What is forex trading philippines
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Learn to Trade Philippines 4. Roda Angelynne Lee 03 Feb John Jerome Arceo 26 Jan Christopher Dacuba 21 Jan Marievic Tecson 11 Jan Jan Philip 21 Dec Marvin Abella 14 Dec Mj Dimayuga 30 Nov Samuel Siong Mayos jr 24 Nov Kristina 26 Oct Vincent Antonio 19 Oct Jeffrey Capistrano 05 Jun Jhoanne Gacutan 26 May Mario Calatan 26 May Vincent Romar Sering 28 Apr Cris Paller 18 Feb Dave Algreg 05 Feb Ted Osias Vendiola 06 Jan Lea Aicel Laugan 07 Dec Jie Lyn Lagdamen 06 Dec Lea Aicel Laugan 06 Dec Joan Viado 27 Oct Samantha Lee 25 Oct Nitson Itliong 16 Oct Jielyn SAri 29 Sep Chris Avila 23 Sep Jimmelyn Grace Paniza 10 Sep However, one should not forget that where big money is involved, a lot of scams follow too.
So, when in search for a reliable Forex broker you need to remember to look for the one who is regulated by BSP. Then, you need to check what trading platform the broker offers, are there any hidden fees or commissions, is there a choice of accounts that would fit your needs, is customer service good or not and whether there are any other additional services. Gone are the days, when just any broker can open an offshore company and offer his services wherever he wants. Most countries have implemented quite strict regulation frameworks and you can hardly find a place in the world where an unregulated broker is not frowned upon.
This means more security and confidence for the average trader and fewer opportunities for scammers who prey on your hard earned money. Philippines is no different.
It was founded in , which makes the Bank quite a young financial institution. The main responsibility of the entity is to supervise financial markets and ensure that they function smoothly, competitively and transparently. The Bank also supervises market players offering their services to local citizen with intention to regulate their services. Despite the fact the regulator allows market intermediaries freely trade any market they want, BSP will not tolerate any scams, price manipulation and money laundering schemes, but punish any broker who dares to engage in those. So, a Philippino trader should feel safe with a BSP regulated broker.
If you live in the Philippines, want to trade and think you have found a decent broker, you also need to check what kind of trading platform and software the broker offers you. The trading platform will be your main tool you work with. If it is bad, it does not matter how good you are in trading or how good your trading system is, you can make a bad decision due to not knowing what icon or button you need to push and accidentally make a wrong trade which will cause you to lose money.
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So, the platform has to be easy to use. Each button and function on the platform should be understood easily by you. You should also be able to open as many charts on it as you need for analysis, both technical and fundamental. Back testing function should also be there, so that you know whether the strategy or code you want to use work well or not. Finally, you should be able to copy other traders who might be more successful than you.
So the copy function should be there. One of the best platforms that is downloadable is Metatrader and any good broker should offer you that. All traders know how commissions can take a huge bite off their profits and they search for brokers who offer the lowest commissions on transactions. Contrary to stock brokers, Forex brokers typically do not charge commissions, but they make money on spreads. A spread is the difference between buy and sell or bid and ask price.
Spreads tend to be fixed and variable.
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Brokers who offer fixed spreads will charge from pips on major currency pairs and around on currency crosses. Those who operate with variable spreads will typically offer much smaller spreads.
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On majors variable spreads can be 0. However, you should remember that these spreads are under normal market conditions. When markets react to some unexpected fundamental event and prices start jumping up and down, brokers extend those variable spreads and they can become 10 or even 50 times bigger than usually.
Of course, this will typically last just a few minutes till markets calm down, but you still have to know when to avoid opening or keeping positions open. A lot of brokers offer different levels of accounts that depend on size of capital you have and two hundred dollars is not too little to start with. Traders who have bigger capital than 10k can open a standard account and trade standard lots. One standard lot size is k position. Of course, you had better have a bigger amount thank 50k to trade standard lots, just to ensure you control your risk.
Before you open an account with a broker be sure to visit section on their website where customer service is. Ask as many questions as you want to find out how they respond and how they treat your problem. You should expect fast replies, quick solutions and a polite way of dealing with your issues. If questions are not answered in a timely fashion and issues are not solved for weeks, do not trade with that broker.
Best Forex Trading Brokers in The Philippines
Additional services that a broker provides may seem unnecessary and unimportant, but that is not the case. If a broker cares about their traders they will do as much as they can to improve the quality of their services. Forex is a complex market and you need to find out about it as much as you can, so lots of resources about that should be available with the broker.
A broker will typically employ experts who do technical and fundamental analysis, market recaps, news interpretation and etc. The more material that is available, the better. Successful trading is not just about implementation of your excellent trading strategy, but also trading with confidence and peace of mind with the broker that is regulated and who cares about his customers. The article indicated specific steps that you need to make in choosing a reliable broker. Review them, do your own research and only then open an account with the broker that you have tested yourself.
Or to save time simply pick from our list of regulated and recommended brokers below.
Forex Trading In The Philippines — What Is LEGAL, What Is NOT – Forex Club Asia
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Macro Hub. Best Forex Brokers in the Philippines Advertising Disclosure Advertising Disclosure. This page may not include all available products, all companies or all services. FX Empire Editorial Board. At FX Empire, we stick to strict standards of a review process. Learn about our review process.
FX Empire may receive compensation. Scroll for more details. Your capital is at risk. No dealing desk. Market Maker. MT4, MT5. Sponsored Sponsored. Pro Tip: Most of these brokers offer free demo accounts so you can test the brokers and their platforms with virtual money. Give it a try with some play money before using your own cash. Note: Not all Forex brokers accept US clients. For your convenience we specified those that accept US Forex traders as clients. Visit Broker Your capital is at risk.
FP Markets Review. Modern trading platforms. Low spreads on forex currency pairs.
Really none that we can see. Pros: Cons: Commission-free trading available. Can trade from MetaTrader 4 and MetaTrader 5.