KE Forex Review
KE Forex has just one type of live trading account and a free demo account for testing purposes.
The broker offers more than 40 forex pairs. The size of the forex portfolio is comparable to that of other local Singapore brokers like UOBBF, KGI, etc., and is not very impressive, especially compared to IG, which also has a Singapore forex license. IG offers trading in nearly 10 000 financial products, including over 300 forex pairs.
The Company. Security of Funds
Company Country Regulation
Maybank Kim Eng Securities Pte Ltd. Singapore MAS
Like most Singapore forex brokers, KE Forex is also part of a larger brokerage company with a vast portfolio of CFDs, stocks, ETFs, securities and other investment products.
The company has a license from the Monetary Authority of Singapore (MAS), including one for Leveraged Foreign Exchange Trading. As required by law, the forex brokers operating in the country must have a license from MAS, which ensures they provide high level of customer protection, including but not limited to keeping client funds in segregated accounts, not creating unfavorable trading conditions for clients and having sufficiently competent and experienced staff. MAS has complete authority over the companies to impose fines and revoke licenses, if it finds any violations.
The strict requirements and oversight make the MAS-regulated brokers among the more reliable. Major global forex brokers like Gain Capital, Oanda, CMC Markets, Saxo Bank, are also holders of a license from MAS.
Minimum initial deposit
KE Forex has a requirement of S$3000/$3000 to be deposited within the first week of opening a trading account. Compared to other Singapore forex brokers, KE Forex sits somewhere in the middle in terms of minimum deposit. There are others like iOCBC who require S$1000 and CIMB, who require S$5000. But then there is IG which requires just $1 and UOBBF who demand the impressive S$30 000.
Spreads and commissions
KE forex says its spreads range from 1.9 pips (EUR/USD) to 3.5 pips (USD/CHF) although the spreads may widen during major news releases, which is a usual occurrence. The broker does not charge additional fees and commissions.
Again compared to other local brokers, KE Forex’s spreads are relatively favorable, although KGI has spreads starting from 1 pip. IG goes even lower with 0.8 pips on some types of accounts.
KE Forex offers a maximum leverage of 1:50 on some pairs, which seems to be the highest possible in Singapore, probably due to regulatory limitations imposed by MAS. There are other brokers like Haitong, CIMB and UOBBF who have even lower leverage – 1:20.
KE Forex does not offer the MetaTrader platforms. Instead, similarly to some of its Singapore peers, it offers its own platform called KE Forex Platform. It has watchlists, charting and risk monitoring tools like stops and limits.
Methods of payment
It seems Singapore forex brokers are rather averse to the popular payment options like PayPal and so is KE Forex. Much like its peers, it only accepts payments through bank transfers, cheques, cash and telegraphic transfer.
The main plus of KE Forex is the MAS regulation, which means it is safe and reliable. On the other hand, KE Forex does not offer a MetaTrader platform, but only its own trading solution. In comparison, there are some local brokers like UOBBF, UOBKH, KGI, iOCBC, for example who offer MT4. This is not necessarily a bad thing, but we are not sure how many small retail traders would be willing to learn a new trading platform. In terms of trading conditions, KE Forex does not differ much from those of its peers.
KE Forex Review Conclusion
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