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PhillipCapital Australia Review - Is it scam or safe?

PhillipCapital Australia Review - Is it scam or safe?

RATING: 3 / 0 REVIEWS PhillipCapital Australia
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 Account types

 Account type  Minimum Deposit  Minimum trade size Maximum leverage  Avg. Spreads & Commission 
 Philip Horizon   $200   0,1  1:100  1.0 pips fixed EUR/USD + $3.50 commission
 Philip Gateway   $5000  0.1  1:100   0.8 pips EUR/USD + $3.50 commission
variable
 Philip Accelerator   $50000   0.1  1:100  0.6 pips EUR/USD+ $3.50 commission 
variable 

 

The broker offers three main account types: Philip Horizon, Philip Gateway and Philip Accelerator. Of course, PhillipCapital also provides a free demo account and a rich database of educational resources.

 

The Company

PhillipCapital is the trading name of PhillipCapital Ltd., part of the Phillip Capital Group. The group was established in Singapore in 1975 and is one of Asia’s leading financial organizations with a global presence extending to Europe, Australia and North America. The group has an Australian branch, PhillipCapital Pty Ltd., which is ASIC-regulated and a UK branch as well - King & Shaxson Capital ltd., which operates under the name of PhillipCapital UK.


PhillipCapital offers trading in more than 60 currency pairs, CFDs, and stocks. The broker states on its website that it offers forex traders access to an institutional grade Electronic Communications Network (ECN) with quotes from international major banks.

 

Regulation

PhillipCapital Ltd. is regulated by the Australian Securities and Investments Commission (ASIC). ASIC requires licensed financial services providers to meet strict capital requirements and to comply with various internal procedures for risk management, accounting, audits, etc. As for the minimum capital requirement, ASIC requires forex brokers to hold at least $ 1 million in order to operate legitimately. Most forex jurisdictions have similar requirements: the US regulatory authority NFA requires forex brokers to possess a minimum of 20 million, UK’s FCA – 730 000 EUR and Cyprus’ CySec – 1 000 000 EUR.


Unlike many EU-based brokers, however, Australian ones are not covered by any compensation scheme. FCA-regulated brokerages, for example, fall under the Financial Services Compensation Scheme (FSCS), which protects consumers up to £50,000 per person per company, and CySec-regulated brokers are members of the Cyprus Investor Compensation Fund, which secures the claims of the covered clients to a maximum of 20,000 EUR each.

In case you are interested, here you can find a list of Australian brokers.

 

Trading Conditions

Minimum initial deposit
The minimum initial deposit, required by PhilipCapital, is $200, which is reasonable. Other ASIC-regulated brokers, set similar requirements as per the initial deposit - IC Markets also require $200 and Plus500 - $100.


Spreads & Commission
PhillipCapital offers relatively low spreads, the average on EUR/USD being around 0.6 pips. Additionally, a commission fee of $3.50 per standard lot is charged to all account types.
For comparison purposes, IC Markets offers average spreads on the EUR/USD as low as 0.1 pips and the commission charged amounts to: $5 per standard lot.


Leverage
As for leverage, the maximum level the broker provides is 1:100, which is comparatively low for the forex market, since there are no regulatory restrictions (like in USA for example, where the maximum leverage level allowed is 1:50). Other Australian brokers offer higher leverage levels: IC Markets, for instance, up to 1:400 and FXCM up to 1:200. Traders should be mindful, because higher leverage may multiply both profits and losses dramatically.

 

Trading Platforms

In order to meet the various client needs, PhillipCapital has developed several proprietary trading platforms. The broker offers a customized version of the most popular MetaTrader4, called Philip MT4, as well as Philip FX365, which is an OTC trading platform offered exclusively by the Phillip Group and Philip CFDTrader, designed especially for CFDs trading.


The broker’ in-house Philip FX365 platform provides specialized forex news (live streaming news from Thomson Reuters), advanced risk management (limit, stop loss, trailing stop) and charting tools (over 30 technical indicators), including chart-based trading, as well as one-click trading. It is powered by Currenex Viking.

 


CFDTrader is an intuitive platform suitable for traders of all levels. Unlike the MT4 and FX365 platforms, CFDTrader does not provide Mobile Trading and Algo Trading option.


What is more, PhillipCapital offers its traders fast execution as its servers are located in Equinix NY4 data centre (New York) and access to LD4 (London) and TY3 (Tokyo).

 

Payment methods

PhillipCapital uses the following modes of payment: cheque, electronic and telegraphic transfer. The company cannot accept cash in any circumstances. Unlike most forex brokers, PhillipCapital does not offer e-payment system options like Neteller, Skrill, PayPal, etc.

 

Conclusion

PhillipCapital was the first broker in Singapore to introduce online trading in 1996 and has more than 25 years of experience in providing forex trading. It is a reliable ECN broker, providing tight spreads and various trading platforms. To sum things up, here are the advantages and disadvantages of this broker:

 

 Pros  Cons
 Well-regulated  Comparatively low maximum leverage
 Variety of trading platforms offered, MT4 available  No e-wallet payment options
 True ECN model  
 Comparatively low spreads  

 

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Traders` reviews for PhillipCapital Australia

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