Phillip Securities Group

Overview of Phillip Securities

Phillip Securities Group, established for over 15-20 years, operates primarily from its headquarters in Hong Kong. The company is regulated by the Securities and Futures Commission of Hong Kong, focusing on dealing in futures contracts and leveraged foreign exchange trading. Offering three account types—Standard, Premium, and VIP—with varying minimum deposit requirements and leverage ratios, the company caters to a range of traders .

Clients can access trading platforms like MetaTrader 4 and MetaTrader 5. For customer support, Phillip Securities provides options such as Live Chat, Email, QQ, and a dedicated phone line. The firm also offers multiple deposit and withdrawal methods, each subject to specific fees.

Regulation

Phillip Securities Group operates under the regulatory authority of the Securities and Futures Commission of Hong Kong (SFC). The company holds an authorized status, as evidenced by License No. AAZ038. This license covers the activities of dealing in futures contracts and leveraged foreign exchange trading. It is important to note that this regulatory status is specific to the financial activities conducted by the company within the region.

The regulatory status of being authorized by the SFC signifies that Phillip Securities Group has met the necessary legal requirements and standards set forth by the regulatory body. This type of regulation ensures compliance with local financial laws and provides oversight to maintain transparency and accountability in the company's operations. It is advantageous for both the company and its clients, as it fosters a regulated environment, helping to maintain market integrity and protect the interests of all parties involved.

Pros and Cons

Pros:

Regulatory Compliance: Phillip Securities Group is regulated by the Securities and Futures Commission of Hong Kong (SFC), ensuring legal adherence and transparency.

Multiple Account Types: The company offers three distinct account types—Standard, Premium, and VIP—suitable for a range of traders.

Wide Leverage Options: Phillip Securities Group provides varying leverage ratios, with the highest being 1:400, accommodating traders seeking different risk levels.

Global Presence: With office locations in multiple countries, including Singapore, the US, UK, and more, the company offers accessibility to a global clientele.

Cons:

Limited Tradable Assets Information: The information provided does not specify the range of tradable assets offered by Phillip Securities Group, making it challenging to assess its asset diversity.

Deposit and Withdrawal Fees: The company charges fees for both deposits and withdrawals, potentially increasing trading costs, especially for certain payment methods.

Lack of 24/7 Support: There is no indication of 24/7 availability for customer support, which may be a limitation for traders who require round-the-clock assistance.

Market Instruments

Phillip Securities Group offers a range of market instruments, including Forex, CFDs, futures, options, and bonds. Details are as follows:

Forex: Phillip Securities Group provides access to the Forex market, allowing traders to engage in the exchange of currency pairs such as EUR/USD, GBP/JPY, and USD/JPY. These pairs represent the buying and selling of one currency in exchange for another, enabling traders to speculate on currency price movements.

CFDs (Contracts for Difference): The company offers CFD trading, where traders can speculate on the price movements of various assets without owning the underlying assets themselves. This includes CFDs on indices, commodities, and stocks, allowing for various trading opportunities.

Futures: Phillip Securities Group facilitates futures trading, where traders can enter contracts to buy or sell an asset at a predetermined price at a future date. This includes futures contracts on commodities, stock indices, and other financial instruments.

Options: The company provides options trading, allowing traders to purchase the right, but not the obligation, to buy or sell an asset at a specified price within a set timeframe. This can include options on stocks and indices.

Bonds: Phillip Securities Group offers bond trading, allowing traders to invest in fixed-income securities issued by governments, corporations, and other entities. Bonds provide a fixed interest rate and maturity date, making them a form of debt investment.

The following is a table that compares Phillip Securities Group to competing brokerages:

Account Types

Phillip Securities Group offers three account types: Standard Account, Premium Account, and VIP Account. Specifics are as follows:

Standard Account: Phillip Securities Group offers a Standard Account, requiring a minimum deposit of HK$10,000. This account type comes with a trading fee of HK$20 per trade and offers a leverage ratio of 1:100. The spread for this account is 1 pip. Standard Account holders have access to trading platforms like MetaTrader 4 and MetaTrader 5.

