2019: Forex Trading In The Philippines — What Is LEGAL, What Is NOT

On October 30, 2018, the Philippines Securities and Exchange Commission (SEC) Issued it’s latest advisory stating categorically that “Forex Trading Is Illegal In The Philippines” For Context, here are the highlights of that advisory:

October 30, 2018


The public is hereby advised to STOP engaging in Foreign Exchange Trading and to STOP investing in foreign-registered investment platforms of commodity futures, contracts for difference, indices, binary options and the like. Further, the SEC advises the public that persons and entities acting as brokers, salesmen or agents of these securities have NO LICENSE to engage or deal in any manner with these securities and should therefore be AVOIDED or IGNORED…

…The public is encouraged to report to the Commission entities and/or persons operating Foreign Exchange Trading platforms and those acting as brokers, salesmen or agents of these operators to the Enforcement and Investor Protection Department (EIPD) at telephone numbers 818-76-50 and 818-63-37.”

My name is Mark So and I have been trading the Forex Market online for approximately 15 years already. I am based in the Philippines and I have been educating our fellow Filipino’s on the dangers as well as facts about this highly speculative industry.

When this advisory came out, I had a lot of people ask me questions, but a lot more people keeping quiet and slowly move away from Forex trading. I would therefore like to share some more information and clarification on this topic in a simple Q and A (Question and Answer) format.

Q: “Is Studying and Analyzing Currency Movements Illegal in The Philippines?”

A: “NO”

Q: “I have an existing trading account with a Foreign registered broker, am I in trouble?”

A: “NO”

Q: “Can I still trade my forex account? Or should I just withdraw the funds”

A: “Yes you can still trade your account. You can also just withdraw the funds if you do not want to trade anymore”

Q: But what about the advisory of SEC that Forex trading is illegal in the Philippines, what aspect is considered illegal?

A: As the Advisory states, the public should not invest in actual foreign exchange trading. This would literally mean that you should not open a trading account with any Foreign registered investment platform moving forward. Attending a seminar on understanding what it is all about is not considered illegal.

Q: Why did SEC issue this advisory?

A: The advisory came about because of a lot of complaints from investors who lost money trading forex due to entities acting as brokers, salesmen or agents and have no regulatory licenses in the Philippines. So please beware of entities and personalities that use deceptive advertising and marketing tactics that lure a lot of unsuspecting investors giving them false hopes. 

Q: Are you concerned that the SEC may pursue a case against you and your education in Forex?

A: NO. My intentions are very clear. My purpose is to educate and protect people in this industry, not to deceive and scam people.

In fact, a few days after the SEC advisory came out, I placed a call directly to the Enforcement and Investor Protection Department (EIPD) at telephone numbers 818-76-50 and 818-63-37 and talked to the person in charge of pursuing those in violation of this advisory and clarified. I stated my name and what I do.

From my understanding, the priority for the EIPD is to pursue cases where there are complaints of fraudulent activities which have come to their attention. Realistically, this is what the SEC can do at this point. Reading between the lines However, if you already have a trading account and have no complaints, there really is nothing the EIPD can and will do.

Q: What is your plan as a Forex Trainer in the future?

A: I have already volunteered to be a resource person for the SEC to get policies in place to regulate the Forex Market in the Philippines. I’ve had ongoing productive phone conversations with the EIPD in 2018 and stating this year 2019 with the Markets and Securities Regulatory Division (MSRD) who will be issuing policy guidelines for properly regulating Forex in the Philippines. I have offered my help in several key issues in getting these policies done and from how our conversations are going, they are open to collaborate with me. 

I do understand the plight of uninformed investors who want to get into the Forex trading space. I also have a deep appreciation of what the SEC is trying to do to protect the investment public in general.

We are still early stages but according to the MSRD, they’ve been wanting to release policy guidelines already since last year, but they still need some more research. Needless to say, I will be doing my very best to help the SEC get Forex Trading and Investing in the Philippines legal and regulated already and STOP those who victimize people in our industry.

