FOREX TRADING IN THE PHILIPPINES
Nowadays, Forex trading is becoming popular in the Philippines. There are lots of mentors out there who guides and train Filipinos to be a successful Trader. As the number of Forex traders increase in the country, the number of scam individuals and brokers also increased. This is why when we heard someone offering us to invest in Forex, the first thing that comes to our mind is a big SCAM.
The ultimate question that often asks by the Filipinos,
“IS FOREX TRADING LEGAL IN THE PHILIPPINES?”
The short answer is NO. Forex Trading in the Philippines is Illegal due to the increasing number of individuals being scammed by their Broker or by other people who pretend to be a mentor, salesmen, agents, or an account manager.
According to Securities and Exchange Commissions or SEC,
“FOREIGN EXCHANGE TRADING IS ILLEGAL IN THE PHILIPPINES,
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.”
Date Posted: October 31, 2018
Other advisories issued by SEC,
Based on SEC advisories, Forex Trading in the Philippines is Illegal but, a BIG "BUT"!
Securities and Exchange Commissions only advised the public to STOP ENGAGING and INVESTING in the Forex Market or Foreign registered investment platforms, currently, there are no existing laws pertaining to the Foreign Exchange market that will cease the individual from participating in the Market nor will regulate the increasing number of investment platform online.
GIVEN THE FACT THAT SECURITIES AND EXCHANGE COMMISSION STRONGLY ADVISED THE PUBLIC TO DO NOT ENGAGE IN THE FOREX MARKET, THERE ARE STILL FOREX TRADERS ENTHUSIASTS WHO STILL WANTS TO PARTICIPATE TO THE FOREIGN EXCHANGE MARKET BECAUSE THEY BELIEVE THAT THERE IS A GOOD CHANCE TO MAKE MONEY IN THE FOREX MARKET WHEN YOU BECOME SUCCESSFUL LEARNING IT.
THESE ARE SOME OF THE FREQUENTLY ASKED QUESTIONS ABOUT FOREX TRADING IN THE PHILIPPINES
Forex is illegal in the Philippines, do I have to stop studying it?
Studying the Foreign Exchange market or Forex trading is not illegal in the Philippines. In fact, there are a lot of materials available on the internet to study the Forex market, there are also known mentors that share their trading experience to beginner Forex trading enthusiasts to learn exactly how to participate in the Forex market by conducting seminars, webinars, and face to face.
Can I still participate in trading in the Forex market?
Yes, you can still participate in trading in the Forex market, but it is your responsibility to make sure that your current Broker is regulated by known regulatory bodies to prevent fraud and scams since the Securities and Exchange Commissions already advised you not to.
I am currently trading Forex, should I stop it now?
This one depends on you! As I said earlier, there are no known regulations or laws that pertain to Forex trading in the Philippines, no one will stop you in trading Forex.
Why did Securities and Exchange Commissions release the advisory?
SEC releases the advisory because there is an increasing number of fraud/scams that are being reported to them related to Forex trading.
Am I in trouble if I participate in trading in Forex?
NO. Again, there are no known existing laws that cease individuals from participating in Forex market.
For the mean time, there are no known regulatory bodies that controls Forex trading in the Philippines. Securities and Exchange Commissions only regulates Philippine stocks, securities, stocks brokers, dealers, and etc. If you are going to invest in the Forex market, it is completely up to you! But it is strongly recommended to study thoroughly how the Forex market works. Understand that there are big risks in trading Forex and you can lose all your money, but also, keep in mind that trading Forex can be a big business if you become successful.
WANT TO STUDY FOREX? Click here.
WANT TO KNOW WHAT TO LOOK FOR ON A RELIABLE FOREX BROKER? Click here.
CURRENTLY FINDING A TRUSTED BROKER? Click here.