Intro and winners
Find below the strengths of the best forex brokers available in the Philippines, updated for 2024:
- Fusion Markets is the best forex broker in the Philippines in 2024 - One of the lowest commissions on the market. Wide range of currencies. Low withdrawal fee.
- IC Markets - Low FX commission and tight spreads. Wide range of currencies. Low withdrawal fee.
- Global Prime - Low forex fees. Easy and fast account opening. Free deposit and withdrawal.
- Pepperstone - Low FX commission and tight spreads. Low withdrawal fee. excellent account opening.
- Tickmill - Low FX commission and tight spread. Rich selection of currency pairs. Low withdrawal fee.
- VT Markets - Low trading fees. Easy and fast account opening. Great email and live chat support.
- CMC Markets - Immense number of currency pairs. Low withdrawal fee. FX spreads are competitive.
- Moneta Markets - Low forex fees. Easy and quick account opening. Seamless deposit and withdrawal.
- FP Markets - Decent currency pair selection. Great mobile trading platform. Outstanding education tools.
- Vantage - Great variety of deposit/withdrawal options. No inactivity fee. Leverage can be set manually.
Overview of the best forex brokers in the Philippines
While many forex trading brokers offer an excellent service, the ones in our toplist go the extra mile.
| Broker | FX commission per lot | Minimum deposit |
|---|---|---|
| Fusion Markets | $2.25 commission per lot per trade | $0 |
| IC Markets | $3.50 commission per lot per trade | $200 |
| Global Prime | $3.50 commission per lot per trade | $0 |
| Pepperstone | $3.50 commission per lot per trade | $0 |
| Tickmill | $3.00 commission per lot per trade | $100 |
| VT Markets | $3.00 commission per lot per trade | $100 |
| CMC Markets | No commission is charged | $0 |
| Moneta Markets | $3.00 commission per lot per trade | $50 |
| FP Markets | $3.00 commission per lot per trade | $50 |
| Vantage | $3.00 commission per lot per trade | $50 |
Popularity of the best forex brokers in the Philippines
Interested in what others think? Here's how many people chose these brokers at BrokerChooser in the last 6 months.
Comparison of forex spreads
In most cases, the key broker selection criteria is how much you have to pay for a trade in spreads, commission and other trading costs, so we collected the most important forex spreads in the table below to help with your calculations.
| Broker | EURUSD spread | GBPUSD spread |
|---|---|---|
| Fusion Markets | 0.0 | 0.0 |
| IC Markets | 0.0 | 0.0 |
| Global Prime | 0.1 | 0.2 |
| Pepperstone | 0.1 | 0.2 |
| Tickmill | 0.2 | 0.3 |
| VT Markets | 0.2 | 0.2 |
| CMC Markets | 0.5 | 0.9 |
| Moneta Markets | 0.2 | 0.2 |
| FP Markets | 0.1 | 0.5 |
| Vantage | 0.1 | 0.3 |
Brokers
Currency
If you are unsure how brokerage fees work, check out this article on the various fees, charges and costs.
Other fees at forex in the Philippines
Non-trading fees are charges not directly related to a given trade and typically include the account maintenance fee, deposit/withdrawal fees, and the inactivity fee.
