Phillip CFD Forex Broker

Phillip CFD Review SummaryFounded2007Registered Country/RegionSingaporeRegulationNo regulationMarket InstrumentsCFDs on indices, equity, cash market, commodities, forexDemo Account✅Spread/LeverageUp to 10xMinimum Deposit0Trading PlatformMetaTrader 5, POEMS PRO, POEMS MOBILE 3, POEMS 2.0Customer SupportLive chatSocial media: Facebook, LinkedIn, Instagram, TwitterEmail: cfd@phillip.com.sgTel: +65 6336 4564 (8:30am – 6:00pm Mon-Fri); +65 6336 3338, +65 6538 3221 (6:00am – 6:00am Mon-Sat); +65 6336 0407 (9:00am – 5:00pm Mon-Fri)Phillip CFD Information Founded in 2007, Phillip CFD is a Singapore-based brokerage company and offers trading services in CFDs for indices, equity, cash market, commodities and forex. There's no spread for CFDs and DMA CFDs, while spread for indices CFDs vary due to the ever-changing market. It uses the world-renowned MT5 platform. The company also provides educational resources via videos, articles and technical analysis for clients to grasp necessary knowledge for successful trading. What's more, promotions such as referral programs, frequent trader programs incentivize different group of clients. However, it's worth noting that the broker is currently not regulated by any authority bodies, indicating less compliance to financial industry standards.Pros and ConsProsConsVarious trading instrumentsNo regulationDemo accounts availableLimited info on trading feesMT5 platformNo minimum deposit requirementIs Phillip CFD Legit? The broker operates without any valid supervision from any regulatory authorities. It raises a question about its legitimacy and credibility because regulated brokers usually adhere to strict industry standards to protect customer funds.What Can I Trade on Phillip CFD? Phillip CFDs provides a variety of CFD products for investors to profit from market price movements. Equity CFD: Trade shares without ownership, settling profits based on the difference between opening and closing prices. Direct Market Access (DMA) CFD: Enjoy direct access to the cash market, allowing for faster trade execution. World Indices CFD: Track and trade global indices, with potential price variations from actual index levels for strategic opportunities. Commodities CFD: Participate in price movements of various commodities, including metals, energy, and agriculture. Forex (FX) CFD: Trade currency pairs to benefit from both rising and falling prices in the foreign exchange market. When dealing with investment activities, always adhere to the principle of diversification by allocating funds across various products rather than only a single one you feel optimistic about.Tradable InstrumentsSupportedCFDs✔Forex✔Commodities✔Indices✔Shares✔Cryptocurrencies❌ETFs❌Bonds❌Mutual Funds❌Account Type/Fees Phillip does not disclose any information about its account types, but it mentions on the website that it provides a demo account for practicing and does not require minimum deposit to open an account. For the Phillip CFD account, there are no maintenance or administrative fees. However, an account closure fee of up to S$1.09 (inclusive of GST) applies if there is a credit balance of S$1.00 or below at the time of closure. Furthermore, no additional spread is marked up for CFDs and DMA CFDs, while for indices CFDs, spread levels vary based on the volatile and ever-changing market.Leverage Leverage, a trading tool that enables you to control larger positions with smaller capital, should always be used cautiously, with risk management indispensable for every investors. With Phillip CFD, leverage level is up to 10x.Trading Platform POEMS CFD MT5: MetaTrader 5 is the world most popular and recognized trading platform. You can benefit from comprehensive trading tools and low-cost trading within one platform. POEMS PRO: This platform claims to be designed for active traders and offers an application-based advanced trading experience. Features include One Click trading with OB Trader and over 40 technical indicators for in-depth analysis. POEMS 2.0: Meets the everyday trading needs of clients who prefer an in-browser experience. POEMS MOBILE 3: The revamped POEMS Mobile 3 app enhances mobile trading with improved navigation, intuitive portfolio management, and TradingView charting for a streamlined trading experience.Deposit & Withdrawal You can deposit funds into your Phillip CFD account via PayNow, FAST, eNETS, EPS, bill payments, internal funds transfers, and telegraphic transfers. Most deposits are available for trading within 15 minutes during business hours. Withdrawals can be requested if the Maintenance Margin is met, with same-day processing for requests submitted by 10 AM.Payment MethodMin DepositProcessing TimeNotePayNow/15 mins during business hoursAdd “CFD” to account number.FASTUp to $200,000 per transactioneNETS$1,000Only in SGD; check bank limits.EPS/Next market day if before 9 PMLump sum payment required.Bill Payment/Use specific reference codes.Internal Transfer/Same day if before 10 AMTransfer from stocks or futures accounts.Telegraphic Transfer/Depends on bank timeInform TR after transfer; fees apply. For withdrawals, submit the form in POEMS 2.0 by 10 AM for same-day processing; fees apply for cheque withdrawals.