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UTRADE Review 2024
Minimum
deposit:
deposit:
- 3,000 SGD
Trading platform:
- MT4
- UTRADE Delta
- UTRADE terminals
Regulation:
- Monetary Authority of Singapore (MAS)
Bonus for deposit:
- 0%
Minimum
deposit:
deposit:
- 3,000 SGD
Trading platform:
- MT4
- UTRADE Delta
- UTRADE terminals
Regulation:
- Monetary Authority of Singapore (MAS)
Bonus for deposit:
- 0%
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Summary of UTRADE Trading Company
UTRADE is a broker with higher-than-average risk and the TU Overall Score of 4.74 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by UTRADE clients on our website, Traders Union expert Anton Kharitonov recommends users to consider a more reliable broker with better conditions, as, according to reviews, many clients of this broker are not satisfied with the company’s work. UTRADE ranks 142 among 413 companies featured in the TU Ranking, which is based on the evaluation of 100+ criteria and a test on how to open an account.
UTRADE is intended for experienced and professional traders who are ready to invest large sums in trading with a reliable regulated broker that charges high commissions.
UTRADE is a Singapore-registered broker that has been providing foreign exchange, CFD, and securities trading services since 1965. It is a part of UOB 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 accounts not only for individual trading in international markets but also for passive investments in managed portfolios.
| 💰 Account currency: | USD, SGD |
|---|---|
| 🚀 Minimum deposit: | 3,000 SGD |
| ⚖️ Leverage: | Up to 1:20 |
| 💱 Spread: | Floating, from 1.8 pips |
| 🔧 Instruments: | Currency pairs, CFD on shares, indices, commodities, ETFs, bonds, Daily Leverage Certificates (DLC), mutual funds |
| 💹 Margin Call / Stop Out: | 100%/50% |
👍 Advantages of trading with UTRADE:
- Reliable regulation by the state supervisory body represented by the Central Bank of Singapore.
- Vast array of assets for Forex trading.
- Availability of investment solutions for passive income without independent trading.
- Opportunity to make transactions not only from UTRADE proprietary terminals but also from classic MT4.
- Access to currency and CFD trading with leverage.
- Quality analytics, research, and news from international markets, including the USA.
- Availability of an affiliate program with high rewards for trades of connected referrals.
- On-site training and 24/7 online support.
👎 Disadvantages of UTRADE:
- Non-optimal conditions for beginners — minimum deposit from 3,000 SGD (~2200 USD), shortage of cent accounts.
- High spreads on most accounts — from 1.8 pips on the major currency pairs.
- Long waiting period for the account opening confirmation and the complicated verification require the provision of a large number of confirming documents.
Evaluation of the most influential parameters of UTRADE
Trade with this broker, if:
- You are based in Singapore or Southeast Asia and prefer a familiar regional broker, potentially providing a more localized and tailored trading experience.
- You are looking for a broker offering a diverse range of tradable assets, including stocks, ETFs, options, unit trusts, and bonds. This provides you with a broad spectrum of investment opportunities.
Do not trade with this broker, if:
- Low minimum deposits are crucial for you. This broker may not be optimal for beginners, as it requires a minimum deposit from 3,000 SGD (~2200 USD), which could be considered high for those seeking lower entry barriers.
- You are looking for low spreads. This broker has high spreads on most accounts, starting from 1.8 pips on major currency pairs.
Geographic Distribution of UTRADE Traders
Popularity in
90.33%
SG
9.21%
MY
3.15%
FR
2.74%
ID
2.57%
US
2.55%
QA
2.21%
GB
2.21%
CN
2.17%
HK
2.15%
KH
2.71%
Others
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Expert Review of UTRADE
Originally UOB Kay Hian was just a bank, but since 1965 it started to provide brokerage services, including capital management. Currently, it is a leading bank in Asia with a high credit rating and solid capital, which ensures reliability to its clients. UTRADE is registered in Singapore and its activity is supervised by the state regulator MAS (Monetary Authority of Singapore).
