Wikilix
Contract reading

What Phillip Futures legally published, but does not want you to read

Every clause below is published by Phillip Futures itself, on its own website, today. The finding is not that the text exists. It is the distance between what a client is shown and what a client agreed to. Read from its own documents on .

Contracting entity: PT Phillip Futures

hidden feeaccount accessforced liquidationliability capbonus lockdeemed acceptanceforum waiverlanguage divergencemargin callmissing document

PT Phillip Futures keeps its real money terms in trading rules PDFs on a form download page, away from its legal links. Those rules let the firm close every open position at 30% of initial margin without asking you. Phillip Futures charges you USD 10 to phone the dealing desk when you cannot get into your account. Every page of the rules says the firm can change any of it without telling you first.

Back to Phillip Futures

Contract risk

Harder than average
5.5/10

Where this contract sitsHow far this contract goes, overall. Under 2 is nothing beyond the ordinary; 6 to 9 means several clauses put money you have already earned at risk; 9 and above reads as designed to make payout refusable.

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
2
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
19
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
18
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
4

How the 19 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical2
Warning14
Notice3

section 20 of 29is where the deepest clause sits, 69% of the way into the document it is in

The numbers in this contractFigures taken from this broker's own clauses, so the labels differ from broker to broker. The four in the panel above are the same on every report.

1 of these 3 figures comes from a clause we rate critical, which means it can take your money or your profit rather than only delay it.

Critical30%Account limit. Jump to the clause this comes from.Every position closed at 30% of initial margin, no consent$10Fee you were not shown. Jump to the clause this comes from.USD 10 to reach the dealing desk in an emergency1 working daysWithdrawal limit. Jump to the clause this comes from.Withdrawals close at 09.30 and skip holidays

What the documents say

19 clauses worth knowing about, worst first, each quoted from Phillip Futures's own files

01

When your account equity falls to 30% of the initial margin, Phillip Futures closes part or all of your positions. Clause 14 of the GOFX rules says the system does this without asking you, even while your top up is still arriving.

Why this matters

You can watch a transfer leave your bank and still lose the position it was meant to save. Anything still owed after the sale is yours to pay, and Phillip Futures does not have to write it off.

Exhibit 1CriticalHarder than usual30%

If the Customer's equity drops to 30% or less than the Initial Margin per lot, the system will automatically liquidate part or all of the Customer's position without the need to obtain prior approval from the Customer.
Clause 14 in Trading Rules Multilateral Account (MT5 - GOFX), p.3
Downloaded from the broker's site on Open the reference

What it costsOn a position needing $1,000 of initial margin, Phillip Futures starts closing when your equity reaches $300. The low equity mark comes earlier, at $500.

Set against a regulated standard: FCA (UK), ESMA (EU), CySEC (Cyprus)

Firms licensed by the FCA, and firms under the ESMA and CySEC measures for retail clients, must close a retail position at 50% of required margin and must not pursue the client for a negative balance. These rules close you out at 30% and make you settle any shortfall yourself.

Phillip Futures is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Equity under 50%Phillip Futures marks the account low equity, places a closing order on your behalf and can switch off your trading access.13
Margin call at market closeYou must add funds or cut positions by 12.00 WIB the next day.9
Equity at 30% or lessPhillip Futures closes every open position in the account, at its own discretion.13
Shortfall left overYou are responsible for making good any deficit left in the account.13
  • Worse together with Exhibit 2Your access is switched off before the forced sale runs, so you cannot reduce the position yourself.
  • Worse together with Exhibit 10The equity figure you watch to avoid this is indicative only, and the firm's own statement decides whether the trigger was hit.
02

Once your equity falls below 50% of the initial margin, the Indonesian trading rules say Phillip Futures disables your login. The English version of the same clause 13 says your trading system may be temporarily disabled.

Why this matters

You lose the one tool you have for closing a position yourself, at the point the account is already in trouble. The way back in is the dealing desk, and that call costs USD 10.

