PN
Phillip Nova
3.4 / 5Score: 2 / 4
Phillip Nova gives beginner-friendly access to global markets with zero minimum deposit and no commissions.
- Min deposit
- $0
- Max leverage
- 1:20
- Spread from
- 0.6 pips
- Regulators
- MAS
Reviewed by Experts Updated 9/15/2026
Phillip Nova vs Sarwa: Which Broker Wins in 2026?
Phillip Nova and Sarwa are two tier-1 regulated brokers going head-to-head, with Phillip Nova narrowly winning our overall rating at 3.4/5 versus Sarwa's 3.3/5. Phillip Nova stands out for accessibility and market breadth, while Sarwa counters with tighter spreads and broader regulatory coverage.
S
Sarwa
3.3 / 5Score: 2 / 4
Sarwa combines tight zero-pip spreads with dual tier-1 regulatory coverage across the UAE and US.
- Min deposit
- $500
- Max leverage
- 1:1
- Spread from
- 0 pips
- Regulators
- DFSA, SEC
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
Sarwa
Top Regulation
Sarwa
Side-by-side comparison
Core features compared head-to-head.
| Feature | PN Phillip Nova | S Sarwa |
|---|---|---|
| Overview | ||
| Rating | 3.4 / 5 | 3.3 / 5 |
| Founded | 2005 | 2017 |
| Headquarters | Singapore | Dubai, UAE |
| Regulation | MAS | DFSA, SEC |
| Fees & Limits | ||
| Min Deposit | $0 | $500 |
| Spreads From | 0.6 pips | 0 pips |
| Commission | None | None |
| Max Leverage | 1:20 | 1:1 |
| Platforms & Markets | ||
| Trading Platforms | Proprietary Web, Proprietary Mobile, POEMS | Proprietary Web, Proprietary Mobile |
| Markets Offered | Forex, Cfd, Indices, Commodities, Crypto | Etf, Stocks, Crypto |
Trading & non-trading fees
Min Deposit
Phillip Nova
$0
Sarwa
$500
Spreads From
Phillip Nova
0.6 pips
Sarwa
0 pips
Commission
Phillip Nova
None
Sarwa
None
Deposit Fees
Phillip Nova
None
Sarwa
None
Withdrawal Fees
Phillip Nova
None
Sarwa
None
Pros & cons
PN
Phillip Nova
Pros
- Highly accessible with no minimum deposit needed to start trading
- Broader market coverage spanning five asset classes
- Higher available leverage for traders wanting more flexibility
- Long operating history since 2005, indicating institutional stability
- No commissions charged on trades
- Strong overall rating of 3.4/5 in our independent evaluation
- Three distinct platform options including a dedicated POEMS terminal
Cons
- Spreads start at 0.6 pips, wider than Sarwa's 0 pip offering
- Single regulatory licence compared to Sarwa's two jurisdictions
- Leverage of 1:20 may be limiting for forex-focused traders used to higher ratios elsewhere
- No mention of advanced third-party platforms like MetaTrader
S
Sarwa
Pros
- Tightest available spreads starting at 0 pips
- Two tier-1 regulatory licences spanning DFSA and SEC
- No commissions charged on executed trades
- No hidden deposit or withdrawal fees
- Streamlined platform experience across web and mobile
- Modern brand positioning appealing to digitally native investors
Cons
- Higher minimum deposit of $500 compared to Phillip Nova's $0 requirement
- Maximum leverage capped at just 1:1, limiting capital efficiency
- Narrower market range covering only ETFs, stocks, and crypto
- No dedicated proprietary desktop terminal beyond web and mobile
- Slightly lower overall rating of 3.3/5 versus Phillip Nova's 3.4/5
Our expert verdict
Editor's verdict
Overall winner Phillip Nova
Lowest fees Sarwa
Best regulation Sarwa
Better for beginners Phillip Nova
Phillip Nova edges out Sarwa overall with a 3.4/5 rating versus 3.3/5, thanks to its zero minimum deposit, broader market access across five asset classes, and higher leverage ceiling. Sarwa fights back with tighter 0-pip spreads and dual tier-1 regulation from the DFSA and SEC. For most traders — especially beginners and those wanting diversified market access — Phillip Nova is the stronger all-round pick, while Sarwa remains a compelling option for cost-focused, regulation-conscious investors.
Regulation & Safety
Both brokers carry credible tier-1 regulatory backing, giving traders a reasonable degree of confidence in fund safety and operational oversight. Phillip Nova is regulated by Singapore's Monetary Authority of Singapore (MAS), a highly respected single-jurisdiction regulator known for strict compliance standards.
Sarwa, by contrast, holds licences from both the Dubai Financial Services Authority (DFSA) and the U.S. Securities and Exchange Commission (SEC), giving it broader jurisdictional coverage across two major financial hubs.
For traders who prioritise regulatory breadth and cross-border oversight, Sarwa has a slight edge. However, Phillip Nova's MAS regulation alone carries substantial weight given Singapore's reputation as a rigorous financial centre.
Fees, Spreads & Costs
Cost is one of the sharpest points of differentiation between these two brokers. Sarwa offers spreads starting from 0 pips, giving it a clear edge for cost-sensitive traders who transact frequently or in larger volumes.
Phillip Nova's spreads start slightly wider at 0.6 pips, though it still maintains a commission-free trading structure. Neither broker charges deposit or withdrawal fees, keeping account funding and cash-out costs neutral across both platforms.