Q: “Will the SEC Regulate the Forex Market In The Philippines?”

A: “According to the MSRD of SEC, Yes, however there is no definite time table yet for this.”

Q: “What Should I do Now If I’m Really Interested In Forex?”

A:  “Study first, when the regulations or clearer guidelines are in place in the Philippines, then start trading.”

Q: “What’s the point of studying and Analyzing Currency Movements If I Can’t Trade Yet?”

A: “Understanding when to exchange your USD to Pesos or Pesos to Euros or Yen or Pounds and other currency movements is important when it comes to mainstream businesses and Overseas Filipino Workers who regularly transact businesses in foreign currencies. Money Changers and forex remittance companies, even regular tourists and travelers who want to minimize foreign conversion losses due to fluctuations can also benefit from what I teach. Furthermore, Understanding currency movements is the foundation that is needed when learning to invest outside of the Philippines.”

Do you have questions? Leave a comment below and I will try my best to answer them.

You May Also Want to Read This Article: “3 Ways Scams Come Into The Forex Market, And How To Protect Yourself”

270 thoughts on “2019: Forex Trading In The Philippines — What Is LEGAL, What Is NOT”

  1. I don’t see any mention of the word ILLEGAL in the Advisory, nor do I see any mention or quote of any existing law on the books, therefore this seems like a lot of smoke with no substance.

    An Advisory is simply that and nothing more, without any power of enforcement.

    I understand the reasons for this particular advisory, and I agree with it and support it one hundred percent.
    It is badly needed to protect the public from unscrupulous con men, and to provide some order to the industry.

    However, let us not get carried away. This Advisory should have no effect on established legitimate traders. If trading in these items was truly illegal then all the banks would be in big trouble, so lets get real.

    • Lol! The word illegal is on the title itself.

      Like you, I agree that there is still a lot to still be clarified.

      But as mentioned, the SEC is planning on issuing better guidelines to properly regulate the online forex market industry in the Philippines.

      If you would like to help and volunteer, like me, do call the SEC and provide help. The hotlines are above.

    • Hi! I have a question regarding a demo account..is it ok i did not pursue opening an account or to make the story short did’nt give them the documents that they were asking?

    • re XM, look at where they are regulated. ask them what their negative balance policies are. Also look at their reviews online.

    • Just from my experience, I don’t know if they improved their service. I opened an account with them 6 years ago, customer service sucks, if it’s about depositing money, they solve it immediately but if it’s about withdrawal or other account service request, forget it. That’s the time I research about them and I’ve seen a lot of people complaining. Currently, I am trading with FXTM, FXCM, and Pepperstone (If you ask why I have 3 active accounts, well I don’t like my money to disappear if one of them file for bankruptcy).

  2. Hi sir, how about fx trading? Have you heard about it already? It says that the main office is in korea. Is it legit or scam. Thank you.

    • Hi Carmela, no forex or options broker is being regulated in the Philippines by both SEC and BSP as of the moment, so on that basis, no. But if you are asking if they are a legitimate company, you will have to do your own due dilligence I’m afraid

      • Hi sir. I was about to deposit in IQ Option last night since I have already registered to them. BUT before I did, I researched and read some reviews. I don’t like what I have read. There are some who say they do not have any problem with it but many are complaining especially about the withdrawal process. I’m planning to start to trade, any forex broker you can recommend? There are just so many fake websites and fake website reviews nowadays it’s so hard to know which one is the truth.

  3. A lot of people misunderstood this advisory, I kept on commenting on every facebook post regarding this matter that, forex trading in general is not illegal here in the Philippines, it’s just not regulated. The public is only warned not to engage in this industry, that’s it. What illegal is asking for someone to fund your account, or representing a specific foreign broker to invite people on investing or trading on their platform. I just hope forex trading will be regulated here in the Philippines. That’s the time SEC will go after you if those people complained for not getting what they expected.

