What trading Phillip Securities costs
One standard lot of EUR/USD on Phillip Securities' FX CFD account costs at least US$3.00 for the round turn: 0.3 pips of spread (US$3.00), 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 |
|---|---|---|
| FX CFD0.3 pips, advertised, minimum (Singapore site, 24 September 2026) | at least US$60.00 | at least US$3.00 |
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 Securities
Phillip Securities Pte Ltd suits a Singapore trader who wants FX CFDs alongside equity, index, and commodity CFDs under a single Capital Markets Services licensee. The firm advertises its FX CFDs across four POEMS platforms, and it states no minimum deposit to open a CFD account. What would give me pause is the withdrawal term: the POEMS terms say CFD margin may be withdrawn only with the firm's consent while the customer owes it money or obligations.
The rating on this page is a desk-based assessment of the firm's published Singapore information and the MAS Financial Institutions Directory, with the site's published category weights renormalised over the categories that carry a rating. Five of the eight categories carry a rating; Trading Costs, Trading Experience and Customer Service are blank. Less than half of each of those three could be read from that published information. Before funding, you should read the firm's risk disclosure in full, which says CFDs carry a high degree of risk.
Pros
- Phillip Securities Pte Ltd is a Capital Markets Services Licensee on the MAS Financial Institutions Directory.
- The firm states there is no minimum deposit to open a CFD account.
- FX CFDs on EUR/USD carry an advertised minimum spread of 0.3 pips (the firm's FX CFD page).
- The firm advertises more than 5,000 CFDs across eight markets, including equity, index, and commodity CFDs.
- A free POEMS CFD MT5 demo trading account is available (the firm's CFD site).
Cons
- CFD margin may be withdrawn only with the firm's consent while the customer owes it money or obligations.
- Funds move from the stock account to the CFD account by withdrawal form, with a 10am trading-day cut-off.
- The firm states no commission on FX CFD pairs but applies swap adjustments to overnight FX CFD positions.
Desk-based assessment: scored from published information, not tested
Phillip Securities score breakdown
2/5 · Fair
Scored on 5 of 8 categories: Trading Costs, Trading Experience and Customer Service are not scored.
The desk score is the published category weights renormalised over the 5 of 8 categories scored; Trading Costs, Trading Experience and Customer Service are blank.
How is our rating calculated?- Blank: Trading Costs: Standard Published Spreads, Standard Tested Spreads, RAW/ECN Tested Spread, 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: TrustPilot Score
- Blank: Trading Platform: Demo Account Expiry
- Blank: Customer Service: Live Chat, CS Knowledge, FAQ / Knowledge Base, Website Experience, the whole category
Is Phillip Securities safe? MAS licence, Phillip Securities Pte Ltd
Yes, I would treat Phillip Securities Pte Ltd as a firm a Singapore retail client may contract with: the MAS Financial Institutions Directory, which we read on 24 September 2026, lists it as a Capital Markets Services Licensee.
| Fact | What the record says | Source |
|---|---|---|
| Legal name on FID | Phillip Securities Pte Ltd | MAS Financial Institutions Directory, read 24 September 2026 |
| Licence types on FID | Capital Markets Services Licensee, Exempt Financial Adviser, Exempt Insurance Broker | 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 | MAS Financial Institutions Directory, read 24 September 2026 |
| FID record last updated | 9 September 2026 | MAS Financial Institutions Directory, read 24 September 2026 |
| MAS enforcement actions and media releases naming the entity as subject | 1 found, 7 July 2009; lifted with effect from 24 August 2010 | MAS media release, searched 24 September 2026 |
| Entity printed on the Singapore site | Phillip Securities Pte Ltd | Firm's Singapore site, read 24 September 2026 |
FID also lists the firm as an Exempt Financial Adviser and an Exempt Insurance Broker, and it prints the firm’s dealing products under Dealing In Capital Markets Products.
What FID lists for the entity
I would read the entity’s full entry on the directory itself, since MAS publishes the record there with its own last update date. You can find it by searching the legal name, Phillip Securities Pte Ltd.
MAS actions and the Investor Alert List
We searched MAS’s enforcement actions and media releases, and the Investor Alert List, for the legal name, Phillip Securities, POEMS, and PhillipCapital. The single item naming the entity as subject is the 7 July 2009 investigation findings on structured notes, in which MAS directed the firm to stop dealing in and advising on structured notes for new transactions with individuals from 1 July 2009 for one year, or until MAS was satisfied with its measures, whichever date is the later; MAS lifted that ban with effect from 24 August 2010. None of the other items is a new action against the firm. No Investor Alert List entry bears any name searched.
MAS enforcement and alerts
- MAS Releases Investigation Findings on the Sale and Marketing of Structured Notes Linked to Lehman Brothers
MAS will lift the ban on the sale of structured notes for CIMB Securities (Singapore) Pte Ltd, DMG & Partners Securities Pte Ltd, Kim Eng Securities Pte Ltd, OCBC Securities Pte Ltd, Phillip Securities Pte Ltd and UOB Kay Hian Pte Ltd with effect from 24 August 2010.
