Foreign exchange investment is becoming more and more popular in the Philippines, and more young people are beginning to learn how to become a professional trader. Forex trading in the Philippines offers many economic opportunities, but traders must remain cautious.
Given the scale of the foreign exchange market, there are numerous scams and frauds, some of which have very attractive marketing activities to support their claims. They use inexperienced new traders to lure them out of their hard-earned capital. Using common sense, if a proposal sounds too good to be true, it probably is.
We will list five dealers in the Philippines. These dealers not only have their long-term performance records, but also have relatively strict supervision and reputation. Foreign exchange transactions through these Brokers are less risky.
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l FXTM
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l Capital.com
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l Pepperstone
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l AvaTrade
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l Moneta Markets
For the inexperienced, the foreign exchange market is still unstable and risky. Therefore, you must first understand the transaction before you can profit from it. Unfortunately, there are many scams and frauds in the foreign exchange market. The Philippines has experienced a large number of such transactions, which prompted the Philippine Securities and Exchange Commission (SEC) to issue an advisory report in October 2018 marking the Philippines foreign exchange transactions as illegal. The announcement is no longer available on the SEC website. The purpose of the SEC is not to prohibit foreign exchange transactions, but to prevent large-scale fraud against Filipino traders. Those who want to inquire about the current status can contact the Enforcement and Investor Protection Department (EIPD).
To avoid risks, check the information of 5 dealers below. WikiFX provides dealers office surveys, regulatory information, user reviews, etc. to help you safely invest in foreign exchange.
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