    • I provide a guide in my orientation sessions. Please attend the next one. Please call (632)6873416 and look for CJ for tge most updated schedules. Thank you

  4. Hi Mark! What is your preferred withdrawal method from your fx account? I have tried wire transfer directly to my account and it charges 30%. This is too steep for me and I want to know if there are other withdrawal methods that does not charge this high. I hope you could help out.

    By the way, thank you so much for this very informative post.

    • Wire transfers should not be 30% depending on your broker and your bank it should be a fixed fee of roughly $50 to $60 only. I suggest you look at either changing brokers or banks if that is the case. Wire transfers are for me the withdrawal method of choice.

      • Hi Mark! This is very informative, though I’m a bit late to read it. But regarding to this question. If ever I choose wire transfer to my local bank account. Will I not be questioned about the origin of the funds as FX trading is still not legal in the Philippines? If I’m doing wire transfer of 1M php to my local bank account on average? Or will I also have issues withdrawing the actual money from my local bank.

        THANK YOU!!!

        • You might be questioned as AMLA is quite strict. To which you simply reply you are transferring it from your invest account under your name. As long as you declare that it is not from another person / third party and that it is from an account under your own name then that should be fine. Good luck

  5. Is hotforex legit..have you heard of them..been playing around with their demo account for three months now..im still undecided and do some more research on other brokers..thank you

  6. Is hotforex legit..have you heard of them..been playing around with their demo account for three months now..im still undecided and do some more research on other brokers..thank you

    • I haven’t traded w Hotforex, so I do not have any experience with how they treat withdrawals. Regulations wise, and as a general rule, I trade with either (UK FCA Financial Conduct Authority) or ASIC (Australian Securities Investment Commission) registered brokers only as a personal regulation standard. If Hot forex is regulated elsewhere, please just look at the following: are they regulated in another country, what is the fund segregation policy? what is their policy on negative balance protection?, what is their policy on withdrawals?, specifically how long it should take them to give you back the money. Go to google and seek out reviews of users, read all you can then after that, check if you feel okay to proceed, if not then you have your answer

  7. Hi Mark, if you start earning profits from an online forex broker, is this act considered a business or professional income? Do you file an income tax for the profits if it is a significant amount?

    • Yes. It is filed under additional income. You will have to ask your accountant how to do that specifically though

  8. Hi, What forex website do you use, I’m thinking about FXCM because their platform is user friendly. Any advice is of big help.

    Thank you

  9. my egyptian boyfriend is a forex trader. he wanted to withdraw his money in the philippines..is it possible?

    • If he is a permanent resident and he funded his account from the Philippines then yes, otherwise no as there are AMLA (anti money laundering act) to comply with.

  10. Hi Sir Mark,
    Good Day!

    I have also a website which do educate also aspiring traders..
    I sell digital courses in a form of ebooks, audiobooks and video courses..
    I am a pure Filipino but my clients are Foreign..
    I was planning to do a mentorship/coaching program or a master class to my fellow Filipino..
    My question is, I am allowed to do mentoring, teaching to equip other aspiring Filipino traders?
    Is selling digital courses such as ebooks, audio books or offering mentorship program is illegal when it comes to FOREx Trading?

    Do I need to register my website in SEC?

    or Do I need to secure any documents to formalize or legalize it?

    I highly appreciate your answer to this matter..

    • You will have to do your own due dilligence. Please read the comments as it was tackled already. Or Please attend my orientation programs as I mention what to look for then.

  11. Can I still open a trading account without running into any legal issues? I’m looking into Blueberry Markets as my broker, what do you think? Thank you!

    • You can open accounts. That is your money. However you must always accept risks if things fo wrong. If you run into trouble and you run to SEC after they stated already that they deem that as illegal, they may not be able to do anything much for you. Bottom line opening account is not the problem, what to do if things go wrong thats where it gets messy. Just dont forget to do due dilligence and just put in an amount you are willing to lose if things go wrong.

