading Australian ECN/STP Forex broker. Most trades on Pepperstone have execution in less than 30ms, which is ideal for scalpers and clients who run expert advisors. Both accounts offer market execution with some of the tightest spreads in the industry – the Razor Account has spreads from 0 pips for the EUR/USD and 7 USD commission. Furthermore, Pepperstone supports all three major trading platforms – MT4, MT5 and cTrader.

Pepperstone’s award-winning, 24-hour support provides the foundation for its excellent customer service, where personalised assistance is available via several methods. For beginners interested in ECN trading, Pepperstone’s also has one of the better education sections offered by a market execution broker.

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets
Cons
  • Limited market analysis
AlertAccepts Filipino Clients. Average spread EUR/USD 1.00 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, CySEC, SCB, CMA, BaFin and the DFSA.

AvaTrade – Best Mobile Trading Experience

Broker Score
4.594.59 / 5
🏦  Min. DepositUSD 100
🛡️  Regulated By
💵  Trading Cost 
USD 9
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Who AvaTrade is for: Traders who want a good all-round broker with low costs, free withdrawals and a well-designed mobile trading app.

Why we like AvaTrade: AvaTrade’s biggest selling points are free deposits and withdrawals to local bank accounts and low trading fees, with Forex spreads starting at 0.9 pips on the EUR/USD. While AvaTrade’s minimum deposit of 100 USD isn’t the lowest you can find, it’s still low enough for most beginners. Traders on the move will like AvaTrade’s well-designed mobile app, AvaTradeGO, with its smart risk management tools and direct connection to AvaSocial, AvaTrade’s popular social trading system. Another highlight is the 20 cryptocurrency pairs available to trade at AvaTrade, more than most other brokers in Philippines. Cryptocurrency traders will also appreciate the dedicated 24/7 crypto trading customer support. It’s no secret that share CFDs are also very popular right now, and AvaTrade has that sector covered too, with 625 share CFDs to trade, including famous tech stocks like Google, Apple, and Amazon.

AvaTrade’s drawbacks: As we noted above AvaTrade has low trading fees, but they are not the lowest available in Philippines – some brokers have spreads down to 0.6 or 0.7 pips on the EUR/USD. And it’s possible to find much lower minimum deposits, all the way down to 3 USD in some cases. But most serious beginners will want a deposit of 100 USD or more and AvaTrade’s strength lies in its all-around excellence.

Pros
  • Top-tier regulation and security with licenses from ASIC and CBI among others
  • Accessible trading with a low minimum deposit of 100 USD
  • Award-winning mobile trading with the AvaTradeGO app with social trading features
  • Wide range of assets including unique instruments like vanilla options
  • Educational material to support trader development and strategy enhancement
Cons
  • Market analysis could be more extensive
  • Avatrade is a Market Maker and operate a dealing desk which might not align with all trading preferences
AlertAccepts Filipino Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.

HotForex – Highest Leverage for Market Execution

Broker Score
4.534.53 / 5
🏦  Min. DepositUSD 0
🛡️  Regulated By
💵  Trading Cost 
USD 10
⚖️  Max. Leverage2000:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Founded in 2009 and headquartered in Cyprus, HotForex is the global brand name of HF Markets Group. Regulated by the FCA, CySEC and the FSCA, HotForex provides trading on Forex, commodities, indices, shares, bonds, and ETFs – though it recently stopped offering crypto CFDs. With No-Dealing Desk STP execution for all trades, client’s trades are posted directly to the market, and leverage is available up to 1000:1 on the Micro Account where the minimum deposit is 0 USD.

HOTFOREX FEATURES

  • FCA regulation in the UK.
  • Tight spreads, starting at 1.00 pip on the Micro Account.
  • Detailed market analysis for beginners and professionals, including daily market news, trade analysis, and outlooks.
  • Customer support available 24/5 
Pros
  • Low minimum deposit
  • Tight spreads
  • Well regulated
  • Good range of accounts
Cons
  • Limited base currencies
AlertAccepts Filipino Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 2000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.

FBS – Lowest Minimum Deposits 

Broker Score
4.334.33 / 5
🏦  Min. DepositUSD 5
🛡️  Regulated By
💵  Trading Cost 
USD 7
⚖️  Max. Leverage3000:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

With very low minimum deposits, very high leverage, two low-risk accounts for beginners, ECN accounts for experienced traders, and excellent education and market analysis, FBS has something for all types of traders, making it the best broker in the Philippines. While beginners will probably focus on the three low-deposit accounts, FBS also has two ECN accounts with raw spreads and low commissions for more experienced traders. Minimum deposits are low on most of FBS’ accounts, the one exception being the ECN Account which requires 1000 USD. But the Cent Account has a minimum deposit of 1 USD, the Micro Account is 5 USD, and the Standard Account is 100 USD. And trading fees for these accounts are good too, with Cent Account and Standard Account spreads starting at 0.8 pips on the EUR/USD.

