The Forex trading market in the Philippines shows remarkable potential for quick development. So, below, we will give you a short guide on how to choose a Forex broker in this country.
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.