FAQ

If you have any question not listed below, please contact us.

1. WHAT CAN I EXPECT WHEN I LOGIN FOR THE FIRST TIME?

For security reasons, you will be prompted to change your password when you login for the first time. The standard platform screen will then appear.


2. WHAT WILL HAPPEN IF I HAVE TOO MANY UNSUCCESSFUL LOGIN ATTEMPTS?

Your account will be locked after the fifth try to prevent unauthorised logins. Please contact us at +65 6536 9338 for assistance.


3. WHO CAN I CONTACT IF I HAVE FORGOTTEN MY USER ID OR PASSWORD?

Please contact us at +65 6536 9338. Our Client Services team will assist in retrieving your User ID or generating a new password after verification procedures over the phone.


4. WHAT SHOULD I DO TO ENSURE SECURITY WHEN I AM TRADING ONLINE?

a) Always close your platform window after you have completed your session. You can do so by clicking on File → Exit or just by closing the window browser.
b) Log in from a trusted wireless source. Avoid using public WIFI connections.
c) Check your account statements for any abnormalities.
d) Change your password regularly.
e) Ensure your computer is protected against viruses.


5. WHAT SHOULD I DO TO PROTECT MY PASSWORD?

a) Avoid using passwords that are easy to guess, like sequences or your date of birth.
b) Use an alphanumeric password.
c) Try not to repeat passwords you have used before.
Please note that UOB Kay Hian will never request for clients’ passwords. If you suspect a possible hacking of your account, please inform us immediately.


6. HOW DO I APPLY FOR AN LFX TRADING ACCOUNT?

Fill in the application forms located here.
Submit your original application forms in person to our
Client Services department at:

8 Anthony Road #01-01 Singapore 229957

Alternatively you can pass them to your Trading Representative (if any).


7. IF I DO NOT MEET THE REQUIREMENTS OF THE CUSTOMER KNOWLEDGE ASSESSMENT (CKA), CAN I STILL OPEN AN ACCOUNT TO TRADE FX?

Yes you can. LFX is an Unlisted Specified Investment Product (SIP), and are thus typically traded off exchange. Clients are to declare if they have the required knowledge or trading experience in LFX through the Customer Account Review (CAR) / Customer Knowledge Assessment (CKA) form.

If clients do not fulfill the requirements set forth in the CKA, they can complete an e-learning course and review, which are jointly developed by the Association of Banks in Singapore (ABS) and the Securities Association of Singapore (SAS). Upon completion, a soft-copy certificate will be generated. Clients are to print this certificate and submit it together with the UTRADE FX account documents to open the UTRADE FX account.

The course can be accessed via http://sips.abs.org.sg/

1. WHAT IS LFX?

LFX stands for Leveraged Foreign Exchange. It is an Over-The-Counter (OTC) instrument that comprises 2 currencies, called a currency pair. A trade is made by buying one currency and selling the other.


2. CAN I BUY AND/OR SELL A CURRENCY PAIR?

Yes, you can execute a trade either to long or to short a currency pair.


3. WHAT ARE THE MARKET HOURS FOR LFX?

Trading of LFX can be done 24 hours a day, whenever the market is open in any one time zone except weekends;
22:00 hrs GMT Sunday (Sydney market opens) until 22:00 GMT Friday (New York market closes)


4. WHAT IS LEVERAGE?

Leverage is the ratio of

FAQ Leverage

Example:
Client A wishes to buy 100,000 of EUR/USD at 1.40. EUR/USD has a margin requirement of 2%.

Type of
account
Amount of capital required to
trade
Non-leveraged USD140,000
Leveraged USD2,800

In this instance, EUR/USD has a leverage of 50:1.


5. WHAT IS THE INITIAL MARGIN (IM)?

It is the amount required in your trading account to open a position.
Using the same example in the previous question, the IM is USD2,800.


6. WHAT IS AVAILABLE EQUITY (AE)?

Available Equity is the surplus of funds in the LFX account available for withdrawal or entering new positions.


