Specifics of Foreign Currency Trading in the Philippines
By Space Coast Daily // March 8, 2020
For many decades, institutional investors have been buying and selling national currencies for a profit. Since the 1990s, the activity has been accessible to individuals, with retail Forex trades gaining wild popularity around the world.
Today, the citizens together with Alpari Philippines can gain access to the market through reliable Forex trading broker.
Nowadays, Forex is an immense global marketplace, with daily turnover over ten times bigger than that for stocks, reaching 5 trillion US dollars.
Traders can take advantage of cutting-edge technology, advanced software, and forecasting aids, which are optimized for laptops and smartphones alike.
The Principle of Philippine Forex Trading
As the term suggests, retail and institutional traders engage in selling and buying of national currencies with the goal of making a profit. Since exchange rates are constantly changing, a well-timed order results in monetary gains for the participant.
Currency values are always shown in pairs. One of the most popular combinations is the GBP/USD quote. The indicator (for instance, 1.2745) reflects the value of a single pound in US dollars, where the former is called the base currency and the latter the quote currency. Overall, the market offers four base currencies: Euro, USD, GBP, and Philippine peso.
Generally, any trader, whether retail or institutional, aims to buy currency cheaply and sell it for a profit once the exchange rate improves. This underscores the importance of forecasting skills, which is now facilitated by automated tools.
Brokers: Their Role and Functions
Individuals may not access the finance market without an intermediary – i.e., broker. These companies provide the software necessary for trading, as well as educational content, guidance, and support.
Such well-established brands like Alpari incentivize their clients with regular promotions, such as their 30% welcome bonus. Their platform (Metatrader 4 and 5) has a demo mode which enables rookies to hone their skills without risking actual money.
Specifics of Trading In the Philippines
Individuals wishing to enter the market in the Philippines may choose from dozens of brokers that advertise themselves online. However, only a few of them should be trusted.
Any profit-making tool gives rise to various scams luring people into parting with their cash. Foreign exchange is no exception, which is why it is crucial to vet the broker before commencing any trades.
• Does the company comply with local regulations?
• What regulatory body is it monitored by?
• Can you find genuine client feedback?
• How much will you be charged for the services?
• Are there any hidden fees?
• What is the amount of minimum deposit?
• How convenient are the deposit and withdrawal methods?
• Does the company offer support around the clock?
Example of a Broker
One of the oldest names on brokerage, Alpari, has a history spanning two decades. Over the years, it has gained over 2 million clients in 150 countries owing to the consistently high quality of services.
Alpari International formed after the brand makeover in 2014, is under supervision by the Financial Services Commission (FSC) in Mauritius, where it is registered and headquartered.
• wide range of financial instruments,
• six types of accounts,
• state-of-the-art intuitive software optimized for mobile devices,
• competitive spread (particularly favorable on the most popular pair – EUR/USD),
• low minimum deposit (zero for some accounts),
• no charges except for the spread,
• promotions and loyalty bonuses,
• free local deposit options,
• copy trading,
• 24/7 support in the Philippines.
Aside from Forex trading itself, clients may also trade cryptocurrencies, contracts for difference on indices and spot metals.
Security and protection of data are guaranteed by the contract signed between the broker and every trader, the use of secure SSL protocols and data encryption.
CLICK HERE FOR BREVARD COUNTY NEWS