As binary options trading has risen in popularity across the globe, it’s made its way to the Philippines, too. While there are no brokers licensed locally, there are offshore binary options brokers, creating plenty of options for traders.
If you’re looking for a binary options broker in the Philippines, we’ll help you choose one that’s reliable and has all the features you need for the best trading experience.
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The Best Brokers For Trading Binary Options in the Philippines
|Best Brokers For Trading Binary Options in the Philippines|
If you're looking for a binary broker that caters to customers around the world, including USA and Europe, then Pocket Option is one of the best options available.
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Copy trading allows you to follow the most successful traders on the platform and to see their live trades in real-time. By copying other profitable users, you can increase your chances of success.
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This platform is best suited for beginners that are looking for a simple interface that is easy to understand.
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When you’re searching for a binary options broker, you should know what they have to offer. While assets, account types, and payouts are important, you also want to know your funds are secure.
Who regulates each broker is also important, as this can mean the difference between a reputable, reliable broker and losing funds to a scam.
1) IQ Option
IQ Option is renowned as one of the most popular binary options brokers in the world, and they’re available in the Philippines, too. Emerging in the binary options market in 2012, they’re the oldest broker on our list. They’re also one of the most reliable, as evidenced by their regulation by the Cyprus Securities and Exchange Commission (CySEC).
Their trading platform is available as both a web-based setup and a mobile platform for Android and iOS—and they use in-house software to maintain it. Through this platform, you can trade an impressive 500+ assets, including:
When you trade on any of these assets, you have the chance to get up to a 95% payout. All you need is a minimum initial deposit of $10 to open an account.
IQ Option gives you two choices of account types: Real and VIP. A Real account gives you access to all their assets so that you can get to trading right away. If you’re not ready to take that leap, you can open a IQ Option demo account, which gives you $10,000 in virtual funds to practice trading with before you join in for real.
A VIP account gives you a significant upgrade, along with your higher investment. While you only need $10 for a real account, to become a VIP, you need to deposit at least $3,000 to get all the extra features. But you might find it’s worth it, considering that you get a personal account manager, financial analysis from experts, and unlimited trading opportunities.
Their customer support is always accessible, and while they’re restricted in many countries, like the United States, they are available in 151 countries (including the Philippines) and 13 languages across the world.
Compared to IQ Option, ExpertOption is a newer binary options broker, entering the market in 2015. They’re regulated by the Financial Market Relations Regulation Center (FMRRC), the Vanuatu Financial Services Commission (VFSC), and the Center for the Regulation of Relations in Financial Markets (CROFR). While that’s not as impressive as CySEC or Financial Conduct Authority (FCA) regulation, three regulatory entities overseeing their activities tells you they’re committed to trader security.
Their 31 million traders trust them to keep their funds safe from their base in the Grenadines. The Philippines is one of 151 countries Expert Option serves, and they have a positive reputation in the binary options market.
ExpertOption gives you the choice of five account types:
- Basic: A $50 minimum deposit gives you access to all assets
- Silver: A $500 minimum deposit gives you asset access, plus free trading consultations
- Gold: A $2,500 deposit gives you free trading consultations and additional investment tips
- Platinum: A minimum $5,000 deposit gives you the most you can get with funds alone, including free account management, advice, and trading analyses from experts
- Exclusive: ExpertOption doesn’t provide as many details about this account tier, and that’s because it’s by invitation only. However, you do get unlimited open deals, up to $3,000 from a single deal, and up to 6% increased asset profits.
You can try their demo account, too, but it might not prepare you for the real binary options market, which is far less predictable than this practice version. However, once you do join the real trading market, you access over 100 assets in CFDs, cryptocurrencies, indices, shares, forex, and commodities.
With up to a 95% payout, ExpertOption makes deposit and withdrawal easy with over 20 payment types. Withdrawals usually take up to two days to process.
3) Olymp Trade
Olymp Trade entered the binary options market in 2014, and since then, they’ve received numerous awards that speak to both their credibility and trader satisfaction. Regulated by CySEC, they’re a popular broker internationally.
Their website, platform, and educational services are available in eight languages—all the languages their traders speak, as they claim on their website. That includes traders in the Philippines.