All Forex trading is leveraged trading where traders borrow money from their broker to increase the size of their trades, and most brokers offer a maximum leverage of 500:1. But FBS offers leverage of 3000:1 on three of their five account types. While this increases risk for traders, it can also greatly increase profitability. FBS also has 100 cryptocurrency pairs to trade at leverage of 5:1. Cryptocurrencies available include Bitcoin, Ethereum, Litecoin, Dogecoin and Ripple – and many of the less common crypto coins too. FBS is also one of the better brokers in terms of education and market analysis. The education section is comprehensive and well-structured, and market analysis is up-to-date and well-explained. FBS’ customer service is available 24/7, this is unusual as most brokers only offer 24/5 customer service.  24/7 customer support is especially helpful for beginner traders who want to set up trading accounts on weekends.  

Pros
  • Tight spreads
  • Low minimum deposit
  • Excellent education
  • Excellent market analysis
Cons
  • Limited range of assets
  • Extreme leverage
AlertAccepts Filipino Clients. Spreads start at 0.70 pips on the EUR/USD on the trading account with lowest minimum deposit. Max leverage 3000:1. Islamic account available. MT4 & MT5 platforms supported. FBS is regulated by ASIC, CySEC, and the FSC.

Eightcap –  Best Broker for Filipino Traders

Broker Score
4.534.53 / 5
🏦  Min. DepositAUD 100
🛡️  Regulated By
💵  Trading Cost 
USD 10
⚖️  Max. Leverage500:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Eightcap is regulated by the world’s top regulators, including the FCA, ASIC, and CySEC, and stands out for its competitive trading conditions and wide range of financial instruments. It also offers three low-cost accounts: the Standard Account, Raw Account, and TradingView Account. All accounts have low minimum deposit requirements of 100 USD. The Standard and TradingView Accounts are commission-free with spreads of 1 pip (EUR/USD), while the Raw Account boasts extremely tight spreads – of 0 pips on major currency pairs with a 7 USD commission.

Eightcap offers a diverse range of financial instruments. They have over 55 currency pairs, 660 share CFDs, 11 indices, 14 commodities, and a whopping 100 cryptocurrency pairs. Their cryptocurrency offering is notably one of the largest sets in the industry. Eightcap provides support for both MT4, MT5, and TradingView, the most popular and reliable trading platforms in the Forex industry. These platforms are known for their advanced charting tools, algorithmic trading capabilities, and customizability. It also offers unique trading tools like Capitalise.ai, which lets traders create automated trading strategies without coding knowledge, and ForexVPS for traders who deposit 1,000 USD.

Overall, Eightcap’s offerings, from its diverse financial instruments to its robust platform support, make it a compelling choice for Filipino traders looking for a reliable and competitive broker.

Pros
  • Great platform choice
  • Excellent education
Cons
  • Limited demo account
  • No swap-free account option
AlertAccepts Filipino clients. Average spread EUR/USD 1.00 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Eightcap Markets is regulated by ASIC, the FCA, CySEC, and the SCB.

Axi – Best ECN broker on MT4

Broker Score
4.444.44 / 5
🏦  Min. DepositUSD 0
🛡️  Regulated By
💵  Trading Cost 
USD 10
⚖️  Max. Leverage500:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Founded in Australia in 2007, Axi is an ECN broker offering trading on Forex, metals, commodities, cryptocurrencies, and indices – a smaller group of assets than most brokers but with a good selection of 70+ Forex pairs. Axi only provides support for the MT4 trading platform, but with the MT4 NexGen plugin it has the best ECN MT4 trading experience. The MT4 NexGen plugin includes an advanced sentiment indicator, a correlation trader, a more intuitive terminal window, and an automated trade journal.

AXI FEATURES

  • ECN trading conditions, 20 liquidity providers so less slippage and requotes
  • Pro Account with spreads starting at 0 pips and 7 USD per lot commission
  • Max Leverage of 1:500
  • Trading tools include Autochartist, Pysquation (an AI trade diagnostic) and VPS hosting
Pros
  • Low minimum deposit
  • Tight spreads
  • Innovative trading tools
Cons
  • MT4 only
  • Limited range of assets
AlertAccepts Filipino Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Axi Group is regulated by the FCA, ASIC and the DFSA.

Fusion Markets – Low Trading Fees and Great Range of Trading Platforms

Broker Score
4.414.41 / 5
🏦  Min. DepositAUD 0
🛡️  Regulated By
💵  Trading Cost 
USD 4.50
⚖️  Max. Leverage30:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Established in 2017, Fusion Markets stands out as a top broker for traders seeking low trading costs, a great choice of trading platforms, and excellent trading tools. With two affordable accounts on MT4, MT5, and the cTrader platform, Fusion Markets’ Zero Account has spreads that start at 0 pips on EUR/USD with a small commission of just 4.5 USD (round turn) – one of the lowest in the industry. 