Exhibit 2CriticalRarely seen50%

Ketika akun Nasabah berada pada kondisi low equity, working order untuk likuidasi posisi akan dipasang di akun Nasabah serta login Nasabah akan di-disabled.
Clause 13 in Peraturan Transaksi Penyaluran Amanat Luar Negeri (PALN) dan Multilateral JFX, p.4
Downloaded from the broker's site on Archived copyOpen the reference

Our readingSwitching off a client's own access during a margin problem is unusual: most firms keep the platform open so the client can cut the position themselves. The two language versions of this clause also do not say the same thing about whether access goes, or for how long.

  • Worse together with Exhibit 3Access is removed and the only route back to a human is a call the rules price at USD 10 each time.
  • Worse together with Exhibit 1Losing the login at 50% and losing every position at 30% are two rungs of one chain.
03

Phillip Futures charges you USD 10 every time you call the dealing desk because you cannot get into your trading account. Clause 17 of the GOFX rules calls this an emergency and still charges the fee.

Why this matters

The fee applies when you have already lost access, which is when you most need to close a position. Three calls on a bad day cost you $30, taken from your balance.

Exhibit 3WarningHarder than usual$10

In an emergency, if the Customer cannot access his trading account and needs assistance regarding to his trading account, the Customer can contact Dealing Desk at 09.00-18.00 WIB, the Customer will be charged an Admin Fee of USD 10/request/call.
Clause 17 in Trading Rules Multilateral Account (MT5 - GOFX), p.4
Downloaded from the broker's site on Open the reference

What it costsThree calls to the dealing desk cost you $30, charged to your account the next day.

  • Worse together with Exhibit 2The rules switch off your login at low equity, then price the call you have to make to get help.
04

Withdraw to an Indonesian bank account and Phillip Futures converts your money into US dollars first, then into rupiah. Clause 7 of the GOFX rules says it uses its own rate, and that the rate can change at any time.

Why this matters

No document gives the spread on either leg, so you cannot work out the cost before you ask. Rupiah deposits are converted the same way on the way in.

Exhibit 4WarningHarder than usual

To withdrawal funds to an IDR account, each Non-USD currency will be converted to USD first which is then converted to IDR automatically using the rate set by PT Phillip Futures. Conversion rates may change at any time.
Clause 7 in Trading Rules Multilateral Account (MT5 - GOFX), p.2
Downloaded from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must disclose the cost of a currency conversion to a retail client before they trade. These rules name who sets the rate and say it can change at any time, without publishing a spread.

Phillip Futures is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 9A payout that already waits for the next working day also loses an unstated amount at each conversion.
05

Phillip Futures tells you twice to read and understand the Mandate Agreement before you trade. That document is not published anywhere on its site, and only the corporate version can be downloaded.

Why this matters

You are asked to agree that you understood a contract you cannot read, before you deposit anything. Governing law, the complaints route and the liability terms all live in that document.

Exhibit 5WarningHarder than usual

Customer must read and understood the explanation of the contents of the Mandate Agreement document, the Notification of Risk Document, and all trading rules and regulations.
Clause 3 in Syarat dan Ketentuan Aplikasi Trading Platform / Application Trading Platform Terms and Conditions, p.8
Read from the broker's site on Archived copyOpen the reference
06

Trade a product priced in a currency your account has no balance in, and Phillip Futures charges you interest. The rate is 10% a year on US dollars and 12% on rupiah, worked out daily and taken monthly.

Why this matters

An Indonesian client who funds in rupiah and trades a dollar product can run a negative dollar balance and pay this. Phillip Futures can also change the rate without telling you first.