Also named by the MAS, without a new action against Phillip Securities Pte Ltd:
- SGX Told to Enhance Recovery Processes Following Trading Disruption Last Year
- Court Orders Civil Penalties for False Trading and Unauthorised Trading
- Response to "Why exchange-traded funds are not popular here" - The Straits Times, 9 July 2014
- MAS takes Civil Penalty Enforcement Action Against Lee Hon Sun for Contravening Law against Employment of Manipulative and Deceptive Devices
- MAS Lifts Ban on the Sale of Structured Notes for DBS Bank Ltd, Malayan Banking Berhad Singapore Branch and the Royal Bank of Scotland N.V. Singapore Branch
- MAS Welcomes Announcement of The Distribution of The Recovery Values of The Minibond Notes
- MAS Statement on Pinnacle Notes Series 1
- MAS and Financial Institutions to Ensure Investor Complaints are Dealt With Quickly and Fairly
Source: the Monetary Authority of Singapore, mas.gov.sg, searched 24 September 2026.
Phillip Securities client money
A Singapore client contracts with Phillip Securities Pte Ltd, the entity the firm’s own Singapore site names.
Client money, as the firm states it: trust account (SF(LCB)R reg 17) (Firm's Singapore site, read 24 September 2026)
Negative balance, as the firm states it: liable for any resulting deficit if positions are liquidated at a loss (risk disclosure) (Firm's Singapore site, read 24 September 2026)
Where a Singapore client’s money is held
The firm’s POEMS risk disclosure states it maintains a trust account in which it deposits the customer’s money received from or for the customer.
Who a Singapore client contracts with
The firm’s Singapore site prints the line “Brought to you by Phillip Securities Pte Ltd (A member of PhillipCapital)”. Match it against your account-opening forms before you sign.
Phillip Securities at a glance: 2 key facts
Minimum deposit, as the firm states it: SGD 0, no minimum to open a CFD account (Firm's Singapore site, read 24 September 2026)
Demo account: Available (Firm's document for its Singapore entity, read 24 September 2026)
Phillip Securities spreads and commission
The firm advertises its FX CFD pricing in two places, and each statement carries its own basis.
FX CFD
The FX CFD page of the Phillip CFD site prints EUR/USD with a “Best Spread” of 0.3 pips, a minimum, with the pair’s margin requirement and settlement currency beside it. Your actual spread on a trade may sit above that minimum.
FX CFD (POEMS)
The POEMS forex page advertises “Competitive Spreads from as low as” the same figure, and names no pair. I would read it as a minimum across the firm’s FX CFDs rather than an EUR/USD quote, so you should ask the firm what applies to your pairs.
Commission
The POEMS CFD page states the commission on the FX CFD pairs it lists as zero, with swap adjustments applicable to overnight FX CFD positions. You should check how the swap applies to the pair you trade before you hold a position overnight.
What it costs to trade with Phillip Securities
A trade’s cost here is the advertised spread plus, for overnight FX CFD positions, the swap adjustment the firm states.
| Fact | What the record says | Source |
|---|---|---|
| FX CFD: EUR/USD spread, advertised | 0.3 pips, minimum | Firm's document for its Singapore entity, read 24 September 2026 |
| FX CFD (POEMS): spread, no pair named, advertised | as low as 0.3 pips | 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
The firm’s CFD page states zero inactivity fees.
Phillip Securities deposits and withdrawals
A Singapore account is funded through PayNow or FAST, and the firm’s open-an-account page says to fund the account that way.
| Fact | What the record says | Source |
|---|---|---|
| Funding route | PayNow, FAST | Firm's Singapore site, read 24 September 2026 |
| Withdrawals, as the firm states them | CFD Margin may be withdrawn only with PSPL's consent while the customer owes PSPL moneys or obligations | Firm's Singapore site, read 24 September 2026 |
| Withdrawals, as the firm states them | funds move from the stock account to the CFD account by withdrawal form; daily (trading day) cut-off 10am | Firm's document for its Singapore entity, read 24 September 2026 |
Deposit methods (Singapore clients)
The firm’s open-an-account page states “Fund your Account through PayNow or FAST”. You can use either when you open the account.
Withdrawals
The POEMS terms state CFD margin may be withdrawn only with the firm’s consent while the customer owes it money or obligations. The Phillip CFD account page says funds move from the stock account to the CFD account by withdrawal form, with a daily cut-off of 10am on trading days. I would submit any transfer form well before the cut-off. You should plan margin moves around that cut-off.
Phillip Securities account types and minimum deposit
The firm’s Singapore site names a Phillip CFD account, a Cash Plus Account, and a Cash Management Account, and the firm states all investors must complete the Customer Knowledge Assessment to trade CFDs.
| Fact | What the record says | Source |
|---|---|---|
| Account types on the Singapore site | Phillip CFD account | Firm's document for its Singapore entity, read 24 September 2026 |
| Account types on the Singapore site | Cash Plus Account, Cash Management Account | Firm's Singapore site, read 24 September 2026 |
| Accredited investor terms, as the firm states them | CAR/CKA form not required of accredited or expert investors | Firm's Singapore site, read 24 September 2026 |
| Customer Knowledge Assessment, as the firm states it | CKA required for CFDs (trading, work, education or professional qualification criteria) | Firm's document for its Singapore entity, read 24 September 2026 |
Minimum deposit
The firm states no minimum deposit is needed to open a CFD account, and a free POEMS CFD MT5 demo trading account is available. You can practise on the demo before committing funds.