Representative offices of UTRADE are opened in Singapore, Hong Kong, Indonesia, Malaysia, and Thailand. However, the broker serves not only Asian traders but also investors worldwide. The exception is the citizens and residents of the USA and the countries of the European Economic Area. The broker uses cutting-edge data encryption methods and keeps its clients' funds in the segregated accounts in the largest banks in Asia.
Read More about Utrade Malaysia
Probably it is the guarantees of the high level of assets and the security of traders’ deposits that explain the high trading commissions.
Dynamics of UTRADE’s popularity among
Traders Union’s traders, according to 2023 data
Investment Programs, Available Markets and Products of the Broker
The company offers a wide range of solutions for passive investors. UTRADE provides an MT4 terminal, and that's why its clients can copy deals from metatrader4.com as well as connect expert advisors for automated trading. Also, the broker provides an opportunity to invest in securities with the help of the UTRADE Robo authoring platform. Existing clients can receive remuneration for attracting new traders and investors.
Investments in UTRADE’s preset and balanced Robo portfolios
-
UTRADE offers to invest in individual asset portfolios created by professional analysts and investment specialists. They include ETFs, stocks, and instruments with fixed incomes. In this case, the investor does not need to personally monitor the market and make decisions regarding the rebalancing of the portfolio.
-
Features of UTRADE Robo portfolios:
-
The intelligent system optimizes the portfolio for each investor based on the investor's desired level of risk as stated during registration.
-
To start investing in the ready-made asset portfolios, a deposit of 5,000 SGD or its equivalent in USD is required.
-
The minimum amount of subsequent investments is 500 SGD.
-
Fees are equal to 0.5-0.88% depending on the amount of assets under management.
-
The portfolio manager rebalances the portfolio as needed, but without the approval of the investor.
With the smart platform and customizable portfolios, UTRADE clients can invest in their pensions, children's education, etc., over the medium and long term. Experts make sure to include low-cost and tax-efficient ETFs in their portfolios to increase potential returns.
Important!
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
UTRADE’s affiliate program:
-
Referral program. Its conditions depend on the type of account opened by the referee (the person being referred). The existing client (partner) receives SGD 25 for every 20 trades closed by the referee or the aggregate contract value of the equivalent of SGD 200,000 in a CFD account. The maximum referral fee is 200 SGD. If a referee opens a Forex trading account, his partner will also receive SGD 25 for every $4 million traded, but not more than SGD 500.
The referral affiliate program is designed for retail clients, not legal entities (companies, firms). Participation in it allows private traders to get income from trades of the connected referrals even without performing deals.
Trading Conditions for UTRADE Users
For trading Forex instruments UTRADE offers 2 types of accounts that allow making transactions through MT4 and the broker's proprietary terminal called Delta. The minimum deposit amount depends on the type of asset being traded. Leverage is up to 1:20. Spreads on currency pairs start from 1.8 pips. There is a swap fee for carrying positions over to the next trading day. The demo account can be opened only in the MetaTrader 4 terminal.
3,000 SGD
Minimum
deposit
1:20
Leverage
24/5
Support
| 💻 Trading platform: | MT4, UTRADE Delta, UTRADE authoring terminals for securities trading |
|---|---|
| 📊 Accounts: | For Forex trading: Demo MT4 Account, UTRADE Delta, MT4 Account.For securities investments: Securities Trading, UTRADE Edge, UTRADE Plus, UTRADE Robo |
| 💰 Account currency: | USD, SGD |
| 💵 Replenishment / Withdrawal: | Depositing: cash or check in hand, credit cards (Visa or Mastercard), online banking with DBS/POSB, UOB, Standard Chartered, and HSBC, FAST Internet Funds Transfer, Telegraphic transfer.Withdrawal is conducted only through a wire transfer |
| 🚀 Minimum deposit: | 3,000 SGD |
| ⚖️ Leverage: | Up to 1:20 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | 0.01 |
| 💱 Spread: | Floating, from 1.8 pips |
| 🔧 Instruments: | Currency pairs, CFD on shares, indices, commodities, ETFs, bonds, Daily Leverage Certificates (DLC), mutual funds |