Exhibit 6WarningHarder than usual10%

Apabila Nasabah melakukan transaksi pada produk dengan mata uang tertentu (termasuk margin, komisi, serta kerugian) akan dikenakan beban bunga apabila Nasabah tidak memiliki saldo pada mata uang tersebut.
Clause 4 in Peraturan Transaksi Akun Multilateral (MT5 - GOFX)
Read from the broker's site on Open the reference

What it costsA $5,000 dollar shortfall carried for one month costs $41.67 at 10% a year. It leaves your account on the first working day of the next month.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must give a retail client the costs and charges of a trade before they trade. Phillip Futures publishes this rate in a trading rules PDF on its form download page, and keeps the right to change it without notice.

Phillip Futures is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

The fees live in trading rules PDFs, not on any pricing page

Phillip Futures charges USD 10 for a call to the dealing desk when you cannot get into your account. Debit interest runs at 10% a year on a currency your account does not hold. Market data reaches USD 139 a month per login, and none of these figures appear on a pricing page.

Cost disclosure2 clauses flagged

Live prices from the CME exchanges cost a professional user USD 139 per login each month. Phillip Futures bills a full month even if you subscribe halfway through, and takes it from your account on the 10th.

Why this matters

Non professional clients pay nothing for CME data only while the promotion lasts, and the rules do not say when it ends. Cancelling needs a message before the month closes, or you pay again.

Exhibit 8WarningStandard wording$139

The calculation of monthly subscription will be started at 1st calendar day every month, please note that the full subscription fee is payable even if the feed is subscribed in middle of the month.
Clause 17 in Trading Rules PALN and JFX Multilateral, p.5
Downloaded from the broker's site on Open the reference

The promotion pages advertise commission of only USD 0.25 per lot per side. Indonesian value added tax of 11% on commission is charged on top, and the trading rules are the only place that says so.

Why this matters

Your real cost per lot is USD 0.2775, not USD 0.25. The tax is set by Indonesian law rather than by Phillip Futures, but no promotion page mentions it.

Exhibit 17NoticeStandard wording11%

The Customer will be charged Value Added Tax (VAT) of 11% of the total commission paid.
Clause 5 in Trading Rules Multilateral Account (MT5 - GOFX), p.2
Downloaded from the broker's site on Open the reference
Our own capture of phillipfutures.co.id, taken on Oct 15, 2026The claim, on Gold promotion terms on the Indonesian siteVisit this page on the broker's siteDownload the full size image file

What it costsOn 100 micro gold lots at USD 0.25 per side, commission is USD 25 and the tax adds USD 2.75.

Withdrawals run on a 09.30 clock and a holiday calendar

Phillip Futures processes a withdrawal the same day only if the request arrives before 09.30 Jakarta time. National and banking holidays stop payouts altogether, and the bank's charge comes out of your money. The amount you may take is the lower of your closing and current balance, a cap the rules explain as protection against open position risk.

Exit conditions1 clause flagged

Ask for your money after 09.30 Jakarta time and Phillip Futures processes it the next working day. Clause 7 of the GOFX rules stops withdrawals on national and banking holidays, and puts any bank charge on you.

Why this matters

A request at 10.00 waits for the next working day, and a holiday pushes it further out. The bank's fee comes out of your money, so you receive less than you asked for.

Exhibit 9WarningStandard wording1 working days

Any submission after 09.30 WIB, will be processed on the next working day. Withdrawal will not be processed on public and/ or banking holiday.
Clause 7 in Trading Rules Multilateral Account (MT5 - GOFX)
Downloaded from the broker's site on Open the reference

A welcome bonus is advertised with no terms anywhere

Phillip Futures tells you to claim a welcome bonus on its gold and forex page, and publishes no bonus terms anywhere on the site. The only promotion terms it does publish cover commission discounts of USD 0.25 per lot. Those terms say every decision the firm makes about the promotion cannot be contested.

Unwritten offers1 clause flagged

Phillip Futures tells you to fund your account and claim a welcome bonus on its gold and forex page. No bonus terms exist anywhere on the site, and the published promotion terms cover only commission discounts.

Why this matters

You cannot find out what the bonus requires before you deposit, because the conditions are not published. Nothing tells you what trading volume unlocks it, or whether it blocks a withdrawal.

