What are the operating hours of KGI Securities (Singapore) Pte. Ltd.?
KGI Securities (Singapore) Pte. Ltd. operates from Monday to Friday, 9.00 am to 6.00 pm. However, our Dealing Desks provide 24-hour broking, execution and clearing services to all our clients, even on Singapore public holidays.
What licenses does KGI Securities (Singapore) Pte. Ltd. hold?
KGI Securities (Singapore) Pte. Ltd. holds the Capital Market Services (CMS) license under the Monetary Authority of Singapore (MAS) and the Commodity Broking License under International Enterprise (IE) Singapore. Besides that, we are also a clearing and trading member with Singapore Exchange Derivatives Trading Limited (SGX-DT) and a general clearing member of ICE Futures Singapore (Formerly SMX).
Are my funds safe with KGI Securities (Singapore) Pte. Ltd.?
Yes your funds are safe with KGI Securities (Singapore) Pte. Ltd.. All customer funds are segregated from the company’s account and maintained in a Trust Account.
KGI Securities (Singapore) Pte. Ltd. keeps clients’ funds in a trust account, which are not commingled with its own house funds. This is in accordance with section 104 of the Securities and Futures Act (‘SFA”) which requires that a CMS license holder to handle clients’ monies and assets in line with regulations prescribed by the MAS. In addition, section 104A of the SFA provides that clients’ monies and assets cannot be used for payment of the CMS license holder’s debts.
What are the margin requirements for the contracts that I wish to trade?
For a detailed margin list of the contracts, you may contact the Marketing Desk at +65 6202 1188 or email [email protected]
What kind of basic trading approaches are there?
There are basically two trading approaches, short term trading and long term trading. In general, short term trading includes taking a position for a few minutes, an hour or a day while long term trading can stretch from several days to several weeks.
Who can I contact for enquiries on trading?
For information on how to start trading, you may contact our Marketing Desk at +65 6202 1188 or email [email protected].
What are the main risks involved in trading foreign exchange with KGI Securities (Singapore) Pte. Ltd.?
Transactions in leveraged forex carry a certain degree of risk. Due to it being highly leveraged, a relatively small market movement will have a proportionally larger impact on the funds you have deposited or will have to deposit. This may work well for you as well as against you. In addition, certain-reducing orders or strategies such as the placing of stop loss orders or stop limit orders may not be effective because market conditions may make it impossible to execute such orders.
Where can I view the swap points earned or lost for my currency pair?
You may view the swap points in your daily account statement when you login under KGI E-Statement. If you are interested to know the swap points for a particular currency pair, please contact our Forex Desk at +65 6202 1838.
After receiving a margin call, do I still need to top up my funds if market movement goes in my favour?
If the market movement is in your favour and it covers the margin call amount at market close, you need not top up funds for margin call.
How can I open a trading account with KGI Securities (Singapore) Pte. Ltd.?
There are two ways to open a trading account with us:
1) Online Account Opening Form - Please visit here, select“Apply Online”under the type of trading account you wish to open and fill up the form accordingly.
2) Manual Forms -
- Complete and sign the application form, which can be downloaded here
- Submit the application form to the address below
- Fund the account
You may mail the completed application form (Attn.: Client Services) or drop by our office personally between 9:00am – 6:00pm from Monday to Friday:
KGI Securities (Singapore) Pte. Ltd.
4 Shenton Way
#13-01, SGX Centre 2
If you need further assistance, please contact us at +65 6202 1730/ 1731/ 1732/ 1733 or email us at [email protected]
What are the account opening requirements?
You need to be above 21 years of age. The documents required are listed below:
|Account Type||Nationality||Required Documents||Minimum Initial Deposit|
Individual / Joint Accounts
*Note: Additional document(s) may be required for compliance purposes
*Note: Additional document(s) may be required for compliance purposes
What are the additional procedures for non-face-to-face account opening?
Our Operation Department personnel will contact you through telephone call to verify your identity. Following the verification-call, the customer is required to provide the necessary supporting documentations by mail to the Company, before opening the account. Verification of customer’s identity is necessary in carrying out customer due diligence.
How long does it take to process the account opening?
The normal processing time is between 3 to 5 business days, upon the receipt of all necessary documents and the clearing of the initial deposit.
What is the trading limit?
The trading limit depends on the amount of capital deposited. For details, please contact our Risk Management Department – Credit Team at +65 6202 1748/ 1749.