Accredited investors
The firm’s CAR/CKA form states it is applicable to all individuals who are not an Accredited Investor or Expert Investor. The Phillip CFD account page states all investors are required to complete the Customer Knowledge Assessment to trade CFDs. I would confirm my own classification with the firm before opening.
Phillip Securities trading platforms
The firm states customers can trade FX CFDs on POEMS 2.0, POEMS Mobile 3.0, POEMS Pro, and POEMS CFD MT5. You should choose the platform that suits your workflow and screen time.
Phillip Securities execution speed and slippage
Our global panel holds no fill time for this Singapore entity.
Phillip Securities markets
The firm offers FX CFDs, which its FX CFD page describes as the ability to long or short a currency pair, alongside equity, index, and commodity CFDs. Its CFD page advertises more than 5,000 CFDs across Singapore, United States, Hong Kong, Malaysia, China, Japan, Australia, and United Kingdom markets, and its rates table lists Gold, Silver, UK Oil, and US Oil CFDs. I would check my intended market against that range before opening, and you should confirm the market you trade carries the product type you expect.
| Fact | What the record says | Source |
|---|---|---|
| Product: FX CFDs | Offered | Firm's document for its Singapore entity, read 24 September 2026 |
| Product: other CFDs | equity CFDs, index CFDs, commodity CFDs | Firm's Singapore site, read 24 September 2026 |
| Platforms on the Singapore site | POEMS 2.0, POEMS Mobile 3.0, POEMS Pro, POEMS CFD MT5 | Firm's document for its Singapore entity, read 24 September 2026 |
Phillip Securities leverage and margin for Singapore clients
The firm’s risk disclosure states CFDs carry a high degree of risk as they often involve gearing or leverage. Read the full risk disclosure before you trade.
Margin or leverage, as the firm states it: EUR/USD margin 5% (Firm's document for its Singapore entity, read 24 September 2026)
Risk warning, as the firm prints it: CFDs carry a high degree of risk (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 sets a minimum margin of 5% for a retail customer (20:1, our arithmetic) and 2% for an accredited, expert, or institutional investor (50:1, our arithmetic). That rule binds every MAS licensee alike, so I would treat it as the floor, not this firm’s choice. You should compare the firm’s own stated margin against that floor before you trade.
Phillip Securities customer support
The firm’s CFD site advertises “Round the Clock Support 24/5 Local Trade Support”, and account forms are emailed to the CFD desk, with the trading representative also informed.
Phillip Securities research, tools and education
The firm’s CFD site carries an Education section with an event schedule, videos, articles, and technical analysis, and its CFD page invites sign-ups for free webinars and research reports catered to new and experienced traders. The POEMS CFD page also carries a glossary. The webinars suit you if you prefer a live format.
Phillip Securities, Phillip Nova, and KGI Securities compared for Singapore traders
Phillip Nova Pte. Ltd. is a separate entity that FID lists separately, and its Singapore site states its FX product is spot FX on margin, traded on Phillip MT5 and NOVA. NOVA advertises “31 Forex pairs with spreads from as low as 0.8 pips”, naming no pair. I would weigh the product type first, since this firm’s own FX product is FX CFDs and its advertised spread is covered in the spreads section, and the product you want should settle that choice before pricing does.
KGI Securities (Singapore) Pte. Ltd. states its FX product is spot FX on margin on KGI MetaTrader 4 and KGI MaxxTrader, with spreads “from as low as 1 pip” on major currency pairs, EUR/USD not named. You should read all three firms’ Singapore pages before deciding, since each states its product differently, and the entity you contract with matters as much as the pricing.
Phillip Nova Pte. Ltd.’s own products are covered in our Phillip Nova review for Singapore traders.
Should you open an account with Phillip Securities?
Yes, if you want FX CFDs alongside equity, index, and commodity CFDs under a single Singapore entity, Phillip Securities Pte Ltd offers them. The firm states no minimum deposit to open a CFD account, and a demo account is available, so you can try the platform before you fund anything.
What I would weigh before depositing is the withdrawal route: the firm states CFD margin may be withdrawn only with its consent while the customer owes it money or obligations, and funds move from the stock account to the CFD account by withdrawal form on a trading-day cut-off. I would confirm the entity’s entry on the MAS Financial Institutions Directory and the current terms on the firm’s own Singapore site, including the terms that apply to your own account.
FAQs
Is Phillip Securities Pte Ltd licensed by MAS?
What is the minimum deposit for a Phillip CFD account?
Does Phillip Securities offer FX CFDs?
Can I withdraw CFD margin at any time?
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 |