MoneyMakingForex.com

Forex Broker in the Philippines

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Location Matters?

I'm not aware of any brokers in the Philippine islands. Now, I don't live on the islands, so that doesn't mean that none are there. Most likely there are some there. It's just that I'm not aware of any.

That brings up an important point. Is location important? I really don't think so. You see, 99% of retail currency trades are conducted over phone or data lines that link the entire world together.

Based on that fact, I don't see how it's important that a broker be here or there. The only exception would be the fact that you don't want to trade with a broker located in a country with lax law enforcement. However, that kind of a broker wouldn't last because no one would trust them. So no one would execute trades through them.

The Internet

Remember, in the Philippines you can get the same exchange rates as someone in France or Canada. Because of that why would you pick based on location? I really don't think that location should be a deciding factor.

The big thing should be reputation. Is the broker highly respected? What do others think of them? It's all about reputation.

OandA.com

Which then begs the question, which broker has the best reputation? For the small forex trader, I think that Oanda is the best. They are very transparent. You'll look hard to find any true negative comments about them.

Sure, there are complaints about the way their spreads move, however, that's due to their transparency. It's actually a good thing.

Note: I'm not an IB for Oanda.com. I receive nothing from them, nor is there any relationship between us.