How to Trade Forex in the Philippines?
Learn how to trade Forex in the Philippines easily with guide, tutorials & information for Filipinos who wants to buy and sell Forex foreign exchange currencies.
Trading or buying and selling foreign exchange currencies (FOREX) in the Philippines is a lucrative business. It can help many Filipinos make money quick and easy (for as long as Filipinos knows how to trade forex in the Philippines) the proper way. If you are one of the many Filipinos dreaming to become a professional forex trader in the Philippines, start reading this guide on how to buy and sell foreign exchange currencies in the Philippines.
Let us get started straight to the topic about trading forex in the Philippines. Here’s you need to prepare the things to get started, and what are they?
Things Needed:
- Trading Capital
- Brokerage Account
- Debit Card or Credit Card
- Skrill Account
- Computer, Tablet, Mobile
- Internet Connection
Ways to Trade Forex in the Philippines
There are many ways to buy and sell foreign currency in the Philippines. Let us discuss them one by one. If you have already prepared the things needed, then choose one of these ways on how to trade forex for Filipinos.
Trade Forex in the Philippines through Banks
When you enter bank premises, you will surely see a foreign currency exchange rates. One of the major forex pairs are Philippine Peso and United States Dollars.
Some pairs are UK sterling pound and Philippine Peso, Php to Singapore Dollars, Philippine Peso to Canadian Dollars, Php to Japanese Yen, Hong Kong Dollars, Philippine Peso to Euro, etc.
Image Credit: The Comedian – Forex Trading Dollar Euro via Flickr CC 2.0Forex Trading Guide through Banking
All you need to do is to open an account in the bank you preferred. Major banks like MetroBank, Banco de Oro, BPI, China Bank, Security Bank, Union Bank required you to buy foreign currency if you have an account with them.
Then, ask the bank if you want to buy foreign currencies. You need to be aware of the exchange rates because banks has sometimes low exchange rates when you sell foreign currency and high exchange rates when you buy.
Example: US Dollars to Philippines Peso
Buy $1 = Php53.50
Sell $1 = Php53.00
Buy and Sell Foreign Currency through Remittances, Pawnshops & Forex
You can trade forex in the Philippines by buying foreign currencies (USD, EUR, PHP, JPY, GBP, CHF, etc.) in remittances and some pawnshops are selling foreign currencies.
You can also sell your foreign currencies with them if you want. Just check out their exchange rates if they are reasonable.
Trade Forex in the Philippines Online Using Broker
Other way to trade forex in the Philippines is by trading foreign currency online. You need to have a trading account from a legitimate broker.
You need to educate yourself about forex trading first before you trade online. Some broker offers demo account wherein you can use that account to practice on how to trade forex.
Here is what you need to have when you want to trade forex online;
Computer, Tablet, Mobile Phone, Internet Connection, Debit Card, Credit Card, Bitcoin Wallet (optional), etc.
1. To trade forex online in the Philippines, you need to open forex trading account from legitimate broker.
2. Fund your trading account using debit card, credit card or Bitcoin. Some broker offer free $1,000 when you open trading account.
3. Familiarize the trading platform of your broker or just use MT4 or MT5 when you want to trade forex online.
Tips and Warnings in Forex Trading for Filipinos
Not all brokers are legitimate. Search and investigate which one is legitimate broker that offers good service in paying you for your profit in trading forex. Some forex brokers are good when funding but when withdrawing your funds, they have bad service.
Do not start trading online if you have no idea how forex trading online works. Educate yourself. Attend seminars, forex trading workshops, forex webinars online or hire professional trader to teach you how to buy and sell foreign currencies online.
Things you need to know about trading forex are as follows; the trading pairs, best time to trade (New York Session, London Session, etc.), using MT4 forex trading platform, reading candlesticks, graphs for forex trading technical analysis, putting an order (buy and sell order), using stop loss and take profit, etc.
If you want to trade forex through banks, remittances and companies offering forex beware of exchange rates.
If you want to know more about trading forex in the Philippines, always visit Daily Investing ips at www.InvestmentTotal.com and browse the articles about investing and trading category. Share this forex trading guide for Filipinos in the Philippines with your friends, relatives, love ones who wants to start buying and selling foreign currencies in the Philippines.