What trading Phillip Nova costs
One standard lot of EUR/USD on Phillip Nova's Phillip MT5 account costs at least US$6.00 for the round turn: 0.6 pips of spread (US$6.00), with no commission, on the minimum spread the Singapore site advertises rather than a figure we measured.
| Account | A month of trading | One round turn, 1 lot |
|---|---|---|
| Phillip MT50.6 pips, advertised, minimum (Singapore site, 24 September 2026) | at least US$120.00 | at least US$6.00 |
A pip on EUR/USD is US$10.00 per standard lot, so the cost of a round turn is the spread in pips times that, plus any commission.
Our verdict on Phillip Nova
Phillip Nova Pte. Ltd. suits a Singapore trader with a narrow need: forex and precious metals on spot margin, plus CFDs, through a single NOVA multi-asset account or a Phillip MT5 account. The firm advertises spreads from as low as 0.8 pips across its forex pairs and a free demo. What would give me pause is margin: the firm states its margins are set according to regulatory requirements and vary by customer class. The firm's own risk warning states that leveraged trading can result in losses exceeding deposits or the principal amount.
The rating on this page is a desk-based assessment of the firm's published Singapore information. Six of the eight categories carry a rating, and Trading Costs and Trading Experience are blank. Less than half of each of those two categories could be read from that published information. Before depositing, I would ask the firm directly for the margin rates and total costs that apply to your customer class.
Pros
- FID lists Phillip Nova Pte. Ltd. as a Capital Markets Services Licensee and an Exempt Financial Adviser.
- FID lists dealing products from securities to spot foreign exchange contracts for leveraged foreign exchange trading.
- The fees page prints "No commission charges" for forex and precious metals on Phillip MT5 and NOVA.
- The firm advertises 31 forex pairs with spreads from as low as 0.8 pips.
- A demo account is available.
Cons
- The firm's own risk warning states losses can exceed deposits or the principal amount.
- The firm states its margins are set according to regulatory requirements and vary by customer class.
- PayNow, FAST, DBS/POSB bill payment and eNETS deposits are SGD only.
Desk-based assessment: scored from published information, not tested
Phillip Nova score breakdown
2.5/5 · Fair
Scored on 6 of 8 categories: Trading Costs and Trading Experience are not scored.
The desk score is the published category weights renormalised over the 6 of 8 categories scored; Trading Costs and Trading Experience are blank.
How is our rating calculated?- Blank: Trading Costs: Standard Published Spreads, Standard Tested Spreads, RAW/ECN Tested Spread, Inactivity Fees, Deposit / Withdrawal Fees, Other Fees, the whole category
- Blank: Trading Experience: Limit Order Speed, Market Order Speed, Ease of Opening, Ease of Withdrawal, Professional Leverage, the whole category
- Blank: Trust: Age of Broker, TrustPilot Score
- Blank: Customer Service: Live Chat, CS Knowledge, Website Experience
- Blank: Funding: Base Currencies, Visa / Mastercard
Is Phillip Nova safe? MAS licence, Phillip Nova Pte. Ltd.
Yes, Phillip Nova Pte. Ltd. is a Capital Markets Services Licensee and Exempt Financial Adviser, and we read its entry in the MAS Financial Institutions Directory on 24 September 2026.
| Fact | What the record says | Source |
|---|---|---|
| Legal name on FID | Phillip Nova Pte. Ltd. | MAS Financial Institutions Directory, read 24 September 2026 |
| Licence types on FID | Capital Markets Services Licensee, Exempt Financial Adviser | MAS Financial Institutions Directory, read 24 September 2026 |
| Products FID lists under Dealing In Capital Markets Products | Securities; Collective Investment Schemes; Exchange-Traded Derivatives Contracts; Over-The-Counter Derivatives Contracts; Spot Foreign Exchange Contracts for the Purposes of Leveraged Foreign Exchange Trading | MAS Financial Institutions Directory, read 24 September 2026 |
| FID record last updated | 20 September 2026 | MAS Financial Institutions Directory, read 24 September 2026 |
| MAS enforcement actions and media releases naming the entity as subject | None found, searched 24 September 2026 | MAS enforcement actions and media releases, searched 24 September 2026 |
| Entity printed on the Singapore site | Phillip Nova Pte Ltd | Firm's Singapore site, read 24 September 2026 |
I would not treat a licence listing on its own as the whole safety question for you. The firm’s own statements about margin, deficits and risk deserve the same careful read.
What FID lists for the entity
FID lists the entity as incorporated in Singapore, at 250 North Bridge Road, #06-00 Raffles City Tower, and lists product financing, custodial services and exempt financial adviser activities beside its licence types.
MAS actions and the Investor Alert List
We searched MAS’s enforcement actions and media releases, including searches for names the entity could formerly have carried, and no action or release names Phillip Nova Pte. Ltd. as its subject. No Investor Alert List entry bears any name we searched.
