PN
Phillip Nova
3.4 / 5Score: 2 / 3
Commission-free multi-asset trading with MAS-regulated security and higher leverage flexibility.
- Min deposit
- $0
- Max leverage
- 1:20
- Spread from
- 0.6 pips
- Regulators
- MAS
Reviewed by Experts Updated 10/18/2026
Phillip Nova vs RHB Securities: Which Broker Wins in 2026?
Phillip Nova and RHB Securities are two established Asia-Pacific brokers appealing to very different trader profiles. Our independent research gives Phillip Nova a slight edge overall (3.4/5 vs 3.3/5), but RHB Securities fights back hard on raw pricing and regulatory breadth.
RS
RHB Securities
3.3 / 5Score: 1 / 3
A veteran Malaysian securities house offering tight 0-pip spreads and dual-jurisdiction regulatory trust.
- Min deposit
- $0
- Max leverage
- 1:2
- Spread from
- 0 pips
- Regulators
- SC Malaysia, MAS
Our #1 Pick Right Now: AvaTrade
Same category, top-tier regulation, and it's currently accepting new traders.
See What Makes It Different Overall Winner
Phillip Nova
Best for Beginners
Phillip Nova
Lowest Fees
RHB Securities
Top Regulation
RHB Securities
Side-by-side comparison
Core features compared head-to-head.
| Feature | PN Phillip Nova | RS RHB Securities |
|---|---|---|
| Overview | ||
| Rating | 3.4 / 5 | 3.3 / 5 |
| Founded | 2005 | 1994 |
| Headquarters | Singapore | Kuala Lumpur, Malaysia |
| Regulation | MAS | SC Malaysia, MAS |
| Fees & Limits | ||
| Min Deposit | $0 | $0 |
| Spreads From | 0.6 pips | 0 pips |
| Commission | None | $0.1/lot |
| Max Leverage | 1:20 | 1:2 |
| Platforms & Markets | ||
| Trading Platforms | Proprietary Web, Proprietary Mobile, POEMS | RHB TradeSmart, RHB Mobile |
| Markets Offered | Forex, Cfd, Indices, Commodities, Crypto | Stocks, Etf, Bonds, Funds |
Trading & non-trading fees
Min Deposit
Phillip Nova
$0
RHB Securities
$0
Spreads From
Phillip Nova
0.6 pips
RHB Securities
0 pips
Commission
Phillip Nova
None
RHB Securities
$0.1/lot
Deposit Fees
Phillip Nova
None
RHB Securities
None
Withdrawal Fees
Phillip Nova
None
RHB Securities
None
Pros & cons
PN
Phillip Nova
Pros
- Higher overall rating at 3.4 out of 5 in our independent research
- No per-trade commission fees on executions
- Higher maximum leverage available at up to 1:20
- Broader market access across five distinct asset classes
- No deposit or withdrawal fees charged
- Long operating history dating back to 2005
- Beginner-friendly $0 minimum deposit threshold
Cons
- Spreads start slightly wider at 0.6 pips compared to competitors
- Regulated under only a single jurisdiction (MAS)
- No support for third-party platforms like MetaTrader
- Leverage still modest compared to some offshore brokers
- Fewer traditional investment products like bonds or funds
RS
RHB Securities
Pros
- Tighter headline spreads starting from 0 pips
- Broader regulatory coverage across two jurisdictions
- Long-established history dating back to 1994
- No deposit or withdrawal fees charged
- $0 minimum deposit requirement for new accounts
- Strong focus on traditional, lower-risk investment products
Cons
- Lower overall rating at 3.3 out of 5 in our independent research
- Charges a $0.1 per lot commission on top of spreads
- Maximum leverage capped at a conservative 1:2
- Limited to traditional securities with no crypto or commodities access
- No support for third-party trading platforms like MetaTrader
Our expert verdict
Editor's verdict
Overall winner Phillip Nova
Lowest fees RHB Securities
Best regulation RHB Securities
Better for beginners Phillip Nova
Phillip Nova is our pick for most traders, thanks to a stronger overall rating, commission-free forex and CFD trading, higher leverage, and broader market access spanning crypto, indices, and commodities. That said, RHB Securities is the sharper choice for cost-conscious stock and ETF investors who want 0-pip spreads and multi-jurisdiction regulatory coverage across Malaysia and Singapore.
Overall Rating & Positioning
Phillip Nova edges out RHB Securities in our independent rating system, scoring 3.4/5 compared to RHB Securities's 3.3/5. The gap is narrow, but it reflects Phillip Nova's broader product suite and more trader-friendly cost structure for leveraged products.
RHB Securities, by contrast, scored 1/3 on our core criteria benchmark versus Phillip Nova's 2/3, largely due to its narrower focus on traditional securities rather than multi-asset derivatives trading.
These scores shouldn't be read in isolation, though. RHB Securities' lower headline score doesn't mean it's a weak broker — it simply serves a different type of investor, one focused on long-term equity and fund holdings rather than active CFD or forex trading.
Fees, Spreads & Commissions
This is where RHB Securities claws back ground. It advertises spreads from 0 pips, undercutting Phillip Nova's 0.6 pip starting spread. However, RHB Securities charges a $0.1/lot commission on top, whereas Phillip Nova charges no per-trade commission at all.
For high-frequency forex or CFD traders, Phillip Nova's commission-free model combined with modest spreads often works out cheaper in practice, especially on smaller trade sizes. For stock and ETF investors trading in larger lot sizes, RHB Securities' tight spreads can be more competitive.
Neither broker charges deposit or withdrawal fees, which is a welcome point of parity. Both also offer a $0 minimum deposit, removing barriers to entry for new account holders on either platform.
