Lowest Spread Forex Brokers Philippines

Find out which brokers have the best spreads for Filipinos

  • eightcap logo new Eightcap - The Best Broker Overall
  • TMGM TMGM - The Top MT4 Forex Broker
  • Pepperstone Pepperstone - The Best Broker For Range of Trading Platforms
  • IC Markets IC Markets - The Best Broker With The Lowest STP Spreads
  • eToro eToro - The Best Broker For Social Trading
  • avatrade logo new Avatrade - The Best Broker For Beginners
Eightcap
TMGM
Pepperstone
IC Markets
AvaTrade
Our Rating
8.50
8.33
9.17
8.50
8.33
Eightcap review
TMGM Review
Review Of Pepperstone
Review Of IC Markets
Review of 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

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
-
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
1
0.75
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

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
Unique Feature
Low ECN Spreads
Servers in Tokyo TY3
Smart Trader Tools
ECN pricing
Choice of social trading tools

Overall

Eightcap
TMGM
Pepperstone
IC Markets
AvaTrade
Our Rating
8.50
8.33
9.17
8.50
8.33
Eightcap review
TMGM Review
Review Of Pepperstone
Review Of IC Markets
Review of AvaTrade
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When comparing the lowest spread Forex brokers in the Philippines, there are some standard trading considerations to make including:

  • The trading accounts and their features
  • Trading fees (Commissions, Spreads etc)
  • Range of trading platforms used
  • Any notable risk management tools
  • Education resources available

Additionally, most of our brokers have Electronic Communication Network (ECN) or straight-through-processing (STP) pricing meaning they source liquidity from multiple top-tier providers with no dealing desk intervention.

This means that brokers will usually give you the choice of an account with commissions or no commissions.

Another variable between brokers is whether they are market makers or not. Market makers such as AvaTrade, use their own liquidity to create a market, meaning they don’t have a commission. Pepperstone, on the other hand, is not a market maker but offers other advantages in addition to lower spreads, which are explained in the broker sections.

We have focused on a competitive advantage the brokers offer that distinguishes it from the others. There were a number of strong online brokers that didn’t make the list including FP Markets, FXTM, FXPro and HotForex.

We have also identified other key brokerage features from the list above that factor into your experience as a trader and any trading preferences you might have.

Eightcap Is The Best Overall Broker

With competitive spreads, fast execution speed and a decent range of trading products, Eightcap is our best broker overall.

Achieving spreads of 0.0 pips around 50% of the time, Eightcap is amongst the most competitive of any broker.

Another reason for their tight spreads is due to being a no dealing desk broker, meaning they use numerous market liquidity providers to obtain the most competitive prices.

With server locations in the Equinix TY3 Data Centre in Tokyo, Eightcap can deliver execution speeds of 30ms. The proximity of the servers to many tier-one providers within the Equinix Ecosystem means low latency and therefore faster pricing.

Forex markets aside, Eightcap also has the biggest range and lowest spreads of Cryptocurrencies for CFD trading overall.

Trading Accounts

There are two trading account options: Standard and Raw.

We recommend the Raw account as it has tighter spreads on average, which will be helpful for beginners but also experienced traders with a firm understanding of markets and trading variables. That way, any level trader can capitalise on the lowest spread costs. You will pay a $7 commission round turn (per 100K pips) for Raw.

The minimum deposit to open an account is $100 (3600 Philippine pesos) and there are a number of funding methods, including Skrill and Neteller.

eightcap account types philippines

Compared to other ECN-type accounts, Eightcap has the best Forex spreads as highlighted below. This module captures the average spreads that brokers publish on their website (which is publicly available information), which 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

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

Compare Lowest Spreads >>

 

Trading Platforms

Eightcap offers MetaTrader 4, the most popular trading platform for Forex, and the rapidly improving MetaTrader 5, for desktop and mobile with webtrader a bonus option for MT5.

