Frequently Asked Questions

CFD

How do I open a CFD account if I have an existing POEMS account?

If you already have an existing POEMS account, you may apply for CFD trading facility online.

Kindly login to POEMS 2.0 > Acct Mgmt > CFD > Complete and Submit "Online Account Opening" Form.

How do I open a CFD account if I am a new customer?

CFD account is a tagged on facility to POEMS account. Hence, to open a CFD account, you need to open a POEMS account as well. You may do so by the following methods:

1. Apply online with CFD facility checked in Step 2.

OR

2. Kindly visit our Phillip Investor Centres to fill in the relevant application forms. All new application forms must be signed in the presence of a Phillip Securities witnessing officer as per SGX regulations.

How long does it take to open a Phillip CFD account?

For exisiting Phillip Securities customers, opt-in for CFD trading facilities will be ready in 1 working day. For new customers, online account opening will be within the same day given that all requirements are met.

How do I know if my CFD application is approved?

You will be informed by email when your Phillip CFD account is activated. Your trading representative will also be informed. In addition, you will be granted full access to the CFD trading page on your platform as compared to the partial access before activation.

Can I have more than one CFD account?

Yes, you can have more than one CFD account with either the same or different trading representatives. However, do take note that a physical application form is required when opening more than one CFD account with the same trading representative.

Are there any maintenance fees for the CFD account?

There is NO maintenance fee or administrative fee for Phillip CFD account.

What is Amalgamation?

Amalgamation is a way of calculating commission charges. A collective commission is charged against the total value of the day’s transactions, instead of separate commissions for each transaction carried out. This saves the customer commission fees if the value of each individual commission per transaction falls below the minimum commission. Phillip CFD amalgamates buy and sell contracts of the same counter traded on the same day.

Note: Trades amalgamation is only available for certain CFD Products. Please refer to Phillip CFD site for more information.

Do I have to go through the Customer Knowledge Assessment (CKA) to trade CFDs?

As a regulatory requirement, all retail investors are required to complete the Customer Knowledge Assessment (CKA) to trade CFDs.

You may declare your CKA status through the following methods:

1. After your CFD account is opened, declare online by logging into POEMS 2.0 > Acct Mgmt > Stocks > CAR & CKA Form

For more information, please refer to https://www.phillipcfd.com/open-account/

What happens if I do not meet the CKA (CFD) criteria?

If you do not meet any of the CKA (CFD) assessment criteria, you may sit for the online E-learning module (CFD) jointly developed by The Association of Banks in Singapore (ABS) and Securities Association of Singapore (SAS). The E-Learning portal defines the key features and risks of trading CFDs and allows retail investors to have a better understanding of the product before investing.

Upon taking and passing the assessments on the E-learning portal,

  1. Download the certificate.
  2. Attach the completed CKA Form.
  3. Email to your trading representative or cfd@phillip.com.sg.

How can I reach the CFD team for CFD Enquiries?

For CFD enquiries, please call 6336 4564, email to cfd@phillip.com.sg or chat with us here.

How do I deposit money into my CFD account?

1. eNETS
Please select “Deposit Funds” under “Acct Mgmt” and initiate payment before 5 pm on Mondays to Fridays for funds to be credited on the same day. For non-business hours, deposited funds will be credited by the next working day. Do note that the minimum deposit amount is SGD $1,000.

2. Cheque Deposit
Cheque deposit is available at Phillip Investor Centres from Monday to Friday, 9.00am to 6.00pm (except public holidays).
Payee to Phillip Securities Pte Ltd
For same day processing, please drop your cheques at the designated box on 6th floor @ Raffles City Tower by 3pm.

*Note
SGD and USD cheques must be drawn from a bank in Singapore with Local (Singapore) clearing.

For the full list of funding methods, please click here.

How do I convert currency in my CFD account?

You may go to POEMS 2.0 -> Acct Mgmt -> CFD > Online Forms > Currency Conversion to do a live currency conversion.

Step 1: Double-click the balance of the currency you would like to convert.

Factsheets

Step 2: Enter the amount you would like to convert and select the currency you would like to convert it to.

Alternatively, you can select the currency you would like to convert, then enter your desired amount.

Factsheets

Note: The convertible amount is subject to your credit balance in your account.

Step 3: Enter your password and click submit.

Step 4: Please confirm your currency conversion request in the pop-up window.

Step 5: Once confirmed, your conversion history will be shown on the left and the amount will be converted immediately.


Do note that once it is confirmed, we are unable to reverse the currency conversion.

My CFD account is suspended. What should I do?

Please contact your trading representative in such situations.