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Best forex brokers in the Philippines in 2023

Top 5 forex brokers in the Philippines in 2023


  1. Fusion Markets is the best forex broker in the Philippines in 2023 - One of the lowest commissions on the market. Wide range of currencies. Low withdrawal fee.
  2. Capital.com - Low forex fees. Wide range of currencies. Superb account opening process.
  3. IC Markets - $3.5 commission per lot plus 0 spread. Wide range of currencies. Low withdrawal fee.
  4. Tickmill - $2 commission per lot plus low spread. Rich selection of currency pairs. Low withdrawal fee.
  5. CMC Markets - 0.7 pips average spread cost. Immense number of currency pairs. Low withdrawal fee.
Meet your forex expert
Fusion Markets Logo

#1 Best forex broker
Fusion Markets

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, Neteller, PerfectMoney, Jaton, PayPal, Mifinity
Withdrawal method Bank transfer, Credit/debit cards, Neteller, PerfectMoney, Jaton, PayPal, Mifinity
Withdrawal fee $0
Currency pairs 85
Inactivity fee No
Read review For a detailed analysis of Fusion Markets services, check out our review for 2023
What your expert thinks of Fusion Markets
Capital.com Logo

#2 Best forex broker
Capital.com

Recommended for investors and cfd traders looking for a great trading platform and excellent customer service

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84% of retail CFD accounts lose money

Capital.com snapshot
Minimum deposit $20
Mobile app score 4.9 stars
Deposit method Bank transfer, Credit/debit cards, Apple Pay, PayPal
Withdrawal method Bank transfer, Credit/debit cards, Apple Pay, PayPal
Withdrawal fee $0
Currency pairs 138
Inactivity fee No
Read review For a detailed analysis of Capital.com services, check out our review for 2023
What your expert thinks of Capital.com
IC Markets Logo

#3 Best forex broker
IC Markets

Recommended for forex and cfd traders who value easy account opening and free deposit/withdrawal options

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74.32% 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, Neteller, Skrill, UnionPay, Bpay, FasaPay, POLI, Rapidpay, Klarna, Bitcoin wallet
Withdrawal method Bank transfer, Credit/debit cards, PayPal, Neteller, Skrill, UnionPay, Bpay, FasaPay, POLI, Rapidpay, Klarna, Bitcoin wallet
Withdrawal fee $0
Currency pairs 61
Inactivity fee No
Read review For a detailed analysis of IC Markets services, check out our review for 2023
Tickmill Logo

#4 Best forex broker
Tickmill

Recommended for forex traders looking for low fees who are familiar with the metatrader 4 platform

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76% 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, dotpay, Paysafecard, Sofort, Rapid by Skrill, PayPal
Withdrawal method Bank transfer, Credit/debit cards, Neteller, Skrill, dotpay, Paysafecard, Sofort, Rapid by Skrill, PayPal
Withdrawal fee $0
Currency pairs 62
Inactivity fee No
Read review For a detailed analysis of Tickmill services, check out our review for 2023
What your expert thinks of Tickmill
CMC Markets Logo

#5 Best forex broker
CMC Markets

Recommended for forex and cfd traders looking for an advanced trading platform with many research tools

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76% 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, PayPal
Withdrawal method Bank transfer, Credit/debit cards, PayPal
Withdrawal fee $0
Currency pairs 338
Inactivity fee Yes
Read review For a detailed analysis of CMC Markets services, check out our review for 2023
What your expert thinks of CMC Markets

Best forex brokers in the Philippines in 2023
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?

  1. Find your forex broker - key features to look for: safe, inexpensive, easy to use
  2. Open an account - you will need your ID/passport and a proof of residence
  3. Make a deposit - you may use your debit/credit card or bank transfer depending on the broker
  4. At most brokers, you will have to fill out a short survey detailing your trading experience
  5. 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.

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Author of this article

Márton Oláh

Author of this article

Márton has been a macro and value investor of stocks for more than 10 years on his own account. He has been trading options and volatility as well since 2020. Márton founded a venture capital-backed company and led it for 8 years before professionally turning to finance. He is an expert in interpreting company reports.

Márton Oláh

Strategic Advisor

Márton has been a macro and value investor of stocks for more than 10 years on his own account. He has been trading options and volatility as well since 2020. Márton founded a venture capital-backed company and led it for 8 years before professionally turning to finance. He is an expert in interpreting company reports.

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

Visit Fusion Markets
74-89% of retail CFD accounts lose money
Visit Capital.com
84% of retail CFD accounts lose money
Visit IC Markets
74.32% of retail CFD accounts lose money
Visit Tickmill
76% of retail CFD accounts lose money
Visit CMC Markets
76% of retail CFD accounts lose money

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