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Alison Heyerdahl is the Head of Content at FxScouts and a financial writer with extensive experience in Forex trading, broker analysis, and market research. She has reviewed 100+ brokers, publishes weekly YouTube trading videos, and co-hosts the “Let’s Talk Forex” podcast to help traders make informed, safe decisions.
Alison Heyerdahl is the Head of Content at FxScouts and a financial writer with extensive experience in Forex trading, broker analysis, and market research. She has reviewed 100+ brokers, publishes weekly YouTube trading videos, and co-hosts the “Let’s Talk Forex” podcast to help traders make informed, safe decisions.
Chris Cammack is the Partner Manager and a financial writer at FxScouts. Chris builds and maintains our relationships with our partners to provide our users with the best Forex trading experience.
If you’re new to Forex trading, it can be difficult to know where to start. The Forex market is complex, and the amount of information available can be overwhelming, especially when you’re trying to choose a trustworthy broker and learn the basics at the same time.
Our goal is to give traders the best start to their Forex trading careers by recommending only the best beginner brokers in the Philippines. These brokers all share the same essential qualities. They all have:
Trusted. Transparent. Tested.
For over a decade, we’ve set the standard in forex broker reviews—collecting thousands of data points yearly to deliver unbiased, expert-backed insights.
Skip the trial and error! Below, you’ll find the best forex brokers in the Philippines for 2025—thoroughly tested, verified, and ranked, so you can trade with confidence.
You can either use the arrow button or swipe on mobile
Broker | Official Site | Unlimited Demo | Support Hours | Trading Cost Total trading cost at the time of last update, for 1 lot of EUR/USD using the account with the lowest minimum deposit. Includes spread and commission. | Regulated | Website Language: English | Support Language: English | Compare | ||
|---|---|---|---|---|---|---|---|---|---|---|
 | USD 200 | No | 24/7 | USD 8 |     | Yes | Yes | |||
 | USD 5 | No | 24/5 | USD 6 |    | Yes | Yes | |||
 | USD 3 | No | 24/7 | USD 7 |     | Yes | Yes | |||
 | USD 10 | Yes | 24/5 | USD 17 |  | Yes | Yes | |||
 | AUD 100 | Yes | 24/5 | USD 6 | | Yes | Yes | |||
 | USD 100 | No | 24/5 | USD 9 |    | Yes | Yes | |||
 | USD 0 | No | 24/7 | USD 10 |   | Yes | Yes | |||
 | USD 5 | Yes | 24/7 | USD 7 | | Yes | Yes | |||
 | USD 0 | No | 24/5 | USD 7 |  | Yes | Yes | |||
 | AUD 0 | Yes | 24/7 | USD 4.50 |  | Yes | Yes |
Select another broker to another broker to compare features, fees, and platforms side by side.
Find Your Ideal Forex Broker
0.1 pips
CMA, FSA-Seychelles, SCB, CySEC
USD 200
TradingView, cTrader, MT5, MT4
30:1
IC Markets offers spreads as low as 0.0 pips with $3.5 commission per lot — ideal for beginners who want to learn scalping or day trading effectively.
Beginners can practice for as long as needed without restrictions, a great way to simulate live trading environments safely.
Traders can explore all major platforms and gradually learn more advanced tools like Depth of Market (DOM) via cTrader.
Though geared toward intermediate users, IC Markets' webinars and video tutorials are useful for beginners who want to go deep.
IC Markets does not offer any welcome bonuses, which may be a hurdle for Filipinos looking to start with minimal capital.
Beginners might find the variety of platforms and features overwhelming without a guided start.
IC Markets | Best for: Filipino beginners who want raw spreads and deep liquidity for smooth learning
FxScouts
YouTube
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0.6 pips
DFSA, FSC, ASIC, CySEC
USD 5
MT5, MT4
30:1
Allows new users to start trading live without any financial risk upfront — one of the few brokers offering this in the Philippines.
Perfect for cautious learners — lets you test real trading with very little capital.
Designed for true beginners, their webinars include basic MT4 training, risk management, and market outlooks.
Responsive support team that understands Filipino client needs and banking channels.
MT4 and MT5 users must rely on third-party signals or manual strategies.
Excellent for beginners, but intermediate traders may find fewer advanced tools and guidance.
XM | Best for: Beginners in the Philippines looking for guided learning, low deposits, and a strong bonus structure
FxScouts
YouTube
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0.1 pips
JSC, CMA, FSA-Seychelles, FSC, B.V.I FSC, FSCA
USD 3
Exness Terminal, MT5, MT4
Unlimited:1
Traders can start with any amount, ideal for cautious beginners exploring the market slowly.
Enables high-risk learning environments for advanced beginners who want to scale with small capital.
24/7 automated withdrawals to GCash or Philippine banks — no manual request delays.
Beginners can copy vetted strategies without needing to analyze charts themselves.
Requires at least 10 positions closed and 5 lots traded — not beginner-ready out of the box.
Unlike XM, there's no initial capital boost to test live trading without risk.
