We are aware that Forex industry is full of possibilities and that it expands and develops around the world. It is the industry which requires a large number of reliable and trustworthy traders, brokers, software engineers and finally, clients. Without customers who invest their money in different trades, this industry would cease to exist. Therefore, customers set the rules of the game.
They are looking for the safe market primarily, as well as good deals and excellent sources of income. It is, exactly, what Forex regulated companies offer. Regulations are the certificate of guarantee for all the clients willing to join the Forex industry. It is important to state at the beginning that PhillipCapital UK is a daughter company of PhillipCapital which is a part of the financial sector for the past four decades. They have millions of satisfied clients from all over the world which means it has a great reputation. The PhillipCapital UK company itself gathers 3000 staff members. All of these facts contribute to the success this business offer if companies work as they are supposed to.
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Background and Regulations
As we already mentioned PhillipCapital UK is part of the Phillip Capital Group and the trading name of UK-Based King & Shaxson Capital Ltd. Besides this trading name, there is PhillipCapital Ltd., regulated by the Australian Securities and Investments Commission (ASIC). It is an international company which was established in Singapore in 1975, and it is one of the leading financial organizations with their global influence. The company has locations throughout 16 countries. Since 2002, the PhillipCapital Group purchased one of the oldest and most reliable brokers – King and Shaxson. PhillipCapital UK offers Forex trading, CFD indices as well as other commodities as a part of the most popular platform MetaTrader4.
Financial Conduct Authority (FCA) regulated the PhillipCapital UK company. This regulation terms are very strict and require special rules to provide the best service to the customers. Therefore, it is important for them to follow these rules and regulations which cover client funds, order executions, and minimum capital requirements. For example, the brokers based in the UK need to possess at least €730 000 in orders to confirm their reliability. On the other hand, agents in Cyprus branch are required to hold at least €1,000,000 in order. While Australian brokers must have a minimum of $1,000,000 and US brokers, have to have as much as $20 million as a minimum. It is also important to mention that the companies under the regulation of FCA are part of the Financial Services Compensation Scheme (FSCS). FSCS protects the clients up to £50,000 per person.
PhillipCapital UK Trading Platform
The PhillipCapital UK has a standard MetaTrader 4 trading platform. The platform offers almost everything a trader needs, besides it also provides the possibility for mobile trading with Android and iPhone platforms.
PhillipCapital UK Account Types
Four different types of accounts are suitable for your trading experience:
- Philip Account – With a minimum deposit of £500 for GBP account, €600 for EUR account, $650 for USD account
- Philip Trader Account – With minimum deposit amount of GBP £1000, EUR €1200, USD $1300
- Premium Account (Spread) – With minimum deposit £10,000, €12,000, $13,000
- Premium Account (Commission) – With minimum deposit amount same like a premium account for spreads
These accounts are designed that every client can find the right package for themselves. However, the only flaw is that the minimum initial deposit amount is comparatively high when observing other UK-based Forex brokers.
However, it is important to state that PhillipCapital UK trading company offers no bonus policy, which is another disadvantage. Nevertheless, it is a minor setback if we know that this company is extremely reliable and offers a safe trade.
For all those who are keen on e-payment system options, it is necessary to mention that PhillipCapital UK does not offer Neteller, Skrill, and PayPal. The payment methods available are Debit card like Visa, MasterCard and Maestro, with bank transfers or even cheques. The latter option is only available in the UK. Both withdrawals and deposits are simple to perform, and the transfers occur within a day. Available account currencies are Euros, American Dollars and British Pound.
At the moment, PhillipCapital UK’s website is available in English, and surprisingly, Italian, Mandarin, Cantonese, and Hokkien. However, the site is supported by Google Translate, so you can find your answers in many other languages as well. Another disadvantage concerning the PhillipCapital UK company is that it operates for 8 am to 6 pm London time, and the live customer support services both live chats and the phone calls are only possible during the working hours. All other requests and questions which arrive after this period are directed by email to sup[email protected]