Beyond the competitive pricing, Fusion offers 24/7 support, instant free withdrawals, and top-tier market analysis tools. Regular traders even benefit from free VPS hosting. However, a drawback is the lack of educational resources, forcing beginners to self-educate elsewhere. 

Pros
  • Low minimum deposits
  • Tight spreads
  • Excellent market analysis
Cons
  • No in-house platform
  • No education
AlertAccepts Filipino Clients. Average spread EUR/USD 0 pips with 0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5, cTrader platforms supported. Fusion Markets is regulated by ASIC, FSA (Seychelles), & VFSC.

What is the Foreign exchange market?

The foreign exchange market, also known as the forex (or even more simply, the FX market), is the largest financial market in the world. Every day, trillions of pounds of global currencies are traded in what are called “pairs”, i.e. the exchange of one currency for another, such as pounds for dollars, euros for Japanese yen, etc. These transactions are carried out five days a week, 24 hours a day around the globe and determine the value of every currency on the planet second by second, based on supply and demand. So, if the pound is in demand, its value against, for example, the dollar will rise and vice versa.

Given its scale and breadth, forex trading is easily accessible by individual investors, who can open an account with a few hundred pounds and begin trading immediately. But it is easy to lose money, especially if you are a beginner. Trading successfully requires effort, discipline and a determination to learn as much as you can about the market before you start. You also need to understand the regulations governing the market, the costs of trading and which brokers to use. Most importantly, you should understand the risks and disadvantages before deciding whether forex trading is for you.

Why does the forex market exist?

There are many reasons why people trade currencies. Filipino companies may need to buy dollars to pay for American imports, or they may need euros to pay for the acquisition of a company based in Europe. Central banks, such as the Bank of England, can intervene in FX markets, buying and selling currency to manipulate its value for reasons of economic policy. Speculators also drive a very large part of the market, trading with the aim of generating a profit.

Large financial institutions, multinational corporations and hedge funds dominate the forex market, which reached a value of US$6.6 trillion per day in April 2019, according to the latest statistics.[i] That size means it is a hugely liquid market, i.e. it is very easy to buy and sell currencies because there are so many buyers and sellers in the market for most currencies.

Market drivers

The Philippine peso is a free-floating currency. In other words, the value of the peso in the FX markets is determined by supply and demand. This is the case for the currencies of most advanced economies. By contrast, some currencies, such as the Chinese renminbi (RMB), have a fixed exchange rate. The Chinese authorities determine the value of the RMB against the dollar and keep the link until they decide to alter the exchange rate. Clearly, there is no potential for individual traders to profit from trading currencies with a fixed exchange rate.

However, the value of a floating currency, such as the peso, constantly moves up and down against other currencies. Often these movements are relatively small, so the peso may begin the trading day at 58.50 pesos to the dollar and end a little higher or lower, or even back at its opening level. But dramatic economic or political news can spark much greater volatility. For example, the peso fell by around 30% at the start of the Covid pandemic, back in March 2020. Fearing a prolonged period of economic uncertainty, traders sold the peso as quickly as possible.

Why is forex trading popular in the Philippines?

Forex trading is the largest and most easily accessible market in the world. The costs involved are relatively low compared with other markets, there are lots of brokers to choose from, and it is relatively easy to understand how you can trade the market. There are many freely floating currencies, and since they can all be traded against each other, there are a huge number of currency pairs to trade in. A vast amount of information is available to would-be traders, ranging from how to get started to outlining potentially profitable trading strategies.

Economic developments are also a key influence. New data suggesting the Filipino economy is growing slower than anticipated might spark concerns that Bangko Sentral ng Pilipinas (BSP) could lower interest rates to stimulate growth. Lower interest rates reduce the appeal of holding a currency since you are getting less return on your money. That outlook consequently dampens demand for the peso, and its value falls. Similarly, if the Filipino economic outlook brightens and traders anticipate SBP will raise interest rates, they will buy the peso, increasing its value against other currencies.

That is why FX traders follow economic, financial, and political news so closely, looking for any hint of information that could sway the value of currencies. They are hoping to react before other traders spot the development. Or they may take bets on a likely development, believing they have some insight that other traders lack.

Is Forex Trading Legal in the Philippines

Philippines is an interesting case for retail Forex traders as there are several laws relating to Forex trading that make it difficult to trade in the country.

If you’re based in the Philippines, you should know that the Philippines’ Securities and Exchange Commission (SEC) has taken a rather firm stance against forex trading due to reports of fraud and heavy losses by retail traders. In fact, the SEC has issued 2 advisories in recent years stating forex trading is illegal to discourage private individuals from trading currencies and local brokers from engaging in the forex business. 

Forex trading is a high-risk venture, and institutional traders can lose money on their trades, and the BSP could stand to lose a significant amount of PHP through this process. To counteract this outflow of pesos, the BSP would be forced to purchase USD by overselling the PHP, leading to a devaluation of the PHP.

