In the Philippines, the popularity of trading has grown rapidly in recent years. So, let us provide you with short guidelines on how to select a broker there.
Here are the details we recommend you focus on:
- Legal issues. The first thing to check is a license. Never trust your money to companies in conflict with the law. Make sure the broker chosen operates within the rules established by the Bangko Sentral ng Pilipinas ― the authority that controls Forex trading Philippines.
- Feedback. That sounds obvious, but many novice traders skip this stage trying to save time. Yet, other users’ reviews are an easy-to-access source of objective information on the broker’s policy, practices, and reliability.
- A selection of trading options. Namely, it is advisable to check whether a platform offers copy trading and automated trading functions.
- Research and educational materials. Every new trade requires thorough and deep research. Trading is all about analysis and calculations.
- Minimal deposit limits. It may vary from $0 to $100 and higher, so take into account your initial capital.
- Commissions. Some companies provide deposits and withdrawals for free, but others ― charge fees for all transactions.
- A demo account. Use it to test whether the service operates without interruptions and bugs.
Also Read: A Guide on Finding the Best Trading Platform Australia
Every trader has his own expectations concerning a broker. However, above, we have mentioned universal choice factors that will definitely come in handy for you. If you want to know the exact names of the platforms, which are safe to try, have a look at eToro, Interactive Brokers, FxPro, Admiral Markets, AvaTrade. All of them work with Philippines residents, offer comfortable terms of use, and provide a full range of trading services one may need.