The Philippine Securities and Exchange Commission (SEC) remains the sole regulatory body with oversight of the domestic Forex market. International Forex brokers do not need a license by the SEC to accept Philippine traders, but the rules and regulations change as the country attempts to reign in fraud and scams. Contacting the Enforcement and Investor Protection Department (EIPD) can provide clarity, and you can report scam and fraud attempts.To get more news about
forex brokers in philippines, you can visit wikifx.com official website.
Is Trading Forex Legal in PH?
Yes, forex trading is legal in the Philippines if the broker is authorized by the Securities and Exchange Commission (SEC) which are regulating the securities industry in the Philippines responsibale for - There is no law prohibiting Forex trading in the Philippines.
However, confusion has been caused by a statement released in 2018 by the Republic of the Philippines’ Securities and Exchange Commission which simply stated that “foreign exchange trading is illegal in the Philippines”. Exactly how and on what basis it is illegal, was left unsaid.
It is true that there are no Forex brokers licensed and regulated in the Philippines, so Philippine resident Forex traders must trade with offshore brokers. It is therefore especially important that well-regulated Forex brokers in reputable jurisdictions are used.
How Can I Start Forex Trading in the Philippines?
The first step is committing to making a serious attempt at trading Forex successfully. This will take some hard work - if you aren’t prepared to study, you almost certainly will not be successful at it. Most most new traders find it is a challenging process, both practically and psychologically. If you are a patient person and you can spend time on your own in front of a computer figuring out puzzles without losing patience, then you might have the right personality and skill set to be good at trading Forex.
It is also important that you accept an outcome where you lose money, especially at the beginning, as almost all traders struggle to avoid significant losses while they are learning. If you are a compulsive gambler, or if you have no ability to take a series of controlled losses by limiting your risk, you will struggle to succeed at trading Forex.
If you decide to try to become a profitable Forex trader, you will need enough money to get started. Although there are many Forex brokers that do not require any minimum deposit, to trade safely and limit your risk appropriately you need at least $12 if you are trading nano-lots, or $120 if you are trading micro-lots. Typically, the higher the sum you deposit with a broker, the better trading conditions you will get in return.
The last step in starting Forex trading is opening a demo account with the best broker for you, and then after practicing, opening a real money account. You will be able to choose the best Forex broker for you by reading the rest of this article and assessing each of the Forex brokers listed here.
What Is the Best Time to Trade Forex in the PH?
Interesting Forex trading opportunities can appear at any time while the Forex market is open. However, the best time to trade Forex is usually during the most liquid market hours, and the time of highest liquidity in the Forex market for most currency pairs typically occurs during the London / New York overlap. . In the Philippines, these hours occur between 8pm and Midnight local time Monday to Friday. The most liquid days of the week are usually Wednesday and Thursday. The time zone location of the Philippines means that trading Forex in the evening after work can be a great way to get started.
If you are must trade during Philippines business hours, you will probably do best to focus on trading Asian currencies such as the Japanese Yen, as these are typically more liquid than European or American currencies at these times.