In effect, the BSP prohibits Forex trading to protect the PHP from unintended weakness against global currencies.

Although online Forex trading is effectively outlawed, traders from the Philippines can trade with offshore brokers, such as those listed above.

The disadvantages of forex trading

Forex trading requires a considerable commitment. It takes time to learn how to trade profitably, and when you start to trade you may have to spend many hours per day on your computer screen following and researching what is happening in the market – and why – in preparation for your trading day. When that day is finished, you will need to analyse what happened and why your trading activities succeeded or failed, so that you can apply the lessons learnt to the next day’s trading. There could be days when you lose money and it is easy to become disheartened. There is certainly no guarantee of success. FX trading can be risky and you can lose money or you may find that it is simply not something you like or have the temperament for. You have to be patient, for example, waiting for opportunities to arise, and the market can experience bouts of extreme volatility that you may find highly stressful.

FX trading scams

Filipino consumers are increasingly being targeted “by unauthorised forex trading and brokerage firms offering the chance to trade in foreign exchange” and other financial instruments. These firms promise “very high returns and guaranteed profits, either through a managed account where the firm makes trades on the investor’s behalf or by trading using the firm’s trading platform.”

Many scam firms claim to be authorised by reputable international regulators, like the FCA from the UK. They may even clone the details of firms that are registered with the FCA but give their own phone number, address and website details, “sometimes claiming that a firm’s contact details on the Register are out of date,” according to the FCA.

That is why it is so important to check that a firm really is authorised, scrutinising all their details carefully with the register. If you have any doubts about a firm, contact the regulator directly

What you will need to open a Forex trading account in the Philippines

As strange as it may seem, Forex CFD trading is growing incredibly fast across the Philippines, despite being effectively outlawed.

If you are considering starting to trade Forex from the Philippines, there are two precautions that you may want to take to avoid any possible repercussions from your bank or the government.

  1. Use an e-Wallet such as Skrill: With an e-wallet, you can avoid the Filipino banking sector entirely.
  2. Use a VPN for Trading: If you are concerned that your Forex trading activity may be monitored, then use a Virtual Private Network (VPN) provider to route your activity through an anonymous portal. 

While the Filipino government frowns on Forex CFD trading, the laws are not enforced strictly, and with these methods, you should avoid any issues. 

In addition to taking these precautions, Forex brokers will also require your proof of identity and proof of residence before allowing you to open an account. Some brokers may also want to verify your financial literacy before allowing you to trade Forex – this may take the form of a simple questionnaire and it’s important to pay attention to the outcome of this test. If your financial literacy is weak, you should not be trading Forex – it is a high-risk venture even for those with many years of experience.

It is also important to remember that Forex brokers will only let you withdraw via the same method as your original deposit, so make sure that you are willing to pay the withdrawal fees associated with your deposit method.

Comparing forex brokers in the Philippines

A forex broker provides traders with a platform that gives them access to the FX market and allows them to buy and sell currencies. Opening an account is simple and can be done online. You will be asked to provide proof of identity and a deposit.

Using an offshore broker – the pros and cons

You can open an account with an offshore broker, i.e. a company based outside the Philippines or Asia.

There are advantages and disadvantages to using an offshore broker.  The disadvantages include the fact that if you use a broker registered in another country, it will be subject to the regulations of that country and it may not be as well supervised as a well-regulated firm. If things go wrong and your broker is registered in a country thousands of miles from Philippines, it might be difficult to gain legal redress.

There are things you should consider whether you use a broker based offshore. These include:

  • The trading experience – is the trading platform easy to use, what kind of support do they offer, and are there tools that can help with research, etc.?
  • Trading costs and transparency – can vary widely from broker to broker. Some charge a fixed commission regardless of how much you trade, while others charge a fee based on trading volume (the higher the volume, the greater the commission). Other brokers don’t charge a commission but instead charge a spread fee. The spread is the difference between the price the broker quotes you for buying a currency and its price for selling it. This is effectively the fee your broker charges you to trade. (For example, imagine the US dollar is trading at 1.40 to the pound, and you decide to buy some dollars. The broker may quote you a price of 1.4002, so you have been charged two pips – “percentage in point” or “price interest point” – for your trade. The pip is thus $0.0001 for US dollar-related currency pairs.) It is also important to be aware of the hidden fees some brokers charge, such as inactivity fees, monthly or quarterly minimums, and fees associated with calling a broker on the phone.
  • Customer service – you can trade anytime over 24 hours five days a week, so do they offer 24 support during trading hours? Is help available instantaneously online or via the phone, or do you have to wait for long? You can check by calling the broker at different times of the day before signing up.
  • The size of the minimum deposit. This can vary from just £1 to £300, although you can open an account with most brokers for around £100.

