Philippines · Phase 1 launch market
Forex brokers in the Philippines: GCash or nothing.
85 million Filipinos use GCash. The forex brokers that integrated early — OctaFX, Exness, XM — captured the local market. The ones that didn't are still trying to onboard via 3-day bank wires and losing. The BSP doesn't license retail forex directly, so every broker here operates under an overseas license.
Brokers
49
Top regulator
BSP
Top payment
GCash
Leverage cap
1:500 (overseas)
Currency
PHP
Best in Philippines
All 77 brokers serve Philippines.
1EX
ExnessFeatured
EUR/USD 0.1 · $10 min · 1:2000
93
FCACySEC
2IC
IC MarketsFeatured
EUR/USD 0.0 · $200 min · 1:500
88
ASICCySEC
3HF
HFM
EUR/USD 0.3 · $0 min · 1:1000
85
FCACySEC
4FX
FXTM
EUR/USD 0.4 · $10 min · 1:1000
82
FCACySEC
5OC
OctaFXFeatured
EUR/USD 0.2 · $25 min · 1:500
82
CySECFSCA
6XM
XM Group
EUR/USD 0.6 · $5 min · 1:1000
82
CySECASIC
7FB
FBS
EUR/USD 0.5 · $1 min · 1:3000
74
CySECIFSC
| # | Broker | Trust | EUR/USD | Min dep. | Leverage | Regulators | 30d | |
|---|---|---|---|---|---|---|---|---|
| 1 | EX ExnessFeatured Est. 2008 · MT4 | 93 | 0.1 | |||||
| 2 | IC IC MarketsFeatured Est. 2007 · MT4 | 88 | 0.0 | |||||
| 3 | HF HFM Est. 2010 · MT4 | 85 | 0.3 | |||||
| 4 | FX FXTM Est. 2011 · MT4 | 82 | 0.4 | |||||
| 5 | OC OctaFXFeatured Est. 2011 · MT4 | 82 | 0.2 | |||||
| 6 | XM XM Group Est. 2009 · MT4 | 82 | 0.6 | |||||
| 7 | FB FBS Est. 2009 · MT4 | 74 | 0.5 |
Questions traders in Philippines ask.
Is forex trading legal in the Philippines?
Yes via overseas regulated brokers. The BSP and SEC PH don't issue retail forex licenses, so domestic brokers don't exist — every active broker is offshore.
Can I really fund my account with GCash?
Yes — most brokers serving the Philippines integrate GCash directly, with deposits and withdrawals in under a minute. Some cap GCash withdrawals to ₱500,000/day.
Are there fees?
GCash itself is free for forex deposits with most brokers. Some brokers pass FX-conversion costs through; it's worth checking the broker's funding page.