Interested on learning how to trade Forex in the Philippines? You can find help through Alpari Philippines, one of largest forex brands around. Whether you are a first timer trying to get your feel of the market or someone who’ve turned trading into a booming career, there’s something for you with this global broker.
“With Alpari International, you have everything you need to start trading forex, metals, cryptocurrencies and commodity futures CFDs. Benefit from trading tools, interbank liquidity, advanced trading platforms and financial news to help you on your way,” Alpari assures its clients.
Is Forex Trading Easy?
Depending on your background in the financial market, you might find Forex trading easy or difficult. The good news is that there are actually a lot of tools, webinars, and tutorials you can find online about Forex trading – and most will work even if you’re at home or simply using a smartphone.
But earning money and getting rich in Forex trading is a different thing.
Read more about that in this article: How Easy is Foreign Exchange Trading These Days?
Forex Trading in the Philippines
Before you start to seriously consider forex trading in the Philippines, take note that the Securities and Exchange Commission (SEC) in the Philippines has also taken an unusually adversarial stand against it. In short, forex trading is not legal in the Philippines! That’s the bad news.
The good news is that you can still go into forex trading while in the Philippines, but through a workaround: you can use a reputable broker based outside of the Philippines in order to participate in this market.
So, if you want to join forex trading in the Philippines, you have to find a reputable broker from outside the Philippines to accept you as client. The problem is that there could be a lot of fake companies who might try to entice you into starting an account with them through false promises of high, guaranteed earnings.
Doing Your First Trade
With forex trading actually having a bad reputation of causing retail trader losses, particularly among private individuals, it is important to find a reputable broker.
Once you find one, the next step is to make sure that you learn how to use your chosen broker’s trading platform. While you do that, you can use the demo account so you can have an idea about how you can place your forex order.
Ready for your first trade? Now that you’ve gotten the hang of your chosen broker’s trading platform, you’re ready for your first trade. It’s a good idea not to put all your money into the trade. While there’s beginner’s luck, you also don’t want to lose all your hard-earned cash in one go, just in case the trade won’t be in your favor.
Through your broker’s trading platform, you might be allowed to buy or sell a currency pair, choose the quantity/amount you wish to buy or sell, and either enter a market order that would get executed immediately at the best price available or a limit order and the exchange rate where you want to deal. But what you can do with the platform largely depends on the protocol required by your broker.
Is Forex Trading with a Foreign Broker Risky?
Yes, it is risky in some way. Take note, however, that trading any asset will always involve some sort of risk – and that includes forex trading. Since there’s no way you can legally do forex trading with a local trader, doing so with a foreign broker is the only way you can get into forex trading.