Online forex broker steps up financial literacy campaign

MANILA  -Online foreign exchange broker FBS Markets Inc. is ramping up the promotion of financial literacy and education among users, including traders in the Philippines, amid increasing trade volume.

The Belize-based company said the Philippines is now among the top five territories in terms of user activity in their platform over the past year.

“We have been witnessing a rising interest in (foreign exchange or forex) trading among the users based in Southeast Asia,” FBS strategic marketing director Ksenia Molodkina said in a press briefing. “For example, trading volume of  forex traders (based in the Philippines) had an increase of 2.6 times since 2020,” Molodkina said.

Meanwhile, the interagency Development Budget Coordination Committee narrowed down its forecast for the exchange rate between the Philippine peso and the United States dollar for 2023 to a range of 54:$1 to 57:$1.

Two months ago in April, the DBCC was looking at a range of 53:$1 to 57:$1 for this year. Throughout the remainder of the Marcos administration or until 2028, the DBCC continues to expect the exchange rate to stabilize at 53:$1 to 57:$1.  According to the DBCC, the peso will continue to be supported by structural foreign exchange inflows and ample international reserves.

“We are committed to providing our users with the most relevant educational resources and tools to enhance their trading skills,” Molodkina said. “By promoting financial literacy and education, FBS aims to empower every individual as they achieve their financial goals,” she added.

Molodkina said Philippine traders, along with the majority of traders community in Southeast Asia, have been showing growing interest in diversified investment opportunities and have strong preference for trading in forex and metals.

To meet the evolving need for data-driven trading, FBS has made significant efforts to promote financial literacy and education. To ensure accessibility and convenience, FBS has integrated trading education sections within its smartphone apps — FBS Professional Area and FBS Trader. This allows traders to access educational resources at their fingertips, enabling them to learn and enhance their trading skills anytime, anywhere.

FBS has also recognized the power of knowledge-sharing and engagement through webinars. As part of its commitment to financial literacy, FBS has reinstated free online webinars featuring professional traders.