For access to the full range of trading products, you’ll need to use MT5 as it is specially designed for centralised and decentralised trading. This means it is good for products that have a central exchange, like shares and cryptos.

eightcap trading platforms

There are two useful MetaTrader add-ons, Capitalise.ai and FX Blue Labs. Capitalise.ai allows beginners to automate their trading with no programming expertise (I.E. ‘code-free’) 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’s comparative advantage is having servers in two data centres, NY4 in New York and TY3 in Tokyo, allowing superior connectivity, deep liquidity and better trading conditions. As such, you will receive an even lower latency when trading, which gives the broker an edge using their MT4 platform.

Their platforms are also versatile, translating well into mobile phone and tablet apps with intuitive user interfaces. You can switch back across to MT4 on desktop or WebTrader with ease.

Other benefits include low Forex fees, a fast and simple account opening process and no deposit or withdrawal fees.

Trading Accounts

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

The Classic account is commission-free with a minimum spread of 1 pip (for EUR/USD). We recommend this account for beginners.

The Edge account has tighter spreads with trading commissions of USD 7 (360 Philippine pesos) round-turn for each lot, suited for high volume trading or scalping for those with a firm understanding of markets.

The minimum deposit is $100 (in your base currency) with free deposits and withdrawals base currency to open an account.

TMGM account type overview

Trading Platforms

TMGM offers a range of trading platforms including MT4, MT5, and IRESS.

In addition, there are three platforms and tools that can integrate with MT4: HUBX, TradeView X and Trading Central.

tmgm-trading platforms overview

HUBX is a copy trading app suited for fund managers with its sleek layout and advanced portfolio tools.

TradeView X is a new and cutting edge trading platform allowing you to build and fine-tune your trading strategy through backtesting in a simulated market environment.

Trading Central allows for extra technical analysis such as Market Buzz for sentiment trading.

TMGM Review >>Visit TMGM >>

Pepperstone Has The Best Range Of Trading Platforms

Pepperstone stands out as having the best trading platforms of any broker.

As well as offering both MetaTrader 4 and 5, Pepperstone also offers cTrader as an additional trading platform alternative with great social trading platforms including MyFxBook and DupliTrade.

Additional trading tools available with these platforms include SmartTrader, which has 28 EAs (expert advisors) such as chart indicators, economic advisors and trading terminals allowing you to optimise your strategy once you start trading.

Pepperstone also offers similarly low spreads across 62 currency pairs with speeds of under 30ms. This is possible as they host their servers at NY3 New York Equinix data centres where many of the most important liquidity providers also host servers.

Lastly, Pepperstone offers around the clock customer service, including 18-hour support on weekends. Customer support is conveniently available via live chat on their website.

Trading Accounts

Pepperstone has two account types, Standard and Razor.

The main difference is in commissions, with the Standard account having none while Razor has $6 or $7 round-turn per 100k traded, depending on whether you choose MetaTrader or cTrader/TradingView platform (explained in Trading Platform section).

Less experienced traders who prefer longer-term trading may prefer the Standard account. Day traders, scalpers and those looking to exploit short-term market moves should choose Razor, given spreads are tighter on average (even with commission costs) with more trading tools available.

Interest-free trading is also available via a swap-free account. Be mindful that you will incur an administration fee if a trade is held for more than 10 days.

pepperstone account types philippines

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.

Standard Account Spreads
0.75 0.85 1.40 1.19 0.86
1.06 1.27 1.42 1.73 1.23
1.00 1.11 N/A 1.32 1.09
0.86 0.74 1.19 1.19 0.83
0.70 1.30 1.30 2.20 1.40
0.80 0.90 1.70 1.80 0.80
1.20 1.10 1.10 1.70 1.40
1.30 1.50 1.80 2.00 1.30
1.10 1.20 1.40 1.50 1.20
1.30 1.40 1.50 1.50 1.40

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

Compare Lowest No Commission Spreads >>

 

Trading Platforms

The range of platforms Pepperstone offers speaks for itself. As well as the most globally popular platform MT4 and its successor, MT5, you can use cTrader as well as several social trading options, including TradingView, a recent partnership that includes a powerful charting package and the world’s largest network of social traders.

