Traders Union has analyzed financial markets for over 14 years, evaluating brokers based on 250+ transparent criteria, including security, regulation, and trading conditions. Our expert team of over 50 professionals regularly updates a Watch List of 500+ brokers to provide users with data-driven insights. While our research is based on objective data, we recommend that users perform independent due diligence and consult official regulatory sources before making any financial decisions.
Learn more about our methodology and editorial policies.
UTRADE Pros & Cons
- Reliable regulation by the Central Bank of Singapore.
- Vast array of assets for Forex trading.
- Availability of investment solutions for passive income.
- Quality analytics.
- Availability of an affiliate program.
- On-site training and 24/7 online support.
- Minimum deposit from 3,000 SGD (~2200 USD).
- High spreads on most accounts.
- A complicated verification process.
UOB Kay Hian (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.
TU Expert Verdict
UTRADE demonstrates moderate stability and can suit certain traders. Its conditions are acceptable, and feedback is mixed but reasonable. In my own tests, it performed adequately, though it lacks the consistency of higher-rated companies.
Top-5 Brokers Traders Prefer
UTRADE User Reviews
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Commissions and Fees
Score:We evaluate brokers' fees and spreads by assessing the costs associated with Standard and ECN/Raw spread accounts, including commissions and spreads. Additionally, our evaluation considers extra fees such as deposit/withdrawal charges and inactivity fees. Learn the assessment criteria8 /10The trading and non-trading commissions of UTRADE have been analyzed and rated as having Low fees, with a fees score of 8/10. Additionally, these commissions were compared with those of the top two competitors, OANDA and FOREX.com, to provide the most comprehensive information.
- Low Forex trading fees
- Tight EUR/USD market spread
- No inactivity fee
- No deposit fee
- No withdrawal fee
- Complex fee structure
Trading Fees and Spread
Below, we evaluated and compared the trading commissions of UTRADE with those of two competitors. We focused on the spreads and other transaction fees directly associated with executing trades (e.g commission per lot on an ECN account). This comparison aimed to provide a clear understanding of the cost efficiency of each broker.
Standard Account Spread
For Standard accounts, UTRADE’s commissions are part of the floating spread, which varies with market conditions. Typical values are provided, but during high volatility, the spread may exceed these.
UTRADE Standard spreads UTRADE OANDA FOREX.com EUR/USD min, pips 0.5 0.1 0.7 EUR/USD max, pips 1.1 0.5 1.2 GPB/USD min, pips 0.7 0.1 0.9 GPB/USD max, pips 1.1 0.5 1.4 RAW/ECN Account Commission And Spread
The spread on ECN/RAW accounts is market-based and fluctuates, with average values given during active hours. It may vary during volatility spikes. A commission per lot is also charged.
UTRADE RAW/ECN spreads UTRADE OANDA FOREX.com Commission ($ per lot) The commission is the fee charged by the broker for trading one standard forex lot (100,000 units of the base currency). 5 3.5 5 EUR/USD avg spread 0.1 0.15 0.2 GBP/USD avg spread 0.1 0.2 0.4 Non-Trading Fees
We conducted a detailed analysis of the non-trading fees associated with UTRADE. This review offers a comprehensive overview of the additional costs that may impact traders beyond regular trading activities.
UTRADE Non-Trading Fees UTRADE OANDA FOREX.com Deposit fee, % The indicated amount does not include possible fees from payment systems and banks. 0 0 0 Withdrawal fee, % The indicated amount does not include possible fees from payment systems and banks. 0 0 0 Withdrawal fee, USD The indicated amount does not include possible fees from payment systems and banks. 0 0-15 0 Inactivity fee ($, per month) 0 0 15 -
Is UTRADE Safe?
Score:We evaluate brokers' safety based on several key criteria. The highest value is placed on regulation, especially Tier 1 regulation, which ensures adherence to stringent standards set by top financial authorities like the FCA in the UK, CFTC in the US, CySEc and BaFin (EU) or ASIC (Australia). High scores are also given for participation in investor protection funds, which safeguard clients' funds in case of broker insolvency. Learn the assessment criteria9 /10UTRADE has a safety score of 9/10, which corresponds to a High security level. The safest brokers are those with Tier-1 regulation, a long history (over 10 years in the market), and participation in investor compensation schemes.
