Forex Broker Comparison

To compare forex brokers in the Philippines we looked at the spreads, forex trading platforms and features of the top brokers.

View the top 6 PH forex brokers.

Justin Grossbard

Justin Grossbard has been investing for the past 20 years and writing for the past 10. He co-founded Compare Forex Brokers in 2014 after working with the foreign exchange trading industry for several years. He also founded a number of FinTech and digital startups including Innovate Online and SMS Comparison. Justin holds a Masters Degree and an Honours in Commerce from Monash University. He and his wife Paula live in Melbourne, Australia with his son and Siberian cat. In his spare time, he watches Australian Rules Football and invests on global markets.

Updated: 23/05/2022

What Changed?

Each month we update average spreads data published by the brokers the retail brokers lose %

Fact Checked

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Compare Forex Brokers In The Philippines

Here are the best fx brokers for filipino traders

Eightcap - The Best Broker Overall
TMGM - The Top Forex Broker for MT4
Pepperstone - Great Broker For No Commission Spreads
IC Markets - Best Range Of Trading Platforms
Avatrade - Top Choice For Fixed Spread Trading
eToro - The Best Forex Broker For Social Trading

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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

Regulations and Licenses

Other Regulators

Brokerage

EUR/USD Avg. Raw Spread

0.06

0.10

0.17

0.02

GBP/USD Avg. Raw Spread

0.73

0.42

0.59

0.23

AUD/USD Avg. Raw Spread

0.27

0.21

0.24

0.17

EUR/USD Standard Spread

1.06

0.75

0.62

0.90

EUR/USD Fixed Spreads

0.90

Commissions (USD Base)

$3.50

Minimum Deposit

$250 (Raw)
$500 (Standard)

$100

Swap Free Account

No Inactivity Fees

Funding Methods

16+

15+

No Funding Fees

Markets and Instruments

Currency Pairs

40+

60+

62+

61+

55+

Cryptocurrency CFDs*

250+

12+

18+

15+

Index CFDs

10+

15+

14+

16+

33+

Share CFDs

400+

12,000+

300+

100+

625+

Commodities CFD

26+

30+

Stockbroking

Retail Max. Leverage (With offshore regulators)

500:1

200:1

500:1

400:1

*Cryptocurrency CFDs are not available to retail traders in the UK due to FCA regulations

Trading Platforms + Tools

MetaTrader 4 (MT4)

MetaTrader 5 (MT5)

cTrader

TradingView

Proprietary Platform

Automated Trading

Social + Copy Trading

Standard Stop Loss

Guaranteed Stop Loss

Demo Account

Unique Feature

Low ECN Spreads

Servers in Tokyo TY3

Smart Trader Tools

ECN pricing

Choice of social trading tools

Overall

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Key Considerations For Philippines Brokers

On this page, we have only listed the best brokers that accept Filipino clients. Some of the standard trading considerations important to you as a trader include:

The trading accounts and their features
How tight the spreads are, trade execution speeds & social trading (if any)
The trading platforms used and social trading tools (if any)
Range of trading products and max leverage available
Any notable risk management tools
Additional education resources

In addition to these factors, most of our brokers have Electronic Communication Network (ECN) ‘like’ pricing due to having no dealing desk. ECNs allow for automated trading, passive order matching, and speedy execution. There are, however, fees associated that you pay in the form of slightly wider spreads or commissions. This means that brokers will usually give you the choice of an account with commissions or no commissions.

Some brokers are market makers (I.E. they use their own liquidity to create a market) so they don’t have a commission (E.G. AvaTrade, IG and eToro). Some brokers aren’t market makers (E.G. Pepperstone), but they still offer other advantages in addition to competitive spreads.

While some considerations are similar from broker to broker, each broker has a competitive advantage that distinguishes it from the others. As such, we have separated each broker on our list into an area of speciality.

For our broker reviews, we not only break down this competitive advantage but identify other key features from the list above that factor into your experience as a trader and any trading preferences you might have.

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.

And it is only $100 to open an account (or roughly 3573 Philippine pesos) with a range of funding methods, including Skrill and Neteller.

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.


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

Data taken from broker website. Accurate as at 01/05/2022

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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.

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.

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.

Trading Platforms

Eightcap offers the two main trading platforms, MetaTrader 4 and 5, which include desktop, mobile and webtrader capabilities (the latter only available with MT5).

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.

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.