Exhibit 15WarningHarder than usual

Promosi komisi hanya sebesar USD 0.25 per lot per sisi berlaku untuk transaksi online pada semua produk mikro di Gold.
Quoted in Syarat dan Ketentuan Promosi (Gold)
Read from the broker's site on Open the reference
Our own capture of phillipfutures.co.id, taken on Oct 15, 2026The claim, on Gold and forex product page on the Indonesian site, under Start Trading Gold & Forex TodayVisit this page on the broker's siteDownload the full size image file
Our own capture of phillipfutures.co.id, taken on Oct 15, 2026What the contract saysVisit this page on the broker's siteDownload the full size image file

Phillip Futures can close every position and lock you out before it does

At 30% of initial margin, Phillip Futures closes every open position, and clause 14 of its GOFX rules says the system does not ask first. Below 50%, the Indonesian rules say your login is disabled, while the English version of the same clause says access may be temporarily disabled. Every page of the rules keeps the right to change all of it without notice.

Forced exits3 clauses flagged

Every page of the trading rules carries the same line: Phillip Futures can change any term in them without telling you first. The fees, the cut off times and the liquidation levels all sit inside those documents.

Why this matters

You agreed to a document that can be replaced while you hold an open position. The only notices Phillip Futures publishes are holiday calendars, so a new fee reaches you when you download the PDF again.

Exhibit 7WarningHarder than usual

The Company reserves the right to amend any terms or regulations contained in these trading rules without prior notice.
Quoted in Trading Rules PALN and JFX Multilateral, p.1
Downloaded from the broker's site on Open the reference

Fractional shares in your account cannot move to another broker. Clause 37 of the trading rules says you have to sell them first if you want to change firms.

Why this matters

Changing broker forces you to sell at whatever price the market gives that day. A later clause says Phillip Futures is not responsible for how fractional shares are bought and sold.

Exhibit 16WarningStandard wording

Although the Client has full control over the fractional shares in his/her account, fractional shares cannot be transferred to another broker, as fractional shares are not marketable and are not liquid outside the Company's platform.
Clause 37 in Trading Rules PALN and JFX Multilateral
Downloaded from the broker's site on Open the reference

Phillip Futures treats your continued use of its website as acceptance of a changed privacy policy. The same policy promises to ask for fresh consent before collecting more personal data or using it for a new purpose.

Why this matters

You accept a new version by visiting the site, with no email and no notice. The fresh consent promise limits that to new data and new purposes only.

Exhibit 19NoticeStandard wording

Penggunaan berkelanjutan Anda terhadap situs web kami akan dianggap sebagai penerimaan terhadap Kebijakan Privasi yang diperbarui, namun kami akan meminta persetujuan baru Anda sebelum kami mengumpulkan lebih banyak data pribadi dari Anda atau kami ingin menggunakan atau mengungkapkan data pribadi Anda untuk tujuan baru.
Quoted in Kebijakan Privasi
Read from the broker's site on Archived copyOpen the reference

Buried at section 20 of 29 in the Kebijakan Privasi, 69% of the way through.

The broker's own statement decides, and several routes to complain are closed

Clause 20 of the Phillip Futures GOFX rules makes the equity on your screen indicative only, and the firm's daily statement settles any disagreement. Clause 15 bars any compensation claim for a cancelled error trade, against the exchange or the broker. Exchanges commonly cancel error trades, but the waiver here also covers Phillip Futures itself.

Challenging a decision5 clauses flagged

The equity figure on your MT5 screen is indicative only, clause 20 of the GOFX rules says, and may differ from the daily statement. Where the two disagree, Phillip Futures goes by its own statement.

Why this matters

The number you watch to decide whether to add funds is not the number that settles a dispute. That holds for a margin call or a forced sale too, which are judged on the statement.