7. WHAT IS MAINTENANCE MARGIN (MM)?

Maintenance Margin refers to the minimum amount of funds needed to maintain the position.


8. WHAT IS A MARGIN CALL AND HOW WILL I RECEIVE IT?

A Margin Call is our alert to you to deposit more funds, or to (partially) close your positions if you so choose, when the market is against your favour.
It will be sent to you by email. You will receive the Margin Call when MM is at or below 100% of your IM.

FAQ Margin Call

All your open positions will be liquidated if the market continues to go against you and Margin % falls to 50% or below.

In the event that an account is called for margin, you will have 2 business days to top up the account back to IM levels.
Failure to do so MAY result in positions being cut to bring account back to IM levels or an auto liquidation may occur if the market moves adversely against you.


9. HOW CAN I TOP UP MY ACCOUNT IN THE EVENT OF A MARGIN CALL/SELL OUT CONDITION ON A PUBLIC HOLIDAY IN SINGAPORE OR AFTER OFFICE HOURS?

1. On a Singapore Public Holiday, we will only allow top ups for accounts on Margin call or to prevent sell out. Only the following methods are available:
a) Fast Transfer (screenshots of the transfer to be sent to contactus@utradefx.com.sg)
Cheques and Cash facilities are not available. The cut off for processing is 5.30pm for the said public holiday.

2. Top ups for accounts on Margin call after office hours is available only from 9pm to 1am on that said weekday. Only the following methods are available:
a) Fast Transfer (screenshots of the transfer to be sent to contactus@utradefx.com.sg)

For both the above, UOB Kay Hian will endeavor to process and credit the funds as soon as possible. While we understand the urgency and nature of the request, we seek the understanding from clients that funds need to be processed and will only be credited when an acknowledgement email is being sent. Clients at no time should assume that their email request to us is deemed sufficient until UOB Kay Hian has acknowledged it. We seek clients' cooperation that in the event that their request takes more than 45 minutes after 9pm, do kindly give our dealing desk a call for status of the funding.

Kindly note that the above are strictly for accounts with margin call top ups only and not for normal funding of the trading accounts. UOB Kay Hian UTRADE FX reserves the right to process the funding the next day if the funding is deemed not as a margin call funding.
You are advised to keep track of your LFX account equity levels prior to the public holidays to ensure that there is sufficient equity in place to prevent a margin call/sell-out event.
For more information, please view our deposit instructions here.


10. WHAT IS SLIPPAGE?

Slippage is the difference between the price entered and the actual price the trade is executed. It may happen in extreme
market volatility.


11. WHAT CAN I DO TO LIMIT MY RISK?

There are stop-loss orders available on the LFX platform for you to set your risk parameters. Likewise, there are profit-taking functions within this platform too. Please note that the stop-loss orders are not guaranteed.


12. IS IT POSSIBLE TO LOSE MORE THAN WHAT I HAVE INITIALLY DEPOSITED INTO THE ACCOUNT?

Yes it is possible, as with all leveraged products.


13. WHAT IS SPREAD?

Spread is the difference between the Bid price and the Ask price of a currency pair.
It is the cost to open a position. Spreads may fluctuate throughout the day and may be different depending on the currency pair traded.
Our spreads go as low as:

Currency Pair Bid/Offer Spread (Pips)
EUR/USD 1.8
USD/JPY 1.5
GBP/USD 2.0
USD/CAD 2.5
AUD/USD 2.0
USD/CHF 2.4
Other pairs As low as 2 pips

14. WHAT OTHER CHARGES SHOULD I BE AWARE OF APART FROM THE SPREAD?

There may be daily financing charges that are dependent on current interest rates and the currency pairs traded.


15. IS THERE A MINIMUM DEPOSIT TO OPEN AN LFX ACCOUNT?

Yes, it is SGD5,000 or equivalent.


16. DO LFX CONTRACTS HAVE TENURE?

No, the FX contracts can be held as long as there are sufficient funds maintained in the account.


17. CAN I CHOOSE A PHYSICAL DELIVERY WHEN I CLOSE THE LFX CONTRACTS?

No, this feature is not available.


18. WHAT ARE THE CURRENCY PAIRS OFFERED?

We offer the following currency pairs:

  • AUD/CAD, AUD/CHF, AUD/JPY, AUD/NZD, AUD/USD
  • CAD/JPY, CHF/JPY, HKD/JPY, NOK/JPY, SEK/JPY, ZAR/JPY
  • EUR/AUD, EUR/CAD, EUR/CHF, EUR/GBP, EUR/JPY, EUR/NZD, EUR/USD, EUR/ZAR
  • GBP/AUD, GBP/CAD, GBP/CHF, GBP/JPY, GBP/NZD, GBP/USD
  • NZD/CAD, NZD/CHF, NZD/JPY, NZD/USD
  • USD/CAD, USD/CHF, USD/HKD, USD/JPY, USD/NOK, USD/SEK, USD/ZAR
  • XAU/USD
  • (For Singapore Residents Only)
    USD/SGD, GBP/SGD, AUD/SGD, NZD/SGD, CAD/SGD, CHF/SGD, EUR/SGD

19. UTRADE FX TRADING HOURS

UTRADE FX hours: Sunday 5.10pm EST to Friday 4.59pm EST

Most FX trading hours are 24 hours per day during the week and is available from Sunday approximately 5 pm to Friday 5pm, New York Time. UOB Kay Hian UTRADE FX on Friday trading ceases at 4.59pm EST, rather than 5pm EST, to prevent widening of spreads which may occur when our Liquidity providers go offline.

If you decide to leave open positions over the weekend, please be aware that market prices may "gap" significantly when trading resumes on Sunday. This could result in triggering of Entry Orders and Protection Orders. For example, A stop-loss may be triggered at a rate different from your stop-loss rate, resulting in additional losses.

1. HOW DOES UOB KAY HIAN CHARGE ME FOR TRADING ON THE METATRADER 4 PLATFORM?

You pay a spread when you trade FX through the MT4 platform. Option to trade by commission mode will added in future enhancements.


2. HOW DO I LOG IN TO MY METATRADER 4 TRADING PLATFORM?

On the application, go to File > Log in to Trade Account.

  • Enter the Login (username) and Password
  • Enter and select the correct server as follows:
    DEMO SERVER: UtradeFX-Demo
    LIVE SERVER: UtradeFX-Live
  • Click Save account information if needed.
  • WARNING: This option should not be used on public computers.
  • Click Login

3. HOW DO I PLACE A NEW MARKET ORDER IN METATRADER 4?

On The market terminal, double click on any currency symbol to bring up a deal ticket. Select Sell by Market or Buy by Market to initiate a market order.
Kindly refer to the UTRADE FX MT4 user guide for more in depth explanation


4. HOW DO I PLACE A PENDING ORDER IN METATRADER 4?

On The market terminal, double click on any currency symbol to bring up a deal ticket. Under "Type of orders" > select "Pending orders"
Kindly refer to the UTRADE FX MT4 user guide for more in depth explanation


5. HOW DO I MODIFY OR DELETE A PENDING ORDER IN METATRADER 4?

In the Open Positions tab, right click on the selected pending order to modify or edit it
Kindly refer to the UTRADE FX MT4 user guide for more in depth explanation


6. HOW DO I CLOSE A POSITION IN METATRADER 4?

In the open positions tab, select the intended position to close by double clicking on the position and select close position to close a position
Kindly refer to the UTRADE FX MT4 user guide for more in depth explanation


7. PLACING A STOP LOSS OR TAKE PROFIT ORDER ON MY TRADE.

In the open positions tab, select the position intended by double clicking the position and selecting "Modify order" under order type. Stops and Limits can be placed there.


8. WHERE CAN I FIND MY ACCOUNT BALANCE AND TRADE HISTORY IN METATRADER 4?

Information can be accessed under the terminal window under "Trade".


9. CAN I EXPORT MY HISTORY FROM METATRADER 4?

No.


10. WHERE CAN I DOWNLOAD THE METATRADER 4 SOFTWARE?

The MT4 trading platform can be downloaded at our website under "Metatrader 4".


