Forex

Last updated on 29 Jan, 2015

Funds Deposit

  1. Bank Lists*. Please visit Deposit:Bank Accounts.
    *Deposit slip must be fax to our Futures Department (852) 2277 6866 with phone confirmation or email to futures@phillip.com.hk.
  2. Client may deposit foreign currency acceptable in Phillip for trading, however If client’s account contains negative balance of HKD or the overall account balance in terms of HKD is negative, client will bear an interest for that negative amount (margin excess).
  3. Client who withdraws foreign currency available from Phillip (except USD by cheque) from Forex account to the local bank account or any currencies to foreign bank account must submit the Original Telegraphic Transfer Formto Phillip and client will be charged with a telegraphic transfer fee deducted from client’s account. The approximate fee of each withdrawal is HKD400. Whether any additional fee would be charged by the corresponding bank, client should enquire of the bank in advance.
  4. Phillip reserves the right, but is not obliged, to offset any negative balance or margin deficit with other currencies in the client's account.

Others

  1. Client who holds overnight forex position receives or pays a daily interest due to the interest difference from currency pair and this interest is reflected by adjusting the entering price of the position by a swap point. For more information, please refer to Forex:Interest Rate.
  2. For account with equity lower than maintaining margin requirement, client will receive a margin call through mobile phone, email or SMS (if applicable)and will be required to either square the position or deposit/transfer funds to fulfill the initial margin level in a designated time. Otherwise, we reserve the right to close client position;
    In addition, client are advised to monitor its position closely, in case of volatile market, we may force close client position if account is in margin deficit without issuing margin call, and the client shall all time be liable for payment of any debit balance(s) incurred.
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