Where can I view my daily account statement?
Will interests be charged to my account if it is in deficit?
Any deficit currencies will be charged interest on a daily basis.
Will KGI Securities (Singapore) Pte. Ltd. execute auto currency conversion to cover the deficit?
KGI Securities (Singapore) is unable to do any conversion without the client’s consent. Clients may call the Forex Desk at +65 6202 1838 for the latest conversion rates.
Top-Up And Withdrawal
How do I top-up my KGI Securities (Singapore) Pte. Ltd. Account?
Simply make a Telegraphic Transfer and you're ready to start trading.
You are free to withdraw your funds anytime, click here.
Can I use other currencies to top-up my account?
How do I make a withdrawal?
Withdrawals can be made by contacting our Operation Department from Monday to Friday, 9.00am to 5.30pm. Please note that withdrawal instructions received after the cut off time of 11:00am (Singapore time) can only be processed the following working day.
You can contact our Operation Department via one of the methods below:
Telephone: +65 6202 1730 / 1731 / 1732 / 1733
Fax: +65 6534 4826
Email: [email protected]
How long does KGI Securities (Singapore) Pte. Ltd. take to process withdrawals?
SGD and USD:
- Withdrawal requests received before 11:00am (Singapore time) will be processed within the same day.
- Withdrawal requests received after 11:00am (Singapore time) will be processed the next business day.
Currencies other than SGD and USD:
- Withdrawal requests will be processed within 1 to 2 business days.
Update of Personal Particulars
How can I update my personal particulars such as contact number and employment details?
You can update your personal particulars at our office or by downloading the Update Particulars Form and submitting it to us in person, via email or via mail along with a copy of your Identification Document (Identity Card – for Singaporean/Singapore PR/Malaysian or Passport – for other Nationality).
Please ensure that your signature on the form is consistent with the signature in our records to prevent any delays in processing.
*Kindly be informed that for the update of name/IC Number/Passport Number/Nationality/PR Status/Signature, face-to-face verification is required in the presence of an Account Management Officer.
What is FX trading?
Forex trading refers to the exchange of one currency against another between 2 parties with the aim of profiting from the fluctuations in the exchange rate. Forex trading is primarily carried out by buying or selling to initiate a trade.
What is spot FX trading?
Forex traded on a spot basis is contracted for immediate delivery (usually within 2 days).
What is forward FX trading?
Forex traded on a forward basis is contracted for settlement at a predetermined future date.
What is Foreign Exchange (Forex/FX) margin account?
A Foreign Exchange margin account allows you to trade foreign exchange over-the-counter on a margin basis. By nature of leveraging, you may trade in financial instruments with contract values larger than your capital outlay. The margin required in FX is to cover the price risk of the portfolio for a specified period. It is similar in concept with a futures margin account.
What is margin deposit?
Margin deposit allows participation in trading by having only a portion of the value of the contract in the account. In general, the margin requirement for each currency pair is benchmarked to that of the corresponding FX futures. Ultimately, margin requirements are set by KGI Securities (Singapore) Pte. Ltd..
What does marked-to-market mean?
Marked-to-market pricing for FX (MTM) are payable based on settlement prices at the end of each trading day. All outstanding positions will be revalued daily based on their respective settlement prices. Any unrealized profit or losses will then be marked against the equity in your account.
What happens when there is a margin call?
In the event that the total net equity in your account drops below the maintenance margin level, there will be a margin call.
You can either:
- Liquidate or reduce your position(s), or
- Bring in additional funds to increase your equity above or equal to the initial margin level.
Most traders / investors place their deposits higher than the required margins to provide buffer against abnormal market movements and prevent frequent margin calls.
Can my margin deposit be in any other currencies?
If you wish to top-up your account with currencies other than SGD and USD, kindly contact our Operation Department at +65 6202 1730/ 1731/ 1732/ 1733 or email [email protected].
How will currency conversion be done?
Currency conversion will be done at your request, at the prevailing rate of exchange quoted by KGI Securities (Singapore) Pte. Ltd.. Clients may call the Forex Desk at +65 6202 1838 for the latest conversion rates.
What is the minimum FX trading contract size?
The minimum contract size is 10,000 (0.1 lot) for most currency pairs.
How do I calculate Profit & Loss?
