Utrade Malaysia - Is It a Good Broker in 2024?
Forex trading has risen in popularity, and many people are starting to consider investing large sums of money in forex. Like with anything else, beginners can fall easy prey to scams and unreliable financial strategies.
Most people who do well in forex trading don’t do it independently; they use forex trading companies. These companies are growing year by year and are available all over the world. Utrade has caught people’s interest in Malaysia, and we’re here to analyze it for you.
When you’re trying to find a reliable, reputable company to trade with, it’s crucial that you know its strengths, weaknesses, policies, fees, and reviews before making your final decision. In this article, you’ll find all that information so that you can start making decisions about forex trading with a sound mind.
Utrade Malaysia - Is It a Good Broker in 2024?
Utrade was originally founded in Singapore in 1965. It has multiple entities across Asia, which are all regulated by the Monetary Authority of Singapore. Utrade expanded and now has an entity in Malaysia, which will be the main focus of this article.
Unlike other forex brokerage companies, Utrade Malaysia is not very transparent about its regulating bodies or licensures. You might spend hours online trying to find this information to no avail, even their website is unclear about these topics. One thing that is published though, is that Utrade Malaysia will stop trading its securities and this greatly affects investors.
The statement reads, “Bursa Malaysia has rejected TH Heavy Engineering BHD (KLSE: 7206) application for a further extension of time to submit its regularisation plan. Trading of its securities will be suspended on December 9, 2021 onwards and the company will be delisted on December 13, 2021 unless it submits an appeal by December 8, 2021.”
This is important information for investors like you to be aware of to know what’s going on with the regularisation of Utrade Malaysia. Depending on which date you read this, visit their website to follow up on this and find out whether they submitted an appeal. If they didn’t then, it wouldn’t be wise to invest with Utrade Malaysia since the trading of its securities was suspended by a regulating body.
Utrade Malaysia - General Information
Here is some general information about trading with Utrade Malaysia. It will be helpful for you to know what currencies they use, the minimum deposits expected, and more.
Unlike Utrade Singapore that only has USD & SGD currencies, Utrade Malaysia offers USD, EUR, GBP, and CAD currencies. This enables you to trade with stronger currencies and makes it easier for international forex investors to use their own currencies instead of depending on the US dollar.
Learn more about currency pairs-
💰 Account currency:
USD, SGD
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🚀 Minimum deposit:
$3,000
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⚖️ Leverage:
Up to 1:20
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💱 Spread:
Floating, from 1.8 pips
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🔧 Instruments:
CFD, Forex, Stocks, Futures
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💹 Margin Call / Stop Out:
100%/50%
Utrade Malaysia Pros and Cons
Here are some of the pros and cons of trading with Utrade Malaysia. These are some of the most important advantages and disadvantages of using this forex brokerage company.
👍 Pros
• Mobile app for forex trading
• Reasonable leverage rates
• Access to many stock exchanges
• Daily market reports with market analyses on their website
• Good asset variety
• Wide range of trading tools
👎 Cons
• Long, arduous registration process
• High brokerage fees and commission
• Limited global exchange options
Every forex brokerage company has its pros and cons, it’s up to you to decide which disadvantages are deal breakers for you so that you can choose a company that you’re most comfortable with.
Utrade Malaysia Review
Utrade Malaysia offers investors quite a few trading platform options. You can trade the following:
ETFs (you can trade up to 500 assets)
Stocks (access to 9 global markets)
Forex (low spreads of 0.8 pips)
CFDs (you can trade up to 500 assets)
Bonds (access to over 300 different types of bonds)
Unit Trust (funds managed by over 20 asset management companies)
There are three main types of accounts that you can open. Here is a summary of your options:
Utrade Plus: You pay cash upfront before you can start trading. This account offers very low fees and commission rates than the other options on this list. Forex traders can only trade with SGX.
Utrade Edge: This account gives you access to markets in Hong Kong, Singapore, the United States of America, and Malaysia. It also has lower fees than the Securities trading account, though it still has higher fees than Utrade Plus.
Securities Trading: This one is the most basic trading account, and it’s also a good option for beginners in forex trading. This account gives users access to unit trusts, EFTs, bonds, and equities. These markets are in Hong Kong, Singapore, the USA, and Malaysia.
Utrade Malaysia - Fees
Read more about brokerage feesUtrade Malaysia’s fees are similar to the ones from Utrade Singapore. Like with other forex brokerage companies, the fees vary depending on the account type, trading form, and instruments used.
Here’s a brief overview of the fees (in SGD) you could expect to incur:
Edge Account
1. Minimum 18 SGD
2. 0.18% commission
1. Minimum 25 SGD
2. 0.275% commission (for accounts less than 50,000 SGD)
3. 0.22% commission (for accounts between 50,000-100,000 SGD)
4. 0.1% commission (for accounts over 100,000 SGD)
Plus Account
1. Minimum 10 SGD
2. 0.12% commission
The more money is on your margin account, the lower your commission fees, so that’s a nice perk for people who intend to invest large sums of money.
Is Utrade Malaysia Regulated? Is This Сompany Safe?
How to Avoid Scam? Learn more about itUtrade Malaysia is fully regulated by the Monetary Authority of Singapore which ensures that clients have insurance and protection on their investments. The Monetary Authority of Singapore ensures that the companies it regulates have client protection policies in place.
These measures are set in place to provide you with cybersecurity protection. This includes data encryption, intrusion detection systems, and firewalls with robust safety checks. The other client protection policies are there to protect your investments and provide you with insurance on your capital.
All the funds you put in your account are placed in a segregated trust account that provides extra protection for your investments.
Summary: Is Utrade Malaysia a Good Broker?
Utrade Malaysia is not the holy grail of forex brokerage companies. Utrade has gotten many negative reviews from previous clients and current users, which could raise a few red flags. It is also losing its license for trading its securities, which could be finalized on December 13, 2021.
Utrade Malaysia is not a good broker to invest with, it would be best for you to try your luck elsewhere with a company with less regulatory issues and better reviews.
FAQs
How do I withdraw money from my Utrade account?
Use the Utrade platform to log into your account to withdraw the desired amount. The money needs to be transferred to your bank account so make sure that you double check that your bank account details are correct.
What are the payment methods for forex trading?
There’s a wide variety of options for you to choose from. Here are a few:
PayNow
Cheque
Direct bank transfer
Telegraphic transfers
UOBKH trust account
What’s the maximum number of stocks I can order?
For US markets, the cap is 100,000, for non-US markets, you get 500,000 stocks per order. Just make sure that you check which stocks belong to which markets before you pay for a certain number of stocks.
With this information, you should be able to make an informed decision about investing with Utrade Malaysia. Just like any forex brokerage company, it has its pros and cons, red flags and green flags. Depending on the types of forex platforms you’re interested in, Utrade could be a good option for you, just make sure that you do more market research to compare what they offer to what others offer.
Team that worked on the article
Glory is a professional writer for the Traders Union website with over 5 years of experience in creating content in the areas of NFT, Crypto, Metaverse, Blockchain, or Web3 in general. Over the last couple of years, Glory has also traded on different cryptocurrency and NFT platforms including Binance, Coinbase, Opensea, and others.
“I understand a lot about this space, being familiar with CEX, DeFi, and DEX, as well as operating across the Ethereum, Binance, and Polygon networks. Also, I know the intricacies and subtleties of NFTs and crypto, thus I am able to bring to table the best content and help connect with the audience better.”
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
Olga’s motto: Do well and you’ll be well!
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.