We recommend MT4 for Forex trading, while MT5 was designed for trading CFDs (especially non-Forex products) with more advanced trading customization. cTrader is best for algorithmic trading using an intuitive tool called cTrader Automate.

pepperstone trading platform philippines

The three Social trading platforms, MyFxBook, MetaTrader Trading Signals and DupliTrade, give you a range of forex trading signals from professional investors to copy (or mirror) their trades with access to their win rates, designed for the MT4 trading platform.

View Pepperstone Review >>Visit Pepperstone >>

IC Markets Has The Lowest STP Spreads

As a forex provider offering the STP/ECN pricing model, IC Markets has the lowest STP spreads. STP (straight-through-processing) processes all trades at market prices obtained from a liquidity provider and these prices are passed on by the broker to you, the trader with no dealing desk intervention.

With servers in the Equinix NY4 data centre, the broker offers tight spreads and deep liquidity which is reflected in their high forex trading volume data (supplied on their website).

IC Markets will suit algorithmic traders out there, with two-thirds of their trading coming from automated trading systems.

Trading Accounts

Standard and Raw Spread are the two account types available with IC Markets.

The Standard account is the no commission account with a minimum EUR/USD spread of 0.6 pips, best for discretionary traders.

Raw Spread sources liquidity from top tier providers to offer a better trading experience. Commissions are USD 3.50/$7.00 for each standard lot (with MT4).

Raw Spread also gives you the option of using either the MetaTrader or cTrader platform.

ic markets account type philippines

Trading Platforms

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

You can use the MT platforms for web trading, your iPhone, Android or Mac to suit your trading style and location.

This includes MT4 advanced trading tool options for further customisation and market analysis such as economic calendars and sentiment tools, while MT5 has more advanced features such as sophisticated charting technology with the ability to trade more products (particularly CFDs).

ic-markets-trading-platforms

Algorithmic traders can also use cAlgo, an automated trading software, with the cTrader platform. Additional platforms, MyFxBook AutoTrade for copy trading, and ZuluTrade, a social trading platform, are also available.

View IC Markets Review >>Visit IC Markets >>

eToro Is The Best For Social Trading

eToro markets itself as a social trading community, inviting you to join the conversation to discuss trading strategies and trading experiences in general.

As such, the broker is suited to beginners or traders with insufficient experience to monitor what professional traders are doing and instantly replicating their trading activity, especially using their patented CopyTrader platform.

There is also CopyPortfolios, an investment product that bundles together a collection of financial instruments. It is the portfolio version of CopyTrader, operating as a collection of traders with multiple underlying positions working for a client.

Trading Accounts

eToro offers the one Standard account, which has no commissions and a variable spread of 1 pip for EUR/USD.

You also have the Islamic (or swap-free) account option, with a $1000 minimum deposit. There is no administration fee and spreads are not widened meaning interest costs are not charged by other means.

Another great feature of opening an eToro account is having $100,000 credited into a virtual portfolio (similar to a demo account) so you can practice trading in real-time.

The minimum deposit is $50 to open an account, unless via bank transfer, which is $200 (10,000 pesos). A downside is the $5 fee for any withdrawal.

etoro-account-type-offsore

Trading Platforms

The benefit of choosing eToro is that they use their own in-house software for their trading platform, trading app and social trading options.

This means everything you need is in one place including multiple asset classes, trading tools, and social trading options.

etoro trading platform

As mentioned earlier, having access to CopyTrader and CopyPortfolio means you can directly copy another trader’s individual trade or portfolio performance. Please note that the minimum amount required to invest in CopyPortfolios is $5,000.