  12. Hi, Mark. A friend informs me if I am interested into a forex trading. Honestly, I am not that familiar about forex trading.

    This person though promises a 50% return of investment on top of the capital after 30 days. Does forex can sustain such big ROI?

    • Hi Sheena,

      1st- is your friend registered under SEC or BSP to operate as a fund manager? If not then that is not regulated. Examples of regulated pooled fund management are mutual funds. If he/she is offering to trade your account (you provide access to your account through just power of attorney or side contract) then that is not regulated — It will just be a simple legal agreement between you and your friend. So if things go south, you cannot run to SEC or BSP to get your money back. You will have to resort to a personal lawyer and that can be messy and more costly.

      2nd. While Forex can provide huge returns, no one can guarantee any returns consistently. And that does not include just forex but all investments in general. Unless he / she is asking you for a loan and the interest that he/she has agreed to pay you is 50%…. if you step back a bit and think about it, is that realistic? If not, then you have your answer

  13. hello mark! Good day! is it possible that a certain trading company will offer 100% 200% 300% or even more interest to your money invested on them?
    if not, then do you think is it a scam?

    follow up question, what do you know about black market? is it related to forex?

    • a 100% return is not sustainable, more so 200 or 300. Furthermore no legitimate investment is guaranteed. once they guarantee that then it is most definitely a SCAM. The black market is the unregulated market for forex. For example, this is when someone tells you, “alam mo, may kilala akong nagbebenta ng us dollars, mas mura, gusto mo diyan na lang? kasi kung sa bangko or money changer ka, mas mahal at kailangan ng documentation.” in other words it is the market outside of the regulations of the BSP Banko Sentral ng Pilipinas. Hope this helps

  14. Thanks sir Mark for clarifying the SEC announcement. May I ask how do you file your income tax from your Forex trading here in the Philippines? Do you declare your cash withdrawal from FXCM as capital gains or do you file them as income tax?

    • Withdrawals are not necessarily gains. You declare profits. Profits are declared as “additional income” not capital gains. Please consult an accountant on the details na lang. thanks

    • Nope. As mentioned, unless you have any complaints with IC Markets and you know what you are doing SEC will leave you alone. They only act on complaints.

  15. Hello Mark, Thanks for all the info.

    For you, what are the best forex brokers we can use or open account with here in the Philippines?

  16. Hi Mark, I have visited many websites and they all say that FX trading is illegal in Philippines. The advisory just asked people to stop engaging in FX trading, it did not state clearly it is for all FX brokers or those have no license. I wanna confirm with you if FX trading is legal as long as I am trading with BSP regulated brokers.

    • As mentioned in the article, and as you said, it is an advisory to avoid trading. So you can trade if you want. However there is no BSP regulated online forex broker, there are BSP regulated money changers, that only deal with offline, physical currency conversions. if that is what you meant, then sure. I have an article that talks about investing in physical cash.

  17. Hi Mark,

    I have attended a seminar in Makati last month and as of my understanding attending and learning about FX is not illegal.
    My question is there were several FX broker that seem to be based here in the Philippines, are they allowed to still run
    their business here in the Philippines ? Please advice.

    • Hi Steven, There are no approved locally registered brokers by the SEC or BSP that can legally operate in the Philippines as of today. If they show you a SEC certification or BSP Licence number that says otherwise, then call the SEC and BSP hotlines and verify their license numbers. There are a lot of foreign brokers that just open a “Marketing” or “IT” office in the Philippines but not as an online forex broker. These companies are registered as a corporation but their primary purposes are for selling not to be confused with handling trading transactions, this is a very gray area that still has to be regulated as well. Good luck Steven

      • Sir mark good morning. Im from general santos. Investment here is trending. Offering an interest up to 400% because ang sabi 6000% daw kataas ang forex trading today? Scam? I think so.