Profit is made by buying low and selling high. If you are bearish, short selling is possible in the FX market. The formula is as follows (excluding commission and daily swap adjustments):
Profit / Loss= ( Selling Price - Buying Price ) x Contract Size
Profit and loss will be in the counter currency of the contract.
Bought 3 contracts of USD / JPY @116.00
( i.e. bought USD300,000 against JPY at the price of JPY116 per USD )
Sold 3 contracts of USD / JPY @117.00
( i.e. sold USD300,000 against JPY at the price of JPY117 per USD )
Profit / Loss ( JPY )= ( Selling Price- Buying Price ) x Contract Size
= ( 117.00-116.00 ) x 300000
= JPY300, 000
Therefore a profit of JPY300, 000 is made.
Sold 5 contracts of GBP / USD @2.0300
( i.e. sold GBP500,000 against USD at the price of USD2.0300 per GBP )
Bought 5 contracts of GBP / USD @2.0250
( i.e. bought GBP500,000 against USD at the price of USD2.0250 per GBP )
Profit / Loss ( USD )= ( Selling Price- Buying Price ) x Contract Size
= ( 2.0300-2.0250 ) x 500000
= USD2, 500
What is swap?
In Forex trading, this refers to the difference in interest rates between 2 currencies.
How are swap point adjustments carried out?
Different currencies carry different interest yields. When you are holding a FX position, you have bought (long) one currency and sold (short) another currency simultaneously. If you carry your position overnight, you will be receiving interest on the currency you bought (long) and paying interest on the currency you sold (short). The daily swap point adjustment reflects the interest differential of the two currencies you hold.
You bought (long) NZD100, 000 and sold (short) JPY 100,000 at an exchange rate of 89.00.
Assuming that the NZD interest rate is 8% and the JPY interest rate is 0.5%, you would be receiving 8% for your NZD and paying 0.5% for your JPY. This results in a net interest (swap point) gain if you carry your position into the next day.
Based on the assumption on interest rate differential above, the net interest swap gain calculation is as shown below
- Spot rate x ( NZD interest rate receivable – JPY interest rate payable ) / 360
Contracted exchange rate= 89.00
NZD interest rate receivable= 8%
JPY interest rate payable= 0.5%
The net interest swap point gain is:
89.00 x ( 8% - 0.5% ) / 360 = 1.85417%
Net interest receivable / payable is calculated by: Swap point x Contract size
Thus, you would receive:
1.85417 x 100,000 = JPY 1,854 for carrying the long NZD / JPY positioning into the next day.
This is also known as positive carry.
What is the roll-over of position?
Most spot FX trades are valued 2 business days later with the exception of USD / CAD, which is valued 1 business day later. This means that if you bought GBP100, 000 against the USD at 2.0300, you will have to deliver USD203, 000 2 business days later.
In leveraged trading, there is no such delivery on the value dates. All outstanding positions that have crossed the current trade date would be rolled over to the next spot value date. This would be done every day until the positions are closed.
What currency pairs does KGI Securities (Singapore) Pte. Ltd. offer?
KGI Securities (Singapore) Pte. Ltd. offers over 30 currencies pairs (including the G7 majors, crosses and exotics currencies), some of which are listed below. For more details, you may click here or call our Forex Desk at +65 6202 1838.
|G7 MAJOR||CROSSES||EXOTICS AND OTHERS|
All JPY Crosses
All SGD Crosses
What are the spreads quoted by KGI Securities (Singapore) Pte. Ltd.?
Competitive spreads from as low as 1 pip (subject to market conditions) onwards on major currency pairs.
How much commission do I need to pay per trade?
The commissions you pay differ between the various products and Exchanges. We offer very competitive rates across all products. The commissions and margins required may change from time to time based on Exchanges requirements and the company’s policies. Please call us at +65 6202 1188 or email us at [email protected] if you need further assistance.
Can I appoint someone to trade on my behalf?
Yes, you may wish to appoint a Power of Attorney (POA). You and the appointed party are required to sign the Power of Attorney Form. In the event that you wish to revoke your mandate, you can send us a letter of mandate revocation.
The POA and the beneficial owner must be related in either one of the following ways:
- Immediate family members/Relatives
- Employer - employee relationship or
- Licensed persons (financial advisory or fund management Services).
How do we calculate profit and loss?
As in all trading activities, buying low and selling high earns you profits. Short selling is also an alternative when you have a bearish view of the market. The basic formula (excluding commission) for calculating profits and loss is as follows:
Profit / Loss = (Selling Price - Buying price) X contract size
How do I place orders?