Exness | Best for: Filipino beginners looking for high leverage, no deposit limits, and instant withdrawal
FxScouts
YouTube
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0.7 pips
FRSA, FSA-Seychelles, CySEC
USD 10
NAGA Web App, MT5, MT4
1000:1
Allows users to see, comment on, and automatically copy top traders’ moves in real-time.
Perfect for users who are new to charts but familiar with apps like Instagram or TikTok.
Only pay a commission when the copied trader earns a profit — aligns incentives transparently.
Beginners can test strategies and copying functions in a sandbox environment.
Most training is Europe-focused; may require additional third-party learning.
Some Philippine users report longer processing times (up to 24 hours).
NAGA | Best for: Beginners in the Philippines who prefer social trading and a TikTok-style feed of trades
FxScouts
YouTube
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0.0 pips
CMA, FSA-Seychelles, FSC, FSCA, ASIC, CySEC
AUD 100
TradingView, cTrader, MT5, MT4
30:1
FP Markets offers structured training articles, glossary terms, and PDF eBooks for absolute beginners.
Helps new traders avoid overpaying in hidden costs — ideal for micro-accounts and small trades.
Live chat often resolves issues within 2–5 minutes, a great plus for less tech-savvy users.
Copy trading is available only via integrations — not beginner-friendly without setup.
Higher than other beginner brokers like XM or FBS; may deter users on tighter budgets.
FP Markets | Best for: Filipino beginners looking for step-by-step educational guidance with low-cost execution
FxScouts
YouTube
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Getting started in Forex trading can be challenging, but with the right approach, you can navigate the market effectively. This section will outline the basic steps to help you begin, from finding a Forex broker to demo trading and risk management.
Online Forex trading can only be done via a Forex broker. Because most of the currency traded globally comes from large institutions like banks that don’t deal with retail clients, Forex brokers facilitate the trades between these institutions and retail traders. Forex brokers provide retail traders with access to the foreign exchange market, often using leverage, allowing them to control large positions with small deposits. Brokers may either take the opposite side of the trade (market maker) or route trades to liquidity providers (ECN/STP), rather than buying and holding large currency positions themselves. Brokers also provide the software – called a trading platform – which connects the trader to the virtual network of computers that forms the Forex market.
Demo accounts are a crucial tool for any beginner in the forex market. These accounts allow new traders to practice trading with virtual money, providing a risk-free environment to understand how trading works. They offer real-time market data, enabling traders to familiarise themselves with different trading platforms, implement different strategies, and understand trading operations like placing orders and setting stop losses. Beginner traders should always start with a demo account before transitioning to a live trading account.
Risk management is a key component of successful forex trading. It involves recognising potential risks and taking steps to mitigate them. This includes setting stop-loss orders to limit potential losses, using leverage wisely to avoid significant losses, and never investing more money than you can afford to lose. Diversification, trading only a small portion of your capital, and not getting emotionally attached to trades are vital risk management strategies. Remember, the goal is not to win every trade but to manage your risk so you can stay in the game for the long term.
Understanding and following market trends is essential in forex trading. Trends give traders an idea of the direction in which the market is moving. Traders can use various technical analysis tools to identify trends, such as moving averages and trend lines. Following market trends and combining this strategy with other trading techniques can increase the likelihood of making successful trades. Additionally, staying updated with global news and economic indicators can provide insights into potential market trends. It’s important to note that trends can change quickly, so traders should be adaptable and ready to respond accordingly.
Forex trading requires constant learning to stay abreast of changing market conditions. This can be achieved by attending webinars and seminars, enrolling in online courses, listening to podcasts, and staying updated with financial news. Traders should also learn technical analysis, charting, and the use of trading indicators. Practising different strategies and learning from their success or failure is also essential.
At FxScouts, we’ve spent over a decade reviewing forex brokers globally, including those that operate in Africa. We know what matters to beginner Filipino traders: safety, simplicity, low trading fees, trading education, and local support. These are the factors you need to consider to choose the best broker for your trading needs:
For beginner Forex traders in the Philippines, regulation is the most important factor when choosing a broker. A well-regulated broker ensures that your funds are protected, trading conditions are fair, and you have recourse through proper dispute resolution mechanisms.
Although online Forex trading is effectively outlawed by the Securities and Exchange Commission (SEC), traders from the Philippines can trade with offshore brokers. We recommend choosing brokers regulated by top-tier global authorities such as:
For beginner traders in the Philippines, understanding how much it costs to trade is just as important as choosing the best broker. The best Forex brokers are transparent about their fees, offer low-cost trading, and allow you to deposit and withdraw funds easily using local payment methods. Forex trading fees generally include:
Spreads – The difference between the buy (bid) and sell (ask) price of a currency pair. Tight spreads mean lower trading costs.
Commissions – A fixed fee charged per lot traded, common with ECN or raw spread accounts.
Some brokers may also charge overnight swap fees, inactivity fees, or conversion fees if your account currency differs from your deposit currency.