- Tier-1 regulated
- Negative balance protection
- Track record over 30 years
- Strict requirements and extensive documentation to open an account
UTRADE Regulators and Investor Protection Abbreviation Full Name Country of regulation Investor Protection Fund Regulation Level MAS
Full Name Monetary Authority of Singapore Country of regulation Singapore Investor Protection Fund No specific fund Regulation Level Tier-1 UTRADE Security Factors Foundation date 1996 Negative balance protection YesVerification (KYC) Yes -
Account Types
Score:We evaluate a broker’s account offering by analyzing the range and suitability of available account types and how effectively they cater to different trader profiles and strategies. Our assessment covers the diversity of account options — including Standard, ECN/Raw, Cent, Swap-Free (Islamic), and VIP accounts — as well as the flexibility of trading conditions provided. Learn the assessment criteria.5.4 /10UTRADE offers the following account options: Standard, ECN/Raw spread.
However, it does not provide a Cent account, which can be a disadvantage for beginners looking to practice with minimal risk.
- Low minimum deposit
- Standard account with balanced trading conditions
- Tight spread ECN account
- No Cent account
- Micro lots are not available
UTRADE account types vs top competitors UTRADE Trading.com Plus500 Standard YesYesYesECN/Raw spread YesNoNoDemo NoYesYesCent NoNoNoMicro NoNoNoSwap Free NoNoNoVIP NoNoNoManaged NoNoNoUTRADE accounts trading conditions
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.
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Deposit and Withdrawal
Score:This section assesses the efficiency, speed, and affordability of brokers’ transaction processes, focusing on available methods, currencies, and fees. For further details, please refer to our data-focused methodology4.5 /10UTRADE received a Low score for the efficiency and convenience of its deposit and withdrawal processes.
UTRADE offers limited payment options and accessibility, which may impact its competitiveness.
- No deposit fee
- Minimum deposit below industry average
- No withdrawal fee
- Bank wire transfers available
- BTC payments not accepted
- Limited deposit and withdrawal flexibility, leading to higher costs
- BTC not available as a base account currency
What are UTRADE deposit and withdrawal options?
UTRADE offers a limited selection of deposit and withdrawal methods, including Bank Card, Bank Wire. This limitation may restrict flexibility for users, making UTRADE less competitive for those seeking diverse payment options.
UTRADE Deposit and Withdrawal Methods vs Competitors UTRADE Trading.com Plus500 Bank Wire YesYesYesBank card YesYesYesPayPal NoNoYesWise NoNoNoBTC NoNoNoWhat are UTRADE base account currencies?
A wide range of base account currencies minimizes the need for currency conversion, potentially reducing transaction costs. UTRADE supports the following base account currencies: USD, SGD.
What are UTRADE's minimum deposit and withdrawal amounts?
The minimum deposit on UTRADE is $3000, while the minimum withdrawal amount is $1. These minimums may vary depending on the chosen account type and payment method. For specific details, please contact UTRADE’s support team.
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Markets and Tradable Assets
Score:The evaluation in this section is based on the TU methodology and reflects the total number and variety of tradable assets offered by the broker, including Forex currency pairs. It also considers the availability of passive income tools such as PAMM accounts, copy trading, and similar services. All information is obtained from publicly available sources and may change. Learn the assessment criteria5.5 /10UTRADE offers a limited selection of trading assets compared to the market average. The platform supports 0 assets in total, including 50 Forex pairs.
- Commodity futures are available
- ETFs investing
- 50 supported currency pairs
- Copy trading not available
- Limited asset selection
Supported markets vs top competitors
We have compared the range of assets and markets supported by UTRADE with its competitors, making it easier for you to find the perfect fit.
UTRADE Trading.com Plus500 Currency pairs 50 69 60 Total tradable assets The total tradable assets listed include all available instruments, including CFDs. Due to regional restrictions, certain CFDs may not be offered in some countries. For example, cryptocurrency CFDs are banned in the UK, and the U.S. has restrictions on CFDs. 69 2800 Stocks YesNoYesCommodity futures YesNoYesCrypto Cryptocurrency CFDs are restricted or prohibited in certain regions due to regulatory limitations. These include the United Kingdom, China, Egypt, the United States and Canada. NoNoYesStock indices YesNoYesOptions NoNoYesInvestment options
We also explored the trading assets and products UTRADE offers for beginner traders and investors who prefer not to engage in active trading.
