The growth of forex trading in the Philippines has attracted not only legitimate international brokers but also a rising number of scam and fake forex brokers targeting unsuspecting retail traders. These unlicensed entities often promise high returns, offer fake platforms, or use aggressive social media tactics. This article lists known fake forex brokers operating in the Philippines, explains how to spot them, and provides guidance on staying safe.
How to Identify a Fake Forex Broker in the Philippines
| Red Flag | What It Means |
|---|---|
| Not registered with SEC or BSP | Operates illegally in the country |
| No regulatory oversight | No licences from Tier-1 bodies (FCA, ASIC, CySEC, etc.) |
| Guaranteed profits | False marketing claim – all trading involves risk |
| Fake mobile apps or websites | Clone sites or apps that mimic real platforms |
| Withdrawal issues | You can deposit easily, but cannot get your money out |
| Pyramid-like recruitment | Promoters earn by referrals, not actual trading performance |
Fake Forex Brokers Reported in the Philippines (2025–2026)
❌ PogiFX
- Status: Unregistered entity
- Warning: Flagged by SEC Philippines for soliciting investments without authority
- Modus: Fake trading dashboards, WhatsApp/Telegram group promotions
❌ FT Group Philippines
- Status: Fake license claim
- Issue: Claims to be licensed by “Global Financial Authority” (a non-existent regulator)
- Warning: Multiple complaints of blocked withdrawals and non-existent support
❌ Crypto-FX Asia / Prime Crypto FX
- Status: Clone and scam broker
- Problem: Uses fake MT5-style app interface with no backend liquidity
- Red Flag: Victims reported social media ads using stolen photos of local influencers
❌ Amega Philippines (Impersonator Site)
- Status: Clone website
- Real Broker: Amega Global (international broker)
- Fake Version: Created by local promoters with no affiliation to the real company
- Tip: Check domain and company registration details before registering
❌ TradeOnXchange / TOX FX
- Status: Unlicensed and reported
- Issue: Targeted students and OFWs with “minimum guaranteed monthly ROI” schemes
- Warning: SEC advisory issued in Q4 2025
⚠️ Important: Being active on Facebook or having a trading app does not mean a broker is legal or regulated.
How to Verify a Broker in the Philippines
✅ Step 1: Check with the Philippine SEC
Use the SEC Advisory page to verify if the broker is blacklisted.
✅ Step 2: Confirm with BSP (Bangko Sentral ng Pilipinas)
BSP regulates foreign exchange dealers and ensures financial firms follow local currency laws.
✅ Step 3: Look for Tier-1 Regulation
Ensure the broker is licensed by at least one of the following:
- FCA (UK)
- ASIC (Australia)
- CySEC (Cyprus)
- FSCA (South Africa)
Safe, Regulated Alternatives for Filipino Traders
| Broker | Regulation | Local Support | Notes |
|---|---|---|---|
| Exness | FCA, FSCA, CySEC | ✅ Yes | Instant crypto withdrawals, low spreads |
| XM | ASIC, IFSC | ✅ Yes | $5 minimum deposit, micro accounts |
| FXTM | FCA, FSCA, CySEC | ✅ Yes | Local funding options available |
| HFM | FSCA, CMA, CySEC | ✅ Yes | Copy trading and community events |
| Octa | CySEC | ✅ Yes | Cashback and mobile-optimised platform |
Key Takeaways
- Numerous fake forex brokers are targeting Filipino traders via social media, Telegram, and mobile apps
- Always verify a broker’s status with the Philippine SEC, BSP, and Tier-1 global regulators
- Never trust brokers promising guaranteed returns, referral income, or “auto profit” bots
- Stick to known global brokers like Exness, XM, and FXTM that support Filipino traders legally
- If scammed, report the broker to the SEC Philippines and file a formal complaint via their website
Frequently Asked Questions
How do I know if a forex broker is fake in the Philippines?
Check if they are blacklisted on the SEC Philippines advisory list, and confirm that they hold valid licences from Tier-1 regulators.
What should I do if I got scammed by a forex broker?
Report the incident to the SEC, NBI Cybercrime Division, and your local bank if funds were transferred domestically.
Are forex brokers regulated in the Philippines?
There are no locally headquartered forex brokers, but global brokers can operate legally if they do not solicit without registration.
Can a Facebook ad be from a fake broker?
Yes. Many fake brokers use Facebook and YouTube ads to appear credible. Always verify regulation independently.
Is it safe to trade forex in the Philippines?
Yes, but only if you use regulated international brokers and avoid unlicensed platforms or pyramid-style investment schemes.
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