PC
Phillip Capital
3.7 / 5Score: 3 / 4
A tier-1 regulated, multi-asset broker with zero minimum deposit and half-a-century of market experience.
- Min deposit
- $0
- Max leverage
- 1:5
- Spread from
- 0 pips
- Regulators
- MAS, ASIC
Reviewed by Experts Updated 8/28/2026
Phillip Capital vs Sarwa: Which Broker Wins in 2026?
Phillip Capital and Sarwa serve very different trader profiles, but only one delivers the stronger all-around package. Our research puts Phillip Capital ahead with a 3.7/5 rating versus Sarwa's 3.3/5, driven by tighter regulation, lower entry costs, and a broader market suite.
S
Sarwa
3.3 / 5Score: 1 / 4
A commission-free digital investing platform tailored to ETF and crypto-focused portfolio builders.
- Min deposit
- $500
- Max leverage
- 1:1
- Spread from
- 0 pips
- Regulators
- DFSA, SEC
Overall Winner
Phillip Capital
Best for Beginners
Phillip Capital
Lowest Fees
Phillip Capital
Top Regulation
Phillip Capital
Side-by-side comparison
Core features compared head-to-head.
| Feature | PC Phillip Capital | S Sarwa |
|---|---|---|
| Overview | ||
| Rating | 3.7 / 5 | 3.3 / 5 |
| Founded | 1975 | 2017 |
| Headquarters | Singapore | Dubai, UAE |
| Regulation | MAS, ASIC | DFSA, SEC |
| Fees & Limits | ||
| Min Deposit | $0 | $500 |
| Spreads From | 0 pips | 0 pips |
| Commission | $0.08/lot | None |
| Max Leverage | 1:5 | 1:1 |
| Platforms & Markets | ||
| Trading Platforms | Proprietary Web, Proprietary Mobile | Proprietary Web, Proprietary Mobile |
| Markets Offered | Stocks, Forex, Cfd, Indices, Commodities | Etf, Stocks, Crypto |
Trading & non-trading fees
Min Deposit
Phillip Capital
$0
Sarwa
$500
Spreads From
Phillip Capital
0 pips
Sarwa
0 pips
Commission
Phillip Capital
$0.08/lot
Sarwa
None
Deposit Fees
Phillip Capital
None
Sarwa
None
Withdrawal Fees
Phillip Capital
None
Sarwa
None
Pros & cons
PC
Phillip Capital
Pros
- No minimum deposit needed to open an account
- Strong regulatory oversight from two major tier-1 authorities
- Broad five-asset-class market access in a single account
- Transparent, low flat commission structure
- No deposit or withdrawal fees
- Long-established broker with decades of industry presence
- Higher overall independent rating than Sarwa
Cons
- Maximum leverage capped at just 1:5, low compared to many global CFD brokers
- Proprietary platforms only, no MetaTrader or cTrader support
- Limited to Singapore-based headquarters, which may affect regional support preferences
- Commission charges apply per lot, unlike fully commission-free competitors
S
Sarwa
Pros
- No per-trade commission on eligible trades
- No deposit or withdrawal fees
- Straightforward platform suited to passive investing
- Regulated by recognized authorities including the SEC
- Focused product range simplifies decision-making for new ETF investors
Cons
- Higher $500 minimum deposit creates a barrier for smaller accounts
- Leverage capped at 1:1, meaning no margin trading capability
- Narrower market range with only ETFs, stocks, and crypto available
- Lower overall independent rating of 3.3/5 versus competitors
- Shorter operating history, founded in 2017
Our expert verdict
Editor's verdict
Overall winner Phillip Capital
Lowest fees Phillip Capital
Best regulation Phillip Capital
Better for beginners Phillip Capital
Phillip Capital is the clear winner of this matchup, earning a 3.7/5 overall rating compared to Sarwa's 3.3/5. It combines tier-1 regulatory oversight from MAS and ASIC with a $0 minimum deposit, zero-commission-friendly pricing at $0.08/lot, and access to five asset classes. Sarwa remains a niche option for investors specifically drawn to its ETF and crypto-focused robo-style offering, but it cannot match Phillip Capital's breadth, affordability, or regulatory depth for the average trader.
Regulation & Safety
Phillip Capital operates under the oversight of the Monetary Authority of Singapore (MAS) and Australia's ASIC, two of the most respected tier-1 regulatory bodies in the world. This dual licensing structure gives traders strong recourse and capital protection standards, backed by a firm that has operated continuously since 1975.
Sarwa, by contrast, is regulated by the DFSA in Dubai and registered with the SEC in the United States. While these are legitimate regulatory bodies, they don't carry quite the same weight or enforcement track record in retail trading protection as MAS and ASIC.
For traders who prioritize regulatory pedigree and decades of institutional history, Phillip Capital's licensing profile is significantly more reassuring. Sarwa's newer 2017 founding also means a shorter operating history to evaluate long-term reliability.
Fees, Spreads & Commissions
Both brokers advertise spreads starting from 0 pips, making headline pricing look identical on paper. However, Phillip Capital layers in a transparent, low commission of just $0.08 per lot, which is a modest and predictable cost structure for active traders.
Sarwa charges no per-trade commission at all, which is attractive for buy-and-hold investors who don't trade frequently. This structure suits Sarwa's more passive, ETF-oriented positioning rather than active forex or CFD trading.