UTRADE Trading.com Plus500 Bonds YesNoNoETFs YesNoYesCopy trading NoNoNoPAMM investing NoNoNoManaged accounts NoNoNo -
Trading Account Opening
Score:We evaluated Trading Account Opening at UTRADE by testing the registration process under real conditions, including opening an account and funding it with the minimum required deposit (but no less than $100). Our assessment considered whether onboarding was fully online, the average registration time, the speed of KYC verification, and how quickly traders could activate their accounts. Learn the assessment criteria.5 /10We successfully registered an account with UTRADE in 25 minutes. The KYC verification was completed within 2 business days. The minimum deposit amount at UTRADE is $3000. The onboarding procedure works as expected, although there is room for improvement in speed and simplicity.
- Low minimum deposit requirement
- Fully online account opening process
- Registration process may take longer than expected
- Account approval may require extra time depending on the documentation.
UTRADE account opening UTRADE Trading.com Plus500 Online Registration YesYesYesMinimum deposit $3000 $50 $100 Mandatory KYC YesYesYesRegistration time (min) 25 20 KYC time (days) 2 2 3 Is UTRADE available in my country?
If you are a citizen of United States, the broker accepts clients from your country.
Please note that availability may vary due to regulatory requirements, so we recommend confirming directly with the broker for the most accurate and up-to-date information.
Account opening details
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:
Visit the official site of UTRADE and click Open Account on any of its pages. The button is at the top of the page.
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.
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.
After that, the broker asks for tax and financial information, employment details, annual income, and available capital.
Next, enter your investment goals and trading experience, as well as your referral code (if any).
At the final stage, the user is obliged to upload scanned copies of documents and filled in forms (CRS, W-8BEN-E, W-9).
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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Customer Support
Score:We evaluated Customer Support at UTRADE by opening a real account funded with the minimum required deposit (no less than $100) and contacting support to measure response time under real conditions. Our assessment considered contact channels, response speed, multilingual support, and availability hours. Learn the assessment criteria6.3 /10Customer support at UTRADE is available, but response speed and service quality may vary. Some requests are handled efficiently, while others may require follow-ups.
During testing, response times were moderate, and communication depended on the complexity of the request. UTRADE provides basic support functionality but does not stand out in overall service performance.
InformationUTRADE’s support team is available from 8:30 to 17:15 (Mon-Fri) Singapore Time (SGT).
- Unregistered users can contact support operators
- Clients can ask questions in English
- 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:
197000447WOfficial site http://www.utrade.com.sg/ Contacts contact@utrade.com.sg (65) 6536 9338
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FAQs
How secure is trading with UTRADE in terms of regulation and client protection?
UTRADE has a safety score of 9/10 and is regulated by the Monetary Authority of Singapore (MAS), which is classified as a Tier-1 regulator in this review. The broker has been operating since 1996, applies mandatory KYC, and offers negative balance protection, but there is no specific investor compensation fund mentioned in the section.
What commissions and spreads does UTRADE charge on its forex trading accounts?
According to this review, UTRADE’s overall fee level is rated 8/10, with low forex trading fees, tight EUR/USD spreads, and no inactivity, deposit, or withdrawal fees. On Standard accounts, typical EUR/USD spreads range from 0.5 to 1.1 pips and GBP/USD from 0.7 to 1.1 pips, while RAW/ECN accounts show average spreads of 0.1 pips on EUR/USD and GBP/USD plus a $5 commission per lot.
What types of forex trading accounts does UTRADE offer and how do they differ?
UTRADE provides Standard and ECN/Raw spread accounts for forex trading, with leverage up to 1:20 and a low minimum deposit, but it does not offer Cent, Micro, swap-free, VIP, or managed accounts. The UTRADE Delta and MT4 accounts share similar conditions, with spreads on currencies starting from 1.8 pips and CFD commissions from 0.2% of the transaction amount, while micro lots are not available.
How does the UTRADE account opening process work and what do reviews say about its speed?
The review notes that opening an account with UTRADE is fully online, took 25 minutes for registration, and about 2 business days for KYC verification, with a minimum deposit of $3000. It also mentions that account approval can take up to 5 working days depending on documentation, and that some aspects of the process could be faster and simpler.
What do reviews and feedback indicate about UTRADE’s customer support availability?
The review describes UTRADE’s customer support as available but with moderate response times and service quality that can vary by request complexity. Support operates in a 24/5, business-hours model (8:30–17:15 SGT, Mon–Fri) via web messages, email, contact forms, and Facebook Messenger, and email replies are characterized as slow in this section.
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