MANILA – An official of international online licensed broker FBS has cited the rising number of foreign exchange (forex) brokers in the Philippines and the region, thus highlighting the need to improve financial literacy to encourage more players.
In an online briefing on Thursday, FBS strategic marketing director Ksenia Molodkina said that “since 2020, in case of trading volume and users activity, we saw the big impact from the users in Southeast Asia and the Philippines as well.”
“We have been witnessing a rising interest in trading among the users based in Southeast Asia. For example, trading volume of traders with the Filipino IB (introducing broker) had a 2.6 times since 2020,” she said.
In foreign exchange trading, IB refers to a person or a firm that serves as a middleman by introducing new clients to a foreign exchange broker.
Molodkina declined to give specific numbers on their Filipino IBs but said that “Philippines has made the top five of our region.”
She said the rising number of people who are interested in diversifying their investments, such as on foreign exchange trading, is the reason for the continued improvement on the features on the company’s various online platforms.
Molodkina said the company, which is present in over 150 countries, has also came out with its forex guidebook, which is accessible through the firm’s website, www.fbs.com, to help educate more people about forex trading through a step-by-step course. (PNA)