The combination of spreads and commissions makes up your total trading cost per trade, so it’s important to compare brokers carefully. For more information on trading costs, check out these resources:
While most brokers offer accounts denominated in USD or EUR, this can create extra costs for Filipono traders. Unfortunately, only some brokers offer PHP trading accounts, so if you fund your account in Philippine pes, your deposits might be automatically converted into another currency. This can lead to:
If a broker does not offer PHP accounts, look for those that accept local currency deposits and offer multi-currency wallets, or low conversion charges.
Look for the following payment methods:
Avoid brokers that only offer offshore wire transfers or support via overseas call centers – delays and misunderstandings are more likely.
Your trading platform is your primary interface with the Forex market. As a beginner, we recommend a platform that is:
Top trading platforms for beginner Filipino traders include:
One of the best ways to learn trading is to start with a demo account and study the market before you invest real money.
We have found that the best brokers offer:
As a beginner, it’s essential to have responsive and reliable customer support, whether you need help placing your first trade, verifying your account, or resolving a platform error.
What to look for in customer support:
The FAQ section offers tips for choosing the best Forex brokers for beginners, including advice on selecting a broker and the costs involved in trading.
Forex trading involves buying and selling currencies on the foreign exchange market to profit from fluctuations in exchange rates. The Forex market is the biggest financial market in the world, with over 6.6 trillion USD traded daily. It operates 24 hours a day, 5 days a week—from Sunday night, when the Australian market opens, until Friday evening, when the US market closes.
Generally, there are no legal minimum deposit requirements to start Forex trading, but we do recommend starting with at least 200 USD so that you have enough margin to manage trades responsibly, absorb market fluctuations, and reduce the risk of a margin call on small positions.
Here’s a quick comparison of minimum deposits for beginners:
Tip: Look beyond deposit size. Some brokers offer more value in education and support, which is key for beginners.
The amount of money you need depends on several factors: the size of your trades, how much you’re willing to risk per trade, the leverage your broker offers, and the minimum deposit requirement (see above). Leverage reduces the capital you need, as you can control larger positions with a smaller margin. However, it will amplify any losses, so it’s important to think about how many pips you’re willing to risk on each trade.
For example, if you want to trade a mini lot of EUR/USD (10,000 units) and your broker offers 10:1 leverage, you’d need 1,000 euros as margin. If you plan to risk 150 pips—and each pip is worth about 1 euro—you’d need an extra 150 euros, bringing the total to 1,150 euros. Trading a standard lot (100,000 units) under the same conditions would require 10,000 euros in margin and 1,500 euros to cover a 150-pip risk, totalling 11,500 euros. On the other hand, trading a micro lot (1,000 units) would only require 100 pounds in margin and 15 euros for risk, making 115 euros a reasonable starting balance.
Ultimately, your required capital will vary depending on how aggressively or conservatively you plan to trade. Smaller trades with tighter risk limits and higher leverage require less money to start, but managing risk carefully remains essential regardless of the account size.
Common risks include:
We strongly recommend that beginners start trading with a demo account, avoid high leverage early on, avoid unregulated offshore brokers, never stop learning, and never trade money you can’t afford to lose.
Copy tradinglets you automatically replicate trades from seasoned professionals. Great for beginners who want to learn by doing.
Reminder: Copy trading is not risk-free. Past performance doesn’t guarantee results. Start small and diversify.
Yes, almost all leading brokers now provide educational resources. These include webinars, eBooks, video tutorials, and dedicated learning centres or academies.
Free forex trading educational courses and resources:
FxScouts YouTube – Educational videos covering the basics of Forex trading, how to avoid Forex scams, and trading strategies.
The Global FX Code – Forex industry best practices.
IG Academy from IG.
AvaTrade’s Learning centre.
Yes. If you trade as an individual, your Forex profits may be considered taxable income under the National Internal Revenue Code (NIRC). The applicable tax rate depends on your total annual income, and you may need to declare these profits when filing your Annual Income Tax Return (ITR) with the Bureau of Internal Revenue (BIR).
If you operate through a registered business entity, such as a sole proprietorship or corporation, then corporate income tax rules may apply. In some cases, you may also need to register as self-employed or declare your trading as a business activity, depending on the scale and frequency of your trades.
For more information, read our guide on tax implications for Filipino Forex traders, consult a licensed tax advisor or the BIR.
t’s possible, but extremely rare. Consistent profitability requires years of experience, emotional discipline, and a deep market understanding. Most new traders should focus on learning and managing risk rather than quitting their job.
Explore more resources that fellow traders find helpful! Check out these other guides to enhance your forex trading knowledge and skills. Whether you’re searching for the best brokers, educational material, or something more specific, we’ve got you covered.
Discover the top Forex brokers in the Philippines. Compare top platforms, fees and features to make an informed trading choice.
What is Forex trading and how does it work? An easy-to-read guide including how to trade, and how to choose a reliable broker.
Learn the basics of Forex and CFD trading regulation, how it protects traders, and why choosing a regulated broker is essential for safe trading.
60-90% 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.
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Head of Content
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