11. WHERE CAN I DOWNLOAD METATRADER 4 MOBILE?

The MT4 Mobile trading platform can be downloaded downloaded at our website under "Metatrader 4" from Google Play or Apple Store.


12. CAN I USE THE METATRADER 4 PLATFORM ON MY MACINTOSH COMPUTER?

It is currently in the pipeline. We will announce when this version is ready.


13. HOW CAN I CHANGE THE DEFAULT LANGUAGE?

Go to View > Languages


14. HOW DO I CHANGE MY CHART TYPE?

Right click on any active chart to bring up the options to change chart properties
Kindly refer to the UTRADE FX MT4 user guide for more in depth explanation


15. HOW DO I VIEW THE TIME FRAME TOOLBAR?

Right click on an active chart and select "Timeframes"


16. ARE THERE HOURS WHEN THE METATRADER 4 SYSTEM IS UNAVAILABLE?

The system will be unavailable when the markets are closed during weekends and US public holidays.


17. DO TRAILING STOPS REMAIN ACTIVE WHEN I TURN OFF MY COMPUTER?

Trailing Stops are handled only on the client’s PC, and so will not be visible to UOBKH. The client must have MT4 open and connected for the Trailing Stop to work. If MT4 is closed or disconnected, the Trailing Stop will convert to a normal Stop Loss at its last set level.


18. HOW DO I SET UP RATE ALERTS IN METATRADER 4?

Alerts can be set up under the terminal window under "Alert"
Kindly refer to the UTRADE FX MT4 user guide for more in depth explanation


19. WHAT ARE "ADJUSTMENT SWAP MISC CHARGES"

These amounts are miscellaneous charges which include components of swaps, currency conversion (if any) and your daily mark to market for carry over positions.

Miscellaneous charges occur when the MT4 system needs to post swaps, currency conversions for trading and daily carry over trades. These amounts are known as synchronization. This sync occurs when client carry positions over to the next trading day. We on our back office system need to process the carry over positions and that's why we do settlement and mark to market at one exchange rate (based on NYC). Thus, a sync is to match MT4 figures based on our back office final figures so they are consistent at the start of each trading day.

If no overnight positions are posted, the amounts will include currency conversion and all Realised P/L CCY conversions.

Important Notes for Investors:

Obligation to disclose product information to clients

25.—
(1) A licensee shall disclose, to every client and prospective client, all material information relating to any designated investment product that the licensed financial adviser recommends to such person, including —
(a) the terms and conditions of the designated investment product;
(b) the benefits to be, or likely to be, derived from the designated investment product, and the risks that may arise from the designated investment product;
(c) the premium, costs, expenses, fees or other charges that may be imposed in respect of the designated investment product;
(d) where the designated investment product is a unit in a collective investment scheme, the name of the manager of the scheme and the relationship between the licensee and the manager;
(e) where the designated investment product is a life policy, the name of the licensed insurer under the life policy and the relationship between the licensee and the insurer; and [Act 11 of 2013 wef 18/04/2013]
(f) such other information as the Authority may prescribe.
[1/2009 wef 26/11/2010]

(2) The Authority may specify, in written directions, the information required to be disclosed under subsection (1)(a),(b) or (c), and the form or manner in which information relating to any designated investment product may be disclosed to any client of a licensed financial adviser.
[1/2009 wef 26/11/2010]

(3) The Authority may, in writing, require a licensed financial adviser to submit to it —
(a) all written communication which sets out information relating to any designated investment product for the time being in use by the licensee; and
(b) where any written communication referred to in paragraph (a) is not in English, a translation of such written communication in English.
[1/2009 wef 26/11/2010]

(4) If it appears to the Authority, after affording the licensed financial adviser an opportunity to make representations orally or in writing, that any written communication submitted under subsection (3) contravenes any provision of this Act, or is in any respect likely to mislead, the Authority may, in writing, direct the licensee to discontinue the use, in Singapore, of the written communication immediately or from a specified date.
[1/2009 wef 26/11/2010]