How to Compare Forex Brokers in the Philippines

Though Forex brokers might appear to be similar, they are quite different once you dig a little deeper, and account conditions will vary for Filipino residents. These are some of the most common questions traders will have when comparing Forex brokers.

Forex Brokers for Beginners

Forex Broker Fees and Trading Costs: 

Other Trading Options

Forex Broker Regulation

Forex Broker Customer Support:

Forex Trading Platforms:

Do I Need a Broker to Trade Forex?

Yes, you will need a broker to trade Forex. Connecting traders to the Forex market is an expensive and technically complex business. Choosing a regulated Forex broker with low costs and a history of treating its clients fairly is important. 

Which is the Best Broker in the Philippines?

The best broker in the Philippines is IG Markets. The world’s largest CFD broker by revenue, IG Markets is also publicly listed and a member of the FTSE 250. Forex trading at IG Markets is commission-free, and with spreads starting at 0.6 pips on the EUR/USD, IG has some of the cheapest trading costs in the industry. IG also has the most CFDs to trade worldwide, including commodities, indices, 16,000+ shares and ETFs, options, interest rates, and bonds. Negative balance protection is provided to all clients, and all funds are kept in segregated accounts.

Which is the Best Broker for Beginners?

IG Markets is also the best broker for beginners in the Philippines. IG Markets has some of the lowest fees in the industry, with spreads starting at 0.6 pips on the EUR/USD. IG Markets’ has no required minimum deposit for bank transfers, and traders can access 17,000+ CFDs, including Forex, indices, commodities, and shares. Beginners will also appreciate IG Markets’ world-class educational and market analysis section.

Other good options for a reliable, internationally regulated broker for beginners are:

Scroll for more detailsPreviousNext
Broker
Broker Score
Beginner Friendly
Regulators
Beginner Course
Experienced Course
Webinars
Printable Ebook
Unlimited Demo
Support Hours
Min. Deposit
Compare
IG
4.69 /5
Read Review
Excellent
FCA Regulated Brokers
ASIC Regulated Forex Brokers
Dubai Financial Services Authority
Commodity Futures Trading Association
Bundesanstalt für Finanzdienstleistungsaufsicht
Bermuda Monetary Authority
24/5
USD 0
Markets.com
4.68 /5
Read Review
Excellent
FCA Regulated Brokers
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
FSCA Regulated Forex Brokers
British Virgin Islands Financial Services Commission
24/5
USD 100
Forex.com
4.62 /5
Read Review
Excellent
FCA Regulated Brokers
ASIC Regulated Forex Brokers
Monetary Authority of Singapore
CySEC Regulated Brokers
Cayman Islands Monetary Authority
24/5
USD 100
AvaTrade
4.59 /5
Read Review
Excellent
ASIC Regulated Forex Brokers
FSCA Regulated Forex Brokers
CySEC Regulated Brokers
Financial Services Agency
Central Bank of Ireland
Financial Regulatory Services Authority
24/5
USD 100
Tickmill
4.58 /5
Read Review
Excellent
CySEC Regulated Brokers
FCA Regulated Brokers
FSCA Regulated Forex Brokers
The Seychelles Financial Services Authority
Dubai Financial Services Authority
24/5
USD 100

Which Broker has the Best Demo Trading Account?

Capital.com is also the best broker for demo trading in the Philippines. Capital.com’s demo account never expires and is available on both MT4 and Capital.com’s own web-based trading platforms (also available on iOS and Android). Capital.com’s platform offers in-depth financial analysis with over 75 technical indicators, multiple trading chart types, and extensive drawing tools.  It also allows traders to toggle in and out of up to six tabs while keeping an eye on all charts and instruments. All 4000+ of Capital.com’s CFDs are available through its demo account.

Other brokers with strong international regulation and great demo accounts include:

Scroll for more detailsPreviousNext
Broker
Broker Score
Unlimited Demo
International Regulators
Beginner Friendly
Beginner Course
Experienced Course
Beginner Videos
Advanced Videos
Webinars
No. of FX Pairs
Compare
IG
4.69 /5
Read Review
FCA Regulated Brokers
ASIC Regulated Forex Brokers
Dubai Financial Services Authority
Commodity Futures Trading Association
Bundesanstalt für Finanzdienstleistungsaufsicht
Bermuda Monetary Authority
Excellent
80
Markets.com
4.68 /5
Read Review
FCA Regulated Brokers
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
FSCA Regulated Forex Brokers
British Virgin Islands Financial Services Commission
Excellent
56
Tickmill
4.58 /5
Read Review
CySEC Regulated Brokers
FCA Regulated Brokers
FSCA Regulated Forex Brokers
The Seychelles Financial Services Authority
Dubai Financial Services Authority
Excellent
62
Tickmill
4.58 /5
Read Review
CySEC Regulated Brokers
FCA Regulated Brokers
FSCA Regulated Forex Brokers
The Seychelles Financial Services Authority
Dubai Financial Services Authority
Excellent
62
Eightcap
4.53 /5
Read Review
ASIC Regulated Forex Brokers
Securities Commission of the Bahamas
FCA Regulated Brokers
CySEC Regulated Brokers
Excellent
55

Are Forex brokers in the Philippines reliable?

