Binary Options Trading Philippines
Binary options is emerging in Asian countries like the Philippines as a popular place to trade from. Unlike the US, regulation in the Philippines isn't as strict but there are still sanctions to ensure that your money is safe. For many of you there are questions still to be answered. Is it legal? Can I trust this broker? Which broker should I choose? These are just some of the questions that you probably have.
Whilst regulations imposed by the National Bank make it easier for local brokers to operate in their native countries more and more brokers from markets like Europe are marketing their services at countries like the Philippines to try and entice more traders to use their sites. The difficulty can sometimes be in whether to choose a local or international options broker.
We've looked at a ton of aspects and the Philippines stacks up pretty good. For those that are unsure about selecting a broker our website removes the uncertainties and presents you with a choice of respectable, licensed brokers that offer a the best user experience.
If you want to find out more about binary options in the Philippines here you will learn:
- The rules and regulations of binary options trading in the Philippines
- If there are any fees or penalties for trading that you should be aware of
- How to select either a local or foreign broker to make the most of trading
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Local Broker Benefits
Binary options trading is growing in popularity in countries like the Philippines. As well as the larger nations like China and India, smaller countries like Indonesia, Malaysia and Singapore, are also becoming more familiar with this type of trading and what it has to offer.
There are now many brokers local to these countries and more are popping up all the time. In fact, some of the brokers that you will find in the Philippines were once traders themselves which means they have the experience to know what traders like yourself are looking for. But what should you be looking for in a broker and how do you know which one to choose?
Licensing And Regulation
While you may prefer to trader with a local broker that is licensed and regulated by the main bank of the Philippines, foreign brokers also have to be regulated before they can operate there. Whichever option you choose, make sure they are regulated.
Mobile And Tablet Trading
Ease of use and being able to trade on the go are critical to many of you who want to be able to trade, wherever you are. Look at whether the broker offers an app or at least a good mobile responsive website and that you can trade from any device.
Bonuses And Incentives
Bonuses are a great way to make your money go further. If you are a new trader, a no deposit bonus is a no-commitment way to try trading before you risk your own funds. For other, more experienced traders there are lots of deposit bonuses and other incentives to keep an eye out for.
Customer Help And Support
If you have a question or a query regarding trading, or something to do with your account, you need to ensure that you can get help. Check to see what forms of support the broker offers and how easy it is to get in touch.
You may be unsure about whether or not to choose a local broker or whether in fact to follow the bright lights of a foreign broker with all of the wonderful incentives they have to offer. Whichever you choose you will be wise to do your research and follow the recommendations of a professional service like ourselves.
Legal And Regulation
Most countries have some set of regulations and laws when it comes to binary options trading. You can read many reports that the US is very strict when it comes to trading and only allows local brokers to trade. On the other hand in places like Cyprus and the UK they aren't as strict although they have some of the best licensing in the industry.
In the Philippines it is really somewhere in between. Whilst there is no professional body as such to regulate binary options trading it is overseen but the country's main bank. Both local and foreign brokers must be regulated to be allowed to solicit their services and be allowed to trade.
The trouble with having a bank regulating the industry is that it is not a fool proof system and whiles the local brokers may have undergone scrutiny it isn't always a guarantee that your money is safe. Sometimes it is better to look at the more effective licensing from bodies like CySEC which is more regulated and seen as a more reliable source.
You must also consider the currency that you are trading in and how that will work for you when withdrawing your winnings. If you are still unsure about which brokers to trust and how to know which one best suits you then you can take a look at our recommendations.
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Paying Taxes And Fees
What are the cost implications for trading and how much of your returns will actually be yours to keep? For those of you that are new to binary trading, the Philippines has a few rules and things you need to consider. The first is the fees that you will incur for trading. Now the commission fee for successful trades is usually taken before you receive your profit but there are other fees you need to be mindful of:
Once you have considered the trading fees, you need to check out any tax implications. Now different countries have different tax laws and in some countries a second income could be taxed differently or winnings for trading could be taxed differently.
The most important thing is to keep a record of your trading, both losses and winnings as you can offset your losses against your winnings so that you only pay tax on the overall profits. You also need to ensure that you declare the profits. Hiding it and then being discovered may lead to higher penalties. If you are unsure as to how much profit you are actually left with it is definitely worth tracking your trading and seeing how it works out.
How we Recommend Brokers
We want to ensure that you have the best binary options trading experience possible and will only put our name to brokers that we are extremely confident in. We vet, review, inspect and dissect every aspect of the brokers that we recommend to ensure that they safe places for you to invest with. We look not only at their licensing and regulation but also their history. How long have they been operating and what have their results been like in that time?
We also look at the type of trading experience they offer from their website on the desktop to the mobile offering. With so many of you now wanting to trade on the move it is important that every broker has an easy to use mobile website or app. Some even go so far as to cater for things like the Apple watch with their designated app.
As well as the ease of use and trading experience it is also important to look at the incentives that each broker offers. If you are keen to try out a broker before you make a commitment then you will be looking for a good demo account however if you prefer an attractive sign up bonus then many brokers offer different options.
There is also the consideration of minimum trades and how much you have to deposit. If you are wanting to dip your toe then you won't want to deposit as much as an experienced trader that has plenty of trading knowledge. By choosing one of our recommended brokers you can be confident that you will be choosing wisely.
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Frequently Asked Questions
Is binary trading in the Philippines legal and safe?
Like most countries, the Philippines has specific laws, regulations and requirements. Whilst some countries are more relaxed about trading others have very strict rules. It is perfectly legal to trade either with a local or a foreign broker as long as you adhere to the tax laws. As to whether it is safe well this very much depends on the reliability and security of the broker you choose.
Do I need to pay taxes on my trading profits?
Each country has its own tax laws but it is standard across the world to declare any profits on earnings whether it be a main or second income and to pay any taxes owed. It is important to keep a trading history of both your losses and wins so that you can work out your net profit and ensure that you only pay tax on the net of the two. The risk of not declaring your winnings could lead to higher penalties.
Can I test brokers before trading with real money?
If the broker offers a demo account that doesn't require a deposit then yes you can trade without using real money. You need to shop around for the brokers that offer demo accounts with no deposits but we have made that easy for you by doing the work already. Simply select what criteria you are looking for and we will display the best results.
Is it easy to make deposits and withdrawals?
Making a deposit is a lot easier than making a withdrawal as you might expect. You simply deposit your funds and you are ready to start trading. Before you make a withdrawal you will need to verify your identity and pass certain security checks first. You then need to consider that it generally takes between 3-5 working days for your withdrawal request to reach your bank account.
Can I trade using my mobile or tablet device?
As long as you choose a broker that has a mobile friendly website or an app then the answer is yes. The best brokers will offer not only a mobile website but also apps for any type of device from android phones to Apple watches. If you are looking to trade on the go then you will absolutely need to choose a broker that offers a good mobile experience. Again we select brokers to match your criteria and you are sure to find only the best.