Foreign exchange trading is common among Filipinos. According to the Securities and Exchange Commission of the Philippines (SEC), foreign exchange (Forex) trading is illegal there, so investors should refrain from doing so until regulations are put in place. Brokers that do business with Filipino clients do so illegally, and their clients trade at their own peril. All retail traders in the Philippines who access foreign exchange and CFD markets do so through offshore brokers. As a result, there is a substantial threat posed by uninvolved parties. If you want to prevent getting swindled, you shouldn’t use a foreign exchange broker that isn’t regulated by a tier-1 regulatory body.
Is it possible to legally trade forex in the Philippines?
Circular Number 1389 governs the exchange of local currency for AAGs, although according to the Philippines’ financial market authority, neither retail forex trading nor the offering of forex and CFDs by local brokers is permitted. Foreign currency trading, along with contracts for difference (CFDs) and other off-exchange derivatives sold by international brokers, have both been the subject of repeated warnings from the Philippines’ Securities and currency Commission (SEC). As per Traders Union experts, the government has long held the view that margin-based derivatives like forex and CFDs are not viable investments, and this extreme stance against forex is a reflection of that view.
How to Get Started Trading Forex in the Philippines
If you are a citizen or permanent resident of the Philippines, your access to foreign exchange markets is restricted. The Securities and Exchange Commission (SEC) of the Philippines discourages its residents from engaging in foreign exchange trading because no SEC-regulated brokers provide such services at this time. If you’re going for opening an account with a foreign broker to trade foreign exchange, do your research and make sure the firm is reputable and subject to appropriate regulation. To begin trading forex, you may create a live account with any of the following brokers; all of them are reputable and accept clients from the Philippines:
- Saxo Bank
- Interactive Brokers
The Major Features of Pocket Option
If you’re interested in trading binary options online, you should check out Pocket Option. It has become the standard for traders all around the world due to its user-friendly design and extensive set of trading tools. Here are some of it’s best features:
You can engage in social trading and copy trades using Pocket Option. You can browse the best-rated traders or enter a trader’s name to find someone specific to copy. Many types of traders can benefit from reading copy trading reviews.
All kinds of educational resources are available to members. Visual aids, films, tutorials, Ebooks, and more fall under this category.
An authentic signals bot is provided by the broker. This bot will send you alerts whenever it detects new information or an asset it thinks you should invest in.
You can pit your trading and investing skills against those of other participants in the broker’s tournaments. Compare your earnings to theirs and find out how you may benefit.
Bonuses on Deposit
Pocket Option deposit bonus is of 50% on initial deposits of $50 or more from new users who open trading account with the company. A $50 minimum deposit is required to participate, but there is no fee for the customer.
The Verification Time of Pocket Option Account
The verification process is required to utilize a real account completely and normally takes between one and three business days. If your account has not been properly verified, you will not be able to withdraw any money. We advise you to complete the account verification process at the outset if you intend to use a real account. Due to the Know Your Customer and Anti-Money Laundering policies in place on Pocket Options, the entire procedure is straightforward but essential. There are various stages to the registration procedure:
- Account signup process.
- Verification of contacted electronic and telephonic means.
- Indication of contact information, including phone number, email, and physical address.
- Providing the broker with the files they need to verify your identity and address.
- You’ll need to fund your trading account before you can begin making real-money trades.