MAS enforcement and alerts
A search of MAS enforcement actions, media releases and the Investor Alert List on 24 September 2026 under 3 search terms (Phillip Nova Pte. Ltd., Phillip Nova, Phillip Futures Pte. Ltd.) returned no MAS enforcement action against this company.
Source: the Monetary Authority of Singapore, mas.gov.sg, searched 24 September 2026.
Phillip Nova client money
Who you contract with, and what the firm says can happen to a leveraged account balance, are the two client-money questions for a Singapore trader.
Negative balance, as the firm states it: deficit possible after liquidation (Firm's Singapore site, read 24 September 2026)
Who a Singapore client contracts with
The firm’s own Singapore site prints the contracting entity as Phillip Nova Pte Ltd. I would check that the name on your account-opening documents matches before you fund the account.
Negative balances
The firm states that, due to the risks associated with margin/leveraged trading, there may be a deficit in your account after the liquidation.
Phillip Nova at a glance: 3 key facts
| Fact | What the record says | Source |
|---|---|---|
| Minimum deposit, as the firm states it | SGD 0, no first-time deposit for individual and joint accounts | Firm's Singapore site, read 24 September 2026 |
| Demo account | Available | Firm's Singapore site, read 24 September 2026 |
| Demo account | Available (30 days (NOVA)) | Firm's Singapore site, read 24 September 2026 |
Phillip Nova spreads and commission
The firm advertises 31 forex pairs with spreads from as low as 0.8 pips on NOVA, and the advertisement names no pair, so I read it as a minimum across its forex pairs rather than a quote for any specific pair. None of it was measured by us. If you need a number for a specific pair, ask the firm before you deposit.
Commission
The firm’s fees page prints “No commission charges” for forex and precious metals on both Phillip MetaTrader 5 and NOVA.
What it costs to trade with Phillip Nova
The firm advertises trading on NOVA with zero custodian and platform fees. I would not read the advertised custodian and platform terms as the whole cost of an account.
Phillip MT5: EUR/USD spread, advertised: 0.6 pips, minimum ("Minimum spreads are indicative") (Firm's Singapore site, read 24 September 2026)
Commission, as the firm states it: None (Firm's Singapore site, read 24 September 2026)
Other fees a Singapore trader should check
Before you trade, check the firm’s Singapore fees page for withdrawal, transfer, inactivity and account charges, and ask the dealing desk to price anything you cannot find there.
Phillip Nova deposits and withdrawals
The firm’s FX and bullion forwards information sheet states which currency each route takes.
| Fact | What the record says | Source |
|---|---|---|
| Funding route | PayNow, FAST, DBS/POSB bill payment, eNETS, credit/debit card, telegraphic transfer, internal transfer within PhillipCapital | Firm's document for its Singapore entity, read 24 September 2026 |
| Withdrawable funds, as its statement guide defines them | the account statement's Allowable Withdrawal: available funds that can be withdrawn, excluding outstanding stock proceeds and excess controlled currencies | Firm's Singapore site, read 24 September 2026 |
| Withdrawal of forward profits, as its product information sheet states it | profits on closed-out deliverable FX forward positions cannot be withdrawn until the contract's value date | Firm's Singapore site, read 24 September 2026 |
Deposit methods (Singapore clients)
The firm’s FX and bullion forwards information sheet states that PayNow, FAST, DBS/POSB Bill Payment and eNETS are SGD only, credit or debit card is SGD/USD, and telegraphic transfer is also listed, along with internal transfer within PhillipCapital.
Phillip Nova account types and minimum deposit
The firm offers a single multi-asset account on NOVA, which it advertises for Stocks, ETFs, Futures and Forex with a single account and ledger, and a Phillip MT5 account, which its demo page lists for Forex, CFDs and Precious Metals. I would choose by product first. If you trade stocks and ETFs, the NOVA account is the route the firm gives.
| Fact | What the record says | Source |
|---|---|---|
| Account types on the Singapore site | single multi-asset account (NOVA) | Firm's Singapore site, read 24 September 2026 |
| Account types on the Singapore site | Phillip MT5 account | Firm's Singapore site, read 24 September 2026 |
| Accredited investor terms, as the firm states them | MT5 close-out level 50% for accredited investors, 20% for others | Firm's Singapore site, read 24 September 2026 |
| Customer Knowledge Assessment, as the firm states it | CKA required for CFD, Forex and OTC products; CAR for futures, options and ETFs | Firm's Singapore site, read 24 September 2026 |
Accredited investors
The firm states that the close-out level on MT5 is 50% for accredited investors and 20% for others.
Phillip Nova trading platforms
The firm offers Phillip MT5, NOVA and a TradingView connection. I like a MetaTrader option sitting beside a browser platform for a Singapore trader.
Phillip MT5
The firm describes Phillip MT5 as the latest in the MetaTrader series, with an auto trading function, advanced charting and technical indicators powered by Trading Central. Its demo page lists Forex, CFDs and Precious Metals on the platform.