(5) Any licensed financial adviser who —
(a) contravenes subsection (1);
(b) fails to comply with a requirement imposed by the Authority under subsection (3); or
(c) fails to comply with a direction of the Authority under subsection (4),
shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 or to imprisonment for a term not exceeding 12 months or to both.
[1/2009 wef 26/11/2010]

(5A) Where, on or after the date of commencement of section 6 of the Financial Advisers (Amendment) Act 2012 —
(a) a licensed financial adviser, in making a recommendation to a person, contravenes subsection (1);
(b) that person does, or refrains from doing, a particular act as a result of that contravention;
(c) it is reasonable, having regard to that contravention and all other relevant circumstances, for that person to do, or refrain from doing, as the case may be, that act as a result of that contravention; and
(d) that person suffers any loss or damage as a result of doing, or refraining from doing, as the case may be, that act,
then, without prejudice to any other remedy available to that person, the licensed financial adviser is liable to pay damages to that person in respect of that loss or damage.
[Act 35 of 2012 wef 18/03/2013]

(6) In this section —
"client", in relation to a designated investment product which is a group life policy under which any person insured is liable to pay the premium, includes every person insured under the group life policy;
"designated investment product" means a unit in a collective investment scheme, a life policy (including a group life policy), or such other investment product as the Authority may prescribe;
"written communication" includes a brochure, a leaflet, a circular or an advertising matter, whether in electronic, print or other form.
[Insurance Intermediaries, ss. 5, 9; SIA, s. 50]

Recommendations by licensed financial advisers

27. — (1) No licensed financial adviser shall make a recommendation with respect to any investment product to a person who may reasonably be expected to rely on the recommendation if the licensee does not have a reasonable basis for making the recommendation to the person.
[1/2009 wef 26/11/2010]

(2) For the purposes of subsection (1), a licensed financial adviser does not have a reasonable basis for making a recommendation to a person unless —
(a) he has, for the purposes of ascertaining that the recommendation is appropriate, having regard to the information possessed by him concerning the investment objectives, financial situation and particular needs of the person, given such consideration to, and conducted such investigation of, the subject-matter of the recommendation as is reasonable in all the circumstances; and
(b) the recommendation is based on the consideration and investigation referred to in paragraph (a).
[1/2009 wef 26/11/2010]

(3) Where —
(a) a licensee, in making a recommendation to a person, contravenes subsection (1);
(b) the person, in reliance on the recommendation, does a particular act, or refrains from doing a particular act;
(c) it is reasonable, having regard to the recommendation and all other relevant circumstances, for the person to do that act, or to refrain from doing that act, as the case may be, in reliance on the recommendation; and
(d) the person suffers loss or damage as a result of doing that act, or refraining from doing that act, as the case may be,
then, without prejudice to any other remedy available to that person, the licensed financial adviser is liable to pay damages to that person in respect of that loss or damage.
[1/2009 wef 26/11/2010]

(4) In this section, a reference to the making of a recommendation is a reference to the making of a recommendation expressly or by implication.

(5) This section shall not apply to any licensed financial adviser or class of licensed financial advisers in such circumstances or under such conditions as may be prescribed.
[1/2009 wef 26/11/2010]
[2/2005]

Prohibited Trading Practices

Securities and Futures Acts

Application of this Division

205.
This Division shall apply to —
(a) acts occurring within Singapore, in relation to —
(i) futures contracts, whether traded on a futures market in Singapore or elsewhere; or
(ii) Foreign exchange in connection with leveraged foreign exchange trading, whether in Singapore or elsewhere; and

(b) acts occurring outside Singapore, in relation to —
(i) futures contracts traded on a futures market in Singapore;
(ii) foreign exchange in connection with leveraged foreign exchange trading in Singapore; or
(iii) foreign exchange in connection with leveraged foreign exchange trading that is accessible from Singapore.