      • http://www.bsp.gov.ph/financial/financial/forex.asp
        There are actually. Please check
        Commercial banks in the Philippines are allowed to engage in spot, outright forward, and swap transactions in Philippine pesos/US dollar and other third currency transactions. 2 Interbank trading is conducted among member-banks of the BAP, and between these banks and the BSP. Member-banks of the PDS can also deal through brokers. At present, there are four foreign exchange brokers in the Philippines, Tulett Prebon Philippines, Inc., AFS Philippines Inc., Tradition Financial Services Philippines Inc. and ICAP Philippines Inc. For third currency trading, most commercial banks use the Reuters Dealing and the Bloomberg Financial Services.

        • Hi Rovelyn, thanks for this. But the four foreign exhange brokers you mentioned I believe are institutional level brokers and not for retail traders. I believe what Steven was alluding to and what I mentioned was for individual retail traders that allow margin trading.

  18. Hello Mark,

    please i want to learn forex trading.
    i’m a foreign student here in the Philippines.

    waiting for your reply

  19. Hello Mark,

    please i want to learn forex trading.
    i’m a foreign student here in the Philippines.

    waiting for your urgent reply

      • Hi I have a question I’ve been pondering for days now. I haven’t started trading yet but I believe I already mastered a safe technique in my demo account. However, based on my research, there’s a limitation on the withdrawal in a bank account so that the bank won’t be suspicious of the transactions. Now I know how to make profit but I can’t maximize it if I can only withdraw small amounts. So, the question is, how do I withdraw large amounts without making the bank suspicious? Can I actually tell them that the source of my money is forex trading when it’s in fact “illegal”? How do I withdraw super large amounts enough to buy a real time state or car?

        • If you are talking about abfew thousand dollars then no worries. If 10k or more then thats when red flags come in. In the Philippines, the only way is to withdraw a few thousand at a time

          • Hi Mark! I’m also an FXCM trader. You said “If you are talking about abfew thousand dollars then no worries. If 10k or more then thats when red flags come in. In the Philippines, the only way is to withdraw a few thousand at a time.” My question is, why should the authorities run after me if I withdrew from FXCM in such large amount? Thanks!

          • Hi Mike, the AMLA guys may put a hold on your remittance as they may investigate where the money came from. But as I said, if it came from legitimate/ non-criminal activities like above board online trading and you have the documentation to prove it then they should release the money. Hassle lang minsan. Good luck

          • Thanks Mark! I guess the “Combined Account Statement” which we can generate from the FXCM’s TradingStation will do. Happy trading! 🙂

  20. Hi. I’d like to ask a question. Since the advisory states forex trading is illegal, what if I withdraw a huge amount from my bank account, let’s say more than Php 1 000 000 all at once, and the bank gets suspicious, then they ask me where my money came from? Can I tell them that I got it from forex trading? What do I have to do to withdraw large amounts to buy real estates or other properties?

    Actually I haven’t started trading yet but I’m confident that I can be a successful trader based on my demo account. This is why I’m asking a strange question.

    Also, how should I do the tax? You might not be the right person to ask but I don’t even know where to start. I just turned 18 so I have no idea what adults do to declare their income. After all is this declarable when in fact it’s “illegal”? Please help me. I’ve been asking all trader youtubers but they don’t reply.

    • Congratulations on turning 18. Please see my answer to your other question on withdrawal. Just to add, philippine banks try to comply strictly with AMLA laws so if the money came from your legitumate trading and not illegitimate sources that launder moneybthen just go ahead and withdraw. As for taxes, in the Phil it is stated as “other income” ask your accountant when the time comes. Good luck!

      • Hi. Thanks for your response. Just to clarify, when you mentioned “legitimate sources”, this includes “illegal in the Philippines but legal in other countries” online brokers right? So it’s still fine to withdraw even if the broker is not regulated by the SEC and is currently illegal in our country? They’re a legitimate source after all, just not regulated.

        Also, when you said “just go ahead and withdraw”, does that mean I can withdraw as much as I want– let’s say, more than a million pesos?

