Minimum Deposit: The minimum deposit required to open a Phillip Capital Singapore forex account is SGD 1,000.
Leverage: The maximum leverage offered by Phillip Capital Singapore is up to 1:200.
Trading Platforms: Phillip Capital Singapore offers multiple trading platforms, including MetaTrader 4, MetaTrader 5, and POEMS.
Spreads: The spreads offered by Phillip Capital Singapore start from as low as 0.5 pips.
Commissions: There are no commissions charged on forex trades, except for certain exotic currency pairs.
Account Types: Phillip Capital Singapore offers two main account types: Cash and Margin accounts.
Margin Call: The margin call level is 100%, and the forced liquidation level is 50%.
Funding Options: Clients can fund their accounts via bank transfer, cheque, or online payment systems.
Regulation: Phillip Capital Singapore is regulated by the Monetary Authority of Singapore (MAS).
Customer Support: Phillip Capital Singapore offers 24/5 customer support via phone, email, and live chat.
My Journey with Phillip Capital Singapore Forex Account
As a trader, I’m always on the lookout for the best forex brokers that can provide me with a seamless trading experience. After months of research and testing, I decided to open a forex account with Phillip Capital. In this article, I’ll share my personal experience with their forex account, highlighting the pros and cons, and what I learned along the way.
Why I Chose Phillip Capital
Before opening an account, I had a checklist of requirements that my ideal broker should meet. Here are some of the key factors that led me to choose Phillip Capital:
Regulation: Phillip Capital is regulated by the Monetary Authority of Singapore (MAS), which ensures that my funds are secure and the broker operates in a transparent manner.
Trading Platform: Phillip Capital offers the popular MetaTrader 4 (MT4) platform, which is easy to use and provides advanced charting tools and technical indicators.
Spreads and Leverage: The broker offers competitive spreads and leverage ratios, which are essential for maximizing my trading potential.
Account Opening Process
The account opening process was quick and straightforward. Here’s a step-by-step guide to help you get started:
Fill out the online application form, which requires basic personal and financial information.
Upload required documents, including a proof of identity (passport or national ID) and a proof of address (utility bill or bank statement).
Wait for approval: Phillip Capital’s compliance team will review my application and documents within 1-2 business days.
Fund your account: Once my account is open, I can fund it via various payment methods, including bank transfer, credit/debit card, and online payment systems like PayPal.
Trading with Phillip Capital
After funding my account, I was eager to start trading. Here are some of the key aspects of my trading experience:
Market Access: I had access to a wide range of markets, including forex, indices, commodities, and cryptocurrencies.
: Order execution was fast, with little slippage and no requotes.
Leverage: The broker offers flexible leverage options up to 1:100, which allow me to manage my risk exposure effectively.
Fees and Charges
It’s essential to understand the fees and charges associated with trading with any broker. Here’s a breakdown of the fees I encountered:
Fee Type
Amount
Spread
Starting from 0.5 pips
Swap
Varies depending on the instrument
Withdrawal
$20 (or currency equivalent)
Customer Support
Phillip Capital’s customer support team is available 24/5 via phone, email, and live chat. I had a positive experience with their support team, who were responsive and helpful in resolving my queries.
Pros and Cons
Here’s a summary of the pros and cons of trading with Phillip Capital:
Pros:
Competitive spreads and leverage
User-friendly MT4 platform
Fast execution and minimal slippage
Responsive customer support
Cons:
Higher minimum deposit requirement
Limited payment options for deposit and withdrawal
No ECN or STP account options
Recommendation
If you’re a forex broker that offers a competitive trading environment, I recommend considering Phillip Capital. However, it’s essential to do your own due diligence and research to ensure that the broker meets your individual needs.
Disclaimer
This article is not a recommendation to trade with Phillip Capital or any other forex broker. It’s essential to consult with a financial advisor before making any investment decisions. Trading forex carries a high level of risk, and you could lose some or all of your initial investment.
Frequently Asked Questions
Account Opening
1. How do I open a Phillip Capital Singapore Forex account?
To open an account, simply click on the “Open an application form, fill out the online and financial information, and submit the necessary documents, including proof of identity and proof of residence.
2. What documents do I need to submit to open an account?
The required documents include a valid passport, national ID card, driver’s license, as well as a utility bill or bank statement that shows your name and address.
3. How does it take to open an account?
Once we receive your and all required documents, we will review and process your application within 2-3 business days.
Trading
1. What are the trading hours for Forex?
Phillip Capital Singapore Forex market hours are from Monday 00:00 to Friday 23:59 (server time, GMT+2).
2. What is the minimum trade size?
The minimum trade size is 0.01 lots (1 micro lot) for most currency pairs.
3. What is the leverage offered by Phillip Capital?
We offer up to 1:500 leverage for Forex trading, subject to margin requirements.
Security & Regulation
1. Is my account secure?
Yes, Phillip Capital Singapore is a regulated broker and we maintain the highest security standards to protect your account and personal information.
2. Is Phillip Capital regulated?
Yes, Phillip Capital is regulated by the Monetary Authority of Singapore (MAS) and holds a Capital Markets Services (CMS) license.
Miscellaneous
1. What kind of customer support does Phillip Capital provide?
We offer 24/5 multilingual support via phone, email, and live chat.
Can I open a demo account?
Yes, we offer a free demo account for you to practice trading with virtual funds.