Premium Account: The Premium Account requires a minimum deposit of HK$50,000 and features a reduced trading fee of HK$10 per trade. Traders using this account type benefit from a lower spread of 0.5 pip and increased leverage of 1:200. Premium Account holders can also access MetaTrader 4 and MetaTrader 5.

VIP Account: Phillip Securities Group's VIP Account is for high-net-worth traders, with a minimum deposit of HK$200,000. This account type offers the lowest trading fee of HK$5 per trade and a minimal spread of 0.2 pip. VIP Account traders enjoy the highest leverage of 1:400. Like other account types, VIP Account holders can use MetaTrader 4 and MetaTrader 5.

How to open an account？

Step 1: Go to the Phillip Securities website

Go to the Phillip Securities website at https://www.phillip.com.sg/.

Step 2: Click on the “Open an Account” button

Click on the “Open an Account” button in the top right corner of the page.

Step 3: Select the account type that you want to open

Phillip Securities offers two main account types: Custodian Account and Margin Account.

A Custodian Account is a cash account where all securities purchased are held in the client's name under Phillip Securities' custody. Clients can trade stocks, ETFs, and bonds using a Custodian Account.

A Margin Account is a trading account that allows clients to trade with borrowed money from Phillip Securities. This is known as trading on margin. Margin accounts can be used to trade stocks, ETFs, bonds, CFDs, and futures.

Step 4: Enter your personal information

Once you have selected the account type that you want to open, you will need to enter your personal information, such as your name, address, and contact information.

Step 5: Upload the required documents

You will also need to upload the required documents, such as your identity proof and bank account statement.

Step 6: Review and submit your application

Once you have entered your personal information and uploaded the required documents, you will need to review and submit your application.

Step 7: Wait for your application to be approved

Once you have submitted your application, it will be reviewed by Phillip Securities. If your application is approved, you will receive an email with your login details. You can then log in to your account and start trading.

Minimum Deposit

Phillip Securities Group offers different minimum deposit rates for its account types, catering to various trading preferences. The Standard Account requires a minimum deposit of HK$10,000, making it accessible for traders with moderate capital. For those seeking lower trading fees and tighter spreads, the Premium Account has a minimum deposit of HK$50,000. The VIP Account, designed for high-net-worth traders, mandates a minimum deposit of HK$200,000. These varying deposit rates provide flexibility for traders to choose an account type that aligns with their financial capacity and trading objectives.

Fees

Phillip Securities Group charges various fees associated with trading and account management. The specifics of these fees are as follows:

Transaction Fees: Transaction fees, also known as trading fees, are incurred when executing trades. For the Standard Account, the company charges a trading fee of HK$20 per trade. The Premium Account features a reduced trading fee of HK$10 per trade, while the VIP Account offers the lowest trading fee of HK$5 per trade. These fees are applied to each trade made within the respective account type.

Deposit Fees: Depositing funds into a trading account may also incur fees. Phillip Securities Group charges deposit fees for various payment methods. For example, bank wire transfers come with a fee of HK$50, credit/debit card deposits are subject to a 2.5% fee, e-wallet deposits (such as PayPal and Skrill) have a fee of HK$20, and cheque deposits also have a fee of HK$20.

Withdrawal Fees: Withdrawal fees are applied when traders request to withdraw funds from their trading accounts. Similar to deposit fees, withdrawal fees vary depending on the chosen withdrawal method. For instance, bank wire transfers are associated with a withdrawal fee of HK$50, while credit/debit card withdrawals are free of charge. E-wallet withdrawals incur a fee of HK$20, and cheque withdrawals are also subject to a fee of HK$20.

Leverage

Phillip Securities Group offers varying leverage ratios for different account types. The Standard Account provides a maximum leverage of 1:100, while the Premium Account offers 1:200, and the VIP Account offers the highest leverage of 1:400. These leverage options allow traders to control larger positions relative to their capital, potentially amplifying both gains and losses.