| 💹 Margin Call / Stop Out: | 100%/50% |
| 🏛 Liquidity provider: | Leading Asian banks |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Orders execution: | Market, Limit, and Stop orders |
| ⭐ Trading features: | No cryptocurrency trading, only clients with active securities account can open Delta and MT4 accounts |
| 🎁 Contests and bonuses: | No |
Comparison of UTRADE with other Brokers
| UTRADE | RoboForex | Pocket Option | Exness | FreshForex | |
| Trading platform |
MT4, UTRADE CFD Pro | MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader | Pocket Option, MT5, MT4 | Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 | MT4, MobileTrading |
| Min deposit | $3000 | $10 | $5 | $10 | No |
| Leverage |
From 1:1 to 1:20 |
From 1:1 to 1:2000 |
From 1:1 to 1:1000 |
From 1:1 to 1:2000 |
From 1:1 to 1:2000 |
| Trust management | No | No | No | No | No |
| Accrual of % on the balance | No | No | No | No | No |
| Spread | From 0.8 points | From 0 points | From 1.2 point | From 1 point | From 0 points |
| Level of margin call / stop out |
100% / 50% | 60% / 40% | 30% / 50% | No / 60% | 40% / 20% |
| Execution of orders | Market Execution | Market Execution, Instant Execution | Market Execution | Market Execution, Instant Execution | Market Execution, Instant Execution |
| No deposit bonus | No | No | No | No | $30 |
| Cent accounts | No | Yes | No | No | Yes |
Broker comparison table of trading instruments
| UTRADE | RoboForex | Pocket Option | Exness | FreshForex | |
| Forex | Yes | Yes | Yes | Yes | Yes |
| Metalls | Yes | Yes | Yes | Yes | Yes |
| Crypto | No | No | Yes | Yes | No |
| CFD | Yes | Yes | Yes | Yes | Yes |
| Indexes | Yes | Yes | Yes | Yes | Yes |
| Stock | Yes | Yes | Yes | Yes | Yes |
| ETF | Yes | Yes | No | No | No |
| Options | No | No | No | No | No |
UTRADE Commissions & Fees
Information
The experts at the Traders Union determined that the type and size of commissions at UTRADE depend on the traded asset. The broker keeps floating spreads for currency trades. The lowest of them apply to the EUR/USD pair, which is from 1.8 pips. The commission for CFD trading online is 0.2-0.4% of the transaction amount, depending on the market. For operations with CFDs on indices the broker charges 0.30-2 USD for opening and closing a position. All commissions for CFD trading are subject to the 7% goods and services tax, which is automatically deducted from the account the next morning. The broker does not charge for maintenance of the account, for provision of the terminals, or for depositing or withdrawing funds.
| Account type | Spread (minimum value) | Withdrawal commission |
| UTRADE Delta | From $18 | No |
| MT4 Account | From $18 | No |
There are swap commissions for transferring a position to the next day.
The experts of the analytical department of the Traders Union have determined the minimal spreads at UTRADE and also calculated the average trading fee with this broker. The below table also contains a comparison of trading conditions of three Forex brokers of different jurisdictions:
| Broker | Average commission | Level |
| UTRADE | $18 | High |
| RoboForex | $1 | Low |
| Pocket Option | $8.5 | Medium |
Detailed Review of UTRADE
The UOB Kay Hian regulated stock and Forex broker gives its clients access to trading and investing on international exchanges. UTRADE provides every registered trader with monthly reports on open accounts in electronic form, as well as market data and news from the major Reuters news agency. The company offers high-quality market research and analytics, a wide range of trading accounts, and available assets.
About the UTRADE broker in numbers:
-
More than 55 years in the financial trading services industry.
-
Has received more than 50 international awards in banking and brokerage services.
-
Has 5 international representative offices and more than 80 branches worldwide.
-
It covers 19 markets on three continents.
UTRADE is a broker with a wide range of Forex assets, which aims to provide the highest level of security for its clients
UTRADE offers trading in CFDs and 44 currency pairs. Its clients can trade CFDs on ETFs and stocks in Singapore, Hong Kong, China, the USA, Australia, and Malaysia. Traders can also trade 6 CFDs on indices, including AUS200, HK50, and JP225. The company uses dedicated firewalls, an Intrusion Detection System (IDS), and SSL encryption for the security and protection of online trading. Two-factor authentication (2FA) is also used and each client receives a unique identifier for safe login to the Live Account.
