Best Forex Brokers Philippines for 2023

Trading forex (currencies) in the Philippines is popular among residents. While recommended, forex brokers are not required to become authorised by the Securities and Exchange Commission (SEC) to accept residents of the Philippines as customers.To get more news about xau merlion review, you can visit wikifx.com official website.

To find the best forex brokers in the Philippines, we created a list of all brokers that list the Philippines as a country they accept new customers from. We then ranked brokers by their Overall ranking.

Compare Philippines authorised forex and CFDs brokers side by side using the forex broker comparison tool or the summary table below. This broker list is sorted by the firm's ForexBrokers.com Overall ranking.

The Securities and Exchange Commission (SEC) Philippines is the principal regulator for the financial markets in the republic of the Philippines. The SEC Philippines oversees local capital markets, including broker-dealers, investment companies, lending and financing firms, financial institutions, and other licensed intermediaries. There are over 351,000 stock corporations, as per the SEC’s latest annual report. While forex and CFD trading is not regulated in the Philippines, the SEC regulates the following types of entities:

How to Verify SEC Authorisation
Unfortunately, there is not a list of authorized forex brokers, however, residents can currently view a list of registered firms on the SEC website, or contact an office to verify the authorisation of a broker.

Is forex trading legal in the Philippines?
The exchange of local currency is regulated under Circular Number 1389 and applicable to authorized agent banks (AAG), but retail forex trading is not legal in the Philippines nor are any local brokers licensed to offer forex and CFDs, according to the local financial market’s regulator (the SEC Philippines). The SEC Philippines has repeatedly advised the public to stop engaging in foreign exchange trading and warned against trading CFDs and other off-exchange derivatives offered by international brokers.

This highly conservative stance against forex is representative of the government's long-standing view that margin-based derivatives such as forex and CFDs are not suitable investments, and is meant to protect local residents from losing money to scam brokers. In a 1993 case brought to the Supreme Court of the Philippines, Onapal vs. Court of Appeals, the court ruled that commodity futures contracts (including forex and CFDs) are considered to be “purely gambling and declared null and void by law.” This ruling is referenced in an SEC Advisory, dated November 2013, and the SEC’s latest advisory regarding the illegality of forex in the Philippines was in October 2018.

Do forex traders pay tax in the Philippines?
Yes, citizens and residents of the Philippines must declare all of their worldwide income, including income from any forex brokerage accounts with international brokers. If you are not a resident or citizen of the Philippines, your countries of residence and/or citizenship will have their own tax obligations.

The Bureau of Internal Revenue of the Philippines further states that in the event of double taxation from other countries and/or potential tax treaties, residents are still obliged to report all foreign-sourced income to the Philippines government. In cases where there are tax treaties, residents can apply for a Tax Residency Certificate using their Tax Identification Number (TIN).

Note: If you are a resident or national citizen of the Philippines, be sure to contact a local tax accountant to learn how the local tax laws apply to you.

How can I start forex trading in the Philippines?
As a resident or citizen of the Philippines, your options for forex trading are limited. There are currently no SEC-regulated brokers that offer forex trading in the Philippines (and the SEC Philippines advises its citizens against forex trading). That said, should you decide to open an account with an international broker to trade forex, it is best to choose one that is highly trusted and well-regulated to reduce your risk of becoming the victim of a potential scam. From among the most trusted brokers that accept clients in the Philippines, you can open a live account with the following brokers to start trading forex: