Compare Forex Brokers In Philippines

To compare forex broker we focused on 2022 spread and found:

  • eightcap logo new Eightcap - Best Philippines Forex Broker
  • TMGM TMGM - Top MetaTrader 4 Forex Broker
  • Pepperstone Pepperstone - Best No Commission Forex Broker
  • IC Markets IC Markets - Great Forex Trading Platform Range
  • avatrade logo new Avatrade - Top Fixed Spread Forex Brokers
  • eToro eToro - Best Forex Broker For Social Trading
Eightcap
TMGM
Pepperstone
IC Markets
AvaTrade
Eightcap don't provide % of clients who lose money
TMGM don't provide % of clients who lose money
74.7% of retail investor accounts lose money when trading spread bets and CFDs with this provider
77% of retail investor accounts lose money when trading CFDs with IC Markets (EU) Ltd
71% of retail investor accounts lose money when trading CFDs with this provider
250 Crypto Products
IRESS Trading Platform For Shares
Smart Trader Tools
No Dealing Desk
Choice of social trading tools

Regulations and Licenses

Feature
Eightcap
TMGM
Pepperstone
IC Markets
AvaTrade
Other Regulators

Brokerage

Feature
Eightcap
TMGM
Pepperstone
IC Markets
AvaTrade
EUR/USD Avg. Raw Spread
0.06
0.10
0.17
0.02
0.3
GBP/USD Avg. Raw Spread
0.73
0.42
0.59
0.23
0.4
AUD/USD Avg. Raw Spread
0.27
0.21
0.24
0.17
0.5
EUR/USD Standard Spread
1.06
1.0
0.77
0.62
0.90
EUR/USD Fixed Spreads
-
-
-
0.90
Commissions (USD Base)
$3.50
$3.50
$3.50
$3.50
-
Minimum Deposit
$250 (Raw)
$500 (Standard)
$100
$0
$0
$100
Swap Free Account
No Inactivity Fees
Funding Methods
8+
5+
16+
15+
7+
No Funding Fees

Markets and Instruments

Feature
Eightcap
TMGM
Pepperstone
IC Markets
AvaTrade
Currency Pairs
40+
60+
62+
61+
55+
Cryptocurrency CFDs*
250+
12+
12+
18+
15+
Index CFDs
10+
15+
14+
16+
33+
Share CFDs
400+
12,000+
300+
100+
625+
Commodities CFD
4+
5+
9+
26+
30+
Stockbroking
-
-
-
-
Retail Max. Leverage (With offshore regulators)
500:1
500:1
200:1
500:1
400:1

*Cryptocurrency CFDs are not available to retail traders in the UK due to FCA regulations
*CFD trading is not available in the USA due to NFA and CFTC regulations, American traders spot trade in place of CFDs.

Trading Platforms + Tools

Feature
Eightcap
TMGM
Pepperstone
IC Markets
AvaTrade
MetaTrader 4 (MT4)
MetaTrader 5 (MT5)
cTrader
TradingView
Proprietary Platform
Automated Trading
Social + Copy Trading
Standard Stop Loss
Guaranteed Stop Loss
Demo Account

Overall

Eightcap
TMGM
Pepperstone
IC Markets
AvaTrade
Visit Site
Visit Site
Visit Site
Visit Site
Visit Site
Broker Official Site Our Rating Regulation EUR/USD Spread GBP/USD Spread AUD/USD Spread MetaTrader 4 MetaTrader 5 cTrader Execution Speed Minimum Deposit Currency Pairs Crypto CFDs Retail Leverage Prof. Leverage
Visit Broker > 9.00 ASIC, SCB 0.06 0.73 0.27 115ms $250 (Raw)
$500 (Standard) 		40+ 250+ 500:1 500:1
Visit Broker > 8.33 FMA, VFSA
ASIC 		0.10 0.42 0.21 180ms $100 60+ 12+ 200:1 200:1
Visit Broker > 9.33 SCG, ASIC
FCA, CySEC 		0.17 0.59 0.24 85ms $0 62+ 12+ 30:1 500:1
Visit Broker > 8.50 ASIC, FSA
CySEC 		0.02 0.23 0.17 130ms $0 61+ 18+ 30:1 500:1
Visit Broker > 8.33 AISC, FSCA
IIROC, ADGM 		0.3 0.4 0.5 160ms $100 55+ 15+ 30:1 400:1

Eightcap Is The Best Broker Overall

Eightcap has several factors that earn the broker the title of best broker overall. These include competitive spreads, fast execution speed and a good range of trading products, particularly in the cryptocurrency markets.

Using data obtained from their director of operations, Eightcap’s Forex spreads are 0.0 pips around 50% of the time, which is amongst the most competitive of any broker. Their Forex spreads are tight as they are a no-dealing desk broker, meaning you are dealing with numerous market liquidity providers to obtain the most competitive prices.

Eightcap can achieve these tight spreads at execution speeds of 30ms as their servers are located in the Equinix TY3 Data Centre in Tokyo. Using the TY3 data centre means the servers are close to many tier-one providers within the Equinix Ecosystem for low latency and therefore faster pricing. For those wishing to trade cryptocurrencies, Eightcap would be the best choice with the biggest range and lowest spreads of any broker on this list.

Trading Accounts

Eightcap gives you two trading account options: Standard and Raw. The main differences are in the form of commissions (which affect spreads) and your level of trading experience.

The Standard account is a no commission account while you will pay a $7 commission round turn (per 100K pips) for Raw. We would recommend Standard accounts for beginners to build up some trading experience while Raw offers the lowest trading costs provided you have a firm understanding of market variables that affect price and volatility. The Eightcap minimum deposit is $100 to open an account (or roughly 5,500 Philippine pesos) with a range of funding methods, including Skrill and Neteller.

eightcap trading accounts

 

As indicated below, Eightcap has the best Forex spreads compared to other brokers for ECN-type accounts. This module captures the average spreads that brokers publish on their website (which is publicly available information) and is updated each month.

ECN Broker Spreads
0.23 0.20 0.06 0.42 0.27
0.19 0.38 0.10 N/A 0.21
0.26 0.47 0.17 0.40 0.24
0.14 0.25 0.02 0.27 0.17
0.20 0.30 0.20 0.40 0.20
0.50 0.60 0.30 0.50 0.50
0.30 N/A 0.30 0.50 0.40
0.20 0.83 0.44 0.40 0.42
0.24 N/A 0.17 0.54 0.30
0.30 0.70 0.20 0.50 0.40

Avg. spreads are taken from each broker's website and updated monthly. Last update on 01/10/2022

Compare Low Spread Forex Brokers >>

Trading Products

As a Forex broker, Eightcap offers 45 major, minor and exotic foreign exchange markets to trade. Eightcap’s selection of cryptocurrency instruments is their biggest market offering, with over 250 products to choose from. Coupled with this diverse range are the lowest crypto spreads of any other broker on this list. While light on in some markets, Eightcap does have a solid range of over 400 stocks you can trade.

You can also obtain high leverage of up to 500:1 with Forex derivatives and their 3 commodities markets: gold, silver and oil. Please note, while high leverage does maximise your returns, you take on more exposure to market volatility so it is a high-risk investment.

eightcap trading products

The following table highlights the significant difference in spreads and range of cryptocurrencies offered by Eightcap compared to other brokers. The most notable distinction is in bitcoins, averaging 12 point spreads per coin, the nearest best, IC Markets, at 18.2 before spreads widen significantly after that. Further information is shown on our lowest spread page.

Eightcap Crypto Range and Spread vs Other Brokers

To break it down further, Eightcap offers their cryptocurrency products against the USD (including a select number of crypto indices) and 20 cross-pairs against other currencies such as AUD, EUR, GBP, CAD and MXN. You can even cross-pair these cryptos against Bitcoin.

eightcap crypto

Trading Platforms

Eightcap offers the two main trading platforms, MetaTrader 4 and 5, which include desktop, mobile and webtrader capabilities. You’ll need to use MT5 for access to the full range of financial instruments, given it is built for centralised and decentralised trading. This means it is good for products that have a central exchange, like shares and cryptos.

eightcap comparing platforms

The MetaTrader add-ons, Capitalise.ai and FX Blue Labs, are both useful trading tools. Capitalise.ai allows beginners to automate their trading ‘code-free’ (I.E. with no programming expertise) while FX Blue Labs has a suite of apps and widgets that cover a wide range of trading tools such as market information, alerts and analytics.

Eightcap Review >>Visit Eightcap >>


Our Rating

The overall rating is based on review by our experts

8.50
Spreads
10 / 10
Leverage
10 / 10
Trading Platform
8 / 10
Risk Management
6 / 10
Range of Markets
7 / 10
Customer Service
10 / 10

TMGM Is The Top MetaTrader 4 Broker

TMGM has the best MetaTrader 4 platform due to the superior connectivity and deep liquidity you receive. Like Eightcap and a few other brokers on the list, TMGM has servers in the same data centres as the major liquidity providers ensuring you get the lowest latency when trading.

In addition to the NY4 Equinix data centre in New York, however, TMGM also uses TY3 (Tokyo). This gives it a competitive advantage over other brokers as using 2 locations helps you achieve superior trading conditions.

TMGM also has strong and intuitive mobile apps, allowing you to trade on the go using MT4’s native iOS and Android applications for phone and tablet. You can also switch across to MT4 on desktop or WebTrader, should you need to.

Trading Accounts

The account options you have with TMGM are Classic, Edge and IRESS.

Like most standard account types, the Classic account is commission-free, while it attracts a higher minimum spread of 1 pip (for EUR/USD) than the Edge account, which is 0 pips.

The Edge account, by contrast, has tighter spreads on average which better reflects the true market price, reducing your trading costs, albeit with trading commissions of USD 7 (360 Philippine pesos) round-turn for each lot.

We recommend Classic for beginners and Edge for more experienced, high volume traders or scalpers with good market knowledge.

Lastly, it’s a $100 deposit (5140 pesos when converted from USD) in your base currency to open an account with no deposit or withdrawal fees.

TMGM account type overview

TMGM doesn’t publish their average spreads on their website like the other brokers but their average spread as of the 1st of March 2022 for EUR/USD was 0.10 pips with the Edge account which is highly competitive.

Trading Products

There are over 12,000 stocks to choose from at TMGM, amongst the most of any broker on this list.

This includes 60 Forex pairs with access to leverage of up to 500:1 for Filipino clients.

TMGM also offers a smaller range of cryptos, indices, energies and precious metals, with leverage of 400:1 for gold trading.

Trading Platforms

In addition to MT4 and MT5, TMGM offers two apps that can integrate with MT4 for both mobile and desktop: HUBX for copy trading (especially for fund managers) and TradeView X.

HUBX offers an advanced set of tools in a simple and clean layout for fund managers or retail traders to copy their trades (or each other’s trades).

TradeView X is a unique, cutting edge trading platform which allows you to build and backtest a trading strategy in a simulated live environment to see if it’s profitable.

tmgm-trading platforms overview

Trading Central isn’t a trading platform but integrates with MT4 and MT5 desktop and web versions (not mobile). This tool has premium analytic tools for more advanced trading analysis, including Market Buzz, a good general market sentiment tool based on various news sources.

TMGM Review >>Visit TMGM >>

Pepperstone Has The Best No Commission Spreads

Pepperstone stands out as having the best Forex spreads for no commission accounts. This is noteworthy as Pepperstone is not a market maker, who are usually the brokers (or institutions) that have the tightest spreads.

The reason for this is the broker recently dropped their minimum spreads for standard accounts from 1.0 pips to as low as 0.6 pips.

In fact, Pepperstone has tight spreads across each of the 62 Forex markets they offer. This is due to sourcing pricing from multiple Tier 1 banks meaning prices are similar to what the institutions get themselves.

