Last update: 22 July 2020
7 min read
Non-recommended broker
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PhillipCapital UK review

22 July 2020

This broker was not featured in our 2024 Broker Review Audit. This is because, in the past 12 months, it has failed to pass our initial screening process and is not recommended by our team of experts. As such some of the information found here may be out of date.

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PhillipCapital UK is an FX broker in the UK that is regulated by the Financial Conduct Authority (FCA), under the strict set of rules and regulations prescribed by the European Central Bank and the MiFID. The UK is no longer a part of the EU, but the FCA still maintains a close alliance with other European regulators for creating a safe trading platform for investors across EU and around the world. If required, Forex brokers in the UK are susceptible to regulatory sanctions from other leading regulatory organizations in the EU for failure to adhere to the standard code of conduct prescribed for all financial companies operating in the EU. It is of paramount importance for all traders to go through the best PhillipCapital UK broker review to understand the various characteristics of the broker’s financial products. Broker features such as safety of your funds, type of market access, and other services are detrimental to the success of a trader. Therefore, read our comprehensive PhillipCapital review before taking the plunge into Forex trading with PhillipCapital UK.

PhillipCapital UK Broker Locations & Experience In The Financial Markets

PhillipCapital UK is primarily a financial company that deals in FX, commodities, and CFDs through a hybrid of market maker and direct market access protocols for providing the deepest liquidity in the financial markets. PhillipCapital UK was launched as a fully-fledged Forex brokerage in 2015, but the company has had more than 40 years of experience in the financial industry with its primary base located in Singapore. The company started off its innings back in 1866 by serving as a discount house between the Bank of England and the clearing banks, which quickly grew into one of the prominent financial powerhouses in the Asian markets. Today, PhillipCapital UK has its presence in over 16 countries and manages close to $30 billion in client funds and shareholder assets. PhilliCapital is also regulated by the ASIC in Australia and the MAS in Singapore, helping the broker to cover a significant part of the EU and Asia-Pacific markets.








Forex, Precious Metals, Equity Indices, Energies

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What Are The Benefits Of PhillipCapital UK FCA Regulation?

FCA is a top regulatory organization in the world, which is considered to be the foremost authority in Forex broker regulation for all financial companies in the UK. The FCA is open and transparent in its approach, which is proven by the agency’s commitment towards investor protection and its enthusiasm in accepting new forms of financial products without any reservations. The UK is perhaps one of the very few leading economies in the world that have legalized a wide array of financial products such as CFDs, binary options, and spread betting. Forex trading in the UK is regulated by the guidelines enforced by the FCA, which is developed in conjunction with the ECB and the European MiFID derivatives. First and foremost, all Forex brokers in the UK are required to satisfy minimum capital requirements that are in line with their client deposits. UK Forex brokers should have at least $1 million in operating capital, which will be increased according to an influx of customer funds. All client funds are also kept in segregated accounts at top tier banks, which are held away from PhillipCapital UK’s own company accounts. Segregated accounts help traders to remain assured of the fact that their money won’t be used illegally by any broker or its allied third parties for meeting the company’s debt obligations and other expenses. Keeping money in separate accounts also ensure that traders can access their trading capital if their broker is rendered insolvent. To provide more protection to its investors, the FCA has also developed the Financial Services Compensation Scheme, which provides protection for a trader’s capital in the unfortunate event of broker bankruptcy. The volatility in the Forex market can render a broker bankrupt, especially if it does not have the financial strength to maintain their clients’ position in the market. However, the FCA is pretty comprehensive in its policies to ensure that their regulated member firms don’t succumb to any financial inconsistencies. As a precautionary measure, all FCA regulated Forex brokers should submit routine audit reports to the FCA, which are verified by certified and independent experts. PhillipCapital UK has also made it a priority to ensure that all of their operations are carried out in accordance with the regulatory guidelines, which provide further stability to the company against broker issues and discrepancies.

Is A PhillipCapital UK Trading Account Suitable For Small Traders?

phillipcapitalukPhillipCapital UK offers its brokerage services in four different types of accounts, with the minimum deposit requirement being $650 for the standard Phillip account. The Phillip account is the smallest account offering from the broker, which sees the PhillipCapital UK spreads starting from 0.8 pips for access to Forex, commodities, indices, and CFDs. Even though the Phillip account is the smallest account option at the broker, it may be considered to be significantly more expensive than traditional ECN brokers that offer a trading account for as low as $5. The spreads are competitive, and traders can enjoy tight spreads during most market conditions, but the minimum deposit requirement is certainly far too high for the broker to have any sufficient impact in the retail trading markets. The second type of account called the Phillip Trader account, is available for a minimum deposit of $1300, which gets a slightly reduced spread of 0.6 pips, along with a full VPN/VPS subscription. All other trading conditions are similar to the primary Phillip account, but the minimum deposit requirement is twice as much. If you want more competitive pricing for your Forex trading, the Premium (Spread) account may be able to offer you 0.6 spreads with an opportunity to earn cash rebate on all trades. The cash rebate is served according to individual client accounts, but the minimum deposit requirement for such an account is a staggering $13,000. Although $13,000 is not an enormous amount of money for a regular STP account, it is still a hefty price to pay for smaller retail traders that are looking to save on trading costs. $13,000 initial deposit also qualifies for the Premium (Commission) account, which has ECN-like trading conditions with spreads starting from 0 pip in exchange for a nominal commission per trade. All account holders can utilize a maximum PhillipCapital UK leverage of 1:400 for Forex products, which does reduce according to a rise in the account equity. Moreover, deposits can only be made using a debit card, bank wire transfer, or through a check, which severely limits options for traders. The broker does not allow credit card deposits due to the problem of chargebacks, which make matters complicated for a majority of traders in the market. The lack of credit card and online e-wallet payments will certainly decrease the broker’s presence among modern retail traders.
phillipcapitaluk mobile

Trading The Forex Market On PhillipCapital UK Platforms

MT4 is the standard PhillipCapital UK trading platform that provides access to 45 different currency pairs, commodities, and other CFDs. MT4 is available as a desktop and mobile app, which ensure that desktop, as well as PhillipCapital UK mobile traders, can access their accounts through the highly popular and reliable MT4 terminal. However, before opening an account, be warned that the broker charges a $20 inactive fee for all dormant accounts that remain inactive for six months. The broker will charge the inactive fee until the account balance reaches 0, which means that you should withdraw your funds and close the account if you do not plan on trading for a considerable period. PhillipCapital UK seems to be a genuine and reliable Forex broker, but only time will tell whether the broker has the dedication to offer continued support to its clients. The broker has been involved in the industry for many years, which does provide a good amount of guarantee that traders will be traded fairly and with respect. Always consider your options carefully before investing.
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