| Broker | Withdrawal fee | Inactivity fee |
|---|---|---|
| Fusion Markets | $0 | |
| IC Markets | $0 | |
| Global Prime | $0 | |
| Pepperstone | $0 | |
| Tickmill | $0 | |
| VT Markets | $0 | |
| CMC Markets | $0 | |
| Moneta Markets | $0 | |
| FP Markets | $0 | |
| Vantage | $0 |
Recommended for forex traders looking for low fees and a chance to use the MetaTrader 4 platform
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74-89% of retail CFD accounts lose money
| Fusion Markets snapshot | |
|---|---|
| Minimum deposit | $0 |
| Mobile app score | 3.8 stars |
| Deposit method | Bank transfer, Credit/debit cards, PayPal, Skrill, Neteller, Fasapay, Jeton Wallet, Perfect Money, Online Naira, Doku |
| Withdrawal method | Bank transfer, Credit/debit cards, PayPal, Skrill, Neteller, Fasapay, Jeton Wallet, Perfect Money, Online Naira, Doku |
| Withdrawal fee | $0 |
| Currency pairs | 90 |
| Inactivity fee | No |
| Read review | For a detailed analysis of Fusion Markets services, check out our review for 2024 |
Recommended for forex and CFD traders who value easy account opening and free deposit/withdrawal options
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70.64% of retail CFD accounts lose money
| IC Markets snapshot | |
|---|---|
| Minimum deposit | $200 |
| Mobile app score | 3.8 stars |
| Deposit method | Bank transfer, Credit/debit cards, PayPal, Skrill, Neteller, Visa Direct, SafeCharge, Transact365, eCommPay, CardPay, Bpay, FasaPay, Poli, RapidPay, Klarna |
| Withdrawal method | Bank transfer, Credit/debit cards, PayPal, Skrill, Neteller, Visa Direct, SafeCharge, Transact365, eCommPay, CardPay, Bpay, FasaPay, Poli, RapidPay, Klarna |
| Withdrawal fee | $0 |
| Currency pairs | 61 |
| Inactivity fee | No |
| Read review | For a detailed analysis of IC Markets services, check out our review for 2024 |
Recommended for forex and CFD traders who are familiar with the MetaTrader trading platforms
Visit broker
74-89% of retail CFD accounts lose money
| Global Prime snapshot | |
|---|---|
| Minimum deposit | $0 |
| Mobile app score | 3.8 stars |
| Deposit method | Bank transfer, Credit/debit cards, PayPal, Neteller, Skrill, GATE8, DragonPay, VNPay, PromptPay, Bpay, POLi, AstroPay, Interac, PayID, Perfect Money, XPay, Rapyd, BinancePay, Jeton, Mifinity, FasaPay, Pagsmile |
| Withdrawal method | Bank transfer, Credit/debit cards, PayPal, Neteller, Skrill, GATE8, DragonPay, VNPay, PromptPay, Bpay, POLi, AstroPay, Interac, PayID, Perfect Money, XPay, Rapyd, BinancePay, Jeton, Mifinity, FasaPay, Pagsmile |
| Withdrawal fee | $0 |
| Currency pairs | 56 |
| Inactivity fee | No |
| Read review | For a detailed analysis of Global Prime services, check out our review for 2024 |
Recommended for forex traders looking for great account opening and customer service
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75.2% of retail CFD accounts lose money
| Pepperstone snapshot | |
|---|---|
| Minimum deposit | $0 |
| Mobile app score | 3.8 stars |
| Deposit method | Bank transfer, Credit/debit cards, POLi, BPay, PayPal, Neteller, Skrill, Union Pay, MPESA+FaceID |
| Withdrawal method | Bank transfer, Credit/debit cards, POLi, BPay, PayPal, Neteller, Skrill, Union Pay, MPESA+FaceID |
| Withdrawal fee | $0 |
| Currency pairs | 97 |
| Inactivity fee | No |
| Read review | For a detailed analysis of Pepperstone services, check out our review for 2024 |
Recommended for forex traders looking for low fees who are familiar with the MetaTrader 4 platform
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72% of retail CFD accounts lose money
| Tickmill snapshot | |
|---|---|
| Minimum deposit | $100 |
| Mobile app score | 3.8 stars |
| Deposit method | Bank transfer, Credit/debit cards, Neteller, Skrill, Przelewy, PayPal |
