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Is forex trading legal in the Philippines?

The Philippine Securities and Exchange Commission has repeatedly warned the public against online forex platforms, including well-known international brokers. Here is what the SEC has said and what it means for you.

Checked 12 Nov 2026Not legal advice

Short answer: no online forex broker we review is authorised by the Philippine SEC to offer its products to the public. The SEC has issued advisories against brokers including XM and Exness, and says that people who promote or recruit for unauthorised platforms can face criminal liability.

What the SEC has said

  • XM (14 March 2024): the SEC said XM is not authorised to sell or offer securities to the public in the Philippines, is not registered as a corporation there and holds no licence to act as a broker or dealer under the Securities Regulation Code.
  • Exness and HFM: the SEC issued advisories describing them as unauthorised investment schemes.
  • OctaFX (2023) and many smaller platforms have received similar advisories.
  • As far back as 2018, the SEC urged the public to stop engaging in online FX trading with unregistered entities.

Promoters can be liable too. The SEC's advisories state that salespeople, agents, promoters, influencers and endorsers of an unauthorised platform may face penalties under the Securities Regulation Code, including fines of up to ₱5 million and up to 21 years in prison. Be very wary of anyone recruiting you into a trading platform.

What this means for Filipino traders

  • If you open an account with an offshore broker, you would have no Philippine regulator to complain to if things go wrong.
  • Funds sent abroad may be hard to recover, and some advisories have been followed by payment and access restrictions.
  • Check the SEC's advisories page before using any trading app or platform.

How to check a platform

  1. Search the platform's name on the SEC's advisories list.
  2. Ask whether it holds a Philippine secondary licence to sell securities.
  3. Treat guaranteed returns, referral bonuses and recruitment schemes as red flags. See our scams guide.

FAQ

Is it illegal for me to trade forex?

The SEC's advisories focus on platforms and those who promote them. Whether and how they apply to an individual trader is a legal question; ask a Philippine lawyer.

Are banks allowed to trade FX?

Yes. Banks and licensed money changers deal in foreign exchange under the Bangko Sentral ng Pilipinas. That is different from leveraged online forex trading.

Sources

  1. SEC Philippines: Advisory against XM (14 March 2024)
  2. BitPinas: SEC advisory against Exness and HFM
  3. SEC Philippines: Advisory against OctaFX
  4. Philstar: SEC urges public to stop engaging in FX trading (2018)

General information, not financial or legal advice.