Philippine Forex Brokers
Richard Montana | November 24, 2022
Forex trading in the Philippines is popular amongst residents who are looking to buy and sell currencies to speculate on the fluctuating currency market prices. Whilst international forex brokers can accept traders in Philippines as clients, forex brokers in the Philippines are required to become authorised by the Securities and Exchange Commission (SEC). The Securities and Exchange Commission 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.
Best forex brokers Philippines
To find the best forex brokers in the Philippines, we created a list of all the forex brokers that accept clients located in the Philippines and then ranked them based on our overall rating. You can see our list of our top forex brokers for the Philippines below.
ASIC, BaFin, CFTC, DFSA, FCA, FINMA, FMA, FSA, FSCA, JFSA, MAFF, MAS, METI, NFA
SEC forex brokers in the Philippines
The Securities and Exchange Commission (SEC) is the agency of the Government of the Philippines responsible for regulating the securities industry in the Philippines. In addition to its regulatory functions, the SEC also maintains the country’s company register. Its establishment was prompted by the need to safeguard public interest in view of local stock market boom. Operations began on 11 Nov 1936 under the leadership of Commissioner Ricardo Nepomuceno.
The SEC has absolute jurisdiction, supervision, and control over all corporations, partnerships, and associations that are grantees of primary franchises and licenses or permits issued by the government. It is also mandated to formulate policies and recommendations on issues concerning the securities market as well as advise congress and other government agencies on all aspects of the securities market.
For the mean time, there are no known regulatory bodies that control forex trading in the Philippines. The Securities and Exchange Commission only regulates Philippine stocks, securities, stocks brokers, dealers, etc. If you are going to trade or invest in the forex market in the Philippines, it is completely up to you but you should be well aware of the risks involved before you start.
How to verify SEC regulated brokers in the Philippines
If you’re based in the Philippines and would like to trade forex, you should know that the Philippines’ SEC has taken a rather adversarial stance against forex trading due to reports of fraud and heavy losses by retail traders. They have issued 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. However, despite being technically illegal, some Philippine traders have been using offshore brokers to trade forex.
You can find an authorised broker’s license number from the disclosure text at the bottom of their homepage. You can then look up the authorisation number on the SEC website to confirm if the forex broker is regulated in Philippines to provide online forex trading products and services.
Some Philippine forex brokers are regulated in more than one jurisdiction so that they can offer a different range of trading accounts and conditions depending on the location of the trader and regulated entity that they choose to open a forex trading account with.
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