The Forex trader UTRADE offers 2 trading platforms — Delta and MetaTrader 4. Both terminals are presented in mobile and web versions. However, they can also be installed on a PC or laptop. To do this you need to download the desktop version of the platform. Also, UTRADE offers several proprietary terminals for trading on the stock market.
Useful services of UTRADE:
-
UTRADE Token. The authentication application for registered clients can generate a one-time, 6-digit password (OTP) for secure login into your account.
-
ChartGenie. Technical analysis tool that generates stock trading ideas based on MACD, ADX, support, and resistance indicators.
-
Research. The website section features daily market reviews (for Asia and the USA), professional comments, Forex market recommendations, and CFD trading ideas.
-
Stock Alerts and Screener. Reflect the fundamental data and help optimize your search for investment-worthy assets.
-
ShareXplorer. Analysis tool that broadcasts charts, financial data, market news, and earnings and loss reports from the world's leading companies.
-
TechAnalyzer. Analyzes price trends and patterns using 20 indicators, and offers strategies that have been thoroughly tested on historical data.
Advantages:
1
The company has been providing brokerage services since 1965 and has established itself as a reliable intermediary for trading on the financial markets.
2
Registration with the broker allows trading not only currency pairs and CFDs but also securities at international exchanges.
3
UTRADE’s clients can make transactions via mobile applications and Web-Trader, which allows trading without being tied to a stationary computer.
4
The broker allows the use of expert advisors (bots) to automate the trading process.
5
Passive investors can copy Forex trades using MT4’s trading signals and invest in ready-made asset portfolios designed for specific objectives, terms, and risks.
6
The company does not withhold non-trading commissions from clients, such as for payment transactions, account maintenance, provision of terminals, and delivery of quotes.
How to Start Making Profits — Guide for Traders
The UTRADE broker offers two types of accounts with leverage up to 1:20. The choice of account type depends on what platforms the client prefers to use in his work, either the universal classic MT4 or the broker’s proprietary terminals.
Account types:
Account Type
Description
UTRADE Delta
it’s an account for trading currency pairs and CFDs. For trading currency and CFD on indices, you need to deposit 5,000 SGD or its equivalent in US dollars. For CFD on shares, 3,000 SGD is required. Spreads on currencies start from
1.8 pips, while the CFD commission starts from 0.2% of the transaction amount.
MT4 account
This account has similar conditions to the UTRADE Delta account. The main difference is that trading is conducted with MetaTrader 4, not with the Delta proprietary terminal.
A demo account is 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 Forex broker that offers accounts for margin trading in securities, foreign exchange, and leveraged CFDs.
Bonuses Paid by the Broker
UTRADE offers a colossal array of bonus offers such as loyalty programs, trading commission rebates, and cash rewards for transferring assets from other brokerage companies. All of them are also available for traders who trade securities. Forex traders are not currently eligible for any bonuses.
Investment Education Online
Information
There is no separate training section on UTRADE's site. But you can find in the FAQs section a lot of information that may help you to master the trading of securities and assets on the Forex market. The site also has a Seminar section. It allows you to sign up for upcoming seminars which are temporarily converted into webinars due to the situation with COVID-19.
Information presented in the FAQs section
What information is missing on the UTRADE site
Description of different order types
Glossary of Forex terms
Definition of CFD
Psychology of trading
Explanation of basic terms such as leverage, margin, margin call, slippage
What is protection against negative balance
Detailed tutorials on trading platforms
How to calculate trading commission
Trading hours for different markets
The main features of different trading styles
How to trade with leverage using examples of currency pairs and different CFD types
How to use indicators and apply fundamental data analysis in practice
A demo account is an effective training tool that allows you to practice trading with virtual money. At the moment UTRADE offers demo accounts only for the MT4 terminal.
Security (Protection for Investors)
Information
The UTRADE brand belongs to UOB Kay Hian Pte Ltd which is a part of UOB Group financial holding. United Overseas Bank, one of Singapore's five largest banks, is also part of it.