False trading

206.
(1) No person shall do any thing, cause any thing to be done or engage in any course of conduct, if his purpose, or any of his purposes, for doing that thing, causing that thing to be done or engaging in that course of conduct, as the case may be, is to create a false or misleading appearance —
(a) of active trading in any futures contract on a futures market or in connection with leveraged foreign exchange trading; or
(b) with respect to the market for, or the price of, futures contracts on a futures market or foreign exchange in connection with leveraged foreign exchange trading.

(2) No person shall do any thing, cause any thing to be done or engage in any course of conduct that creates, or is likely to create, a false or misleading appearance of active trading in any futures contract on a futures market or in connection with leveraged foreign exchange trading, or with respect to the market for, or the price of, futures contracts on a futures market or foreign exchange in connection with leveraged foreign exchange trading, if —
(a) he knows that doing that thing, causing that thing to be done or engaging in that course of conduct, as the case may be, will create, or will be likely to create, that false or misleading appearance; or
(b) he is reckless as to whether doing that thing, causing that thing to be done or engaging in that course of conduct, as the case may be, will create, or will be likely to create, that false or misleading appearance.

Bucketing

207.
(1) No person shall knowingly execute, or hold himself out as having executed, an order for the purchase or sale of a futures contract on a futures market, without having effected a bona fide purchase or sale of the futures contract in accordance with the business rules and practices of the futures market.

(2) No person shall knowingly execute, or hold himself out as having executed, an order to make a purchase or sale of foreign exchange in connection with leveraged foreign exchange trading, without having effected a bona fide purchase or sale in accordance with the order.

Manipulation of price of futures contract and cornering

208.
No person shall, directly or indirectly —
(a) manipulate or attempt to manipulate the price of a futures contract that may be dealt in on a futures market, or of any commodity which is the subject of such futures contract; or
(b) corner, or attempt to corner, any commodity which is the subject of a futures contract.

Fraudulently inducing persons to trade in futures contracts

209.
(1) No person shall —
(a) by making or publishing any statement, promise or forecast that he knows or ought reasonably to have known to be false, misleading or deceptive;
(b) by any dishonest concealment of material facts;
(c) by the reckless making or publishing of any statement, promise or forecast that is false, misleading or deceptive; or
(d) by recording or storing in, or by means of, any mechanical, electronic or other device information that he knows to be false or misleading in a material particular, induce or attempt to induce another person to trade in a futures contract or engage in leveraged foreign exchange trading.

(2) In any proceedings against a person for a contravention of subsection (1) constituted by recording or storing information as mentioned in subsection (1)(d), it is a defence if it is established that, at the time when the defendant so recorded or stored the information, he had no reasonable grounds for expecting that the information would be available to any other person.

Employment of fraudulent or deceptive devices, etc.

210.
No person shall, directly or indirectly, in connection with any transaction involving trading in a futures contract or leveraged foreign exchange trading —
(a) employ any device, scheme or artifice to defraud;
(b) engage in any act, practice or course of business which operates as a fraud or deception, or is likely to operate as a fraud or deception, upon any person;
(c) make any false statement of a material fact; or
(d) omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading.

Dissemination of information about illegal transactions

211.
No person shall circulate, disseminate, or authorise, or be concerned in the circulation or dissemination of, any statement or information to the effect that the price of a class of futures contracts or foreign exchange in connection with leveraged foreign exchange trading will, or is likely to, rise or fall or be maintained because of the market operations of one or more persons which, to his knowledge, are conducted in contravention of section 206, 207, 208, 209 or 210 if —
(a) the person, or a person associated with the person, has conducted such market operations; or
(b) the person, or a person associated with the person, has received, or expects to receive, directly or indirectly, any consideration or benefit for circulating or disseminating, or authorising or being concerned in the circulation or dissemination, the statement or information.

Penalties under this Division

212.
(1) Any person who contravenes any of the provisions of this Division shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000 or to imprisonment for a term not exceeding 7 years or to both.
(2) No proceedings shall be instituted against a person for an offence in respect of a contravention of any of the provisions of this Division after —
(a) a court has made an order against him for the payment of a civil penalty under section 232; or
(b) the person has entered into an agreement with the Authority to pay, with or without admission of liability, a civil penalty under section 232(5), in respect of that contravention.