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need advice on which forex broker in the Philippines to open account

Discussion in 'Forex Company Comparisons' started by TheMan, May 13, 2009.

  1. TheMan

    TheMan Private, 1st Class

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    I'm currently in Manila, Philippines, and need advice and recommendations on where I can open a forex trading account here. Of course it has to be a legit reputable company.

    Opening an account in another country where I am not in now sounds screwy, since if I get problems with that company, it seems it would be difficult to resolve it without going there and dealing with it in person. Any insights on this will be great.

    Any of your inputs on these issues will be highly appreciated.
     
  2. Stony

    Stony Sergeant

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    To trade with a broker in your home country is a general problem for all traders, because most countries don´t have reliable brokers... as for me, I wouldn´t trade with a broker in other countries than USA and western Europe except Switzerland.

    Stony
     
  3. TheMan

    TheMan Private, 1st Class

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    Pls note...Im in the Philippines now! (and not in the US or Europe)

    if I were staying in the US or Europe, of course it would be no problem to open an account where a broker has offices there. But Im in the Philippines now! it would suck for me have to spend for the long-haul (expensive) plane ticket to go to US or Europe if problems should arise with the broker. what r ur thoughts on this?


    Also, why do u say "Except Switzerland"? what have u experienced dealing w swiss brokers?




     
  4. charmaine yap

    charmaine yap Recruit

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    Broker for Forex Trading in the Philippines

    The Man, I am from Pan Pacific Information Solutions, we are into foreign currency trading and we have an office here in Makati,Manila. You want to open an account with us? min investment is 5000dollars and min interest is 20% monthly. Should you be interested, im glad to set an appointment with you to discuss matters regarding this business offer. Feel free to contact me (+639173338809). - Charmaine Yap- Business Consultant, Pan Pasific Information Solutions
     
  5. Stony

    Stony Sergeant

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    Hi Man,

    I excepted Switzerland because there is no government regulation of forex brokers and no insurance of bank deposits. Everybody can set up a bucket shop there. And this happens frequently. I lost some money there in the Neuimex bankruptcy/fraud, and presently there is the same procedure with Crown Forex. For me, reason enough to stay away from Swiss brokers.

    Regards, Stony
     
  6. Ricky1

    Ricky1 Recruit

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    If you live in Manila, Philippines, I am wondering that when you open your account, what is the best base currency?
     
  7. Nancy Cheah

    Nancy Cheah Sergeant

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    I'm having quite a big account with Dukascopy.

    Am I going to be scammed?
     
    #7 Nancy Cheah, Aug 12, 2009
    Last edited: Sep 5, 2011
  8. Pharaoh

    Pharaoh Colonel

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    Withdraw a little bit of money. If it's the first withdrawal, the paperwork may take a little while, but shouldn't be too big of a problem.

    If there are BIG issues getting YOUR money out of a broker, then you could potentially be scammed. If money can move in and out of brokerage account without large problems, this is a good sign.
     
  9. Nancy Cheah

    Nancy Cheah Sergeant

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    Alright then.

    I'll report to you people once I've performed everything within this calendar month.
     
    #9 Nancy Cheah, Aug 13, 2009
    Last edited: Sep 5, 2011
  10. vans22

    vans22 Private, 1st Class

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    I am from The Philippines too. The base currency is USD. :)
     

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