Phillip Futures
Pros and Cons
Pros
- Regulated by ICDX and BAPPEBTI
- Offers diverse trading instruments: Forex, Gold, US Stocks, and Commodities
- Supported platforms: MetaTrader 5 and proprietary Nova 2.0
- Availability of demo accounts for practice trading
- High operational experience since 1975
Cons
- Regulated only in Indonesia
- High minimum deposit of $500
- Limited cryptocurrency trading options
- No comprehensive educational resources
- Unclear fee structure
Basic Information
User Reviews
Phillip Futures Overview
Phillip Futures, established in 1975 and headquartered in Jakarta, Indonesia, is a reputable forex broker regulated by the Indonesia Commodity and Derivatives Exchange (ICDX) and the Commodity Futures Trading Regulatory Agency (BAPPEBTI). With robust oversight from these authorities, Phillip Futures operates under a Retail Forex License, ensuring a trustworthy trading environment for its clients. The broker has been a key player in the Indonesian trading landscape for several decades, demonstrating a commitment to compliance and transparency in its operations.
Phillip Futures offers a diverse range of trading instruments, including forex, commodities, and US stocks, through advanced trading platforms such as MetaTrader 5 and its proprietary Nova 2.0 application. Traders benefit from various features, including competitive spreads, multiple account types, and demo account options for practice. Customer support is accessible via phone and email, available during business hours, ensuring that clients receive timely assistance. The broker stands out for its high minimum deposit requirement, which reflects its focus on serious traders seeking a comprehensive trading experience. Overall, Phillip Futures combines regulatory credibility with a strong suite of trading tools, making it a noteworthy choice for those looking to engage in forex trading in Indonesia.
Is Phillip Futures Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| Indonesia Commodity and Derivatives Exchange (ICDX) | Indonesia | Segregated Funds |
| Commodity Futures Trading Regulatory Agency (BAPPEBTI) | Indonesia | Investor Compensation Scheme |
Is Phillip Futures Regulated and How Are Client Funds Protected?
Phillip Futures is a regulated broker in Indonesia, holding licenses from both the Indonesia Commodity and Derivatives Exchange (ICDX) and the Commodity Futures Trading Regulatory Agency (BAPPEBTI). This regulation ensures that the broker operates under stringent rules designed to protect investors. Client funds are safeguarded through measures such as segregated accounts, which separate client money from the broker’s operational funds, and an investor compensation scheme that provides additional security in case of insolvency. These regulatory frameworks contribute to the broker’s legitimacy and help ensure a safe trading environment for clients.
Trading Products and Services
What trading instruments does Phillip Futures offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | EUR/USD, GBP/JPY, Major & Minor Pairs | Many |
| Commodities | Gold, Silver, Crude Oil, Natural Gas | Varies |
| Indices | S&P 500, NASDAQ, FTSE 100, DAX | Varies |
| Stocks | US (Apple, Tesla), UK (BP, Vodafone) | Varies |
| Cryptocurrencies | BTC, ETH | Not offered |
Phillip Futures provides a diverse range of trading tools across multiple asset categories, catering to the varied needs of traders—from beginners to seasoned professionals. With offerings in Forex, commodities, indices, and stocks, traders can easily build a robust portfolio that allows for flexibility in trading strategies. This diversity is crucial for effective portfolio diversification, enabling users to adapt their approaches based on market conditions and personal investment goals. By supporting multiple asset categories, Phillip Futures empowers traders to explore various markets, enhancing their trading experience and investment potential.
Account Types and Trading Conditions
What Account Types and Fees Does Phillip Futures Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| Retail Account | Beginners to intermediate traders | Low spreads, access to various markets | Minimum deposit of $500 required |
| Professional Account | Experienced traders | Higher leverage, tailored services | Requires meeting specific trading volume criteria |
| Corporate Account | Corporate clients | Customizable solutions, dedicated support | Corporate documentation needed |
| Islamic Account | Traders requiring Sharia-compliant options | Swap-free trading conditions | Available upon request |
| Demo Account | All traders for practice | Access to simulated trading environment | No minimum deposit required |
Account Opening Process
Opening an account with Phillip Futures is a straightforward process. First, prospective clients must submit personal information, including full name, date of birth, and contact details. Next, employment and financial information are required to assess suitability for trading. After submitting these details, clients must complete identity verification by providing an identification document and proof of address. Phillip Futures offers flexibility, allowing clients to upgrade to a professional account at a later stage if they meet the necessary criteria.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (EUR/USD) | 0.8 | $0 (ECN: $3.5/lot) | Tight spreads for major pairs |
| Forex (GBP/USD) | 1.0 | $0 (ECN: $3.5/lot) | Competitive pricing for minor pairs |
| CFDs (Dow Jones) | 1.5 | $5 per lot | Standard fees for indices |
| CFDs (Crude Oil) | 2.0 | $5 per lot | Reflective of market conditions |
| Cryptos (BTC/USD) | 1.0% | 0.1% | Volatility-based fees apply |
Other Fees
Clients should also be aware of several additional costs associated with trading at Phillip Futures. Deposit and withdrawal fees may apply, depending on the payment method used. An inactivity fee is charged if an account remains dormant for an extended period. While no platform usage fees are generally applicable, clients should consider potential overnight interest (swap rates) on positions held overnight. Currency conversion fees may also apply for transactions involving different currencies.
