If you are a US domiciled resident, the minimum initial deposit to open an account is $5,000 US. If you are a non-US domiciled person, then your minimum initial deposit is $5,000 US. Of course, depending on what you are trading, you will be required to deposit additional amounts of Initial Margin for the different products that you trade. If you are a proprietary trading firm or professional trader requiring direct market access to the exchanges, your minimum requirements will range from $100,000 US to $1 Million US depending on which exchanges and which platforms you use.
You can open Individual, Joint, Corporate, LLC, LLP, Trust, IRA, Pension Plan and Discretionary Trading accounts.
Yes you can! To apply online, just go to newaccount.phillipusa.com.
We pride ourselves on typically responding to any requests within one business day. The total time it takes to open an account would depend on the type of account you would like to open. If we receive all the necessary documentation, we can typically open an individual account within one business day.
You can fund your account by wire, check, or ACH transfer. Please go to our documents page for more information on funding.
For segregated accounts, we accept: US Dollar, Canadian Dollar, Swiss Franc, Japanese Yen, Euro, Chinese Renminbi, British Pound, Australian Dollar & New Zealand Dollar. For secured accounts, we accept: US Dollar, Japanese Yen, Singapore Dollar, Hong Kong Dollar, Australian Dollar, Euro, British Pound, Malaysian Ringgit & Chinese Renminbi.
PhillipCapital offers several free platform simulator options including CQG Trader, J-Trader, NinjaTrader and Trading Technologies. To learn more or find out if we offer a demo for a particular platform, please click here.
Form 1099-INT is an annual tax statement that summarizes your interest income for the tax year. Interest reported on Form 1099-INT includes interest paid on savings accounts, interest-bearing checking accounts, and US Savings bonds. All information provided on Form 1099-INT is reported to the Internal Revenue Service (IRS).
Profits or losses are realized when a futures position is closed. Profits and losses are unrealized when a futures or futures option position is held open. The amount of unrealized futures profit or loss is the difference between the initial purchase or sale price and the settlement value of the position on the last trading day. The unrealized option profit or loss is the open trade equity and net option value on the last trading day. PhillipCapital does not include options profit and loss on the 1099.