Is Binary Options Trading Legal In The Philippines?

Everybody is looking for a get-rich-quick scheme in this day and age. It isn’t really because people are greedy or anything like that, but rather because the financial systems around the world have become quite exhausting. Many people work for long hours every day, and they often have nothing to show for it, barely making ends meet. This is why some try investing in the different markets so they can make a profit with little investment and minimal effort. Unfortunately, reality can be disappointing, and if you don’t know what you’re doing, you can lose money. One of the better options that you can explore is binary options trading.

Binary options trading is one of the few financial exotic options where you either get a fixed amount of money –– or assets –– or nothing at all. This approach has been rising in popularity over the world, especially Asia, but it is not yet legal everywhere. 

Is It Legal in the Philippines?

Well, yes and no. There aren’t exactly any licensed local brokers,  but you have many offshore binary trading brokers. This means you can find the platforms you need, but the trick is in finding the right brokers to deal with. There are some great binary options in the Philippines, but you need to take your time finding platforms to deal with so you can be sure they are trustworthy and credible. You need to look into the broker’s assets, account types, and payouts, for starters. More importantly, you need to be certain that your funds are secured and that you are not getting scammed. So, look into who regulates the broker and what official entities they answer to so you can make sure they are credible and legit. Here’s what exactly you should be looking for:

• Licensing 

As we mentioned earlier, you should look for a broker that is licensed and regulated by the central bank of the Philippines or at least is capable of conducting transactions through the bank. This kind of regulation is important because it ensures that binary trading options are easily accessible in the country and you can conduct all the deals and transactions you need. You should also know that The Indonesian Financial Services Authority is responsible for overseeing and regulating overseas binary trading options in the Philippines, so you might want to check if such regulation exists with the broker you want to deal with. 

• Accessibility 

One of the most important features for binary options traders is accessibility, much like stock traders. The broker you deal with needs to have a highly accessible platform that you can easily use wherever you are. Most reputable ones will have mobile apps that you can use and such mobile trading platforms can make it very easy for you to trade without wasting any time. If there isn’t an app, the broker needs to have a very responsive website that is easily accessible from mobile phones –– you don’t really want to deal with a platform that will take you a few minutes to load every time you try accessing it from your phone. 

• Financial Features 

Before you start dealing with a broker, you need to check their deposit and withdrawal options. The more options you get, the easier it will be for you to get into binary options trading. Most platforms use bank wires as the customary deposit and withdrawal approach. Some others might feature credit or debit card options, but don’t expect to find those with every binary options broker. 

• Bonuses 

This is one of the most important features that you have to look for in binary options trading brokers. For instance, some will offer you no deposit bonuses, which allows you to try binary options trading without actually betting your money. This is a great way to get to know the market without risking your funds. Some brokers even offer you a demo account so you could get the hang of things and improve your trading techniques. The more you dive into that world, the more incentives you will find offered for seasoned traders. So, get to know what bonuses and incentives are offered through the platform because it might just be the difference between making some money and a lot of money. 

The last thing you need to look out for in a binary options trading platform is the customer service. You need to be able to ask questions when you face problems, and the platform should have excellent customer care to help you then. Take your time looking for binary option trading platforms in the Philippines because there are many. Some will be reliable, and others will be shady and might scam you. This is why you need to consider all your options carefully.