Overview
Phillip Capital Inc. is the US arm of PhillipCapital, a financial group that traces back to 1975 in Singapore. It's a futures commission merchant and broker-dealer, so it suits futures traders, hedgers and active traders who want a clearing firm with real depth rather than a slick retail app. In the US it's a member of the NFA, FINRA and SIPC, and the CFTC has overseen its futures business since 2014. Sister companies are regulated separately: the FCA in the UK, MAS in Singapore, ASIC in Australia and the Securities Commission in Malaysia.
Accounts and costs
The minimum initial deposit is $5,000 for both US and non-US clients. You can open individual, joint, corporate, trust, IRA and pension accounts, with USD as the base currency, and segregated accounts accept nine major currencies. Commissions are charged per contract or per trade depending on the exchange, exchange fees are passed on without markup, and the NFA adds $0.02 per lot each way on US exchanges. Broker-assisted trades cost $5 more than electronic ones.
Platforms and markets
Phillip Capital gives you access to over 2,000 instruments on 30 exchanges in 16 countries: futures on energy, metals, grains, softs, livestock, dairy, currencies, interest rates and indices, plus US securities and options with extended and overnight sessions. It connects to professional platforms such as Bloomberg EMSX, CQG and Stealth Trader rather than MetaTrader. The Singapore and Malaysia companies run MT5, TradingView and their own POEMS and Phillip Nova apps, but those belong to their local accounts.
Money in and out
You fund by wire, ACH or check, with no cards or e-wallets. Deposits are free, wire withdrawals cost $25 plus any bank fees, and check withdrawals cost $4.
Good
- Registered FCM and broker-dealer: member of the NFA, FINRA and SIPC
- Clearing across futures, options and securities on 30 exchanges
- Segregated customer funds with published financials
- Wide range of account types including trusts, corporates and IRAs
- Part of a large global group with offices in Asia, Europe and Australia
Watch for
- $5,000 minimum initial deposit
- Wire withdrawals cost $25
- Funding by wire, ACH or check only
- Fee schedule and platform list are less clear than retail-focused brokers
Accounts and costs
What each account needs to open and what you pay to trade on it.
| Account | Min deposit | Pricing | Max leverage |
|---|---|---|---|
| Futures and securities account (US) | $5,000 | Commission per contract or trade depending on the exchange, exchange fees passed through without markup, NFA fee $0.02 per lot each way | — |
Regulation
Which entity holds which licence. Your protection depends on the entity you open an account with.
Investor protection: SIPC member (securities accounts at Phillip Capital Inc.)
Platforms and markets
Platforms
Markets
Deposits and withdrawals
- Methods
- Bank transfer
- Minimum deposit
- $5,000
What traders say
Scores from the sites traders use, and our summary of what they're saying, checked 6 October 2026.
There is very little trader review evidence for Phillip Capital. Its main Trustpilot page has only three reviews and no score in what we collected. Forex Peace Army has pages for both the US futures business and Phillip Capital UK, and Myfxbook has a page, but none of them show a score or many reviews in the evidence. Most US retail traders meet Phillip Capital as the futures clearing firm (FCM) behind platforms such as NinjaTrader and EdgeClear rather than as a broker they chose directly, so most of the discussion is on Reddit.
What traders like
A solid FCM behind other platforms. In r/FuturesTrading, users clearing through Phillip Capital via NinjaTrader or EdgeClear describe it as reliable once the account is set up.
Low margin to start. One Reddit user notes they could trade micro futures with a small balance.
Common complaints
Withdrawals. One Trustpilot reviewer says a withdrawal was blocked after their bank account was disconnected from their profile. A second Trustpilot review describing a withdrawal fight reads like promotion for a fund recovery service and is hard to rely on.
Paperwork. A Reddit user found the overseas account opening and funding forms difficult.
Margin enforcement. The same user says a position was liquidated when margin ran short and was still counted as a violation.
Employee criticism. The third Trustpilot review is from a former staff member criticising management, not a client.
Forex Peace Army also notes that it once removed a review that appeared to come from a Phillip Capital UK employee posting on a competitor's page.
Recently
Nothing dated in the last 90 days turned up in the evidence.
Where this comes from
Trustpilot: three reviews.
Forex Peace Army (US): the US futures broker page.
Forex Peace Army (UK): the UK forex broker page.
Myfxbook: trader reviews page.
Reddit: a r/FuturesTrading thread on Phillip Capital as NinjaTrader's FCM.
Verified reviews
Reviews from traders who've connected an account at Phillip Capital to Chartnaut, so you know they actually traded there. Opening soon.