UOB Kay Hian Review
UOB Kay Hian (UOBKH) has just one type of live trading account, plus a demo account.
The broker offers trading in nearly 40 forex pairs – major, minor and some exotics, plus pairs with the SGD for Singapore residents and spot metals.
Compared to other Singaporean brokers like UOBBF and iOCBCfx, the forex portfolio of UOBKH is similar in size, but this is not the case when compared with global retail brokers present on the market. IG, for example, has hundreds of products across thousands of markets and so do Forex.com and Saxo Bank.
The Company. Security of Funds
Company Country Regulation
UOB Kay Hian Pte Ltd. Singapore MAS
UOB Kay Hian is the other brokerage subsidiary of the Singapore financial group United Overseas Bank (UOB), along with UOB Bullion and Futures Limited. Both companies have a license from the Monetary Authority of Singapore (MAS) for Leveraged Foreign Exchange Trading.
Minimum initial deposit
UOBKH lists the sum of S$5 000 as a minimum deposit requirement and the $2800 as the sum needed to open a trade. Our guess is that the discrepancy is due to a the fluctuations in the exchange rate between the two currencies, even though the difference is more than $700.
When compared to other local forex brokers, UOBKH stands somewhere in the middle ground between UOBBF and iOCBfx, but the deposit requirement is rather high in comparison to large international forex brokers. IG and Oanda, for example, require just $1, while FXTM and XM require $5. There are others with higher requirements, like HYCM and easyMarkets who require $100 and Fibo Group with $300.
Spreads and commissions
UOBKH offers variable spreads. The starting spread for the most popular forex pair – EURUSD is 1.8 pips. According to the broker’s site, for other pairs the spreads start from around 2 pips. There is no information about additional commissions.
In comparison to other local brokers, UOBKH’s spreads are fairly attractive. The large global forex brokers active on the Singapore market, like IG, though, offer even more attractive spreads starting from 0.8 pips.
UOBKH offers leverage of up to 1:50, which, compared to other local forex brokers, is the highest among them. The global forex brokerage IG also offers 1:50 in Singapore, even though it usually offers up to 1:200.
Unlike some of its Singapore peers, UOBKH offers the very popular trading platform MetaTrader 4 (MT4).
Additionally, the broker provides its proprietary UtradeFX Elite platform. It supports NDD trading, offers 44 forex pairs and instant order execution. According to UOBKH, the platform is based on the Currenex Viking platform.
Methods of payment
UOBKH has a rather limited set of payment options. It accepts payments through bank transfer (only certain banks), cash, cheque, telegraphic transfer and FAST Internet funds transfer. Other popular payment methods like PayPal, for example, are not available.
Unlike its peer from the UOB group UOBBF, UOBKH is solely a forex broker and it does not offer other instruments besides forex pairs. Judging by the trading conditions, it is targeting mainly retail investors, even though the initial deposit requirement is not among the lowest. On the other hand, the spreads are fairly attractive. The offering of MT4 is also a significant plus, in opposition to some of the other local forex brokers.
UOB Kay Hian Review Conclusion
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