Rating Index

Pros

Reliable regulation by the Monetary Authority of Singapore (MAS), ensuring a high level of safety for clients.

A wide range of assets available for trading, including forex, CFDs, and securities, catering to diverse investment strategies.

Comprehensive educational resources and market analysis tools, providing traders with valuable insights and support.

Cons

High minimum deposit requirement of 3,000 SGD (~2,200 USD), which may be a barrier for beginner traders.

Relatively high spreads starting from 1.8 pips on major currency pairs, making trading more expensive.

Complicated account opening process with a long verification period, requiring extensive documentation.

UTRADE broker Accounts

UTrade Account Type

UTrade offers a variety of account types to cater to different trading needs. The primary account type available is the Standard Account, which has the following features:

Minimum Deposit: $1,000
Leverage: Up to 1:500 for currency pairs, 1:200 for metals, and 1:100 for indices.
Spreads: Starting from 1.5 pips with no commission charged.
Minimum Lots: 0.01
Margin Call/Stop Out Level: 100% / 50%
Trading Platform: MetaTrader 5 (MT5)
Available Assets: Over 110 different asset types including CFDs on currency pairs, stocks, metals, and indices.

Unfortunately, UTrade does not currently offer a demo account for practice.

UTrade Broker Account Opening Process

To open an account with UTrade, follow these simple steps:

Visit the UTrade Website: Go to UTrade's official site.
Register: Click on the “Register Now” button and fill out the registration form with your personal details.
Document Verification: Upload required documents such as a valid ID and proof of address. Ensure to follow the instructions for identity verification.
Initial Deposit: Fund your account with the minimum deposit of $1,000 using available payment methods.
Start Trading: Once your account is approved, you will receive an email confirmation, and you can start trading on the platform.

For more details on account types and the opening process, please refer to the following sources: