PhillipCapital UK Review
PhillipCapital UK is an FCA regulated online brokerage that offers Forex, CFD and social trading via the MetaTrader and ZuluTrade platforms. Whilst they provide market analysis and flexible account types, they have a limited range of tradeable assets and account funding options.
PhillipCapital UK Review, Pros & Cons
- Regulated broker
- MetaTrader 4 platform for multiple devices
- Social trading via ZuluTrade
- Limited account funding options
- Limited trading instruments
- Limited trading tools
- Spreads & commissions not the lowest
- No US clients
- Minimum $200 deposit
In this detailed PhillipCapital UK review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
PhillipCapital UK Overview
PhillipCapital UK is a UK based online brokerage that is regulated and provides online trading via the popular MetaTrader 4 platform. The broker aims to make it as simple and easy as possible to start trading. Clients can trade Forex, Indices, Commodities, CFDs, both for investing and hedging, allowing investors to diversify their portfolio.
PhillipCapital was founded in 1975, spans over 15 countries and has been established in the global markets for over 40 years. They have over 1 million clients world wide and billions in assets. The brokers reputation means that they are able to source liquidity from top tier liquidity providers and offer competitive spreads with reliable execution speeds.
The broker operates a straight through processing (STP) model so do not partake in market-making to avoid interfering with client interests. All types of trading strategies are welcomed. There is a learning portal with trading education where you can build your trading confidence.
The PhillipCapital group of companies have been recognised for their customer service and trading services by being awarded multiple brokerage awards including the Most Preferred CFD Provider Award (Share Investor Awards 2013-2014) and Forex Newcomer of The Year (UK Forex Awards 2016).
PhillipCapital UK Regulation
PhillipCapital Group is authorised and Regulated by the Financial Conduct Authority (FCA) with reference number: 169760. The FCA regulates the financial services industry in the UK. Its role includes protecting consumers, keeping the industry stable, and promoting healthy competition between financial service providers. Using a regulated broker can give traders some protection and the peace of mind that they are using a broker who must abide by strict regulations put in place to protect investors.
The Financial Services Compensation Scheme (FSCS) is the UK’s compensation fund of last resort for customers of authorised financial services firms. If an authorised firm becomes insolvent or ceases trading, the FSCS may be able to pay compensation to its customers. As an investment firm, PhillipCapital UK’s clients would fall under the ‘investments’ claim category, whereby the cover is £50,000 per person per firm. So, if a client held an account with the broker and, in the event of the firm’s failure, there was a shortfall in segregation, they might be eligible to receive up to £50,000 in compensation from the FSCS.
Clients funds are held in a segregated client bank account with a tier one bank selected by the brokerage. Where large amounts of client money are received, they may choose to deposit this money in segregated client accounts across a range of tier one banks. This would be done in order to mitigate the risk to clients. To segregate client money means that your funds will be held completely separately from PhillipCapital UK’s own money. This ensures that, in the event PhillipCapital UK were to run into difficulty, your funds will be easily identifiable from the brokers.
In order to ensure the accuracy of their records, the broker undertakes daily client money reconciliations to ensure that your funds are easily identifiable at any time from the funds of another client, in accordance with the FCA rules.
PhillipCapital UK Countries
PhillipCapital UK do not provide brokerage services to residents of the United States of America or any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Some PhillipCapital UK broker features and products mentioned within this PhillipCapital UK review may not be available to traders from specific countries due to legal restrictions.
PhillipCapital UK Platforms
PhillipCapital UK have a choice of trading platforms with advanced trading functions including technical and fundamental analysis, automated trading, and many other innovative features to help traders to be successful.
Developed by MetaQuotes software company and available in over 22 languages., the highly popular MetaTrader 4 (MT4) has a user-friendly interface and expert charting tools. MT4 gives traders of all levels a simple, easy and reliable trading experience. With MetaTrader 4, you can analyse financial markets, perform advanced trading operations, run trading robots (Expert Advisors) and copy deals of other traders. The MT4 trading platform is available on mobile (iOS & Android), desktop and web browsers.
Founded in 2007, ZuluTrade is a social trading platform where investors can copy the signals of other traders or provide their own trading signals for a commission fee on successful trades. You can search and filter through hundreds of different trading strategies and choose to follow or remove signals at any time. For more details on ZuluTrade, please see our detailed ZuluTrade review.
Professional traders can optimise their trading with PhillipCapital UK’s liquidity, tailored to individual trading requirements and business needs. You can connect the brokers multi asset liquidity to your own front end, either directly or via bridge and software providers. This can help to save costs by centralising liquidity. Clients have access to a robust Trading GUI and daily reporting, fulfilling the needs of front, middle and back office staff.