Similar to Eightcap, you can lock in prices at speeds of under 30ms due to Pepperstone having servers in the same data centres as the liquidity providers at NY4 Equinix, meaning less risk of slippage.

To optimise your strategy once you start trading, Pepperstone offers a robust set of trading tools, particularly, Smart Trader, which has 28 trading apps with a range of expert advisers and indicators.

Lastly, Pepperstone offers the best coverage for customer support, including 18-hour support on weekends.

Trading Accounts

Pepperstone has two account types, Standard and Razor. The Standard account is their no commission account while Razor has a commission pay structure which also gives you access to the cTrader platform.

A Standard account is for beginners who prefer long-term trading while a Razor account is for more experienced traders who like to have more analytical trading tools at their disposal.

There is also the option of a swap-free account for interest-free trading but with an administration fee if a trade is held for more than 10 days.

There is no minimum deposit (although Pepperstone recommends starting with USD 200) and a demo account is also available for both MetaTrader platforms and cTrader.

pepperstone account type philippines

Standard Account Spreads

The below module highlights how competitive Pepperstone’s Forex spreads are for standard accounts against other brokers. Each broker publishes their average spreads and updates them monthly on their websites.

Despite not being a market maker like IG Markets or XTB, Pepperstone’s spreads are still competitive, even achieving tighter spreads across three USD base currency pairs, EUR, GBP and JPY, for no commission accounts.

Standard Account Spreads
1.00 1.11 N/A 1.32 1.09
0.77 0.84 1.40 1.19 0.86
1.13 1.01 1.71 1.66 1.12
0.70 1.30 1.30 2.20 1.40
0.80 0.90 1.70 1.80 0.80
1.20 1.20 1.30 2.00 1.80
1.30 1.40 1.80 1.70 1.40
1.10 1.20 1.40 1.50 1.20
1.30 1.50 1.80 1.80 1.80

Avg. spreads are taken from each broker's website and updated monthly. Last update on 01/10/2022

Trading Products

Pepperstone offers an extensive range of over 1000 financial instruments to choose from.

This includes 62 Forex pairs with access to leverage of up to 200:1 for retail clients and 500:1 for professional accounts.

As a dedicated CFD broker, Pepperstone has a large range of stock and ETF CFDs from 35 countries giving them extra diversity in their trading products.

Trading Platforms

Pepperstone offers both MetaTrader 4 and 5, as well as cTrader as an additional trading platform alternative.

MT4 is the most popular trading platform for trading Forex, while MT5 was designed for trading CFDs (especially non-Forex products). This is because MT5 has faster backtesting and allows for DOM (depth of market) functionality. cTrader specialises in algorithmic trading using an intuitive tool called cTrader Automate.

pepperstone trading platform new

Pepperstone also offers SmartTrader which is a MetaTrader enhancement. SmartTrader features 28 trading apps with a range of EAs (expert advisers) and charting indicators, in addition to a range of social trading tools, each with a specific set of features, highlighted below.

View Pepperstone Review >>Visit Pepperstone >>

IC Markets Has The Best Trading Platforms

IC Markets provides multiple trading platforms packed full of intuitive and robust trading tools and features that give it a competitive advantage.

This is particularly evident in the advanced MetaTrader 4 trading tools available, including economic calendars, alert managers, sentiment tools and custom trading terminals.

As well as this exclusive MT4 and MT5 features, you can also trade with algorithmic trading software called cAlgo that can be used in conjunction with the cTrader platform.

One of the best Forex brokers in terms of trading volume, IC Markets also offers deep liquidity meaning it is a good choice for competitive spreads.

IC Markets is another broker, like Eightcap and Pepperstone, that has servers in the Equinix NY4 data centre meaning low latency. According to their website, 2/3 of their trading comes from automated trading systems.

Trading Accounts

Like Pepperstone, the two account types available are Standard and Raw Spread, with Raw Spread giving you the option of using either the MetaTrader or cTrader platform.