Exhibit 10WarningHarder than usual

The equity contained in the MT5 platform is only indicative and may not show the same amount of equity as the Customer's daily report.
Clause 20 in Trading Rules Multilateral Account (MT5 - GOFX), p.4
Downloaded from the broker's site on Open the reference
  • Worse together with Exhibit 1Forced selling is triggered off platform prices while the platform's own equity figure is disclaimed as indicative.

If the exchange decides your matched order was an error trade, it can cancel the transaction. Clause 15 of the GOFX rules then bars any claim for compensation, against the exchange, Phillip Futures or other trading participants.

Why this matters

A profitable trade can be undone and you have no route to recover the loss. The bar applies even where the stale price came from a system or connection fault at the other end.

Exhibit 11WarningHarder than usual

Customer cannot under any circumstances, including cases where they suffer losses as a result of order cancellation by the Exchange, claim compensation from the Exchange, Broker or other trading participants due to an error trade.
Clause 15 in Trading Rules Multilateral Account (MT5 - GOFX), p.4
Downloaded from the broker's site on Open the reference

Use the AI features on the platform and you give Phillip Futures a permanent, irrevocable, royalty free right to use whatever you put in. You also agree to cover the company's legal costs if that content causes a claim.

Why this matters

The right does not end when you close the account, and nothing in the clause lets you take it back. The cost promise is open ended: it covers claims, losses and legal expenses.

Exhibit 12WarningRarely seen

By using AI Related Services, the Client grants the Company a non-exclusive, irrevocable, permanent, and royalty-free right to use the inputted content on the Company's Equipment.
Clause 8.c in Syarat dan Ketentuan Aplikasi Trading Platform / Application Trading Platform Terms and Conditions, p.4
Read from the broker's site on Archived copyOpen the reference

Our readingA permanent, irrevocable content licence plus a cost promise running from the client is a software platform term. Finding it inside a futures broker's platform application is unusual.

Phillip Futures says it is not liable for losses you suffer from mishandling a password, leaving a computer unattended, or not reporting unauthorised access promptly. That list sits in the privacy policy.

Why this matters

Someone drains your account and the clause you need is in a document about cookies and marketing data. The list starts with input errors and misuse of the internet service, which is left undefined.

Exhibit 13WarningHarder than usual

PT Phillip Futures dan/atau perusahaan anggotanya tidak bertanggung jawab atas kerugian yang dialami Nasabah akibat:
Quoted in Kebijakan Privasi
Read from the broker's site on Archived copyOpen the reference

Where it sits: section 15 of 29 in the Kebijakan Privasi, 52% of the way through.

Phillip Futures states that every decision it makes about its commission promotions cannot be contested. The same line says the promotion can change at any time.

Why this matters

If the firm decides your account does not qualify for the promotional rate, the published terms give you nowhere to take it. The promotion can also end before the closing date it advertises.

Exhibit 14WarningHarder than usual

Promosi ini dapat berubah sewaktu-waktu, dan semua keputusan PT Phillip Futures terkait promosi ini tidak dapat diganggu gugat.
Quoted in Syarat dan Ketentuan Promosi (Gold)
Read from the broker's site on Open the reference
  • Worse together with Exhibit 15A bonus with no published terms sits under promotion terms that make the firm's decisions final.

The disclaimer in the Indonesian footer is in English

The disclaimer page Phillip Futures links from its Indonesian footer carries its entire text in English. That English text is where you are told losses can exceed your deposit and deficits attract penalty charges. The risk disclosure required by Indonesian law is published properly in both languages, but it is not linked from that footer.

Language gap1 clause flagged

The page Phillip Futures links as Penafian on its Indonesian site carries its whole disclaimer in English. The only Indonesian sentence is the one line about risk that appears in every page footer.

Why this matters

The English text is where you are told losses can exceed your deposit and that deficits carry penalty charges. An Indonesian reader gets a milder single line instead.

