I took just minutes to open a futures account online with Phillip Futures! This was my hassle-free experience.
Getting a headstart in futures trading
Before you can delve into futures trading, you’ll need to open an account with a futures broker. Now, this is why you need to read further, because I just opened an account with Phillip Futures and it was so much quicker and easier than I expected.
I can still remember the hassle from my first experience opening an equity trading account, going down to the branch office and filling up long forms. The staff would then photocopy my documents to attach to my application forms, and then I had to sign several pages of forms to link my account to my CDP.
With trading now being done mostly online, I would have thought that online account opening would be just as intuitive. Sadly, that simply is not the case. The online account opening experience for many futures brokers looked starkly like my experience above.
One particular futures brokerage had an online account opening page that directed me to download a PDF account opening form. I had to print out the form, manually fill it in, and then bring it to one of their branches with my other documentation at hand. It was not much of an online account opening option, to be honest.
Another one directed me to a long online account opening form that was presented on one page. Having to scroll through all 44 fields and filling them in was an exercise in frustration, and started to grate on my patience well before I was done.
So when I decided to open an account with Phillip Futures, I was pleasantly surprised by the efficiency of their online account opening process. It was done in just minutes! What’s more, I will receive a SGD100 voucher for successfully opening the account online! Here’s how it happened.
MyInfo and your Phillip Futures Account Opening application
First, the Phillip Futures’ online account opening page prompted me to login to MyInfo.
The MyInfo service, the secure personal data management service provided by the Singapore government, is available for use by Singapore Citizens, Singapore PRs and FIN Holders. In order to complete the account opening application, you will need the following supporting documents at hand, and ensure that they are less than 3 months old.
- Bank Statement
- Supporting document for residential/mailing address for non-Singaporean/PR
- Supporting document for mailing address for Singaporean/PR if your mailing address is different from your residential address
This is just some of the personal data that MyInfo retrieves from relevant government agencies to pre-fill the fields in the account opening form.
- Alias Name
- Hanyu Pinyin Name
- Hanyu Pinyin Alias Name
- Married Name
- Residential Status
- Registered Address
- Date of Birth
- Pass Expiry Date
- Mobile Contact Number
- Latest Assessable Income
What if you do not have MyInfo? You can still open an account with Phillip Futures using the same online application form. For that, you will need to have these supporting documents that are less than 3 months old.
- NRIC / Passport
- Bank Statement
- Supporting document for residential/mailing address (if address differs from NRIC)
You will also need a webcam to complete your application on a desktop or laptop.
Opening an account with Phillip Futures easily
Within minutes of logging in with my SingPass, I received an email alert from MyInfo that my data had been retrieved by Phillip Futures and that I could proceed with my application.
The account opening form was well designed, with the different categories of fields spread over 8 pages, and with an indicator to show you how far you have progressed.
With MyInfo, most of my personal details on the first page was automatically filled in so I just needed to verify my email address to move to the second. The rest of the form was just as easy to fill up, as it asked for my employment details, and my risk profile – questions I could easily answer in seconds.
Other pages included the CAR and CKA questionnaire asking about my investment experience and educational background, to assess my suitability for trading Specified Investment Products (SIP). The Customer Knowledge Assessment (CKA) determines if I am eligible to trade unlisted products like forex, while the Customer Account Review (CAR) determines if I am eligible to trade listed products like futures and options. Both the CKA and CAR are subject to a final approval.
There was also a questionnaire for my net worth and my source of funds, possibly for anti-money laundering checks.
Finally, I had to declare that I was be the final owner for the account, acknowledge the terms and conditions, and upload my supporting documents.
It was also good to know that I did not have to complete the entire application in one sitting, if I needed to check on any details. I could simply return to the application form within 30 days to complete it, before the MyInfo details expire.
Once I received the approval for my account, I was able to fund the account and start trading. While Phillip Futures only requires a minimum initial deposit of S$500, deposits will only be accepted when they are made from bank accounts that bear the name of the account holder.
Things I really liked about opening an account with Phillip Futures.
It was nice to be able to open a futures account fully without having to leave my desk. From application to approval, to funding the account and trading, every step in the application process was intuitive and convenient.
What’s more, I was opening an account with one of the most well-known, trusted brokerages in Singapore.
Phillip Futures is no stranger in Singapore, having been around for over 3 decades. As the founding member of the Singapore Exchange Derivatives Trading (SGX-DT), it is now one of the leading forex, futures, and commodities trading brokerages in the region.
In 2018, Phillip Futures was awarded the Gold award for the Most Preferred Forex Broker, Most Preferred Local Brokerage Firm, and the Most Preferred Mobile Trading Platform (Equities) categories at the ShareInvestor Awards.
Phillip Futures has clearing memberships in more than 21 global exchanges so retail investors can trade more than 300 products through one account. It is also the only local brokerage to support the powerful MetaTrader 5 platform.