Yes, Forex brokers in the Philippines are reliable and trustworthy. However, the most reliable brokers are regulated by tier 1 international regulators and have a history of treating traders fairly. If you are unsure about the reliability of your Forex broker, you can check our list of brokers to avoid.

How do I Choose a Forex Broker?

When choosing a Forex broker, there are three things to consider:

  1. Regulation: Make sure you choose a broker regulated by the FCA or one of the other major regulators like CySEC (Europe) or ASIC (Australia). Regulated brokers have better security and will treat their traders fairly
  2. Cost: Look for a broker with a low minimum deposit and low fees. Broker fees will include the spread, commission, deposit, and withdrawal fees. 
  3. Education: If you’re a beginner, you want a good educational content broker. All of the brokers on our Best Brokers for Beginners page have high-quality education for beginners.

How do Forex Brokers Make Money?

Some brokers (called market makers) only make money from the spread – the difference between the buying and selling price of the currency pair. These brokers will be the counterparty to any trade, so they make money when clients lose trades. 

Other brokers (called ECNs) have tight spreads but make money from commissions, which are charged every time a trade is opened or closed. This type of broker makes money whether a client wins or loses.

Which Broker has the Lowest Fees?

Tickmill is the broker with the lowest fees, with the total trading cost on its Pro Account equalling 0.4 pips on the EUR/USD; this includes a 0 pip minimum spread and a round turn commission of 4 USD per 100,000 traded. 

Other brokers with low trading costs are:

Scroll for more detailsPreviousNext
Broker
Broker Score
Cost of Trading
Regulators
Min. Deposit
Max. Leverage
EUR/USD
USD/JPY
GBP/USD
Account Types
Trading Commission
Compare
Fusion Markets
4.41 /5
Read Review
USD 4.50
ASIC Regulated Forex Brokers
Vanuatu
AUD 0
30:1
0 pips
0 pips
0 pips
ECN/DMA
4.5 AUD / lot (EUR/USD)
IG
4.69 /5
Read Review
USD 6
ASIC Regulated Forex Brokers
Commodity Futures Trading Association
Bundesanstalt für Finanzdienstleistungsaufsicht
Bermuda Monetary Authority
USD 0
30:1
0.85 pips
0.94 pips
1.40 pips
Market Maker
Fees Included in Spread
Tickmill
4.58 /5
Read Review
USD 6
CySEC Regulated Brokers
FCA Regulated Brokers
FSCA Regulated Forex Brokers
Dubai Financial Services Authority
USD 100
30:1
0.10 pips
0.10 pips
0.30 pips
STP
6 USD/lot
Tickmill
4.58 /5
Read Review
USD 6
CySEC Regulated Brokers
FCA Regulated Brokers
FSCA Regulated Forex Brokers
Dubai Financial Services Authority
USD 100
30:1
0.10 pips
0.10 pips
0.30 pips
STP
6 USD/lot
HF Markets
4.45 /5
Read Review
USD 6
CySEC Regulated Brokers
FCA Regulated Brokers
Dubai Financial Services Authority
Financial Services Commission
USD 0
30:1
1.30 pips
1.90 pips
1.80 pips
Market Maker
6 USD / lot - ZERO Spread Account

Broker fees are split into trading costs, which are the total of the spread and commission, and non-trading fees, such as deposit and withdrawal fees. 

The spread is the difference between the buy and sell price of a Forex pair and is measured in pips; the smaller or “tighter” the spread, the less money you spend when you make a trade. The commission is charged by some brokers every time a trade is opened or closed. 

How do I make a Deposit with a Broker?

Making a deposit with a broker is a simple process. Once you have signed up and opened a live account, you will be given a few options. Most brokers in the Philippines will accept local bank transfers, credit cards, online payment solutions like Paypal, and eWallets like Neteller and Skrill. Bank transfers usually take 1-2 days to process and may have a fee attached, but all other deposit methods are usually instant and free. 

How do I make a Withdrawal from a Broker?

To make a withdrawal from a broker, you must have enough money in your trading account after deducting the margin needed to keep any trades open. Once you know how much you can withdraw, you can request a withdrawal via your account dashboard. To prevent money laundering, brokers in the Philippines will only allow you to withdraw the same amount as your initial deposit back to your credit card or eWallet. Anything more than this will have to be withdrawn to a bank account in your name. 

Which Broker has the Lowest Minimum Deposit?

Pepperstone is the leading regulated broker with the lowest minimum deposit. While Pepperstone recommends opening an account with at least £200, it recently waived deposit requirements entirely. In addition, Pepperstone charges no inactivity fees for dormant accounts, charges low withdrawal fees, and has some of the lowest trading fees in the industry.

