Best Forex Brokers in the Philippines

Forex trading in Philippines

The Philippines has no licence a retail forex or CFD broker can hold. The Securities and Exchange Commission (SEC) does not register these products or their brokers, because the relevant rules remain suspended under Rule 11 of the 2015 SRC implementing rules, and the Bangko Sentral ng Pilipinas (BSP) oversees currency dealing by banks and authorised agents, not retail brokers. Every Filipino who trades forex online does so with a foreign broker.

This page ranks 11 brokers from our broker comparison. KCM Trade, our Editor's choice, is ranked first. Saxo does not serve the Philippines and eToro left after an SEC advisory. CMC Markets and Plus500 gave conflicting signals; FOREX.com, AvaTrade, FxPro, Admirals and Swissquote rest on a single secondary source. These are listed further down as not verified.

Is forex trading legal in Philippines?

No law in our research bans an individual from trading, but there is no authorised way to do it. The SEC does not register forex or CFD brokers, has told the public since 2018 to stop trading through foreign-registered platforms, and warns that people who promote or act as agents for such platforms face fines of up to PHP 5 million and/or up to 21 years' imprisonment under the Securities Regulation Code. The BSP does not license retail forex brokers. A Filipino who loses money with an offshore broker has no Philippine authority to turn to.

• SEC advisories name four of our 20: XM (April 2024, plus a reported cease-and-desist order against Trading Point Holdings), eToro (April 2024), Exness Global Limited (dated 12 December 2025, published January 2026) and Interactive Brokers (22 January 2026).
• eToro then left: services stopped on 8 December 2024 and account access ended on 7 February 2025.
• Not named: the other 16, including every other broker ranked here.

We matched all 20 brokers against a mirror of the SEC advisories on 21 September 2026 and cross-checked hits with local press; originals are on the SEC's advisories page. Our guide to forex scams covers the warning signs.

Deposits and withdrawals in Philippines

The common Philippine rails are GCash, Maya, local bank transfer through InstaPay or PESONet, DragonPay, and Visa or Mastercard. We could confirm methods at only two brokers, both named by the SEC.

• Exness documents GCash and Philippine online bank transfer deposits and withdrawals in its own help centre.
• XM is reported to support GCash and online bank transfer from Philippine banks; the source is secondary and xm.com does not confirm it.
• FP Markets runs a Philippines funding page at fpmarkets.com/en-ph, but we could not confirm which local methods appear on it.
• IC Markets and Tickmill show no Philippines-specific method on their funding pages, and the other ranked brokers gave us nothing to confirm.

No ranked broker confirmed Maya or DragonPay. Where the account is in US dollars, pesos are converted both ways; the currency converter shows the market rate.

How to choose a forex broker in Philippines

With no local licence to put first, the ranking after KCM Trade is by depth of tier-1 regulation (FCA, ASIC, CySEC, MAS, CFTC/NFA, FINMA, BaFin) held by the group, then confirmed peso funding, entry cost and spread; brokers named in SEC advisories stay in with a dated note. Our guide on how to choose a forex broker covers the general tests.

• Group regulation is not local protection. IG's group holds five tier-1 licences and Interactive Brokers, OANDA and Pepperstone four each, but Filipinos are booked with offshore entities such as IG International (Bermuda), OANDA Global Markets (BVI) and Tickmill Ltd (Seychelles).
• SEC advisories. Interactive Brokers, XM and Exness are named for offering securities or derivatives without registration or licence.
• Swap-free. IC Markets, FP Markets, XM and Tickmill advertise swap-free accounts; Pepperstone offers it on request only for the Philippines; KCM Trade grants it on trading-style criteria.
• Cost. Minimum deposits run from $0 at IG, Interactive Brokers, OANDA, IC Markets and XTB to $1,000 at KCM Trade; raw accounts quote EUR/USD from 0.0 pips plus commission, which the spread cost calculator compares. Headline leverage runs from 1:50 to 1:5000, so read leverage and margin and risk management first.

How we rank brokers for Philippines

After KCM Trade, our Editor's choice, brokers are placed by the same checks, in this order: a licence from the local regulator where Philippines issues one and the licensed entity is the one that serves local clients, depth of regulation (tier-1 and offshore licences both count), funding methods that work from Philippines, a local-language site or support desk, the cost of getting started (minimum deposit and typical spread), and swap-free accounts where traders commonly ask for them. The order is an editorial judgement, not a computed score.

An (i) after a broker's description means it is named on the SEC Philippines advisory list (source). The note records what the local regulator has published; it is not a finding of fraud, and it is removed when the entry is. Weigh it alongside the licences the broker holds.

Apart from KCM Trade, a broker is ranked among the verified brokers only when we could confirm, from its own website or the local regulator's register, that it opens accounts for residents of Philippines. KCM Trade's availability in Philippines was confirmed to us by KCM Trade and not independently verified from its website. The 7 brokers marked Not verified follow them: we could not confirm from their own websites that they accept residents of Philippines, most come from our wider broker directory, and their figures are indicative until we check them. Spreads, deposits and leverage are the same figures shown on our full broker comparison; leverage and protections depend on which of the broker's entities holds your account. Broker links may be partner links that earn ForexR a commission at no extra cost to you.

Brokers we did not rank for Philippines

• SaxoThe Philippines is not on Saxo's published list of serviced countries.
• eToroeToro left the Philippines after the SEC's April 2024 advisory: services stopped on 8 December 2024, account access ended on 7 February 2025, and eToro says residents may not keep accounts.

Data last reviewed: September 2026. Availability, funding methods and rules change; confirm them on the broker's own website and with SEC Philippines before you open an account. This page is general information, not financial, legal or tax advice. CFDs and leveraged forex are complex instruments with a high risk of losing money rapidly.