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Most of these brokers offer free demo accounts so you can test the brokers and their platforms with virtual money. Give it a try with some play money before using your own cash.
Not all Forex brokers accept US clients. For your convenience we specified those that accept US Forex traders as clients.
Headquarters:FXTM Tower, 35 Lamprou Konstantara, Kato Polemidia, 4156, Limassol, Cyprus
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Headquarters:Five Lamps Place, 77-80 Amiens Street, Dublin 1, DO1A742, Dublin, Ireland
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cTrader, Currenex, eToro Platform, Keystone, Marketspulse, Mirror Trader, MT4, MT5, Tradologic, Zulutrade
Philippines is still among the developing countries in the world. However, it does not mean opportunities are not there when it comes to investment. On the contrary, the smartest investors search for opportunities to develop their businesses where there are still few competitors.
This is very true about Forex. A new and fresh market for the country means lots of brokers are coming to gain a market share of those Philipinos who want to trade and make money. However, one should not forget that where big money is involved, a lot of scams follow too. So, when in search for a reliable Forex broker you need to remember to look for the one who is regulated by BSP. Then, you need to check what trading platform the broker offers, are there any hidden fees or commissions, is there a choice of accounts that would fit your needs, is customer service good or not and whether there are any other additional services.
Gone are the days, when just any broker can open an offshore company and offer his services wherever he wants. Most countries have implemented quite strict regulation frameworks and you can hardly find a place in the world where an unregulated broker is not frowned upon. This means more security and confidence for the average trader and fewer opportunities for scammers who prey on your hard earned money.
Philippines is no different. BSP is the Central Bank of the Republic of the Philippines. It was founded in 2003, which makes the Bank quite a young financial institution. The main responsibility of the entity is to supervise financial markets and ensure that they function smoothly, competitively and transparently. The Bank also supervises market players offering their services to local citizen with intention to regulate their services. All regulated brokers have to keep to the regulations set by the Bank while performing their transactions in the Foreign Exchange Market and protect their customers capital by limiting risks of their operations. Despite the fact the regulator allows market intermediaries freely trade any market they want, BSP will not tolerate any scams, price manipulation and money laundering schemes, but punish any broker who dares to engage in those. So, a Philippino trader should feel safe with a BSP regulated broker.
If you live in the Philippines, want to trade and think you have found a decent broker, you also need to check what kind of trading platform and software the broker offers you. The trading platform will be your main tool you work with. If it is bad, it does not matter how good you are in trading or how good your trading system is, you can make a bad decision due to not knowing what icon or button you need to push and accidentally make a wrong trade which will cause you to lose money.
So, the platform has to be easy to use. Each button and function on the platform should be understood easily by you. You should also be able to open as many charts on it as you need for analysis, both technical and fundamental. Back testing function should also be there, so that you know whether the strategy or code you want to use work well or not. You should also find all technical indicators you need there and a good news feed to check some hot fundamental data. Finally, you should be able to copy other traders who might be more successful than you. So the copy function should be there. One of the best platforms that is downloadable isMetatraderand any good broker should offer you that.
All traders know how commissions can take a huge bite off their profits and they search for brokers who offer the lowest commissions on transactions. Contrary to stock brokers, Forex brokers typically do not charge commissions, but they make money on spreads. A spread is the difference between buy and sell or bid and ask price. Spreads tend to be fixed and variable. Brokers who offer fixed spreads will charge from 2-5 pips on major currency pairs and around 5-15 on currency crosses. Those who operate with variable spreads will typically offer much smaller spreads. On majors variable spreads can be 0.1-0.8 and 2-5 on crosses. However, you should remember that these spreads are under normal market conditions. When markets react to some unexpected fundamental event and prices start jumping up and down, brokers extend those variable spreads and they can become 10 or even 50 times bigger than usually. Of course, this will typically last just a few minutes till markets calm down, but you still have to know when to avoid opening or keeping positions open.
Lets say you have $200 that you want to invest in currencies, but you doubt if that is enough. A lot of brokers offer different levels of accounts that depend on size of capital you have and two hundred dollars is not too little to start with.
With most brokers it is now possible to start with as little as $100, some even allow you to start trading with $50. In that case, you will trade micro lots the minimum size of which are $1000.
If you want invest 1000$ or a little bit more, a mini account would probably be the best choice. A mini lot is now $10 000 worth transaction and a price of a pip is around $1.
Traders who have bigger capital than 10k can open a standard account and trade standard lots. One standard lot size is 100k position. Of course, you had better have a bigger amount thank 50k to trade standard lots, just to ensure you control your risk.
Before you open an account with a broker be sure to visit section on their website where customer service is. Ask as many questions as you want to find out how they respond and how they treat your problem. You should expect fast replies, quick solutions and a polite way of dealing with your issues. If questions are not answered in a timely fashion and issues are not solved for weeks, do not trade with that broker.
Additional services that a broker provides may seem unnecessary and unimportant, but that is not the case. If a broker cares about their traders they will do as much as they can to improve the quality of their services. Educational materials are expected on any brokers website. Forex is a complex market and you need to find out about it as much as you can, so lots of resources about that should be available with the broker. A broker will typically employ experts who do technical and fundamental analysis, market recaps, news interpretation and etc. for their website and the material will be free. The more material that is available, the better.
Successful trading is not just about implementation of your excellent trading strategy, but also trading with confidence and peace of mind with the broker that is regulated and who cares about his customers. The article indicated specific steps that you need to make in choosing a reliable broker. Review them, do your own research and only then open an account with the broker that you have tested yourself. Or to save time simply pick from our list of regulated and recommended brokers below.
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