| Withdrawal method | Bank transfer, Credit/debit cards, Neteller, Skrill, Przelewy, PayPal |
| Withdrawal fee | $0 |
| Currency pairs | 62 |
| Inactivity fee | No |
| Read review | For a detailed analysis of Tickmill services, check out our review for 2024 |
Recommended for forex traders familiar with the MetaTrader trading platforms
Visit broker
74-89% of retail CFD accounts lose money
| VT Markets snapshot | |
|---|---|
| Minimum deposit | $100 |
| Mobile app score | 4.1 stars |
| Deposit method | Bank transfer, Credit/debit cards, Neteller, Skrill, Fasapay, UnionPay, Perfect Money, Alipay |
| Withdrawal method | Bank transfer, Credit/debit cards, Neteller, Skrill, Fasapay, UnionPay, Perfect Money, Alipay |
| Withdrawal fee | $0 |
| Currency pairs | 40 |
| Inactivity fee | No |
| Read review | For a detailed analysis of VT Markets services, check out our review for 2024 |
Recommended for forex and CFD traders looking for an advanced trading platform with many research tools
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71% of retail CFD accounts lose money
| CMC Markets snapshot | |
|---|---|
| Minimum deposit | $0 |
| Mobile app score | 5.0 stars |
| Deposit method | Bank transfer, Credit/debit cards |
| Withdrawal method | Bank transfer, Credit/debit cards |
| Withdrawal fee | $0 |
| Currency pairs | 330 |
| Inactivity fee | Yes |
| Read review | For a detailed analysis of CMC Markets services, check out our review for 2024 |
Recommended for forex and CFD traders familiar with the MetaTrader trading platforms
Visit broker
74-89% of retail CFD accounts lose money
| Moneta Markets snapshot | |
|---|---|
| Minimum deposit | $50 |
| Mobile app score | 4.3 stars |
| Deposit method | Bank transfer, Credit/debit cards, Fasapay, JCB, SticPay, UnionPay |
| Withdrawal method | Bank transfer, Credit/debit cards, Fasapay, JCB, SticPay, UnionPay |
| Withdrawal fee | $0 |
| Currency pairs | 45 |
| Inactivity fee | No |
| Read review | For a detailed analysis of Moneta Markets services, check out our review for 2024 |
Recommended for forex and CFD traders familiar with the MetaTrader and IRESS trading platforms
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72.5% of retail CFD accounts lose money
| FP Markets snapshot | |
|---|---|
| Minimum deposit | $50 |
| Mobile app score | 3.8 stars |
| Deposit method | Bank transfer, Credit/debit cards, Neteller, Skrill, PayPal, Asia Banks, Sticpay, fasapay, Virtual Pay, Rupee Payments, Rapyd, Perfect Money, pagsmile, Cryptocurrency Solution, Crypto (finrax), mybux, ypay, Apple Pay, Google Pay, B2Binpay |
| Withdrawal method | Bank transfer, Credit/debit cards, Neteller, Skrill, PayPal, Asia Banks, Sticpay, fasapay, Virtual Pay, Rupee Payments, Rapyd, Perfect Money, pagsmile, Cryptocurrency Solution, Crypto (finrax), mybux, ypay, Apple Pay, Google Pay, B2Binpay |
| Withdrawal fee | $0 |
| Currency pairs | 70 |
| Inactivity fee | No |
| Read review | For a detailed analysis of FP Markets services, check out our review for 2024 |
Recommended for forex and CFD traders familiar with the MetaTrader trading platforms
Visit broker
74-89% of retail CFD accounts lose money
| Vantage snapshot | |
|---|---|
| Minimum deposit | $50 |
| Mobile app score | 3.8 stars |
| Deposit method | Bank transfer, Credit/debit cards, Skrill, UnionPay, Neteller, Boletol, ApplePay, GooglePay, Advcash, Perfect Money, Sticpay, bitwallet |
| Withdrawal method | Bank transfer, Credit/debit cards, Skrill, UnionPay, Neteller, Boletol, ApplePay, GooglePay, Advcash, Perfect Money, Sticpay, bitwallet |
| Withdrawal fee | $0 |
| Currency pairs | 61 |
| Inactivity fee | No |
| Read review | For a detailed analysis of Vantage services, check out our review for 2024 |
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How did BrokerChooser select the best FX brokers in the Philippines?
