|Account Type||Minimum Deposit||Minimum trade size||Maximum leverage||Min. Spreads|
|Philip||£500||0.1||1:400||0.8 pips EUR/USD|
|Philip Trader||£1,000||0.1||1:400||0.6 pips EUR/USD|
|Premium||£10,000||0.1||1:400||0.0 pips EUR/USD +
0.6 pip commission charge
There are three trading accounts available to clients of PhillipCapital UK: Phillip account, Phillip Trader account and Premium account. The Phillip account is intended for traders who wanted to try PhillipCapital UK Service, on the other hand Phillip Trader account is a standard one, suitable for regular traders as well as for newbies, while the Premium account is targeted at advanced traders and offers tighter spreads.
This broker, however, does not offer micro tradable lots for those unwillink to put much at stake.
PhillipCapital UK is the trading name of UK-Based King & Shaxson Capital ltd., part of the Phillip Capital Group. Another trading name of the group is PhillipCapital, operated by PhillipCapital Ltd., regulated by the Australian Securities and Investments Commission (ASIC).
The PhillipCapital network 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 company services more than 1,000,000 clients worldwide, located in 16 countries and operates in the world’s major financial centres. In 2002, the PhillipCapital Group acquired King and Shaxson, one of London’s oldest and most reputable brokers.
PhillipCapital UK offers trading in forex, CFD indices, and commodities through the most popular platform MetaTrader4.
PhillipCapital UK is a trading name of King & Shaxson Capital Limited. The company is regulated by Financial Conduct Authority (FCA). FCA is UK’s watchdog in the sphere of provision of financial services, applying strict requirements to brokerage companies. They have to adhere to certain rules and regulations covering client funds, order execution and minimum capital requirement. UK-based brokers are obliged to possess at least €730 000 in order to prove their reliability. Regulatory authorities in most jurisdictions set minimum capital requirements to providers of financial services: Cyprus-based ones are required to hold at least €1,000,000 in order to conduct their business legitimately; likewise, Australian brokers must have a minimum of $1,000,000; US-based brokers are required to possess as much as $20 million as a minimum.
As regards the security of client funds, we would also like to mention that FCA-regulated companies fall under the umbrella of the Financial Services Compensation Scheme (FSCS), which protects consumers up to £50,000 per person. Here is a list of more FCA regulated forex brokers.
Minimum initial deposit
The minimum initial deposit, required by PhillipCapital UK is £5000 (or equivalent. i.e. $650). Other UK-based forex brokers, like FxPro, require $500 as an initial deposit, while FXopen and Price Markets and some demand just $1 from traders to start with. So, the minimum initial deposit, required by PhillipCapital UK is comparatively high.
Spreads & Commissions
This broker offers comparatively low average spreads amounting to 0.8 pips on EUR/USD (on Phillip Trader accounts). The spreads on the standard Philip account are higher, since they include the broker’s markup, but on the other hand, this account is commission-free. PhillipCapital UK’s Premium account offers lower spreads (starting from 0.0 pips on EUR/USD), however it involves a commission fee of 0.6 pip per round turn.
For purposes of comparison, FxPro offers average spread of 1.4 pips on the EUR/USD for its commission-free MT4 accounts and average spreads as low as 0.4 pips on the EUR/USD for its cTrader accounts, charged $4.5 per standard lot.
The maximum leverage level offered by PhillipCapital UK is 1:400, which is considered a high ratio. FXCM, for instance, also provides leverage up to 1:200 and FxPro - up to 1:500. Other brokers, such as XM offer maximum leverage level as high as to 1:888. Traders, however, should be careful, for high leverage may both multiply their profits and lead to heavy losses. That is why limitations on leverage rates are set in several jurisdictions: 1:50 in the USA, 1:25 in Japan, 1:100 in Poland.
Unlike PhillipCapital Ltd, the UK-based subsidiary does not offer any in-hose platforms, just the industry’s standard MetaTrader 4. The MT4 offers basically all a trader needs: an extensive back-testing environment, advanced charting, a number if build-in technical analysis tools, and also automated strategies.
Unlike most forex brokers, PhillipCapital UK does not offer e-payment system options like Neteller, Skrill, PayPal, etc. The payment methods available with this broker are:
- Debit card (Visa, MasterCard, Maestro)
- Bank transfer
- Cheque (UK Only)
PhillipCapital UK, the London-based subsidiary of the PhillipCapital group, offers fairly good conditions for trading currency pairs, CFDs and commodities. To sum things up, here are the Pros & Cons in relation to this broker:
|Low spreads||Comparatively high initial deposit|
|MT4 available||No choice of trading platforms|
|Well-regulated (FCA)||No e-wallet payment options|
FXTM is a EU regulated forex broker, offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $1 and take advantage of tight fixed and variable spreads, 1:1000 leverage and swap-free accounts.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
HY Markets is global forex broker with more than 30 years of operational experience, regulated by FCA in the UK. Trade Forex with spreads as low as 1.8 pip
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
easyMarkets is a CySEC and ASIC regulated broker offering access to over 300 trading instruments, tight fixed spreads, no slippage and a 50% deposit bonus.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.
Grand Capital is a MT4 forex broker, offering $500 no deposit bonus and 40% bonus on all deposits.
|Cyprus||CySec||MT4, MT5, Web||$5||Review Website|
|US, UK, Australia||CFTC/NFA, FCA, ASIC||MT4, Web,
|UK, Cyprus, Hong Kong||FCA, CySEC, SFC||MT4, Web,
|UK, Australia, Singapore||FCA||MT4, Web,
|UK, Cyprus||FCA, CySec||MT4, MT5||$5||Review Website|
|UK, Cyprus||FCA, CySEC||MT4, MT5, Web,
|Cyprus||CySEC||MT4, MT5||$300||Review Website|
|Belize||IFSC||MT4, MT5||$100||Review Website|
|UK, Cyprus, Bulgaria||FCA, CySec, FSC||Web||$150||Review Website|
|Belize||IFSC||MT4, Web||$500||Review Website|
|New Zealand||FMA||MT4||$1000||Review Website|