Olymp Trade doesn’t give you as many assets to choose from as other binary options brokers like IQ Option or ExpertOption. As opposed to hundreds—or even 100—they only have 60. Still, their fantastic customer service and excellent reputation lead traders to them year after year, and they claim that the number of payouts through their platform increases by 7% each month.
Right now, their maximum payout is 92% with a VIP account, while you get 80% on a Standard account—and those are your only two account options, aside from their demo account. The demo might be a good thing to start with, even if Olymp Trade’s website and platform are user-friendly. It gives you $10,000 in virtual funds so you can explore their platform before you commit to an official account.
A Standard account gives you all the basics with your $10 initial deposit. You get educational materials, so if you’re a beginner, you don’t need to worry about going in without a lot of knowledge. You also have access to analytic tools that make it easy for you to improve your trading technique and get higher payouts.
With a minimum deposit of $2,000, the VIP account is a significant upgrade. Along with all the standard account features, you get personal consulting, risk-free trades, private webinars, and exclusive trading strategies. If you’re looking to up your trading game, the VIP account is your best bet once you get past the beginner level.
Despite having fewer asset options, Olymp Trade is a reliable choice that’s ideal for both beginners and seasoned traders. They’ll continuously take you to the next level as you trade, and you can hone your skills as you go.
Licensing and Regulation
Binary options trading is legal for anyone over the age of eighteen in the Philippines, but this type of trade is still regulated to minimize scams and security issues. The Indonesian Financial Services Authority oversees binary options regulation in the Philippines, ensuring that all brokers meet their guidelines and standards.
Because no local brokers exist in the Philippines, if you plan to trade, you have to go through a broker affiliated with a binary options broker offshore. That said, you have plenty of options, whether you want to trade with IQ Option in Cyprus or ExpertOption in St. Vincent and the Grenadines.
While many binary options brokers have offered no deposit bonuses, more recent regulations prevent licensed brokers from doing so. You may still be able to get the initial bonuses offered by these brokers when you sign up for an account, but after that, no reputable broker has ongoing bonus incentives.
That’s because binary options is a risky trading game, and many traders lose money once they enter the market. Brokers would offer bonuses that kept traders trading and investing more of their money to get more bonuses.
As regulatory bodies caught on to this practice, they began banning bonuses that tricked traders into losing more money. If you see a broker offering bonuses like these, they’re probably not reputable. It’s better to stick with those you know are properly regulated and secure when it comes to keeping your funds safe.
Deposits and Withdrawal Methods
When you’re looking for a binary options broker, one of the most important aspects to consider is how easy it is to deposit and withdraw funds. Many brokers offer payment methods like:
- Credit cards
- Debit cards
- Bank wire transfer
Ideally, you want one that accepts many payment methods. For example, ExpertOption accepts all the methods listed here, giving you a variety of ways to deposit and withdraw funds based on your personal preference.
Aside from the methods of payment, you should also pay attention to how long it takes for your funds to reach your account, whether you’re depositing or withdrawing funds. Deposited funds should reach your account instantly, if possible.
When withdrawing funds, most binary options brokers state that your funds will reach your account within three days. Some brokers, like IQ Option, process your funds in 24 hours, while ExpertOption takes 48 hours. If having funds available quickly is important to you, check the individual broker’s website to be sure you’ll have your funds in a reasonable amount of time.
While binary options trading isn’t available in all countries, it has become increasingly common in the Philippines. These brokers are regulated based on Filipino standards, and while they’re all offshore brokers, introductory brokers exist in the Philippines to help you trade more efficiently.
Regardless of which broker you choose, check their regulatory body and policies, and be sure you understand what they offer. If you live in the Philippines, you have an ever-growing number of choices, so explore all your options before you commit to a broker.
Robert Wolfe is the founder and chief editor of Impact Investing Collaborative. Robert is an expert trader with over 10 years of experience trading binary options, Forex, and CFDs. He prides himself in providing accurate and in-depth reviews in order to help others find a trading platform that fits their needs. When Robert isn’t actively trading or managing Impact Investing Collaborative, he enjoys spending time with his 3 kids, playing golf, and spending time outdoors.