de | cn | ru

UOB Kay Hian Review – is it scam or safe?

UOB Kay Hian Review – is scam or safe forex broker?

RATING: 3 / 2 REVIEWS ForexBrokerz UOB Kay Hian


Trading Accounts


Account type Minimum deposit Minimum trade size Maximum leverage Average spreads
Leveraged margin trading account S$5 000    1:50 1.8 pips


UOB Kay Hian (UOBKH) has just one type of live trading account, plus a demo account.


The broker offers trading in nearly 40 forex pairs – major, minor and some exotics, plus pairs with the SGD for Singapore residents and spot metals.


Compared to other Singaporean brokers like UOBBF and iOCBCfx, the forex portfolio of UOBKH is similar in size, but this is not the case when compared with global retail brokers present on the market. IG, for example, has hundreds of products across thousands of markets and so do and Saxo Bank.



The Company. Security of Funds


Company Country Regulation
UOB Kay Hian Pte Ltd. Singapore MAS


UOB Kay Hian is the other brokerage subsidiary of the Singapore financial group United Overseas Bank (UOB), along with UOB Bullion and Futures Limited. Both companies have a license from the Monetary Authority of Singapore (MAS) for Leveraged Foreign Exchange Trading.


Among the 29 holders of such licenses in Singapore are major global forex brokerages like IGGain CapitalOandaCMC MarketsSaxo Bank, etc.



Trading conditions


Minimum initial deposit

UOBKH lists the sum of S$5 000 as a minimum deposit requirement and the $2800 as the sum needed to open a trade. Our guess is that the discrepancy is due to a the fluctuations in the exchange rate between the two currencies, even though the difference is more than $700.


When compared to other local forex brokers, UOBKH stands somewhere in the middle ground between UOBBF and iOCBfx, but the deposit requirement is rather high in comparison to large international forex brokers. IG and Oanda, for example, require just $1, while FXTM and XM require $5. There are others with higher requirements, like HYCM and easyMarkets who require $100 and Fibo Group with $300.


Spreads and commissions

UOBKH offers variable spreads. The starting spread for the most popular forex pair – EURUSD is 1.8 pips. According to the broker's site, for other pairs the spreads start from around 2 pips. There is no information about additional commissions.


In comparison to other local brokers, UOBKH's spreads are fairly attractive. The large global forex brokers active on the Singapore market, like IG, though, offer even more attractive spreads starting from 0.8 pips.



UOBKH offers leverage of up to 1:50, which, compared to other local forex brokers, is the highest among them. The global forex brokerage IG also offers 1:50 in Singapore, even though it usually offers up to 1:200.



Trading platform


Unlike some of its Singapore peers, UOBKH offers the very popular trading platform MetaTrader 4 (MT4).


Additionally, the broker provides its proprietary UtradeFX Elite platform. It supports NDD trading, offers 44 forex pairs and instant order execution. According to UOBKH, the platform is based on the Currenex Viking platform.




Methods of payment


UOBKH has a rather limited set of payment options. It accepts payments through bank transfer (only certain banks), cash, cheque, telegraphic transfer and FAST Internet funds transfer. Other popular payment methods like PayPal, for example, are not available.





Unlike its peer from the UOB group UOBBF, UOBKH is solely a forex broker and it does not offer other instruments besides forex pairs. Judging by the trading conditions, it is targeting mainly retail investors, even though the initial deposit requirement is not among the lowest. On the other hand, the spreads are fairly attractive. The offering of MT4 is also a significant plus, in opposition to some of the other local forex brokers.


Pros Cons
MAS regulation Limited payment methods
MT4 High deposit
Favorable spreads  



Latest news about UOB Kay Hian
No news about UOB Kay Hian. Check back later.
Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Cyprus, SVG CySEC MT5, Web,
$100 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5, Iress $100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Hong Kong SFC MarketSpeed FX,
Trading Station
$1 Review

Traders` reviews for UOB Kay Hian
















Price feed















Customer service










Got cheated on it's financing terms

Went for a seminar and they mentioned that if one short and hold a US Index, the institution will be paying me a daily interest rate, assuming I can't close my position.

Put it to the test and it was true, interest was accrued and credited to the account.

Few months down the line I decided to close all positions and withdraw my money. They told me the interest should be paid to them, a mistake which they have been making until I wanted to close my account.

If I had known earlier I will need to pay interest to hold my position, I would have traded very differently.

Lee 08/04/2019

Demo Account Observation

Could be lack of liquidity that the platform shutdown often when I buy/sell with 100K size lot.
Often unable to login between Lunch time and Dinner recently.
Inconsistent charts displayed sometimes.
No separate commission means trades are directed to market-maker(s) who then pay them the commission(s).
So we are paying more indirectly.
No market depth displayed as there could be a liquidity restriction issue with this broker.

Lee Joo Mong 12/10/2017
de | cn | ru