Phillip Nova Review

Category: Reviews | Author: Trading Brokers | Date: January 27, 2024

Phillip Nova is a Singapore-based broker that has been operating since 1983. They offer online trading services across forex, commodities, indices, shares, bonds, and cryptocurrencies. Phillip Nova provides access to over 10,000 financial instruments through popular platforms. They are regulated by the Monetary Authority of Singapore and have built a reputation as a reliable broker known for quality trade executions, advanced trading tools, and strong customer service. However, like any trading platform, Phillip Nova has its own set of challenges. In this insightful review, we will meticulously explore the key features and services that define Phillip Nova’s offerings. We’ll also highlight some of the pros and cons of working with this broker. Our goal is to provide an unbiased overview to help you decide if Phillip Nova is the right fit for your trading needs.

Pros & Cons

  • Regulated by the Monetary Authority of Singapore
  • Accepts funding through convenient methods like FAST and PayNow
  • Provides educational resources like webinars and reports
  • Offers a variety of markets and products for trading
  • Has mobile and web trading platforms with tools for analysis
  • Allows opening an account and trading with no minimum deposit
  • Offers diminished investor protection compared to regulated exchanges
  • Products carry investment risks that may result in losses
  • OTC products have risks customers should understand before trading
  • Margin trading carries significant risk of financial loss

Summary

Phillip Nova

Phillip Nova

Phillip Nova is a powerful and intuitive trading platform that brings global markets closer to you. Regulated by the Monetary Authority of Singapore, Phillip Nova offers a variety of trading options including stocks, ETFs, DLCs, structured warrants, forex, and futures. The platform is designed to cater to both individual and corporate investors, providing a range of account types to suit different trading needs and strategies.

One of the standout features of Phillip Nova is its user-friendly interface. The platform is equipped with over 100 technical indicators, live charts, and a Market Depth Trading Tool, making it an ideal companion for both novice and experienced traders. The platform also offers a mobile app, Phillip Nova 2.0, which allows traders to capture opportunities from over 11,000 stocks, ETFs, forex, and futures on the go.

In addition to its robust trading features, Phillip Nova also places a strong emphasis on education. The platform offers a range of resources including webinars, seminars, 1-1 coaching, trading highlights, and a Young Investors Programme. These resources are designed to help traders stay informed about market trends and develop effective trading strategies.

Phillip Nova also offers a variety of platforms to meet different trading needs. These include the latest in the MetaTrader series, MT5, which comes with an auto trading function, advanced charting, and technical indicators powered by Trading Central. Another popular platform offered is TradingView, which is known for its world-renowned charting and large social trading network.

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Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

Regulation

Phillip Nova, a subsidiary of Phillip Nova Pte Ltd, operates under the regulatory oversight of the Monetary Authority of Singapore (MAS) with registration number (198305695G). This means that they’re not just any random company; they’re under the watchful eye of a respected financial authority.

They hold a Capital Markets Services License issued by MAS, which allows them to deal in stocks, futures/derivatives contracts, and leveraged foreign exchange. This license also makes them an exempt financial adviser. However, it’s important to note that while they are regulated, the specific license number, effective date, expiry date, and email address of the licensed institution are not disclosed.

This doesn’t necessarily mean anything shady is going on, but it’s always good to have all the information, right? As with any investment, there are risks involved. Phillip Nova makes it clear that all forms of investments carry risks and may not be suitable for all investors. They also emphasize the importance of understanding the risks, fees, and costs involved.

So, while Phillip Nova is regulated by MAS, it’s crucial to do your homework and understand what you’re getting into. And if you’re looking for more options, please see a list of regulated brokers for some alternative options.

Platforms & Tools

Phillip Nova offers a suite of platforms and tools designed to cater to the needs of modern traders. Here is a breakdown of each of the platforms and tools:

  • Nova 2.0: Nova 2.0 is Phillip Nova’s flagship platform, designed to be powerful yet intuitive, enabling traders to effectively engage with a variety of financial instruments such as US Stocks, Stock Index Futures, Commodity Futures, and Currency Futures. It’s accessible from multiple devices, including desktop browsers, tablets, or mobile phones, ensuring traders can stay connected to the markets at all times.
    Nova 2.0
    The platform is equipped with over 90 technical indicators, live charts, and a Market Depth Trading Tool, making it a comprehensive solution for trading analysis and execution. The user interface is friendly and highly mobile responsive, with a fully customizable desktop trading layout. Additionally, Nova 2.0 eliminates custodian and platform fees, allowing traders to focus on their trading activities without worrying about additional costs.
  • TradingView: Phillip Nova integrates TradingView, one of the most popular trading platforms globally, known for its exceptional charting capabilities. TradingView offers a vast range of indicators and has the largest social trading network, which can be a valuable resource for traders looking to exchange ideas and strategies.
    TradingView

    TradingView

    The platform also provides access to real-time market news, so traders won’t miss any critical market movements. This integration ensures that Phillip Nova users have access to supercharged charting tools and a vibrant community to enhance their trading experience.

  • MetaTrader 5 (MT5): The latest in the MetaTrader series, MT5, is also offered by Phillip Nova. This platform is renowned for its auto trading function, advanced charting, and technical indicators powered by Trading Central. With over 90 technical indicators and live charts,
    MT5 Trading Platform

    MT5 Trading Platform

    MT5 is well-suited for traders who require in-depth technical analysis. The Market Depth Trading Tool is another feature that adds to the platform’s appeal, providing traders with valuable insights into market dynamics. MT5’s comprehensive features make it an ideal choice for traders looking for a robust and sophisticated trading platform.