The Standard account is suited for discretionary traders whilst Raw Spread is for day traders and scalpers given liquidity is sourced from top tier providers to offer superior trading conditions. Commissions for this account are USD 3.50/$7.00 for each standard lot (with the MetaTrader platform).

It is recommended to open an account with USD $200 (10021 pesos) unless you can meet margin requirements.

ic markets account type philippines

Trading Products

IC Markets has one of the more diverse ranges of trading products with 64 currency pairs, 22 commodities, 11 bonds, 18 cryptos, 4 global futures and over 1600 stocks to choose from.

In order to trade ASX, NASDAQ and NYSE stocks, however, you must use the MT5 trading platform.

You can trade with leverage of up 500:1 for Forex and commodities to maximise your buying power (which comes with higher risk exposure).

IC Markets Products

Trading Platforms

Like Pepperstone, IC Markets offers three main trading platforms: MT4, MT5 and cTrader.

You can also use the MT4 platforms via web browser, your iPhone, Android or Mac to suit your trading style and location.

MT4 has the best range of trading tools, featuring 20 exclusive tools to give your trading experience a competitive edge, while MT5 has more advanced features such as sophisticated charting technology and you can trade more products.

ic markets trading platform

Additional platforms include MyFxBook AutoTrade, for copy trading, and ZuluTrade, a social trading platform that can be integrated with MT4.

View IC Markets Review >>Visit IC Markets >>

AvaTrade Has The Best Fixed Spreads

AvaTrade is a fixed spread broker specialist, winning both the best fixed and lowest spread broker for 2021.

As such, their fixed spreads are the best in the Forex markets overall, starting as low as 0.9 pips for EUR/USD. This is in large part due to them being a market maker, meaning they source their own liquidity resulting in tighter spreads.

On the trading front, AvaTrade offers its own mobile trading app called AVATradeGo which gives access to live market feeds and social trends. The app also features a risk management tool called AvaProtect designed to protect you from losses of up to a million USD for a specific trade.

Trading Accounts

AvaTrade offers only one main account for retail investors. With this account, you can trade all products AvaTrade offer with no commission costs. This means you are trading based on the spread only.

Like FP Markets, it’s only 100 USD (5095 pesos) to open an account which you can deposit using a range of E-Payment deposit options including Neteller and Skrill.

avatrade account type philippines

AvaTrade Spreads

AvaTrade’s fixed spreads are the best in the Forex markets across most currency pairs as highlighted below, even better than some standard account spreads as shown in the Pepperstone section.

Fixed Account Spreads
0.90 1.10 1.50 1.50 1.00
0.70 1.20 1.50 1.30 1.00
1.38 1.77 1.81 1.98 1.48
1.60 1.90 1.70 2.10 1.60
3.00 3.00 3.00 3.00 3.00

Avg. spreads are taken from each broker's website and updated monthly. Last update on 01/10/2022

Trading Products

Covering all bases, AvaTrade has a good, all-round range of trading products, across most major asset classes. This includes the distinction of trading forex options through their AvaOptions platform.

You can trade all instruments easily from each of their user-friendly trading platforms.

Please note that while competitive, AvaTrade’s spreads aren’t always entirely fixed and can vary depending on market conditions.

avatrade trading accounts malaysia

Trading Platforms

AvaTrade has one of the largest ranges of trading platforms across proprietary, web and desktop to suit your trading preferences and experience level.

The proprietary platforms include AvaTradeGo for mobile trading, complete with advanced features and charting, and AvaOptions for options trading as a point of difference from other brokers.

WebTrader is designed for all levels of forex traders with its easy-to-use and modern interface.

avatrade trading platform

Lastly, AvaTrade has three auto-trading platforms to choose from, including its own in-house social trading platform, AvaSocial.

AvaTrade social trading capabilities

View AvaTrade Review >>Visit AvaTrade >>

eToro Has The Best Social Trading

eToro is the best social trading broker out there, particularly their patented CopyTrader platform, which replicates top traders’ portfolio performances and gives you the ability to connect with other traders for a more social trading experience.

eToro also has a large range of 2631 stocks available to trade, all with 0% commission.