NOVA
The firm advertises NOVA as running Stocks, ETFs, DLCs, Structured Warrants, Forex and Futures from a desktop browser, tablet or mobile phone, and it advertises a mobile application.
TradingView
The firm lets you connect your Phillip Nova account with TradingView, which it describes as giving charting and indicators, a stock screener, news and trading ideas on TradingView directly.
Phillip Nova execution speed and slippage
Our global panel holds no fill time for Phillip Nova Pte. Ltd. The firm’s Product Information Sheet states that trade orders can be placed by self-execution via the trading platform or by the call-in service to the Phillip Nova Dealing Desk. If fill speed matters to you, put the question to the firm’s dealing desk before you deposit.
Phillip Nova markets
Its product sheet defines a spot precious metal contract as an agreement to buy Gold, Silver, Platinum or Palladium. I like metals sitting beside forex under the same entity.
| Fact | What the record says | Source |
|---|---|---|
| Product: spot FX on margin | Offered | Firm's Singapore site, read 24 September 2026 |
| Product: other CFDs | crypto CFDs | Firm's Singapore site, read 24 September 2026 |
| Product: other CFDs | CFDs (index, share, ETF per the contract specifications) | Firm's Singapore site, read 24 September 2026 |
| Platforms on the Singapore site | Phillip MT5 | Firm's Singapore site, read 24 September 2026 |
| Platforms on the Singapore site | NOVA | Firm's Singapore site, read 24 September 2026 |
| Platforms on the Singapore site | TradingView | Firm's Singapore site, read 24 September 2026 |
Phillip Nova leverage and margin for Singapore clients
The margin the firm states is that margins for its Spot Forex and Precious Metal contracts are set according to regulatory requirements and vary for different classes of customers. On its forex page the firm states that you can open a micro lot trade (notional value of US$1,000) with US$50 in initial margin on Phillip MT5. Before you fund an account, ask the firm which margin applies to your customer class.
| Fact | What the record says | Source |
|---|---|---|
| Margin or leverage, as the firm states it | set according to regulatory requirements, varying by customer class | Firm's Singapore site, read 24 September 2026 |
| Margin or leverage, as the firm states it | FX margin 5%; fixed 5% margin requirement on Phillip MT5 | Firm's Singapore site, read 24 September 2026 |
| Risk warning, as the firm prints it | losses exceeding deposits | Firm's Singapore site, read 24 September 2026 |
Table 18 of the Fourth Schedule to the Securities and Futures (Financial and Margin Requirements for Holders of Capital Markets Services Licences) Regulations (Rg 13) sets a 5% minimum margin for a retail customer (20:1, our arithmetic) and 2% for an accredited, expert or institutional investor (50:1, our arithmetic). It binds every MAS licensee alike. The firm’s risk warning states that leveraged trading can result in losses exceeding deposits or the principal amount.
Phillip Nova customer support
The firm’s contact page lists “24h Support Desks (Mondays to Fridays)”, including a CFD/Forex Dealing Desk reachable by phone and email, and its product sheet offers a call-in service to the Phillip Nova Dealing Desk or through your Account Manager.
Phillip Nova research, tools and education
The firm’s education page offers “Trading 101” user guides, “Market Trends” reports and articles, webinars and seminars to register for, and “Trading Highlights” videos. If you are new to leveraged products, the guides are where I would start.
How Phillip Nova compares with eToro and Phillip Securities
eToro Singapore Pte. Ltd. is the entity a Singapore client of eToro contracts with, and its Singapore site states it offers CFDs with exposure to currencies, commodities and indices.
Phillip Securities Pte Ltd is a separate entity that FID lists separately, and its Singapore site states it offers FX CFDs through Phillip CFD, on POEMS and POEMS CFD MT5. The FX CFD page of the Phillip CFD site prints a EUR/USD “Best Spread” of 0.3 pips. You should ask each firm for the pair you trade before you decide anything on price.
Phillip Securities Pte Ltd’s own products are covered in our Phillip Securities review for Singapore traders.
Should you open an account with Phillip Nova?
Yes, if you want a single multi-asset account for forex, precious metals, and CFDs with a Singapore entity, Phillip Nova Pte. Ltd. suits that.
The fact that cuts against it is the firm’s own risk wording, printed with its margin statement. Before you deposit, read the entity’s entry on the MAS Financial Institutions Directory yourself, and the firm’s product information sheet and fees page on its Singapore site. I would want the margin percentage for my customer class and every recurring fee in writing first.
FAQs
Is Phillip Nova Pte. Ltd. licensed by MAS?
Has MAS taken enforcement action against Phillip Nova Pte. Ltd.?
What platforms does Phillip Nova offer?
Does Phillip Nova charge commission on forex or precious metals?
Record log
| Record | Detail |
|---|---|
| MAS Financial Institutions Directory read | 24 September 2026 |
| MAS enforcement actions, media releases and Investor Alert List searched | 24 September 2026 |