Forex

Forex Brokers in the Philippines

 

 

As a developing economy, Philippines are hardly a major hub for forex brokerages, however the forex business there gains popularity. The country’s financial system is still in the early stages of its development, and is facing stiff competition from countries likes Singapore, Malaysia, and Hong Kong, among others.

 

The Central Bank of the Philippines - Banko Sentral ng Pilipinas (BSP) - is the authority in charge of monitoring the country’s economy and providing a safe and stable environment. The Forex broker regulation in the Philippines, however, is under the coverage of the Securities and Exchange Commission (SEC). It exercises supervision and issues warnings and advisories. For example, in 2015 the regulator issued a public warning against MetisEtrade for dealing in unregistered investment products and the entity has been subject to a cease-and-desist order. SEC also maintains an online register of companies.

 

The local community is being serviced mainly by foreign companies, some of which have established local branches or representative offices. Global brokerage FXCM, for example, has Philippine designated staff, including Tagalog speaking customer support.



Forex Brokers in the Philippines

Broker Country Regulation Min.deposit Review
UK, Australia FCA, ASIC $50 Review Website
UK, Cyprus FCA, CySec $5 Review Website
Cyprus CySEC $100 Review
CySEC $100 Review
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