The UOB Kay Hian entity is supervised by the Monetary Authority of Singapore (MAS), Singapore's main financial regulator, which is a division of the country's Central Bank. UTRADE is not only a licensed Capital Markets Services broker but also an officially registered financial advisor (Exempt Financial Adviser).
👍 Advantages
- The company uses segregated trust accounts to securely store customer funds
- Licensee is obliged to provide MAS with a full financial report annually
- Company's financial results are published on the website and are available for public review
👎 Disadvantages
- Full identity verification is required to open an account
- Broker does not cooperate with US residents or citizens
- Deposits and withdrawals to electronic wallets are not available
Withdrawal Options and Fees
-
To apply for a withdrawal of funds the client has to fill in and send a special form by fax or email.
-
The company’s financial department processes withdrawal requests the next day after receiving the filled-in form.
-
The funds to be withdrawn may not exceed the amount available for trading in the account.
-
Funds are transferred to the bank account specified during registration. There is no other way to withdraw funds.
-
Withdrawal fees can be charged by the bank but UTRADE doesn't charge for withdrawal from trading accounts.
Customer Support Service
Information
UTRADE’s support team is available from 8:30 to 17:15 (Mon-Fri) Singapore Time (SGT).
👍 Advantages
- Unregistered users can contact support operators
- Clients can ask questions in English
👎 Disadvantages
- Operates in 24/5 mode
- Chat window on the site is for sending questions to email, not for contacting the support team in real-time
- Snail-paced response time via email
This broker provides the following communication channels for its clients:
-
write in the Leave A Message window on the website or in a personal cabinet
-
send a question to email;
-
fill in the contact form in the Contact Us section;
-
use the company's Facebook messenger.
The Contact Us section of the site provides contact details for the Data Protection Officer (phone and email) and the Complaints and Claims Department (email).
Contacts
| Foundation date | 1996 |
| Registration address | UOB Kay Hian Pte Ltd, 8 Anthony Road, #01-01, Singapore 229957 |
| Regulation |
Monetary Authority of Singapore (MAS) Licence number: 197000447W |
| Official site | http://www.utrade.com.sg/ |
| Contacts |
Email:
contact@utrade.com.sg,
Phone: (65) 6536 9338 |
Review of the Personal Cabinet of UTRADE
It is impossible to create a personal cabinet on the site and in UTRADE mobile application without opening a trading account. You need to perform the following actions to register your account:
1
Visit the official site of UTRADE and click Open Account on any of its pages. The button is at the top of the page.
2
After that, you need to specify if you have a securities account with UOB Kay Hian and then select the type of account you want to open. If you don't have a securities account, you will still have to open one, even if you don't plan to trade that type of asset.
3
Then you need to enter your data in the registration form: name and surname (like in 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 capital.
5
Next, enter your investment goals and trading experience, as well as your referral code (if any).
6
At the final stage, the user is obliged to upload scanned copies of documents and filled in forms (CRS, W-8BEN-E, W-9).
7
After the approval of the account application (its consideration takes up to 5 working days) you will be able to enter the personal cabinet. To do that click on the button Log In at the top of the page and then enter your login and password.
This data comes by email, but you can change it later in your personal cabinet.
Overview of UTRADE’s personal account — Log in to your personal account/cabinet.
A trader can do the following actions in the personal account/cabinet of UTRADE:
-
Install the UTRADE Token application to generate a one-time security password.
-
Trade via the web terminal.
Also, in the client’s personal account the trader can:
-
Manage his account and make deposits and withdrawals.
-
View quotes “live” or every 15 minutes (depending on the selected exchange).
-
View reports on intraday transactions.
-
View statistics on portfolio investments.
-
Have access to research, analytics, and trading tools.
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FAQs
Do reviews by traders influence the UTRADE rating?
Any review can raise or lower the rating of any broker in the general list of brokers. To read reviews about UTRADE you need to go to the broker's profile.
How to leave a review about UTRADE on the Traders Union website?
To leave a review about UTRADE, register on the Traders Union website or you can also leave a review through Facebook.
Is it possible to leave a comment about UTRADE on a non-Traders Union client?
Anyone can leave feedback about UTRADE on multiple participating clients; however, Traders Union clients also receive additional payments later for working with any broker listed at the Forex market.
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