To provide a comparative view, the table below presents the maximum leverage ratios offered by Phillip Securities Group and other brokerages for the specified market instruments:

Spread

Phillip Securities Group offers different spreads depending on the account type chosen. The Standard Account has a spread of 1 pip, while the Premium Account offers a tighter spread of 0.5 pip. The VIP Account, designed for high-net-worth traders, features an even lower spread of 0.2 pip. These spreads reflect the difference between the buying and selling prices of assets and can impact trading costs. Traders can select an account type with a spread that aligns with their trading strategy and objectives, whether they prefer a wider spread with lower trading fees or a narrower spread for potentially tighter pricing.

Deposit & Withdrawal

Phillip Securities Group offers a range of deposit and withdrawal methods to facilitate fund management for its clients.

Bank Wire Transfer: Clients can deposit and withdraw funds using bank wire transfers. While it offers a secure method, it comes with a deposit and withdrawal fee of HK$50.

Credit/Debit Card: The company accepts credit and debit card payments for deposits. However, it's essential to note that this method incurs a 2.5% fee for deposits. On the positive side, there is no withdrawal fee for credit/debit card withdrawals.

E-wallets: E-wallets like PayPal and Skrill are also available for deposits and withdrawals. Deposits using e-wallets come with a fee of HK$20, while withdrawals using the same method have the same HK$20 fee.

Cheque: For clients who prefer using cheques, Phillip Securities Group allows cheque deposits and withdrawals. Both depositing and withdrawing via cheque incur a fee of HK$20.

Trading Platforms

Phillip Securities Group offers traders access to its proprietary trading platforms, XATS, and POEMS. Unfortunately, there is limited available information about these platforms, making it challenging to provide specific details on their features and capabilities. Traders interested in using these platforms may need to explore them further through the company's official resources. The exclusion of industry standard platforms such as MetaTrader can be an inconvenience for traders looking for a familiar trading environment.

The table below summarizes the trading platforms offered by Phillip Securities Group and compares them to those of other brokerages:

Customer Support

Phillip Securities Group provides multiple customer support options, including Live Chat, email, phone support, and QQ, to cater to preferences of its clients. Details are as follows:

Live Chat: Phillip Securities Group offers a Live Chat option on their website, providing a real-time means of communication for customer support. This chat feature allows clients to quickly connect with support representatives, making it convenient for addressing inquiries and issues.

Email: Clients can reach out to customer support via email at cs@phillip.com.hk. This email address serves as a formal channel for contacting the company's support team. It provides a written record of communication and is suitable for more detailed or complex inquiries.

Phone Support: For direct and immediate assistance, clients can contact Phillip Securities Group's phone support at +852 2277 6555. This phone number allows clients to speak directly with customer support representatives, facilitating efficient problem resolution.

QQ: Phillip Securities Group also offers support via QQ at 800022775. QQ is a widely used instant messaging platform in China, providing an additional means of reaching out to the company's support team.

Conclusion

In conclusion, Phillip Securities Group emerges as a regulated brokerage, governed by the Securities and Futures Commission of Hong Kong. With a history spanning over 15 years, the company positions itself as a provider of trading services across various financial instruments. It boasts a trifecta of account types—Standard, Premium, and VIP—each tailored to cater to traders with varying capital resources and risk appetites.

Notably, the brokerage offers its proprietary trading platforms, XATS and POEMS, although comprehensive details about these platforms remain limited. Alongside this, Phillip Securities Group extends support to its clients through a range of communication channels, including Live Chat, email, phone support, and QQ, ensuring accessibility for assistance.

FAQs

Q: How does Phillip Securities Group ensure regulatory compliance？

A: Phillip Securities Group adheres to regulations set by the Securities and Futures Commission of Hong Kong.

Q: What is the minimum deposit required for a Premium Account？

A: The Premium Account necessitates a minimum deposit of HK$50,000.

Q: Which proprietary trading platforms are offered by Phillip Securities Group？

A: The company provides its own XATS and POEMS trading platforms.

Q: What are the available customer support channels for clients？

A: Clients can reach customer support through Live Chat, email, phone support, and QQ.

Q: How does Phillip Securities Group charge deposit fees for bank wire transfers？

A: The company charges a deposit fee of HK$50 for bank wire transfers.

Q: What leverage is offered to traders using the VIP Account？

A: Traders using the VIP Account can access leverage up to 1:400.