Neither broker charges deposit or withdrawal fees, which is a welcome point of parity. Overall, active traders will likely find Phillip Capital's low, flat commission more cost-efficient over time, while Sarwa's zero-commission model favors infrequent, long-term investors.
Account Accessibility & Minimum Deposit
Phillip Capital has no minimum deposit requirement, making it dramatically more accessible to beginners, students, and anyone testing the waters with limited starting capital.
Sarwa requires a $500 minimum deposit, a meaningfully higher barrier to entry that could exclude newer or smaller-budget investors from getting started.
This accessibility gap is one of the more decisive factors in our overall scoring, since a $0 threshold removes nearly all friction for opening and funding a first trading account.
Markets & Product Range
Phillip Capital offers access to five distinct asset classes: stocks, forex, CFDs, indices, and commodities. This breadth allows traders to diversify across multiple strategies and market conditions from a single account.
Sarwa's offering is narrower, covering ETFs, stocks, and crypto. This makes it a reasonable option for investors focused specifically on long-term portfolio building or crypto exposure, but limited for active or multi-asset traders.
Leverage also differs sharply: Phillip Capital offers up to 1:5, while Sarwa caps out at 1:1, meaning Sarwa is essentially a cash-account model without leveraged trading capability.
Trading Platforms & Tools
Both brokers rely on proprietary web and mobile platforms rather than third-party solutions like MetaTrader. Neither offers MT4, MT5, or cTrader, which may disappoint traders who prefer industry-standard charting and automation tools.
Phillip Capital's proprietary suite is built to support its broader multi-asset offering, including forex, CFDs, and commodities alongside equities. Sarwa's platform is streamlined around its ETF and crypto-focused investment approach.
Neither platform ecosystem stands out as a major differentiator on its own, so traders choosing between them should weigh the underlying asset access and fee structure more heavily than the interface itself.
Our Verdict
Weighing regulation, cost, accessibility, and market breadth together, Phillip Capital earns the higher overall rating of 3.7/5 against Sarwa's 3.3/5. It wins outright in our awards for best overall broker, best for beginners, best for low fees, and best for regulation.
Sarwa still holds appeal for a specific niche: investors who want a simple, commission-free way to build a long-term ETF or crypto portfolio and who are comfortable meeting a $500 minimum deposit. But for the majority of traders seeking flexibility, lower costs, and stronger regulatory backing, Phillip Capital is the stronger overall package.
Verdict summary
The bottom line — category winners and our final pick based on ratings.
Editor's verdict
Phillip Capital wins overall
Phillip Capital edges out Sarwa overall based on our expert rating score.
PC
Highest Rated
Phillip Capital
3.7 / 5 / 5
Category winners
Overall winner
Based on overall expert rating (3.7/5).
Phillip CapitalBetter for beginners
Stronger onboarding and educational resources.
Phillip CapitalLower trading costs
More competitive spreads and baseline commissions.
Phillip CapitalStronger regulation
Higher trust based on tier-1 regulatory oversight.
Phillip Capital
Frequently asked questions
Based on our independent rating system, Phillip Capital scores higher overall at 3.7/5 compared to Sarwa's 3.3/5. Phillip Capital's advantage comes from stronger tier-1 regulation, a lower minimum deposit, and broader market access, though your ideal choice still depends on your specific trading goals and asset preferences.
Both brokers advertise spreads starting from 0 pips, but their commission models differ. Phillip Capital charges a low flat commission of $0.08 per lot, while Sarwa charges no per-trade commission at all, making Sarwa potentially cheaper for infrequent, passive investors and Phillip Capital more suited to active traders.
Phillip Capital requires no minimum deposit at all, making it accessible to virtually any budget. Sarwa requires a $500 minimum deposit, which is a considerably higher entry barrier for newer or smaller-capital investors.
Phillip Capital is regulated by MAS in Singapore and ASIC in Australia, both considered top-tier regulatory authorities with strict capital and conduct requirements. Sarwa is regulated by the DFSA in Dubai and registered with the SEC in the United States, which are legitimate but generally viewed as offering different oversight strength for retail trading.
Both brokers rely on their own proprietary web and mobile trading platforms rather than third-party software like MetaTrader 4 or 5. This means traders should test each platform's interface directly, since neither offers industry-standard automation or advanced algorithmic trading tools natively.
Phillip Capital supports forex and CFD trading alongside stocks, indices, and commodities, giving it a much broader multi-asset scope. Sarwa focuses primarily on ETFs, stocks, and crypto, and does not offer dedicated forex or CFD trading, with leverage capped at 1:1.
Phillip Capital is generally the better starting point for beginners thanks to its zero minimum deposit requirement and long operating history dating back to 1975. Sarwa's $500 minimum deposit and narrower product range make it a less flexible entry point for first-time investors testing the market.
Yes, there is nothing preventing you from opening accounts with both brokers simultaneously. Many investors diversify across multiple platforms, using Phillip Capital for active multi-asset trading and Sarwa for long-term ETF or crypto portfolio building.
Neither Phillip Capital nor Sarwa charges deposit or withdrawal fees, which is a strong point of parity between the two platforms. This means your cost comparison should focus primarily on commissions, spreads, and minimum deposit requirements rather than funding fees.
Phillip Capital offers leverage of up to 1:5, giving traders modest margin capability across its supported markets. Sarwa caps leverage at 1:1, effectively operating as a cash-account model with no margin trading available.
Risk warning: Trading CFDs and forex involves significant risk of loss and is not suitable for all investors. Please consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.