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Phillip Futures was established in 1983 as part of Phillip Capital. Phillip Futures is one of the founding clearing members of Singapore Exchange Derivatives Trading (SGX-DT). It is one of the leading CFD, Forex, global futures, and commodities brokerage firms in the region.
Phillip Futures is an Asian financial services company with a global presence. It is one of the first providers of online trading services in Singapore. The broker offers its customers brokerage and execution services for a full range of futures, options, and over-the-counter products, as well as the opportunity of e-trading on the CME Globex platform.
Phillip Futures holds a capital markets services licence from the Monetary Authority of Singapore. This license enables the company to work with instruments such as futures, derivative contracts, and leveraged foreign currencies.
The broker keeps the funds of clients in segregated accounts in a licensed bank, apart from the money that belongs to the broker. The funds of traders cannot be used to fulfill the company's obligations in case of liquidation.
Through the network of Phillip Capital Group companies, Phillip Futures has expanded direct hub access to exchanges around the world - BMD, CME, CBOT, NYMEX, COMEX, HKEx, ICDX, JPX, SGX, TFEX - for its users. Thus, Phillip Futures offers its clients a vast array of CFDs, futures, options, bullion, and currency pairs to meet their investment needs.
Trading conditions
Trading instruments:
- forex
- CFDs
- futures
- gold, silver
- OTC derivatives
Phillip Futures is a futures broker. This is why the company focuses primarily on trading with this type of asset, including other commodities. In total, there are 40 major and minor Forex pairs. Additionally, there is a great variety of futures: precious metals (gold, silver), non-ferrous metals (copper, lead), agricultural futures (soybeans, rubber, crude palm oil), and energy (Brent crude oil, natural gas, fuel oil).
Clients can try a demo account by completing an appropriate application form. The distinctive feature of Phillip Futures’ demo version for clients is that the demo page simply lists the advantages of the trading platform and not the functions of the demo account. Consequently, trading conditions and their peculiarities are currently unknown.
Trading platforms:
- MetaTrader 5 provides access to the online store of trading robots, a Freelance developers database, copy trading, and a Forex VPS hosting service
- Phillip Nova, designed specifically for the Phillip Futures website, is built on HTML 5 interface and is available on desktop and mobile devices
Spreads in the company depend on trading instruments. Thus, spreads on EUR/USD and GBP/USD are 0.6 pips and 0.8 pips, respectively. The company does not charge any commission fees. All spreads on Phillip Futures are variable which means they move with the markets and in times of high volatility can be seen much higher. Importantly, different currency pairs and assets may have greater spreads than initially set.
The company’s official website does not contain any information about commission fees. Only swap fees are mentioned which are either charged or paid for overnight trades.
The minimum trade size depends on what a client wants to trade. Also, there is not a minimum for opening an account. Instead, traders need to make sure that they have sufficient funds to cover a trade. The company provides clients with several deposit types, but they are all aimed at people currently living in Singapore and having physical access to one of the branches.
As for deposits and withdrawals, it is rather difficult to comprehend the methods used by Phillip Futures. However, withdrawal enquiries made before 10 am are processed by the company on the same day, while those after 10 am are processed on the next business day.
The website does not specify users the company renders services for. However, it is stated that the company focuses primarily on Singapore investors. From this, we conclude that Phillip Futures services are targeted at the Singapore market and that the broker neglects the rest of the financial world due to its very limited physical deposit methods.
Education
Phillip Futures provides free educational seminars for traders. The course is designed for both beginners and advanced-level traders. The seminar includes the following topics: introduction to futures and Forex trading, technical and fundamental analysis, as well as market overview and trend review. The company conducts interactive seminars on a weekly basis.
Support service
Phillip Futures headquarters is in Singapore. Clients can contact the company’s representatives by phone and email. The broker has several departments for communication with traders, including a team that deals with general inquiries for gold, divisions of bullion, Forex, commodities, energy, metals, reviews and complaints, bidders' inquiries and privacy, as well as a futures dealing center. Each department has its own phone number and an email address for direct contact.
Feedback
Feedback on cooperation with Phillip Futures is hard to find on the Internet.
Advantages and disadvantages
Pros:
- MetaTrader 5 trading platform
- access to training materials and up-to-date information
- around the clock customer support
- complex analytics
- SMS and email confirmation of order execution
- special deals, VIP access to seminars
Cons:
- lack of information about trading conditions on the website
- lack of trader’s comments about cooperation with the company
- inconvenient website interface
