The Philippines is one of the countries where Forex trading attracts much interest among those who seek additional income. That is why we decided to provide tips on how to find the best broker on the local market.
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.
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.