Other regulated brokers in the Philippines with low minimum deposits are:

Scroll for more detailsPreviousNext
Broker
Broker Score
Min. Deposit
Regulators
Max. Leverage (Forex)
Cost of Trading
EUR/USD
USD/JPY
GBP/USD
Compare
IG
4.69 /5
Read Review
USD 0
ASIC Regulated Forex Brokers
Commodity Futures Trading Association
Bundesanstalt für Finanzdienstleistungsaufsicht
Bermuda Monetary Authority
30:1
USD 6
0.85 pips
0.94 pips
1.40 pips
Pepperstone
4.61 /5
Read Review
USD 0
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
Bundesanstalt für Finanzdienstleistungsaufsicht
Capital Markets Authority
30:1
USD 10
0.10 pips
0.30 pips
0.40 pips
HFM (HotForex)
4.53 /5
Read Review
USD 0
CySEC Regulated Brokers
FCA Regulated Brokers
Dubai Financial Services Authority
Financial Services Commission
2000:1
USD 10
0.10 pips
0.30 pips
0.50 pips
XTB
4.49 /5
Read Review
USD 0
CySEC Regulated Brokers
FCA Regulated Brokers
International Financial Services Commission
Komisja Nadzoru Finansowego
30:1
USD 7
0.70 pips
1.40 pips
2.20 pips
HF Markets
4.45 /5
Read Review
USD 0
CySEC Regulated Brokers
FCA Regulated Brokers
Dubai Financial Services Authority
Financial Services Commission
30:1
USD 6
1.30 pips
1.90 pips
1.80 pips

With most brokers, larger deposits usually unlock lower trading costs and other perks. What level of minimum deposit you are comfortable with depends on your financial situation.  

How do I Calculate Trading Costs?

When trading Forex, the total trading cost is the spread on the currency pair you are trading, plus any commission your broker may charge. If you keep a trade open overnight, you will also be charged a rollover (or “swap”) fee, which will be deducted automatically from your account. Major pairs, such as the EUR/USD or USD/JPY have tighter spreads and are cheaper to trade.

Which Broker Has the Most CFDs?

IG Markets is the broker with the most CFDs to trade. IG Markets offers trading on over 17,000 instruments, including Forex, indices, share CFDs, commodities, cryptocurrencies, digital 100s, options, ETFs, bonds, and interest rates.

Brokers with the widest range of instruments to trade are:

Scroll for more detailsPreviousNext
Broker
Broker Score
Total # CFDs
# FX Pairs
Regulators
Min. Deposit
Max. Leverage (Forex)
Cost of Trading
Trading Commission
Compare
BlackBull Markets
4.28 /5
Read Review
26115
70
Financial Markets Authority of New Zealand
The Seychelles Financial Services Authority
USD 0
500:1
USD 8
Fees Included in Spread
MultiBank
4.33 /5
Read Review
20108
50
ASIC Regulated Forex Brokers
Bundesanstalt für Finanzdienstleistungsaufsicht
British Virgin Islands Financial Services Commission
Cayman Islands Monetary Authority
USD 50
500:1
USD 15
3 USD / lot
IG
4.69 /5
Read Review
19295
80
ASIC Regulated Forex Brokers
Commodity Futures Trading Association
Bundesanstalt für Finanzdienstleistungsaufsicht
Bermuda Monetary Authority
USD 0
30:1
USD 6
Fees Included in Spread
FP Markets
4.40 /5
Read Review
10162
70
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
Financial Services Commission
Capital Markets Authority
AUD 100
30:1
USD 6
6 USD / lot - RAW Accounts
FIBO Group
3.60 /5
Read Review
8071
43
CySEC Regulated Brokers
Bundesanstalt für Finanzdienstleistungsaufsicht
British Virgin Islands Financial Services Commission
Financial Services Commission
USD 0
1000:1
USD 6
6 USD / lot

Which Broker has the Most Currency Pairs?

Swissquote is the Broker with the most currency pairs, with over 130 currency crosses to trade. As part of a larger banking group, Swissquote is very well-regulated and one of the world’s most secure brokers. Swissquote targets professional traders, and minimum deposits are high, starting at 1000 USD on its entry-level account.

