57 rows · Source: REUTERS' FOREX CLOSING PRICES as of NY Time- Sep * Various banks in Bahrain as quoted in Reuters' Screen. ** . BSP Forex Brokers Regulation Anyone considering Forex trading in the Philippines is in for a confusing ride. As the country’s financial system is still very much in its infancy and there is stiff competition from neighboring countries such as Hong Kong, Japan, Singapore, and Malaysia.5/5(2).
Business Headlines Latest News Nation. PH growth outlook revised. PH trade imbalance widens. Reduction of remittance cost sought. PH economy grows 6. Bargain hunting lifts PSEi; peso keeps ground. The situation here is similar to many other online activities, where a wider regulation is applied to somewhat novel concept, and the basic ideas are transferred to this new environment in the best way possible. KYC, which stands for Know-Your-Customer, understands that all those getting involved with Forex trading will need to confirm their identity.
This is done to prevent money laundering practices, something that many smaller countries have to struggle with. What this means for traders registered with BSP regulated Forex brokers is that you can expect to be asked to provide relevant documents, proving you are who you claim to be prior to making any trades or, more often, before you are allowed to make a withdrawal.
The KYC procedure can be a painstaking experience sometimes, so you should be fully prepared for it before you invest your money with a Philippines Forex broker.
While BSP can try its best to make their brokers conduct their business in a fair and transparent manner, there will always be those trying to bypass the rules. However, BSP regulated brokers do have to submit regular reports and they are responsible to the regulator, which adds a layer of protection for the traders.
The market seems to be past poor regulation and loose conduct. Many international Forex broker companies established their seats in the Philippines for natives and for all other traders who would like to get a taste of the Forex thrill in Asia. To find a top Forex broker in the Philippines, traders and newcomers should run the basic research and subject themselves to the same procedure as in any other country.
First of all, it is important to find a Forex broker who complies with the law and the strict regulations imposed by the regulator. We would kindly suggest finding a BSP licensed Forex broker who meets the high standards of the industry.
A licensed broker gives you security in the highly volatile and risky market. You need a trustworthy and reliable broker who offers you legal protection in the event of any irregularities. It is always better to spend extra few days researching the broker then putting your money in and having regrets later. Check them out beforehand and make sure you are fine with them. Ask what types of documents they require during the verification process and check if you can provide such documents.
Failing to pass identity verification can cause you a lot of headache and could even lead to your money being trapped, which is something you most certainly want to avoid.
The major functions of the SEC include:. You need a trustworthy and reliable broker who offers you legal protection in the event of any irregularities.
If you are really unsure about the direction to take, it is possible to get some expert financial advice. It has ultimate control over all types of financial organization, including BSP regulated brokers.