- We checked whether the broker is regulated by a trusted regulator,
- Compared fees (including spreads, withdrawal fee, commission),
- Compared the number of currency pairs,
- Checked order routing and research,
- Opened an account and tested the platform (charting, features, usability, customer service).
Save hours of research!
Our expert team has done all the work for you, and reviewed brokers based on BrokerChooser's unique methodology.
BrokerChooser evaluates 9 key areas for all brokers including fees, safety, ease of account opening, education, and trading platforms. We check more than 600 criteria for each broker and finetune our methodology every year based on our own and our users' experiences. We have more than 100 brokers reviewed on our site and our team of analysts examines more than 60,000 data points overall.
FAQ
Is forex legit in the Philippines?
Yes, forex trading is legit in the Philippines. Note that the PH 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. As a result, no PH based broker is licensed to provide this service. Investors from the Philippines can trade forex by opening an account with a foreign broker. The authority overseeing forex activities in the Philippines is the BSP, the Philippines' central bank and the Philippines SEC.
Who regulates forex in the Philippines?
BSP, the central bank of the Philippines regulates forex in PH. It was established in 2003, and its key mandate is to ensure good, fair, and transparent conditions in the market. The Securities and Exchange Commission (SEC) is the agency of the Government of the Philippines charged with the registration and supervision of corporations and securities, as well as capital market institutions and participants in the Philippines.
Is day trading legal in the Philippines?
Yes, day trading is legal in the Philippines. Note that due to the high level of scam activities resulting in heavy losses, the SEC, a governmental body, issued warnings in recent years stating that forex trading is illegal in the Philippines to discourage private individuals from trading currencies. Domestic investors can trade forex if they open an account at a foreign broker.
Is short selling allowed in the Philippines?
Yes, short selling is legal in the Philippines.
Who is the most trusted forex broker in the Philippines?
There is no such thing as 'the' most trusted forex broker. We recommend choosing a forex broker that is licensed or overseen by a top-tier regulator, such as the SEC in the US, the FCA in the UK, or BaFin Germany. Saxo Bank, Fusion Markets, CMC Markets, Interactive Brokers and Capital.com are all good candidates for Filipinos.
Which forex broker is best for beginners in PH?
CMC Markets is the best forex broker for beginners in the Philippines. It has low forex fees, great web and mobile platforms, and advanced research and educational tools.
Which is the cheapest forex broker in the Philippines?
It depends on the currency pair and your trading frequency. However, for EUR/USD and AUD/USD, Fusion Markets and Interactive Brokers have the lowest spreads in the Philippines.
How can I start forex trading in the Philippines?
- Find your forex broker - key features to look for: safe, inexpensive, easy to use
- Open an account - you will need your ID/passport and a proof of residence
- Make a deposit - you may use your debit/credit card or bank transfer depending on the broker
- At most brokers, you will have to fill out a short survey detailing your trading experience
- Start trading by opening a long or short position
Is forex taxable in the Philippines?
Yes, forex is taxable in the Philippines. The tax treatment of foreign exchange gains depends on the activities from which these arise. Thus, if the forex gain is attributed to an activity with income tax incentive (Income Tax Holiday or 5% Gross Income Tax), the forex gain will also be covered by the same income tax incentive.
How to find the best forex brokers in the Philippines?
The key aspects to consider when choosing a forex broker are safety and access. Makes sure you select a broker licensed or overseen by a top-tier regulator, such as the SEC in the US, the FCA in the UK or BaFin Germany.
As a next step, check to see if the broker accepts clients from your country of residence.
Save yourself hours of research and check out our broker finder tool and find the best broker for you.
Want to understand forex trading in more detail?
Check out these articles written by our broker and trading experts:
Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology.