View eToro Review >>Visit eToro >>

AvaTrade Is Best For Beginners

AvaTrade is our best broker for new or inexperienced investors in the market due to its easy-to-use platform, in-depth learning centre and an abundance of educational market research.

AvaTrade is also an award-winning fixed spread broker, offering some of the lowest fixed spreads on the market, as low as 0.9 pips for EUR/USD, which reduces costs for those new to trading.

The AvaTrade Education centre teaches beginners (and more experienced traders) about online trading, with resources including trading videos and tutorials and a free eBook.

Lastly, there is AvaProtect, available with their AvaTrade Go app, in which clients can get reimbursement for any losing trades (for a specified period of time), protecting novice traders against any additional risk.

Trading Accounts

Like eToro, AvaTrade offers only one Retail account, aimed at retail investors.

The minimum deposit is low at 100 USD (5100 pesos) and you can deposit into your account using a range of E-Payment options including Neteller and Skrill.

The maximum leverage for Forex trading is 400:1 which is on the higher end (but does not match other brokers which can be up to 500:1).

avatrade account type philippines

AvaTrade’s fixed spreads remain amongst 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 2.00 1.80 1.30
1.69 N/A 1.87 2.00 1.78
1.60 1.90 1.70 2.10 1.60
3.00 3.00 3.00 3.00 3.00

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

Trading Platforms

AvaTrade has a large range of trading platforms across proprietary, web and desktop.

In addition to MT4 and MT5, AvaTrade offers its own, in-house proprietary platforms AvaTradeGo, for mobile trading, and AvaOptions, for options trading, for more variety in trading options.

There is also WebTrader, which has an easy-to-use and modern interface for all levels of Forex traders.

avatrade trading platfroms overview

AvaTrade’s range of Social Trading Platforms is another huge reason why it is an ideal broker for those new to trading. Of particular note is AvaSocial, another in-house platform that combines useful features including a 1-on-1 chat with professional traders, one-tap copy-trading and real-time trading signals. You will need an MT4 account to use AvaSocial.

View AvaTrade Review >>Visit AvaTrade >>

Disclaimer On Regulation

Updating our previous review for best Forex brokers in the Philippines, it’s important to discuss regulation, particularly given Forex is not entirely legal if you’re based locally in the Philippines.

Earlier, we mentioned reports of fraud and heavy losses by retail traders in the Philippines, which subsequently affected the actions taken by the country’s regulator, the Philippines’ Securities and Exchange Commission (SEC). The fact of the matter is, the SEC is still keeping a close eye on forex activity, having previously issued 2 advisories stating forex trading is illegal as a means to discourage private individuals from trading currencies and local brokers from engaging in the forex business.

As such, we still recommend using a global broker that has an offshore regulator (I.E. regulators outside the Philippines). Rest assured, every broker we have recommended can be used by Philippines clients to trade Forex legally.

The central bank of the Philippines, the Bangko Sentral ng Pilipinas (BSP) is the local regulatory body governing all foreign exchange transactions. However, international brokers are not required to be registered with the BSP.

How Regulation Works

Let’s use Pepperstone as an example.

  • Pepperstone has 7 regulators:
  • ASIC (Australia)
  • CySEC (Cyprus)
  • FCA (UK)
  • DFSA (United Arab Emirates)
  • BaFin (Germany)
  • CMA (Kenya)
  • SCB (The Bahamas)

This doesn’t mean they have 7 times the protection, it simply means they have multiple regulators for the different regions they have subsidiaries.

Since Pepperstone doesn’t have a Philippines regulator, they default to an Offshore regulator which in Pepperstone’s case is the Securities Commission of the Bahamas (SCB). So, in essence, Pepperstone is using the Bahamas’ subsidiary for Filipino clients.

Other common offshore regulators some of the trading brokers on this list 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)

lowest spread philippines

lowest spreads logo philippines

About the author: 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.