A Simple Understanding Of UTRADE
UOB Kay Hian (UTRADE) Is A Broker Registered In Singapore And Has Been Providing Foreign Exchange, Contracts For Difference And Securities Trading Services Since 1965. It Is Part Of The United Overseas Bank Group, The Largest Financial Holding Company In Singapore. Currently, It Has 5 Representative Offices In Asia And Is Regulated By The Monetary Authority Of Singapore (MAS, 197000447W). UTRADE Offers Not Only Personal Trading Accounts For International Markets, But Also Passive Investment Accounts For Managing Portfolios.
Advantages Of Trading At UTRADE:
Reliably Regulated By A National Regulator Represented By The Central Bank Of Singapore.
A Large Number Of Assets For Foreign Exchange Trading.
An Investment Solution For Passive Income Without The Need To Trade Independently.
The Opportunity To Trade Not Only From UOB Kay Hian's Proprietary End Point, But Also From Classic MT4.
Currency And CFD Trading With Leverage.
Quality Analysis, Research And News From International Markets, Including The United States.
Availability Of Affiliate Programs That Provide High Returns For Associated Recommendation Transactions.
On-site Training And 24/7 Online Support.
Disadvantages Of UTRADE:
Non-optimal Conditions For Beginners - Minimum Deposit Starting From US $3,000 (~ US $2200), Shortage Of Cents Accounts.
High Spreads On Most Accounts - Spreads Starting From 1.8 Pips On Major Currency Pairs.
Long Waiting Time For Account Opening Confirmation, Complicated Verification, And Need To Provide A Large Number Of Confirmation Documents.
Trade With This Broker If The Following Conditions Are Met:
You Are Located In Singapore Or South East Asia And Prefer Familiar Regional Brokers, Which May Provide A More Localized And Tailored Trading Experience.
You Are Looking For Brokers That Offer A Wide Range Of Tradable Assets, Including Stocks, ETFs, Options, Unit Trusts, And Bonds. This Offers You A Wide Range Of Investment Opportunities.
Do Not Trade With This Broker If The Following Occurs:
A Low Minimum Deposit Amount Is Essential For You. This Broker May Not Be Suitable For Beginners As It Requires A Minimum Deposit Of US $3,000 (~ US $2,200), Which May Be Considered High For Those Seeking A Lower Entry Threshold.
You Are Looking For Low Spreads. This Broker Has High Spreads On Most Accounts, Starting At 1.8 Pips For Major Currency Pairs.
Trading Account Opening
Without Opening A Trading Account, It Is Not Possible To Create A Personal Panel On The Website And In The UTRADE Mobile App. You Need To Do The Following To Register Your Account:
1 Visit The Official Website Of UTRADE And Click Open Account On Any Of Its Pages. The Button Is Located At The Top Of The Page.
2 After That, You Need To Specify Whether You Have A Securities Account With UOB Kay Hian And Then Select The Type Of Account You Want To Open. If You Do Not Have A Securities Account, Even If You Do Not Intend To Trade, You Must Still Open One, This Type Of Asset.
3 You Will Then Need To Enter Your Data In Regedit: Name (just Like Your Passport), Country Of Residence, Phone Number And Email.
4 After That, The Broker Asks For Tax And Financial Information, Employment Details, Annual Income And Available Funds.
5 Next, Enter Your Investment Objectives And Trading Experience, As Well As Your Referral Code (if Available).
6 At The Final Stage, The User Is Obliged To Upload Scanned Copies Of Documents And Fill Out Forms (CRS, W-8BEN-E, W-9).
7 After The Account Application Has Been Approved (it Takes Up To 5 Business Days For Consideration), You Will Be Able To Access The Personal Panel. To Do This, Click The Button, Log In, At The Top Of The Page, And Then Enter Your Login And Password.
This Data Is Sent Via Email, But You Can Make Changes Later In Your Personal Filing Cabinet.
UTRADE Personal Account Overview - Login To Your Personal Account/filing Cabinet.
Traders Can Do The Following In UTRADE's Personal Account/cabinet:
Install The UTRADE Token Application To Generate A One-time Secure Password.
Trading Via Network End Points.
Furthermore, In The Client's Personal Account, The Trader Can:
Manage His Account And Make Deposits And Withdrawals.
View Quotes "in Real Time" Or Every 15 Minutes (depending On The Selected Exchange).
View Intraday Trading Reports.
View Statistics Of The Portfolio.
Research, Analysis And Trading Tools Are Available.
Account Type
UTRADE Broker Offers Two Types Of Accounts With Leverage Up To 1:20. The Choice Of Account Type Depends On The Platform The Client Prefers To Use At Work, Universal Classic MT4 Or The Broker's Proprietary End Point.
Account Type:
UTRADE Delta
It Is An Account For Trading Currency Pairs And CFDs. For Trading Currency And Index CFDs, You Need To Deposit S $5,000 Or Equivalent In US Dollars. For Stock CFDs, S $3,000 Is Required. Currency Spreads Start From 1.8 Pips, While CFD Commissions Start From 0.2% Of The Trade Amount.
MT4 Account
The Conditions For This Account Are Similar To Those For UTRADE Delta Accounts. The Main Difference Is That Trades Are Made Using MetaTrader 4, Rather Than Using Delta's Proprietary End Points.
Demo Accounts Are Available
The Broker Offers Four Additional Account Types: Securities Trading, UTRADE Edge, UTRADE Plus, And UTRADE Robo; But They Are Designed For Trading And Investing In Securities, Not Forex Instruments.
UTRADE Is A Stock And Foreign Exchange Broker That Offers Margin Trading Accounts For Securities, Foreign Exchange And Leveraged Contracts For Difference.
Deposits And Withdrawals
To Apply For A Withdrawal, The Client Must Complete And Send A Special Form Via Fax Or Email.
The Company's Finance Department Processes The Withdrawal Request The Day After Receiving The Completed Form.
The Funds To Be Withdrawn Must Not Exceed The Amount Available For Trading In The Account.
The Funds Will Be Transferred To The Bank Account Specified At The Time Of Registration. There Is No Other Way To Withdraw Funds.
Banks Can Charge Withdrawal Fees, But UTRADE Does Not Charge Withdrawal Fees From Trading Accounts.
Customer Support
UTRADE's Support Team Is Available From 8:30am To 17:15pm Singapore Time (SGT) (Monday To Friday).