For high-frequency traders where every fraction of a pip matters, Sarwa's tighter spreads could translate into meaningful savings over time. However, Phillip Nova's zero minimum deposit somewhat offsets this by lowering the overall cost of entry.
Minimum Deposit & Accessibility
Phillip Nova is dramatically more accessible from a funding standpoint, requiring no minimum deposit whatsoever. This makes it an attractive entry point for beginners, students, or anyone wanting to test the platform without committing significant capital upfront.
Sarwa requires a $500 minimum deposit, a meaningfully higher barrier that may deter newer or budget-constrained investors. This deposit requirement positions Sarwa more as a platform for investors who are already prepared to commit a moderate amount of capital.
If accessibility and low-barrier entry are your priority, Phillip Nova is the clear winner in this category by a wide margin.
Trading Platforms & Tools
Phillip Nova offers three distinct platform options: Proprietary Web, Proprietary Mobile, and the dedicated POEMS platform, giving traders more flexibility in how they access markets. This additional POEMS terminal may appeal to traders who want a more feature-rich or specialised trading environment.
Sarwa keeps things simpler with just Proprietary Web and Mobile platforms, focusing on a streamlined user experience rather than platform variety. This could suit investors who prefer simplicity over an abundance of tools.
Neither broker lists support for popular third-party platforms like MetaTrader 4 or 5, which may be a consideration for traders who rely heavily on those ecosystems for automated strategies or advanced charting.
Market Access & Leverage
Phillip Nova offers considerably broader market access, spanning forex, CFDs, indices, commodities, and crypto — five asset classes in total. This diversification makes it a more versatile choice for traders wanting to build a multi-asset portfolio under one account.
Sarwa's offering is more focused, covering ETFs, stocks, and crypto — just three categories. This narrower scope may suit long-term investors more interested in equity and ETF exposure than active forex or CFD trading.
On leverage, Phillip Nova again pulls ahead with a maximum of 1:20, compared to Sarwa's conservative 1:1 cap. Traders wanting to amplify positions will find Phillip Nova far more accommodating, while Sarwa's structure suits a lower-risk, buy-and-hold style of investing.
Our Verdict
Phillip Nova takes the overall win in our independent rating at 3.4/5 versus Sarwa's 3.3/5, driven primarily by its zero minimum deposit, broader market range, and higher leverage ceiling. It's the more versatile, accessible option for most traders, particularly beginners and those wanting diversified exposure.
Sarwa remains a strong contender for traders who prioritise tighter spreads and multi-jurisdictional regulatory coverage from the DFSA and SEC. Its higher deposit requirement and capped leverage make it better suited to more conservative, capital-ready investors.
Ultimately, your choice should hinge on your trading style: choose Phillip Nova for accessibility, market breadth, and leverage flexibility, or choose Sarwa if tight spreads and regulatory diversity matter more to your strategy.
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 Sarwa 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.
SarwaStronger regulation
Higher trust based on tier-1 regulatory oversight.
Sarwa
Frequently asked questions
Phillip Nova scores higher overall on our independent rating system, holding a 3.4/5 rating versus Sarwa's 3.3/5. Phillip Nova wins on accessibility and market breadth, while Sarwa counters with tighter spreads and broader regulatory coverage. The right pick ultimately depends on whether you prioritise low entry costs or multi-jurisdictional regulatory protection — see our full verdict above for the complete breakdown.
Sarwa offers tighter pricing with spreads starting from 0 pips, while Phillip Nova's spreads begin at 0.6 pips. Neither broker charges trading commissions, deposit fees, or withdrawal fees, so the primary cost difference comes down to spread width. Active, high-frequency traders may find Sarwa's tighter spreads more cost-effective over time.
Phillip Nova requires no minimum deposit at all, making it exceptionally accessible for beginners or those testing the platform with small amounts. Sarwa, on the other hand, requires a $500 minimum deposit, which may be a barrier for newer or budget-conscious traders. This is one of the clearest differentiators between the two brokers.
Phillip Nova is regulated by Singapore's MAS, a well-respected tier-1 financial authority. Sarwa holds licences from both the DFSA in Dubai and the SEC in the United States, giving it broader regulatory coverage across two jurisdictions. Both brokers carry solid tier-1 oversight, so the choice may come down to whether you prefer single-jurisdiction depth or multi-jurisdiction breadth.
Phillip Nova supports its Proprietary Web and Mobile apps alongside the dedicated POEMS platform, giving traders three distinct access points. Sarwa offers a more streamlined experience with just Proprietary Web and Mobile platforms. Traders wanting more platform variety may lean toward Phillip Nova.
Yes, you can hold accounts at multiple brokers simultaneously since there is no rule preventing this. Many traders diversify across platforms to access different markets, tools, and regulatory protections. For example, you could use Phillip Nova for its broader market access and Sarwa for its tighter spreads on specific trades.
Phillip Nova offers access to five market categories: forex, CFDs, indices, commodities, and crypto. Sarwa focuses on a narrower set of three categories: ETFs, stocks, and crypto. Traders wanting broader diversification across asset classes will likely prefer Phillip Nova's offering.
Phillip Nova offers considerably higher leverage of up to 1:20, while Sarwa caps leverage at just 1:1. This makes Phillip Nova more suitable for traders who want to use leverage as part of their strategy, while Sarwa's approach is more conservative and suited to straightforward investing rather than leveraged trading.
Phillip Nova was founded in 2005, giving it over two decades of operating history and institutional stability. Sarwa is a newer entrant, founded in 2017, with a more modern, digitally-focused approach to investing. Longevity can be a reassuring factor for traders who value an established operating history.
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.