Education

Phillip Nova is all about empowering its users with knowledge. They’ve got a whole bunch of educational resources to help you level up your trading game. This includes:

  • Webinars and Seminars: Phillip Nova offers a series of webinars and seminars that cover a wide range of trading topics. These online sessions are designed to develop your trading knowledge across various products. They are led by experts in the field, providing an opportunity to learn directly from professionals. The webinars and seminars are interactive, allowing participants to ask questions and engage in discussions.
  • 1-on-1 Coaching: For a more personalized learning experience, Phillip Nova provides 1-on-1 coaching sessions. These sessions are tailored to the individual’s needs, whether they are a beginner trying to understand the basics or an experienced trader looking to refine their strategies. The coaching sessions offer personalized advice and guidance, helping traders to improve their trading skills and knowledge.
  • Market Trend Reports: Staying up-to-date with market trends is crucial for successful trading. Phillip Nova provides market trend reports that offer insights into the latest market movements. These reports can help traders understand the current market dynamics and make informed trading decisions.
  • Trading 101: Phillip Nova’s Trading 101 section is a resource designed for beginners. It covers the basics of trading, providing a solid foundation for those new to the world of trading. The section includes tutorials and guides that explain fundamental trading concepts and strategies.
  • Young Investors Programme: The Young Investors Programme is a unique initiative by Phillip Nova aimed at nurturing the next generation of investors. This programme provides young people with the tools and resources they need to understand the world of finance and investment. It’s a great way for young people to get a head start in their investment journey.

Markets

Phillip Nova offers a wide range of markets for trading, bringing global markets closer to you. They provide a platform for effective trading of various financial instruments, including Stocks, ETFs, DLCs, Structured Warrants, Forex, and Futures. Let’s break these down a bit:

  • Stocks: Phillip Nova provides access to a vast array of stocks from various markets. This means you can buy and sell shares in companies, taking advantage of market movements to potentially make a profit.
  • ETFs: Exchange-Traded Funds (ETFs) are also available on Phillip Nova. ETFs are like a basket of different assets (like stocks, commodities, or bonds), and they trade on an exchange just like a stock. They’re a great way to diversify your portfolio without having to buy each individual asset.
  • DLCs: Daily Leverage Certificates (DLCs) are financial instruments that allow you to gain exposure to an underlying asset (like a stock or an index) without having to own the asset. They’re a bit more complex and come with higher risk, but they can also offer higher potential returns.
  • Structured Warrants: Structured Warrants are a type of derivative that gives you the right (but not the obligation) to buy or sell an underlying asset at a specific price within a certain time frame. They can be used for speculation or to hedge against potential price movements.
  • Forex: The Forex (foreign exchange) market is the world’s largest financial market, and Phillip Nova gives you access to it. This means you can trade currency pairs, like USD/EUR or GBP/JPY, trying to profit from changes in exchange rates.
  • Futures: Futures are contracts to buy or sell a specific asset at a set price at a future date. They’re used for hedging and speculation, and they can be based on a variety of underlying assets, like commodities, currencies, or indexes.

Accounts

Phillip Nova makes the account opening process fast and secure. You can open an account within minutes and start trading within an hour. There are four types of accounts you can open with Phillip Nova:

  • Multi Asset Account: The Multi Asset Account provides opportunities to trade across various asset classes including stocks, futures & options, and forex/bullion. This versatile account allows diversification of investment portfolio into different markets based on an investor’s trading strategy and risk tolerance. It likely provides access to instruments like indices, precious metals, stocks, and ETFs.
  • Forex and CFD Account: The Forex and CFD Account offered by Phillip Nova focuses specifically on CFD trading, alongside forex and bullion. This makes it ideal for traders interested primarily in CFDs and currency trading. The tailored nature of this account provides easy access to CFDs while still allowing engagement in spot forex and gold/silver trading.
  • Corporate Accounts: Corporate accounts are designed for business entities. They come with a minimum First Time Deposit requirement of SGD30,000 or equivalent in other currencies. This type of account is ideal for companies looking to diversify their investment portfolio or hedge against market risks.

Funding

Phillip Nova makes funding your account a breeze with a variety of convenient methods. They’ve got you covered whether you prefer online transfers or more traditional methods.

  • Bank Transfers: This includes eGIRO payment and internet bank transfer/FAST. Phillip Nova also supports internal transfers from other Phillip Group accounts.
  • Mobile Payment Systems: PayNow via UEN or QR Code allows users to make real-time fund transfers using mobile devices.
  • Credit/Debit Cards: Phillip Nova accepts credit and debit card payments.
  • E-Wallets: The broker accepts eNETS deposits, a popular e-wallet service in Singapore.

Please note that all deposit methods should be made from accounts under the same name as the Phillip Nova account holder.

Conclusion

In conclusion, Phillip Nova is a robust trading platform that offers a wide range of markets, top-notch trading platforms, and a wealth of educational resources. They’re all about empowering traders, whether you’re a seasoned pro or just starting out. With a Capital Markets Services License from the Monetary Authority of Singapore, they provide a safe and regulated environment for trading. However, it’s worth noting that while Phillip Nova offers strong features, there are other Phillip Novas with longer track records that might be worth considering as alternative options. For additional choices, we encourage you to explore our trading brokers reviews. But as always, it’s important to do your own research and consider your own trading needs and goals before choosing a trading platform

Phillip Nova Logo

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Phillip Nova, a subsidiary of PHILLIP NOVA PTE. LTD, is a licensed retail forex broker regulated by the Monetary Authority of Singapore (MAS). The company offers a wide range of trading services and tools, including CFDs, commodities, cryptocurrencies, forex, indices, precious metals, stocks, and ETFs.

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.


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Trading Brokers
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