PhillipCapital UK Trading Tools
PhillipCapital UK do not have any standalone trading tools but the provided MT4 trading platform is likely to have more than enough capabilities to satisfy most online traders needs.
PhillipCapital UK Education
PhillipCapital UK provides a range of tools to stay on top of fundamental analysis. Whether it is their global market commentary, the Economic Calendar or insightful webinars, they can all help you to improve your market knowledge. There is a trading glossary on the brokers website where you can read the different trading terminologies along with their definitions.
PhillipCapital UK Instruments
PhillipCapital UK have a variety of different trading instruments in multiple asset classes including:
- 45+ Forex currency pairs including minor, major and exotic crosses
- 14 Global Indices
- Oil and Precious Metals
PhillipCapital UK Accounts & Fees
When you trade with PhillipCapital UK you can choose between an MT4 trading account or ZuluTrade account. If you wish to trade yourself or use expert advisors, the MT4 account would be suitable whereas the ZuluTrade account would be useful if you wish to copy the trading signals of other traders. Flexible leverage up to 1:30 is available. Depending on your account type, you may need to pay spreads, swaps and trade commissions.
- Phillip: Min $200 deposit, spreads from 1 pip, no commissions
- Phillip Trader: Min $1,000 deposit, spreads from 0.6 pips, no commissions
- Phillip Premium: Min $1,000 deposit, spreads from 0.1 pips, commission charged
- Phillip VIP: Min $20,000 deposit, spreads from 0 pips, commissions charged, minimum 100 million trading volume per month
- Phillip Social: Min $200 deposit, spreads from 1 pip, commissions charged
Demo accounts with virtual funds are available if you would like to try the different platforms and practice your trading strategies before trading with real money. Swap free Islamic accounts that comply with Sharia law are also available upon request.
Those who qualify as professional clients can apply for the professional account which gives increased leverage for certain instruments and a reduction on current margin rates, allowing you to trade with more leverage, as opposed to the limitations imposed by ESMA on retail clients.
To qualify as a professional client requires meeting 2 out of the 3 following guidelines, 1) Have a portfolio of greater than $500k (not including property or cash) 2) Have a verified history of placing significant sized positions (down to broker discretion) 3) Have worked in the capacity of a professional position related to derivatives / speculation / trading. Match any two of these requirements to qualify as a professional client.
It is important to note that negative balance protection, Investor Compensation Fund and recourse to the Financial Ombudsman Service is removed should you qualify for a professional account as you are then classified as professional trader under ESMA regulation.
As broker fees can vary and change, there may be additional fees that are not listed in this PhillipCapital UK review. It is imperative to ensure that you check and understand all of the latest information before you open a PhillipCapital UK broker account for online trading.
PhillipCapital UK Support
PhillipCapital UK have a multilingual and client-centric team that gives clients access to tailored solutions to suit their individual trading needs. The support team can be reached via online chat, telephone and email. They operate from 8am to 5pm UK time. There is a call back form and a frequently asked questions section where you can get instant answers to some commonly asked questions. Telephone calls and online chat conversations may be recorded and maintained by the broker.
PhillipCapital UK Deposit & Withdrawal
In order to deposit funds, clients must login into their MyPhillip account. PhillipCapital UK accepts deposits by Debit Card and bank transfer (including internet banking). Deposits received by bank transfer outside normal business hours will be processed on the following business day. You can request a withdrawal through your MyPhillip area or by calling the broker. Your funds get transferred to the bank details provided by yourself through the MyPhillip login. You may be asked to verify bank details. PhillipCapital UK will not accept third party deposits (a deposit received from an account in a different name to the name on the trading account).
Accounts can be opened in GBP, EUR, USD. Deposits can only be received in the base currency of the account. The different currency options are beneficial as currency conversion fees do not apply when using an account in your own currency. Your bank may allow you to pay in a currency other than the base currency of your PhillipCapital UK account. You should check with your bank, the exchange rate and what other charges may apply.
PhillipCapital UK Account Opening
Opening a trading account with PhillipCapital UK is quick and easy. There is a short online form to complete where you will need to provide some personal information. After you have completed the form you will need to verify your account. Once your account has been verified you will be able to fund it using any of the provided funding options and start trading online.
PhillipCapital UK Summary
PhillipCapital UK is a well-established and regulated online brokerage with a basic trading offering that includes Forex and CFD trading on the popular MT4 platform. They provide social trading via ZuluTrade and have some market research to assist traders. There is also a range of flexible account types to suit different trader needs.
Despite this, the trading instruments are limited as are the account funding methods. We also didn’t find the spreads and commissions to be amongst the lowest when compared to some of the best trading brokers.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 58.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.