        To summarize my questions– Can I withdraw as much as I want if my money came from legitimate trading even though that “legitimate trading” is in fact illegal here?

        Hope I didn’t confuse you.

        • Hi Ernalyn, Legitimate sources means it doesn’t come from any kind of criminal endeavor case in point, money laundering. Trading forex regulated in another country is not a criminal endeavor. When I say withdraw, as long as you can justify and prove to the banks and AMLA guys that it did not come from a criminal endeavor and that it is legitimate then that is okay. However, be prepared for AMLA to possibly place a red flag on it as it will have to investigate and get your claim of legitimacy. But as I said, if it is clean, then that is that.

          • Hi. Thanks again for your response. I was really worried since the only way that I found out to get through this is by withdrawing approximately $8000 a week/a month. But that’s quite inconvenient, and structured withdrawal is also illegal. I don’t want to be jailed.

            So now, how do I prove to the banks that my money source is not from a criminal endeavor? Will they not file a case against me for engaging in forex trading activities even if it’s illegal? Have you tried withdrawing more than $10000 on a regular savings account and succeed with the investigations?

  21. (Link removed as it is bogus-mhso)

    Hello sir, Is this link bogus? If it is illegal to do Forex trading in the Philippines then why do we have these BSP accredited Forex brokers? one more thing sir, Alpari Int’l are they legit?

    • Hi Hernani, the link is bogus. If you read the words closely, it says “Future of Forex in the Philippines” The logo of BSP was placed in a website who is not officially part of BSP. They mention no BSP licenses and instead say you should do your due diligence. Those who don’t pay attention to it will have the impression that the brokers listed on the same page are BSP approved, which they are not as far as I know. As for Alpari, please check their regulations, second google search reviews of them. Read through all the comments if there are any and decide for yourself if it is worthwhile pursuing. Thanks and good luck!

  22. Hi I attended 3 day workshop of Learn to Trade philippines last year around sept. and I paid a lot of money for it.

    Btw do you have any knowledge about the backgroud of learn to trade philippines. and I really wanted to know/Learn about forex trading. How can I start learning the right way?

    • Hi Neljohn, if the seminar you attended was good, then you already should have learned the basics. If it has left you still confused, please come over on June 15, 2019 Saturday and take my forex orientation. This will give you a better foundation. It will be at suite 1203a West Tower Tektite Building. Exchange Road Ortigas Center Pasig City. It is not free. But it isnt expensive either. Call 6873416 and look for cj to book a seat for P500. Hope to see you then.

  23. Thanks mark for clarifying things, I was a bit worries, I have been trading forex on and off with hotforex directly, I guess this advisory falls on these groups or entities that love to play the middle man role and well in most cases run with. trading forex is not easy, but its better to do small researches especially for those who are invited to trade, I mean there is no such thing as a fix monthly profit, or should i say more like im just happy with a break even on a bad day. it was a good read and godbless, hope people drop by here before throwing away their hard earned cash. cheers

    • Hi Rolando, sorry, no I haven’t. Please do your due diligence by searching for their regulations, customer reviews and financial stability. You can google all of these quite easily. Good luck!

  24. What do I understand that Forex Trading is illegal if the transaction is happening inside our country. I have an international Forex Broker and have my withdrawal done successfully but only took longer time about 4 months due to AMLC procedure. Actually not only me experienced this kind of delays but most of traders in the Philippines who have Regulated Brokers outside Philippines and nothing held us back to mean it as illegal.

    • Yes. Correct you are. As long as you trade with a legit broker regulated properly and your withdrawal cleared amla then you are all good. Thanks for commenting. Best of luck.

    • Hi Eidref. May I ask how much you withdrew that took 4 months to be processed? Is the processing time the same regardless the amount?