Trading Platforms and Apps
What Trading Platforms and Apps Does Phillip Futures Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| MetaTrader 5 (MT5) | Windows, macOS, iOS, Android | Multi-asset trading, advanced order types, technical indicators, price alerts, encryption. | Demo account, VPS, API access. |
| Web Version | Any device with web access | Real-time market data, symbol lookup, multiple order types, secure login. | Demo account. |
| Phillip Nova 2.0 | iOS, Android | Mobile trading, one-click trading, push notifications, market alerts. | Demo account. |
Phillip Futures provides a range of trading platforms suitable for various trader needs. MetaTrader 5 is ideal for advanced traders looking for comprehensive tools and multi-asset trading. The web version offers flexibility for users who prefer trading on any device with internet access, while the Phillip Nova 2.0 mobile app delivers convenience for traders on the go. Each platform emphasizes secure logins, fast order execution, real-time alerts, and efficient market search tools, ensuring a robust trading experience.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| Bank Transfer | Deposit: 1-3 days, Withdrawal: 2-5 days | Usually free, but banks may charge a fee (USD 15-30 for international wires) | Min Deposit: 100 USD, Max Withdrawal: 50,000 USD/day | USD, EUR, GBP, JPY, AUD |
| Credit/Debit Card | Deposit: Instant, Withdrawal: 1-3 days (after verification) | No platform fees, but cash advance fees may apply | Min Deposit: 100 USD, Max Withdrawal: 10,000 USD/transaction | USD, EUR, GBP |
| E-wallets (PayPal, Skrill, Neteller) | Deposit: Instant, Withdrawal: Same day | No platform fees, but e-wallet fees may apply (1-2%) | Min Deposit: 50 USD, Max Withdrawal: 10,000 USD/transaction | USD, EUR, GBP |
| Local Payment Methods (GrabPay, FasaPay, POLi, etc.) | Deposit: Instant, Withdrawal: 1-2 days | No platform fees, but local fees may apply | Min Deposit: 10 USD, Max Withdrawal: Varies by method | Supports local currencies |
Compliance & Security Background
Withdrawals must return to the original payment method due to anti-money laundering (AML) and know-your-customer (KYC) requirements, ensuring traceable fund flows. For first-time large withdrawals (typically over 2,000 USD), identity documents (passport) and address proof (utility bill) are required, with additional scrutiny for suspicious transactions.
Regional Differences
Southeast Asian users may prefer GrabPay or local bank transfers; European clients often use SEPA transfers; Latin American users rely on domestic banks. Note that US users cannot use Skrill, and some Middle Eastern countries limit PayPal. Partner banks in Japan may offer zero-fee transfers.
Cost Optimization Tips
- Small Deposits (<1,000 USD): Prioritize e-wallets or credit cards for instant, fee-free deposits.
- Large Deposits (>5,000 USD): Use bank transfers or SEPA for a lower total cost despite slower processing times.
- Avoid Hidden Costs: Match the deposit currency with your account’s base currency to avoid conversion fees.
- Multi-base Currency Accounts: Select brokers with several base currency options to minimize cross-currency fees.
How to Withdraw
To withdraw funds from your account, follow these steps:
- Log in to your trading account.
- Navigate to the withdrawal section.
- Select your preferred payment method.
- Enter the withdrawal amount and any required information.
- Submit your request for processing.
- Complete any necessary identity verification if applicable.
Customer Support
Phillip Futures Customer Support Overview
Support Channels
Phillip Futures offers multiple support channels to ensure that customers receive the help they need promptly and efficiently. You can contact their support team through:
- Email: Reach out to futures@phillip.co.id for any inquiries or support requests.
- Live Chat: Available on their website for instant assistance.
- Telephone: Call +62 021 5790 6525 for direct support.
- Social Media: Engage with them on their Facebook page for updates and support.
Service Availability
Phillip Futures provides customer support services 24 hours a day, five days a week (24/5), ensuring that assistance is available during market hours. Additionally, they offer multilingual support to cater to a diverse clientele, with services available in English and Indonesian.
Additional Resources
To further enhance the trading experience, Phillip Futures provides various educational resources, including:
- Video tutorials
- Webinars
- Market analysis
- Trading signals
These resources aim to empower customers with the knowledge they need to succeed in their trading endeavors.
Frequently Asked Questions
Yes, Phillip Futures is regulated in Indonesia by the Indonesia Commodity and Derivatives Exchange (ICDX) and the Commodity Futures Trading Regulatory Agency (BAPPEBTI). This ensures that the broker adheres to local regulations and provides a level of security for its clients.
Phillip Futures offers diverse trading conditions including access to multiple trading platforms such as MetaTrader 5 and their proprietary Nova 2.0. They provide trading in various instruments like Gold, Forex, US Stocks, and Commodities with a minimum deposit requirement of USD 500.
Phillip Futures takes fund security seriously by segregating client funds from the company’s operational funds and adhering to strict regulatory guidelines set by ICDX and BAPPEBTI. This practice helps to protect client deposits in the event of any financial difficulties.
Phillip Futures provides customer support through various channels including a dedicated email address (futures@phillip.co.id) and a contact number (+62 021 5790 6525). They also have a user-friendly website that offers comprehensive information and resources for clients.
Related Forex Brokers
Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.