How do I place a trade via phone call?
Simply call our Dealing Desks, state your account number, order, contract month (for NDFs), quantity, and order buy or sell.
How can I confirm that the orders I placed are done?
You may call our Dealing Desks to confirm the trades done.
Will I receive confirmation for my trades executed?
You will receive your daily, monthly and quarterly statements via email or hardcopy. The daily statements reflect the previous day’s trades, open positions and your account balances marked to the previous market close. Your trading activities and commissions are summarized in the monthly and quarterly statements. No daily statements will be sent to dormant accounts.
What are margins?
When will I have a margin call and how much do I need to top up into my account?
Margin Call will be initiated when the total net equity (cash + unrealized Profit and Loss) falls below the maintenance margin. Your open positions are marked-to-market to the closing prices each trading day. At most times, the initial margin (IM) is sufficient to buffer some losses. However, when your losses deplete your equity below the maintenance margin (MM) required, you will then receive a margin call, which requires you to top up your equity to the Initial Margin level.
How can I top-up my account for margin call?
Please refer to Accounts FAQ under Top-Up and Withdrawal Section.
By when do I need to top-up for my margin call?
Under normal market conditions, you may have up to Trade date + 2 business days to top-up your account for margin call. KGI Securities (Singapore) Pte. Ltd. margin call policy prevails, for details please contact our Risk Management Department – Credit Team at +65 6202 1748/ 1749.
What will happen if I do nothing to my margin call?
KGI Securities (Singapore) Pte. Ltd. reserves the right to impose stop loss order on your open positions. However, KGI Securities (Singapore) Pte. Ltd. will make reasonable attempts to contact you on the stop loss level on a best effort basis. As KGI Securities (Singapore) Pte. Ltd. margin call policy prevails, we reserve the right to liquidate the position(s) to bring your equity balance above your Initial Margin level.
If I have an outstanding margin call, can I still trade?
No, you are not allowed to add-on risk incurring position. Under such a situation, you can only liquidate the position.
Who do I contact for details of KGI Securities (Singapore) Pte. Ltd. margin call policy?
For details on our margin call policy, you may contact our Risk Management Department – Credit Team at +65 6202 1748/ 1749.
How can I verify if the trades shown in my account are done by me?
You may call our Dealing Desks to check your trades done with the Dealers.
How can I verify if the execution price the Dealer placed for me is correct or wrong?
You may call our Dealing Desks to verify the order price.
Type of Orders
What are the different types of orders?
Listed below are the different types of orders:
- Day orders:
Day orders are valid until that day’s New York market close or London market close if it is a New York holiday.
- Good Till Cancel (GTC) orders:
GTC orders are orders that are valid until the orders are filled or until they are cancelled by you.
- Market orders:
Market orders are to be transacted at the prevailing price in the market. To do a Forex market order, you have to call our dealer to give you a FIRM or DEALING quote.
Prices are quoted in the sequence of Bid vs. Offer. Firm quote will hold only for a short while. Once a firm quote is quoted, you have to decide either to buy (at the offer price), sell (at the bid price) or do nothing before the dealer invalidates the quote.
For Futures orders, please note that you may be put on the line while the dealers get your transacted price.
- Limit orders:
Limit orders are price-specific orders that are placed away from the current market price. It gives you more control over the execution price. The price of a limit-buy order is lower than the current market price, and may be filled at the limit price or higher.
- Stop orders:
Stop orders are orders that become market orders when the market reaches a designated price. The price of a buy stop order is lower than the current market price, and may be filled at the specified stop price or higher. The price of a sell stop order is higher than the current market price, and may be filled at the specified stop price or lower.
- One Cancel the Other (OCO) order:
An OCO order is an order which allows you to place a Limit Order and a Stop Order at the same time. When one order is done the other order is automatically cancelled. For example, if the limit order is filled, the stop order is automatically cancelled, and vice-versa.
Do KGI MetaTrader 4 and MaxxTrader work on Mac?
KGI MaxxTrader only runs on Windows PC while KGI MT4 runs on both Windows PC and Mac. For more information, please visit our platform comparison page.
Can I have a 1-to-1 session to learn how the platforms work?
Yes. Please contact the Marketing Desk at +65 6202 1188 or email [email protected] to make an appointment
Is there a fee for using KGI MetaTrader 4 or MaxxTrader?
No, the platforms are free of charge.