From my own research it seems most of the brokers that Filipinos use have BAD reputations. If you don’t believe me you can type the name of the broker into Trustpilot website.
I would like to open an account with an Australian Forex Broker but transferring the money from the Philippines is a huge problem. I’m not sure its possible.
I was just wondering if there are any brokers that Filipino’s use that have good reputation’s.
Thanks
https://www.ausforex.com/en-us/account/registering-a-live-account.shtml?key=LNzkZxqkmqc%3D
You may try this broker with regulation.
I found this broker, www.fpmarkets.com.au.
Its the only Australia broker that uses Dragonpay for Filipinos. Very easy to deposit and withdraw funds. Also has awesome reviews on Trust Pilot website.
If you don’t know how to use Dragonpay app you can watch this video on Youtube.
Dragonpay Online Bank Payment Video Tutorial
Dragonpay Prepaid Credits Video Tutorial
Paying for Dragonpay Online Transactions at 7-Eleven Branches
1.Go to any 7-11 branch and look for the Cliqq touch-screen payment kiosk. Select Bills Payment and display All Billers.
2.Hand over your kiosk payment slip and cash (no checks please) to the cashier.
3.Wait for our confirmation email
How do I withdraw money from Dragonpay?
Follow the link given in the email and enter the following information into the confirmation form:
1.Branch code.
2.Date and time that the payment was completed.
3.Exact amount paid.
Forget about the AU thing. Just find a broker that accepts traders all round the world. Use Tether or Bitcoin for deposit. You can even use Skrill. I use Forexchief broker, and I know two traders from Philippine on our Facebook group that uses this broker. One says he deposits and withdraw money using cryptocurrency. Its easy.
Fusion Markets(Australia) has been around since 2010 and has over 10,000 users. It is a low-cost broker that operates in 60 countries offering Forex, including 90 currency pairs, and CFDs on stock, commodities, indices and Crypto, including 5 pairs that consist of Bitcoin, Ethereum, Dash and Ripple.
Advantages:
1.Their non trading fees and trading fees are very low
2.No inactivity fee
3.Their fee report is very transparent
4.Having a very upgraded Customization in their charting
5.Minimum deposit amount is $1.
6.Deposit using Dragonpay(Philippines)
Disadvantages:
1.The withdrawal process is very slow it takes a minimum of 3 days
2.Foreign traders are regulated under VFSC regulations(Vanautu)
Choosing the right broker for you is not going to be easy. If you are a beginner, all the brokers might seem to be the same. That’s when you will realize the importance of testing different brokers. You will have to find out which broker works well for you and with whom you can apply your trading plans.
So had you been in his shoes, what would have been your strategy of a broker selection?
Can’t say anything about others, but for me, the first and the foremost criteria is to see whether the broker has been around for a while. For me that brings about a sense of security for my investment. .
No matter the currency trader you are, you’ll have to pay the transaction costs either in the form of a spread or a commission It’s obv you’d want to look for the one that comes with pocket-friendly rates. I simply ensure that the broker offers tight spreads that suits my type of trading.
Yeah that’s important too along with the withdrawal and deposit policies. I’ve been reading comments from lots of distressed traders saying their brokers process the transaction after a week or 2 or just don’t reply at all once the withdrawal request is forwarded. I’ve been trading with turnkey forex and IG and never have they delayed my due.
Off-shore brokers can be of great help to you. I know this because I trade with one and the best part, the currency transfer is no problem and done within a few hours.