Interactive Brokers vs Phillip Capital 2026: Which Broker is Better?

Regulation & Safety

Interactive Brokers is regulated by several top-tier financial authorities, including the US Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), the Financial Conduct Authority (FCA) in the UK, the Monetary Authority of Singapore (MAS), and the Australian Securities and Investments Commission (ASIC). This extensive regulatory oversight ensures that traders are well-protected and that the broker adheres to stringent international standards. Additionally, client funds are safeguarded through various investor protection schemes, offering a high level of security.

Phillip Capital, headquartered in Singapore, is regulated by the Monetary Authority of Singapore (MAS) and the Australian Securities and Investments Commission (ASIC). While it may not have the same global regulatory reach as Interactive Brokers, it maintains strong regulatory compliance within the Asia-Pacific region. Phillip Capital ensures client fund protection through MAS and ASIC regulations, making it a safe choice for traders focusing on this geographical area.

Fees & Spreads

Interactive Brokers offers highly competitive fees, with spreads starting from 0.2 pips and a commission of 0.005. This makes it an attractive option for cost-conscious traders. The broker's commission structure is particularly advantageous for trading large volumes, given its low costs. However, an inactivity fee may apply to small accounts, a factor that could deter infrequent traders. The leverage offered by Interactive Brokers is up to 1:4, and there is no minimum deposit requirement, which adds to its appeal for many traders.

Phillip Capital, on the other hand, has spreads starting from 0 pips, which can be appealing for traders looking for tight spreads. However, its commission rate of 0.08 is higher compared to Interactive Brokers. Despite its higher commissions, Phillip Capital does not require a minimum deposit, which can be advantageous for new traders. The broker offers a maximum leverage of 1:5, giving traders slightly more flexibility in their trading strategies.

Trading Platforms

Interactive Brokers offers a range of proprietary trading platforms, including a robust web and mobile platform, known for its advanced tools and functionalities suited for professional traders. Conversely, Phillip Capital provides the POEMS platform, which, while offering extensive market access, is considered to have an older user interface, potentially impacting user experience. Both brokers provide platforms that support a wide range of asset classes, but Interactive Brokers is generally seen as offering more sophisticated tools for experienced traders.

Who Should Choose Interactive Brokers?

• Professional traders seeking access to over 150 markets in 33 countries.
• Cost-sensitive traders prioritising low commissions and spreads.
• Traders requiring advanced trading tools and analytics.
• Investors valuing top-tier global regulation and fund security.

Who Should Choose Phillip Capital?

• Traders focusing on Asia-Pacific markets, especially SGX and HKEx.
• Investors preferring a broker with over 50 years of regional presence.
• New traders who want to start with no minimum deposit.
• Traders looking for a broker regulated by MAS and ASIC.

Our Verdict

Interactive Brokers is the preferred choice for professional traders due to its low fees and extensive market access. For beginners, Phillip Capital offers a more straightforward entry into trading, especially for those focusing on the Asia-Pacific region. In terms of fees, Interactive Brokers stands out with its lower commission rates and competitive spreads.