What Account Types and Fees Does Phillip Offer?
| Account Type |
Target User Group |
Essential Characteristics |
Applicability Notes |
| Retail Account |
Beginners and casual traders |
Access to a wide range of instruments, educational resources |
Ideal for small-capital practice |
| Professional Account |
Experienced traders and institutions |
Higher leverage, lower spreads, specialized services |
Requires higher trading volume qualifications |
| Corporate Account |
Corporate clients and institutions |
Tailored solutions, enhanced security features |
Requires corporate documentation |
| Islamic Account |
Traders seeking Sharia-compliant options |
Swap-free trading, competitive spreads |
Must meet eligibility criteria |
| Demo Account |
New traders wanting to practice |
Risk-free trading environment, virtual funds |
Available for all users |
Account Opening Process
To open an account with Phillip, you need to follow these steps: First, submit your personal information including name, date of birth, and contact details. Next, provide your employment details such as job title and employer information. You will also need to disclose financial information, including your income and net worth. Identity verification is essential, requiring you to submit a valid ID and proof of address. Once your application is approved, you can start trading. Additionally, Phillip allows flexibility for users to upgrade to a professional account later 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 majors |
| Forex (GBP/USD) |
1.0 |
$0 (ECN: $3.5/lot) |
Competitive spreads |
| CFDs (Stocks) |
0.1 |
$5 per lot |
Varied by stock |
| CFDs (Indices) |
1.5 |
$2 per lot |
Available on major indices |
| Cryptos (BTC/USD) |
1.0% |
0.1% |
Variable depending on volatility |
Other Fees
Phillip also has several additional fees to be aware of: Deposit and withdrawal fees may apply depending on the payment method chosen. Inactivity fees are charged if your account remains dormant for an extended period. Platform usage fees are not applicable. Overnight interest (swap rates) may apply to positions held overnight. Additionally, currency conversion fees could be incurred when trading in different currencies.