Exhibit 18NoticeHarder than usual

You may sustain losses in excess of your initial funds and may be called upon to deposit additional margin funds at short notice. If the required funds are not provided within the prescribed time, your positions may be liquidated. The resulting deficits in your account are subject to penalty charges.
Quoted in Penafian (Disclaimer)
Read from the broker's site on Open the reference
Our own capture of phillipfutures.co.id, taken on Oct 15, 2026The claim, on The only Indonesian sentence on the Indonesian disclaimer page, in the footerVisit this page on the broker's siteDownload the full size image file
Our own capture of phillipfutures.co.id, taken on Oct 15, 2026What the contract saysVisit this page on the broker's siteDownload the full size image file

Where the marketing and the contract disagree

A promise made in public, set against the clause that governs it

01

The English rules say access may be temporarily disabled, while the Indonesian version of the same clause says your login will be disabled.

Said in public, in English

When customer account is at low equity, working order is placed on customer behalf for forced liquidation purposes and customer trading system may be temporarily disabled.

English version of the PALN and JFX Multilateral trading rules, clause 13, page 3

In the contract · clause 13

Ketika akun Nasabah berada pada kondisi low equity, working order untuk likuidasi posisi akan dipasang di akun Nasabah serta login Nasabah akan di-disabled.

02

A welcome bonus is advertised in the account opening steps, while the only published promotion terms offer a commission discount and never mention a bonus.

Said in public, in English

Step 2: Fund your account & claim your welcome bonus.

Gold and forex product page on the Indonesian site, under Start Trading Gold & Forex Today

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of phillipfutures.co.id

In the contract

Promosi komisi hanya sebesar USD 0.25 per lot per sisi berlaku untuk transaksi online pada semua produk mikro di Gold.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of phillipfutures.co.id

03

The Indonesian line calls it a risk of loss or profit, while the English body of the same page says you can lose more than you deposited.

Said in public, in Indonesian

Transaksi di Pialang Berjangka memiliki risiko kerugian maupun keuntungan dan menjadi tanggung jawab investor.

Word for word in English: Transactions with a Futures Broker carry a risk of loss as well as profit and are the responsibility of the investor.

The only Indonesian sentence on the Indonesian disclaimer page, in the footer

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of phillipfutures.co.id

In the contract

You may sustain losses in excess of your initial funds and may be called upon to deposit additional margin funds at short notice.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of phillipfutures.co.id

04

The promotion advertises a commission of only USD 1.5 per lot per side, while the trading rules add 11% tax on every commission paid.

Said in public, in Indonesian

Promosi komisi hanya sebesar USD 1.5 per lot per sisi berlaku untuk transaksi online pada semua produk mini di Gold.

Word for word in English: A commission promotion of only USD 1.5 per lot per side applies to online transactions on all mini Gold products.

Gold promotion terms on the Indonesian site

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of phillipfutures.co.id

In the contract · clause 5

The Customer will be charged Value Added Tax (VAT) of 11% of the total commission paid.

The documents this reading is based on

18 files, all published by Phillip Futures. Each shows when we read it and a fingerprint of its wording.

WIKILIX keeps the copy of each file it read, and does not republish it: what is published is the fingerprint of its wording. Download the file yourself and hash its text, lowercased with runs of whitespace collapsed, and a matching fingerprint means the wording quoted above is still the wording Phillip Futures publishes.

How this reading was done

Every clause above was read out of a document Phillip Futures publishes itself

This reading was published on .

Documents
9 of 18downloaded from the broker's site, and 9 read in full
Pages opened
24pages walked to find those documents, footer links included
Marketing pages
10public pages set against what the contract says
Languages
EN vs IDthe language it advertises in, against the language it contracts in
Position measured
2clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

PT Phillip Futures

You contract with PT Phillip Futures, a Jakarta company at Atria @Sudirman Level 15, Jl. Jend. Sudirman Kav. 33A. Its own pages say it is licensed and supervised by BAPPEBTI, the Otoritas Jasa Keuangan and Bank Indonesia. The trading rules name PT Phillip Futures as the firm holding your money, in a segregated account at Bank Central Asia Jakarta. The documents describe it as a member of PhillipCapital, and no other entity appears as the party you deal with.