The other major benefit you get with eToro is Negative Balance Protection, a risk management tool that ensures the broker will absorb your loss and reset your equity to zero, should your equity go negative.

Trading Account

eToro offers one standard account type which is their no commission account.

A unique feature of an eToro account is having access to CopyTrader and CopyPortfolio where you can directly copy another’s trading actions.

You need $50 to open an account unless you are depositing via bank transfer, in which case it is $200 (10,000 pesos). A slight drawback is the flat $5 fee for any withdrawal.

etoro account type

Trading Products

eToro offers 49 Forex pairs, less than other brokers, but a healthy range of other trading products across cryptos, commodities, stocks, indices and ETFs.

eToro really stands out in stocks (2631) and ETFs (263), amongst the most of any broker.

You can obtain leverage of up to 400:1 for Forex and stocks.

etoro trading products

Trading Platforms

eToro only offers only one trading platform which means everything you need is in one place including multiple asset classes, trading tools, and social trading options.

etoro trading platform

Also, when you open an account with eToro, $100,000 is credited into a virtual portfolio so you can practice trading in real-time.

View eToro Review >>Visit eToro >>

Regulation Explained

The best broker to explain regulation with is Pepperstone, given they have the most regulators of any broker on this list.

As is evident from the top of the page, Pepperstone has multiple regulators (7 in total). Having multiple regulators means traders from different regions that have Pepperstone subsidiaries are covered.  These regulators include:

  • ASIC (Australian Securities and Investment Commission) in Australia.
  • CySEC (Cyprus Securities and Exchange Commission) in Cyprus.
  • FCA (Financial Conduct Authority) in the UK.
  • DFSA (Dubai Financial Services Authority)
  • BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht)
  • CMA  (Capital Markets Authority of Kenya)

With no Philippines regulator, Pepperstone defaults to an Offshore regulator, which is the Securities Commission of the Bahamas (SCB) for Filipino traders.

Other common offshore regulators include:

  • The Financial Services Authority Seychelles (FSA)
  • The Financial Service Commission British Virgin Islands (FSC BVI)
  • The International Financial Services Commission Belize (IFSC)
  • The Financial Services Commission Mauritius (FSC)
  • Vanuatu Financial Services Commission (VFSC)

Regulation for Filipino Brokers

As a Filipino trader, the general rule is to choose a broker that is regulated in your own country. This is primarily due to the legal offering of derivatives trading in your home country. Unfortunately, very few brokers are regulated by Bangko Sentral ng Pilipinas, the Philippines’ central bank, so this might be a little tricky.

The alternative is choosing a global broker that is regulated by an offshore regulator. They won’t offer the same level of regulation but they will protect you from scams. For extra due diligence, it is also highly recommended to also use an internationally recognised broker. All brokers on this list meet this requirement.

Whatever you do, you should not choose a broker that has no regulator.

Should you choose a broker outside this list, you should check their website to see whether they accept Philippines clients.

Legalities Of Forex Broking In The Philippines

One final disclaimer to mention is that trading Forex is not entirely legal if you’re based locally in the Philippines.

This is due to reports of fraud and heavy losses by retail traders, which has not been looked upon favourably by the country’s regulator, the Philippines’ Securities and Exchange Commission (SEC). The SEC has previously issued 2 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.

As such, it is highly recommended to use a global broker that has an offshore regulator (I.E. regulators outside the Philippines). Every broker we’ve chosen can be used by Philippines clients to trade Forex legally. forex broker philippines

forex broker logo philippines

About the author: Justin Grossbard

With over 20 years of investing experience and 10 years of trading, Justin co-founded Compare Forex Brokers in 2014. He has worked within the foreign exchange trading industry for several years and for several of the largest banks globally. Justin achieved Honours in Commerce and has a Master's degree from Monash University. He also owns Innovate Online offering digital marketing services with over 20 employees.