Other Forex brokers with a larger than usual selection of currency pairs to trade are:

Scroll for more detailsPreviousNext
Broker
Broker Score
Forex Pairs
Crypto Pairs
International Regulators
Min. Deposit
Max. Forex Leverage
Cost of Trading
EUR/USD
USD/JPY
GBP/USD
Compare
Exness
4.32 /5
Read Review
100
34
FSCA Regulated Forex Brokers
Capital Markets Authority
British Virgin Islands Financial Services Commission
Financial Services Commission
USD 3
Unlimited:1
USD 7
0 pips
0 pips
0.10 pips
Forex.com
4.62 /5
Read Review
91
8
FCA Regulated Brokers
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
Cayman Islands Monetary Authority
USD 100
200:1
USD 7
0.70 pips
1.40 pips
1.10 pips
Pepperstone
4.61 /5
Read Review
90
30
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
Bundesanstalt für Finanzdienstleistungsaufsicht
Capital Markets Authority
USD 0
30:1
USD 10
0.10 pips
0.30 pips
0.40 pips
Swissquote
4.00 /5
Read Review
84
12
FCA Regulated Brokers
Bundesanstalt für Finanzdienstleistungsaufsicht
Finansinspektionen
Dubai Financial Services Authority
USD 1000
100:1
USD 13
1.30 pips
1.60 pips
2.00 pips
Admirals
4.28 /5
Read Review
82
42
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
FCA Regulated Brokers
Capital Markets Authority
USD 25
30:1
USD 8
0.10 pips
0.30 pips
0.60 pips

Which Broker is the Best for Professional Traders?

Pepperstone is the best broker for professional traders. An ECN broker with extensive liquidity streams, Pepperstone supports all three major trading platforms (MT4, MT5 and cTrader) and has some of the tightest spreads in the industry (0.09 pips EUR/USD spread on its Razor Account). 

Commissions are low and there are no minimum deposit requirements. Commissions can be further reduced by becoming a member of Pepperstone’s Active Trader Program. The Active Trader Program has a number of other advantages for high-volume traders, including a free VPS service and priority customer support.

What are Managed Forex Trading Accounts?

Some brokers will operate a managed account for you, but this is rare. There are independent money managers who can manage your account while they are trading for themselves. It is vital that you read our article on managed accounts and understand the minimum deposit requirements and additional risks involved when trading CFDs.

How do I Know if a Forex Broker is Regulated?

All regulated brokers must display their licence number and the authority they received it from on their website. These licence numbers can be easily verified on the regulatory authority’s website. Some scam brokers will use similar names to legitimate businesses, so make sure the name of the licence holder on the regulator’s website matches the broker’s details. More details here on how to verify broker regulation.

 

How Can I Report Scam brokers?

If you believe your broker has scammed you, the first thing to do is warn others and tell your story.  This can be done by contacting the regulator directly, but we also have a report a scam broker form which we use to gather information to get the word out.  If you have been scammed, please complete the form.

Which Broker has the Best Customer Support in the Philippines?

FP Markets is the regulated broker with the best customer service. FP Markets customer support has won 22 awards since the company was founded in Australia in 2005. Available 24/7 (0800-1600 on weekends) via live chat, email, telephone, and call-back service in over 12 languages, FP Markets’ customer support is knowledgable, responsive and can assist traders with all aspects of CFD trading, from setting up accounts to navigating its platforms, plus any other technical queries.

Which Forex Broker has the Best Platform?

Marketsx is a trading platform from Markets.com. Traders can use the Marketsx platform to trade over 2,200 financial instruments. The platform also offers advanced charting, making it easier to spot trends and identify new trading opportunities. Marketsx also allows traders to use five types of indicators once, overlay multiple assets, or compare up to eight instruments side-by-side. Marketsx is available on mobile devices and via the markets.com website. 

Which is the Best Platform for Forex?

Currently, MetaTrader 4 (MT4) is the best platform for trading Forex. MT4 has been around since 2005 but is supported by most Forex brokers and used by millions of traders worldwide. MT4 is resource-efficient, fast, and can run on older hardware without any issue. It’s also fully customisable and can handle multiple trading accounts from different brokers with a single installation.

MT4 is particularly valued for its automated trading facilities. Traders can create or buy algorithmic trading robots and install them on their version of MT4 to automate trading or assist in decision-making. It’s also possible to copy other traders through the MT4 trading signals facility. 

Forex Risk Disclaimer

Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. Forex and CFD transactions involve high risk due to the following factors: Leverage, market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection. Traders should not deposit any money that is not considered disposable income. Regardless of how much research you have done or how confident you are in your trade, there is always a substantial risk of loss. (Learn more about these risks from the UK’s regulator, the FCA, or the Australian regulator, ASIC).

Our Rating & Review Methodology

Our State of the Market Report and Directory of CFD Brokers to Avoid are the result of extensive research on over 180 Forex brokers. These resources help traders find the best Forex brokers – and steer them away from the worst ones. These resources have been compiled using over 200 data points on each broker and over 3000 hours of research. Our team conducts all research independently: Testing brokers, gathering information from broker representatives and sifting through legal documents. Learn more about how we rank brokers.

Editorial Team

 

Chris Cammack
Head of Content

Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.

 

Alison Heyerdahl
Senior Financial Writer

Alison joined the team as a writer in 2021. She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers, and she now has over eight years experience in research and content development. She has tested and reviewed 100+ brokers and has a great understanding of the Forex trading world.

 

Ida Hermansen
Financial Writer

Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.

 

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