Regulation & Trust
Both brokers operate under tier-1 oversight, giving traders a comparable baseline of safety and fund protection. Phillip Nova is regulated solely by the Monetary Authority of Singapore (MAS), a highly respected single-jurisdiction regulator.
RHB Securities holds licences from both SC Malaysia and MAS, giving it a wider regulatory footprint across two jurisdictions. This dual coverage earns RHB Securities our award for Best for Regulation, since broader oversight can appeal to traders who value cross-border compliance assurance.
Neither broker carries any major red flags in our research, and both are backed by long operating histories. Traders prioritising multi-jurisdiction licencing should lean toward RHB Securities, while those comfortable with single-regulator MAS oversight will find Phillip Nova equally trustworthy.
Trading Platforms & Tools
Phillip Nova offers its own Proprietary Web and Proprietary Mobile platforms, alongside the well-known POEMS suite, giving traders flexibility between desktop, browser, and app-based access. POEMS in particular has a long track record among Singapore-based investors.
RHB Securities runs on RHB TradeSmart and RHB Mobile, platforms built primarily around equities, ETFs, bonds, and fund execution rather than fast-paced derivatives trading.
Neither broker supports third-party platforms like MetaTrader 4 or 5, which may disappoint traders who prefer industry-standard charting and automated strategy tools. Both rely on proprietary technology, so the overall experience comes down to personal preference and asset focus.
Market Access & Leverage
Phillip Nova offers considerably broader market access, covering Forex, CFDs, Indices, Commodities, and Crypto — five asset classes in total. Its maximum leverage of 1:20 also gives active traders more flexibility to size positions.
RHB Securities focuses on Stocks, ETFs, Bonds, and Funds, making it a more traditional investment-oriented brokerage. Its maximum leverage caps out at a conservative 1:2, reflecting its orientation toward longer-term capital markets investing rather than short-term speculation.
The choice here is largely determined by trading style: active multi-asset traders and speculators will gravitate toward Phillip Nova, while buy-and-hold investors building a diversified securities portfolio will find RHB Securities better aligned with their goals.
Our Verdict
Phillip Nova takes the overall win thanks to its stronger rating, commission-free pricing, higher leverage ceiling, and far broader market coverage spanning forex, crypto, and commodities alongside CFDs.
RHB Securities remains a highly credible alternative, particularly for investors focused on stocks, ETFs, bonds, and funds who value tighter headline spreads and dual-jurisdiction regulatory coverage across Malaysia and Singapore.
Ultimately, these two brokers rarely compete head-to-head for the exact same client — your choice should hinge on whether you're an active multi-asset trader (Phillip Nova) or a traditional securities investor (RHB Securities).
Verdict summary
The bottom line — category winners and our final pick based on ratings.
Editor's verdict
Phillip Nova wins overall
Phillip Nova edges out RHB Securities overall based on our expert rating score.
PN
Highest Rated
Phillip Nova
3.4 / 5 / 5
Category winners
Overall winner
Based on overall expert rating (3.4/5).
Phillip NovaBetter for beginners
Stronger onboarding and educational resources.
Phillip NovaLower trading costs
More competitive spreads and baseline commissions.
RHB SecuritiesStronger regulation
Higher trust based on tier-1 regulatory oversight.
RHB Securities
Frequently asked questions
According to our independent rating system, Phillip Nova edges out RHB Securities with a score of 3.4/5 versus 3.3/5. Phillip Nova benefits from commission-free trading, higher leverage, and broader market access, though RHB Securities remains strong for traditional securities investors. The right choice ultimately depends on whether you prioritise active multi-asset trading or long-term equity investing.
RHB Securities advertises tighter headline spreads starting from 0 pips, compared to Phillip Nova's 0.6 pips, but it also charges a $0.1 per lot commission. Phillip Nova charges no commission at all, which can make it cheaper overall for active forex and CFD traders depending on trade size and frequency.
Both brokers offer a $0 minimum deposit requirement, making them equally accessible to new traders and investors. Neither platform charges deposit or withdrawal fees, so you can fund and manage your account without additional cost barriers.
Both brokers operate under credible regulatory oversight. Phillip Nova is regulated by the Monetary Authority of Singapore (MAS), while RHB Securities holds licences from both SC Malaysia and MAS, giving it broader multi-jurisdiction coverage that earns it our award for Best for Regulation.
Phillip Nova provides access to its Proprietary Web platform, Proprietary Mobile app, and the established POEMS suite. RHB Securities operates through RHB TradeSmart and RHB Mobile. Neither broker currently supports third-party platforms like MetaTrader 4 or 5.
Phillip Nova offers a broader multi-asset range covering Forex, CFDs, Indices, Commodities, and Crypto. RHB Securities focuses on traditional investment products including Stocks, ETFs, Bonds, and Funds, making it better suited to long-term portfolio investors.
Phillip Nova offers significantly higher maximum leverage of up to 1:20, compared to RHB Securities' conservative cap of 1:2. This makes Phillip Nova more appealing to active traders seeking greater position flexibility, while RHB Securities' lower leverage suits risk-averse, long-term investors.
Yes, there is nothing preventing you from holding accounts at both brokers simultaneously. Many traders diversify across platforms, using Phillip Nova for active multi-asset trading and RHB Securities for long-term stock, ETF, and fund investing.
Phillip Nova earns our award for Best for Beginners thanks to its $0 minimum deposit, commission-free structure, and straightforward platform options. RHB Securities is also accessible with no minimum deposit, but its product focus on bonds and funds may suit investors with some existing market knowledge.
RHB Securities has a longer operating history, founded in 1994 in Kuala Lumpur, Malaysia, compared to Phillip Nova's founding in 2005 in Singapore. Both brokers have built substantial track records within their respective regional markets.
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.