Quotations are copied verbatim from the documents named above, with the clause number and the page each one came from. Where a clause is quoted in another language, the original is shown first and the English is a translation.

The plain-language parts, what a clause means for a client, how ordinary it is, and how it reads against a regulated standard, are WIKILIX's analysis and are labelled as such on every card. This is a reading of public documents, not legal advice and not an allegation of wrongdoing.

In fairness, and what we could not check

A reader who knows the edges of the work can trust the middle of it

The risk disclosure required by Indonesian law is published in full, with the Indonesian and English text set side by side, paragraph for paragraph. All three sets of trading rules exist in both languages, and every page of every one carries a version marker (V01102026, V10092026, VER 15042026), so you can tell which version you agreed to. Client money goes to a named segregated account at Bank Central Asia Jakarta, with the account numbers printed in the rules themselves. The minimum deposit on the open account page, USD 500 for an individual, matches the trading rules exactly. Most brokers publish less detail on margin and liquidation than this.

We could not find the individual mandate agreement published anywhere on the site, so we did not read it. Only the corporate account opening agreement can be downloaded. We did not read five account forms, including the trading application form and the corporate agreement. The words in the platform terms PDF run together when that file is opened as text, so we read it as it appears on the page and quote it that way. No earlier version of any of these documents is available, so this is a first reading with nothing to compare against.

How to check any of this yourself

Every quote above links to the Phillip Futures file it came from. This is what to do with it.

Open the three stepsFind the words in the source, work out the fingerprint, and read what a difference does and does not prove.

Open the source and search for the words

Every quote has a link under it. Open the file, or the web page, and search it for the words we quote. The clause number next to the quote tells you where to look.

If the words are not there any more, the source may have changed after we read it. That is worth knowing too. We keep the date we read it, and a code worked out from its wording, so the quote stays checkable.

What a fingerprint is

A fingerprint is a code worked out from what a source says. Change one word and the code changes completely. We keep two codes for every file we read, and the panel on each source shows both.

The first is the code of the exact file we downloaded. The second is the code of its wording alone, with capital letters lowered and runs of spaces collapsed. When the same words are saved as a new file, the first code changes and the second one stays the same.

Only the first code can be worked out on your own computer. Save the file, then run one of these, putting the name of the file you saved where the example is. The panel on each source prints the command with that source's real file name already in it.

macOS or Linux:
  shasum -a 256 the-file-you-saved.pdf

Windows:
  certutil -hashfile the-file-you-saved.pdf SHA256

The two codes are different from each other, and they are not meant to match. Comparing one against the other proves nothing.

What a difference means, and what it does not

A different file code on its own proves nothing. A PDF saved again with a new date inside it is a new file saying exactly the same thing.

A different wording code means the words themselves changed. That is the one that matters, and it is why we keep it.

Even then, a change is not proof of bad faith. Companies update their documents. What this report says is what the document said on the day we read it, and every quote carries that date.

A source that is a web page and not a file has no file to save, so only the code of its wording is shown.

How this report is made

Every clause quoted above comes from a document Phillip Futures publishes on its own website, downloaded and hashed on the date shown, with the clause number and page recorded so any reader can check it. We do not allege anything the documents do not say, and we do not judge Phillip Futures on anything other than its own published terms and its own public marketing. Where a clause has a qualifier that softens it, the report says so. Last read Oct 15, 2026.

If you represent Phillip Futures and a clause has changed, been withdrawn, or is being read out of context, tell us and we will re-read the documents and update this page. Corrections from the broker are welcome and are published with the reading they change. Contact us.

This is a reading of a contract, not legal advice and not a ruling on Phillip Futures. Whether its licence is real and current is a separate check on the broker profile.

What traders say about Phillip Futures

Comments on Phillip Futures are posted on its profile

Nobody has commented on Phillip Futures yet. If you have traded with them, your experience helps the next reader decide.

Write the first comment
Back to the Phillip Futures profile