iOCBCfx Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this iOCBCfx Review.
iOCBCfx has one type of live trading account – Leveraged FX Account. The broker also offers a iOCBCfxpro for professional traders, with a minimum initial deposit required: US$30,000, but with otherwise similar trading conditions. There is also a free 1-month demo account with US$100,000 virtual funds, available upon request.
The broker offers 35 currency pairs – major, minor and exotic and spot precious metals.
iOCBCfx also pays interest of 2% above prime lending rate on debit balances in clients’ accounts. The interest charge also applies to any funding of initial margin against a client’s collateral.
Compared to other local Singaporean brokers like UOBBF, the forex portfolio is comparable 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 Forex.com and Saxo Bank.
The Company. Security of Funds
Company Country Regulation
OCBC Securities Private Limited Singapore MAS
iOCBCfx is part of the company OCBC Securities Private Limited – a subsidiary of the Singaporean OCBC Bank. The group offers multiple types of banking and other financial services, including leveraged trading in forex.
The company is regulated by the Monetary Authority of Singapore (MAS) and holds a license for Leveraged Foreign Exchange Trading.
Among the 29 holders of such licenses in Singapore are major global forex brokerages like IG, Gain Capital, Oanda, CMC Markets, Saxo Bank, etc.
Minimum initial deposit
Unlike its Singaporean peer UOBBF, which has a rather high initial deposit requirement, iOCBCfx wants a deposit of S$1000. It is still a lot compared to, for example IG and Oanda, which requires just $1. Of course, there are other brokers like Fibo Group with an $300 deposit or TryMarkets who require $500.
Spreads and Commissions
iOCBCfx has fairly tight spreads starting from 0.9 pips, plus a commission of 1 pip per 10,000 per side. Compared to UOBBF, those conditions are far more favorable. They are also comparable to IG’s who have an average spread of 0.8 pips, but without commission.
iOCBCfx says it offers a leverage of up to 1:35, with the stipulation that margin requirements are periodically reviewed.
Other brokers operating in Singapore like IG and Oanda offers a leverage of 1:50. UOBBF offers a leverage of up to 1:20 on the EURUSD pair.
iOCBCfx offers the iOCBC trading platform. It is a multiasset proprietary platform that has options for trading in forex, indices, futures, equities, etc. It also provides analysis and charting tools, live market news and analysis, up to 4 years of price data with 79 technical analysis tools and 24 line studies. There are also mobile versions of the platform.
The broker, however, does not offer the popular MetaTrader platforms.
Methods of payment
Unlike most brokers, iOCBCfx accepts payments in cash, with cheque or Telegraphic Transfer (TT). Deposits can be made in US Dollar, British Pound, Swiss Frank, Singapore Dollar, Japanese Yen, Australian Dollar and Euro.
The broker does not provide other popular options like PayPal, Skrill or debit and credit cards.
iOCBCfx is a properly regulated Singaporean forex broker. Despite having a somewhat limited forex portfolio, when compared to other local forex brokers like UOBBF, it offers better trading conditions for retail clients: lower deposit, higher leverage, even though much lower than that of larger international brokers, and tighter spreads. In some respect they are comparable to those of the global players present in Singapore and can come in handy for those who wish to do business with a local broker.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
iOCBCfx Review Conclusion
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