Phillip Futures has been a part of PT Phillip Futures since 2010. The company operates from Indonesia and Singapore as a futures broker. Yet, the firm is still mysterious about some trading features.
To find out the difference between a Tier 1 licensed broker and this one, read our Phillip Futures review carefully. Especially because they offer Phillip Futures Nova software, something new and not unproven.
The company doesn’t have any Tier 1 license, such as FCA, BaFin or ASIC. To make a comparison, traders have access to a compensation fund of up to 85,000 GBP with FCA-licensed investment firms. At the same time, with BAPPEBTI-regulated brokers, that’s not the case. Therefore, all US, UK or European traders can enjoy much higher protection with domestic brokers.
Surprisingly, the company doesn’t have any reviews online, which is disturbing considering their activities since 2010. Anyway, one of the leading attractions is the Phillip Futures MT5 platform. That’s how they present reliability. Also, they will use Telegram and WhatsApp to build credibility. But these apps are end-to-end encrypted and you should keep that in mind.
They will advertise advanced trading features, trading sessions and much more. However, all that without transparent trading conditions. This is not something you could see with a Tier 1 licensed broker. In any case, if you experience any issues with this brokerage, you can contact our refund team for advice.
After Phillip Trading Pte Ltd (Singapore) became the majority shareholder in 2010, it has been mainly operating domestically. Some of the mainly targeted countries are:
As can be seen, the company is offering less trusted Nova Trader, but also MT5. But, without knowing Phillip Futures commission rates, none of these are favorable. Nevertheless, one of the key advantages of MT5 is access to Expert Advisors’ trading options.
Even though they claim both apps to be available for mobile, it’s not the same quality. Keep in mind that MT5 has more than 10M downloads in PlayStore. On the other hand, Nova Trader is just a web-based terminal. On top of that, it’s not listed in any trusted store.
As can be seen, the company lacks quite an important category – cryptos. But as the futures licensed broker, they can’t have it. Some of the tradeable assets are:
On the positive side, the company offers a demo account. Yet, you can’t test their real spreads, fees and commissions. Keep in mind that Tier 1 licensed brokers have it all transparent. You can apply for the Phillip Futures seminar with a demo account.
Another key fact is that Phillip Futures broker doesn’t reveal any trading costs. This can be disturbing, especially if you use their untested Nova Trader software. In any case, you should stick to Tier 1 regulated companies and transparent offers.
Surprisingly, Phillip Futures forex broker doesn’t offer any bonuses. But without transparent legal documents, it’s hard to confirm whether such an offer is even possible. For now, you are safe.
With a shady Phillip Futures mobile app, non-revealed fees and legal documents, you can expect potential withdrawal issues.
Phillip Futures trading can be a risky journey. But if you experience anything negative, don’t be surprised. In those cases, you should simply report the case to the authorities and look for advice.
But if you are looking already for refund options, our specialized chargeback team is available for consultation. Most importantly, the first meeting is free and non-obligatory. Get in touch already today!
Phillip Futures broker is legally registered in Indonesia and license. But there are some irregularities and you might avoid them for good.
The company offers the less popular Nova trader, but also highly trusted Meta Trader 5.
Without transparent trading costs and an unknown withdrawal policy, you can expect potential issues. In that case, you can contact our refund team for advice.
Clients are able to withdraw their funds by submitting a withdrawal request via the client portal. But if they will get it, remains questionable.
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