      • Ernest, that’s a test withdrawal of $200 I withdrawn thru Mastercard to evaluate my Broker but many fx traders in a group that I joined with before shared the same sentiments with different brokers and different amount. Legit brokers will say that their processing is fast but delays is already out of their hands and they can provide you reference number of transaction that can show in the bank..but even you proceed to your local bank can’t help you..so your choice is just to wait when your withdrawal request can be credited to your bank account. It can be short or long time waiting depending how you deposit your capital. Visa & Master takes more longer time. The others using Skrill or Paypal and cashing out thru Gcash to make more easier or else bank wire transfer. Remember, the way you cash in is the same the way you should cashout with same amount..excess from deposit amount can get in some other ways that you can request…if you are also requesting withdrawal after more than 6 months from your deposit date, you can also request to cash out in other options instead using the way it cash in. But using Master/Visa Credit/debit really can take more longer time of waiting.

  25. Sir Mark,

    I had a learned my lesson the hard-way. I was scammed, big time! I would like to know if you conduct seminers on Forex imvestments (and pit falls) in General Santos City?

  26. Good day,

    So even trading for personal purposes only without soliciting investments from other people is illegal?

    • No it is not Ken. You can trade. But if you read between the lines of the SEC statement and my responses in the comments as well as the article itself, you trade at your own risk.

  27. Hello po, Good day!
    Would just like to know po if you’ve heard of WIX(Winner Intercorporate Extra Ordinary) Advertising Services?
    They’re representing po kasi na Forex Trading ang ginagawa nila that’s why they’re able to provide groceries or almost 90%profit of the money invested sa mga minemember nila. I find it so suspicious po kasi, if you’re willing po, would it be okay to send a mail to you as I have captured part of their slides that they presented. I just feel the need for it to stop if they’re not legally operating and there’s false representation. Thank you so much!

    • Hi Je, please go directly to SEC with this matter as they are the ones best equipped to handle possible scams. have yourself connected to the EIPD department. The hotline number is 8186337. Thanks for keeping a vigilant eye. Keep it up

  28. Sir, good day. Any thoughts on this move of the local government unit? (on article, kindly see website)
    Will this step finally help push (with urgency) the regulation of Forex Trading in the Philippines?
    or what could be its implications on the current stand of SEC, as the LGU now seeks to have regulatory policies?
    thanks for your thoughts on this matter. 🙂


    • Thanks for this Jayvins, I think that it’s good news. Now, we have help from local government! I hope this does push SEC to expedite.

  29. Good Morning sir,

    interested po ako sa FOREX lesson, may i know po kung kailan ang next schedule for you orientation?

    newbie lang po kasi ako sa FOREX world and i want to learn about it as much as i could.

    • Kindly call +632 6873416, 6874645, 6874445 and look for CJ or Dowell for the most up to date schedule thanks

  30. Good day sir. I would like to ask in preparation for opening a live account. What legal papers must I prepare to ensure that there won’t be any problem in the future? Since trading involves buying and selling, it’s a business right? Do I still need a business permit?

    Also, have you tried withdrawing more than $10000? If so, how long was the process? Did you do anything to cooperate with those who investigated your account?

    Will patiently wait for your reply. Thank you in advance.

    • Hello Grace, online forex trading is not the same as money changing which requires a business permit and a license from the BSP. Online forex trading is having an online trading account that can be done as an individual and not as a business. (You can open a trading account as a business however if you wish but it is not necessary).

      My withdrawals are always below US10K as I do not want the hassle of trying to explain it further. My suggestion is to do the same.

      Hope this helps.

      • Sir Mark, do you think that funding and withdrawal of forex account by Bank Wire Transfer is better that using Visa or Mastercard? Since I had experience withdrawing money thru Mastercard which takes too long due to ALMC procedure but thru Bank Wire has not proven yet if it’s a better option.

  31. Hi, Sir Mark bakit hindi pa mag trade ng USDPHP or JPYPHP sa mga forex broker? Pero sa IG UK meron na USDPHP pero hindi pa pwede mag trade.

    • Dahil hindi talaga pwedeng mag trade ng PHP. The peso is considered a non-floating currency which is not allowed by the bsp to be traded online freely

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