Utrade 2025 Review: Everything You Need to Know
Utrade, operated by UOB Kay Hian, is a broker that has been in the financial services industry since 1965. The broker offers a range of trading opportunities in forex, CFDs, and securities, catering primarily to experienced traders. However, user reviews indicate mixed experiences, with some praising its regulatory oversight while others express concerns about high fees and withdrawal issues.
Note: It is essential to recognize that Utrade operates under different entities in various regions, which may affect the services and regulations applicable to users. This review aims to provide a fair and accurate assessment based on various sources.
Rating Overview
We assess brokers based on user feedback, expert reviews, and factual data.
Broker Overview
Founded in 1965, Utrade, a subsidiary of UOB Group, is a Singapore-registered broker that provides trading services in forex, CFDs, and various securities. The broker is regulated by the Monetary Authority of Singapore (MAS), which is considered a tier-1 regulatory body. Utrade offers trading through platforms such as MetaTrader 4 (MT4) and its proprietary Utrade Delta platform. The range of tradable assets includes forex pairs, CFDs on stocks, indices, commodities, and ETFs.
Detailed Section
Regulated Regions: Utrade is primarily regulated in Singapore by the Monetary Authority of Singapore (MAS). The regulatory framework aims to ensure compliance with strict financial standards, providing a level of safety for traders.
Deposit/Withdrawal Currencies: Utrade supports deposits and withdrawals in SGD and USD. However, the withdrawal process can be cumbersome, as funds are only returned via wire transfer, which might incur additional bank fees.
Minimum Deposit: The minimum deposit requirement is SGD 3,000 (approximately USD 2,200), which some users find prohibitive, especially for beginners. This high entry barrier limits access for new traders looking to start with smaller amounts.
Bonuses/Promotions: Utrade does not prominently advertise bonuses or promotions, which may be a drawback for traders seeking incentives to open accounts or increase trading volume.
Tradable Asset Categories: Utrade offers a diverse range of tradable assets, including 44 currency pairs, CFDs on stocks from various international markets, indices, commodities, and ETFs. This variety allows traders to diversify their portfolios effectively.
Costs (Spreads, Fees, Commissions): The spreads start from 1.8 pips on major currency pairs, which is considered high compared to some competitors. Additionally, while there are no deposit or withdrawal fees, the overall trading costs can be higher due to the spreads.
Leverage: Utrade offers leverage of up to 1:20, which is on the lower side compared to other brokers that may offer higher leverage ratios. This limitation may not suit traders looking for aggressive trading strategies.
Allowed Trading Platforms: Utrade supports trading through MT4 and its proprietary Utrade Delta platform. Both platforms are available in mobile and web versions, catering to a wide range of trading preferences.
Restricted Regions: While Utrade is primarily focused on the Southeast Asian market, specific restrictions may apply to traders from certain countries. It is advisable to check the broker's website for any country-specific limitations.
Available Customer Service Languages: The customer support team primarily operates in English, with support available through email and phone. However, user reviews have noted slow response times and limited availability outside of business hours.
Repeated Rating Overview
Detailed Breakdown
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Account Conditions (5.4/10): The minimum deposit requirement of SGD 3,000 is a significant barrier for many potential traders. Additionally, the lack of cent accounts limits options for those looking to trade smaller amounts.
Tools and Resources (6.3/10): Utrade offers various analytical tools and research resources, including market news and trading signals, which are essential for informed trading decisions.
Customer Service and Support (6.0/10): While support is available, users have reported slow response times and a lack of real-time chat options, which can be frustrating during trading hours.
Trading Setup (5.0/10): The trading experience is hindered by high spreads and a lengthy account verification process, which can deter new traders from engaging with the platform.
Trustworthiness (7.0/10): Utrade is regulated by MAS, which adds a level of credibility. However, user reviews indicate concerns about withdrawal difficulties and high-pressure sales tactics.
User Experience (5.4/10): Overall user experiences vary widely, with some praising the platform's reliability while others report issues with fund withdrawals and account management.
In conclusion, while Utrade offers a range of trading options and benefits from strong regulatory oversight, potential traders should weigh the high minimum deposit and associated costs against their trading needs. As always, conducting thorough research and considering personal trading goals is crucial before engaging with any broker.
