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FAQs


KE Forex
Account Opening

Q1. How do I open a KE Forex account?
You may apply for an account online, by mail or in person at any of our Customer Service Centres or Investor Centres.

Click here for more information.


Q2. What documents do I need to open a KE Forex account?
You will be required to complete the forms below and read through the terms and conditions prior to opening a KE Forex account.

Account opening forms

Guide & Cautionary Notes and Terms & Conditions:


Q3. Are there any charges/deposit required for opening a KE Forex account?
There is no minimum deposit required to open an account with us. However, you need to have sufficient free equity in your account to trade 1 micro lot (1,000 unit) which is the smallest tradable size. For example, to open 1 micro lot of GBP/USD position with 6.5% margin requirement requires an initial free equity of GBP 65 in USD or SGD equivalent.

Q4. How do I open a KE Forex corporate account?

If you have any enquiries, please call us at (65) 6231 5577 or email us at keforex@maybank-ke.com.sg

Alternatively, you may visit our Customer Service Centres to open a trading account.

Below is the list of additional supporting documents required when opening a Corporate account. All documents are to be certified true by Lawyers or Solicitors/Notary Public. Local incorporated companies can have their documents certified by 2 Directors or 1 Director and Company Secretary, if RCB search is done by Maybank Kim Eng. Name of the person certifying should be affixed.

Local (Singapore) Corporations

Foreign Corporations

  1. Certificate of Incorporation*

  2. Memorandum & Articles of Association*

  3. ACRA Print-Out

  4. Copies of Passport/NRIC and proof of address of all Directors / Shareholders / Beneficial Owners & Authorised Persons*

*Note: All supporting documents are to be certified-true by 1 Director. Name of person certifying should be affixed.

  1. Certificate of Incorporation*

  2. Memorandum & Articles of Association*
  3. Particulars or Registers of Directors/Secretary/Shareholders
    (should include the names, nationalities, passport/ID numbers, addresses and date of appointment/cease of appointment)

  4. Copies of Passport/NRIC and proof of address of all Directors / Shareholders / Beneficial Owners & Authorised Persons#
  5. Additional Requirements for Tax Haven Incorporated (e.g. British Virgin Islands, Cayman Islands, Marshall Islands etc) Entities#
    • Certificate of Incumbency by the Registered Agent
    • Certificate of Good Standing by the Registrar of Companies
    • Letter of Guarantee (to be signed by the individual Directors/Shareholders

#Note:
All supporting documents are to be certified-true by any of the below mentioned authorised witness:

  • Singapore Embassy
  • Notary Public officially registered with the country’s governmental institution
  • Lawyers, Advocates & Solicitors
  • Justice of Peace
  • Commissioners for Oaths


Q5. What do I need to know about Specified Investment Products (SIPs)?
The Monetary Authority of Singapore (MAS) requires broking firms to formally assess their retail customers' investment knowledge and experience before selling certain investment products to them. These measures have been imposed by MAS to further safeguard customers' interests. Under these measures, brokers must conduct a Customer Knowledge Assessment to find out if a customer has the relevant knowledge or experience to understand the risks and features of Leveraged Foreign Exchange (LFX) trading.

If you wish to qualify to continue trading LFX, please visit any of our Customer Service Centres or our Investor Centres to complete the Client Proficiency Assessment (CPA) Form. Alternatively, you can download the form here and mail it to:

Maybank Kim Eng Securities Pte Ltd
Client Services Department
9 Temasek Boulevard
#12-00 Suntec Tower Two
Singapore 038989

Deposit and Withdrawal


Q1. How do I deposit funds into my KE Forex account?
There is a variety of ways to fund your Forex trading account.

Bill Payment Service via Internet Banking

With Bill Payment Service, you can pay via Internet Banking through the following banks if you have an account with these banks in Singapore. Please be informed the bill payment service is in SGD denomination. If the home currency of your live account is in other currency denomination other than SGD, we will do a conversion from SGD to the home currency before crediting the amount into your live account. 

  1. Maybank Singapore
  2. DBS (DBS Bank)
  3. HSBC (Hong Kong and Shanghai Banking Corporation)
  4. OCBC Bank (Overseas-Chinese Banking Corporation)
  5. SCB (Standard Chartered Bank)
  6. UOB (United Overseas Bank)

 When making a Bill Payment, you will need to identify yourself with a Bill Ref/Consumer Reference. When prompted for your Bill Ref/Consumer Reference, please indicate your leveraged FX trading account number. E.g. 04XXXXX

 Cheque

Cheques should be crossed and made payable to “Maybank Kim Eng Securities Pte Ltd”. Please indicate your leveraged FX trading account number (E.g. 04XXXXX), name and contact number on the back of the cheque.

 SGD cheque clearance will usually take 2 working days while foreign cheque clearance may take up to a month. Charges incurred for clearing foreign cheques will be borne by you.

 Cash

For cash payments, please visit any of our Customer Service Centres.

Funds received before 12pm will be credited to your account by 2pm. Funds received after 12pm, but before 4pm, will be credited by 6pm.

 Telegraphic Transfer (TT)

Please indicate your leveraged FX trading account number (E.g. 04XXXXX) in the Beneficiary Message column or any reference/remark column where applicable. The details for telegraphic transfer are as follows.

 

MKES Bank Details for Telegraphic Transfer

 

SGD

Beneficiary Bank              :               The HongKong and Shanghai Banking Corporation Limited, Singapore

Account Name                  :               Maybank Kim Eng Securities Pte. Ltd.

Beneficiary Name             :               141-112789-001

Swift Code                       :               HSBCSGSG

Remarks                         :               Please indicate your leveraged FX trading account number

 

USD

Corresponding Bank       :               Standard Chartered Bank, New York

CHIPS UID                     :               057220 (ABA# 026002561)

Swift Code                     :               SCBLUS33

Beneficiary Bank            :               Standard Chartered Bank, Singapore

Swift Code                     :               SCBLSGSG

Beneficiary Name           :               Maybank Kim Eng Securities Pte. Ltd.

Account No                    :               0174090064

Remarks                       :               Please indicate your leveraged FX trading account number

  

HKD

Beneficiary Bank             :               HongKong and Shanghai Banking Corporation Limited, Hong Kong

Beneficiary Name            :               Maybank Kim Eng Securities Pte. Ltd.

Account No                     :               111-180238-001

Swift Code                      :               HSBCHKHHHKH

Remarks                         :               Please indicate your leveraged FX trading account number

  

AUD

Corresponding Bank       :               Citibank Ltd, Sydney

Swift Code                     :               CITIAU2X

Account No                    :               0912039005

Beneficiary Bank            :               Citibank N.A., Singapore

Swift Code                     :               CITISGSG

Beneficiary Name           :               Maybank Kim Eng Securities Pte. Ltd.

Account No                    :               0858574072

Remarks                       :               Please indicate your leveraged FX trading account number

  

MYR

Beneficiary Bank            :               Malayan Banking Berhad, Kuala Lumpur Main Branch

Beneficiary Name           :               Maybank Kim Eng Securities Pte. Ltd.

Account No                    :               514012010755

Swift Code                     :               MBBEMYKL

Remarks                       :               Please indicate your leveraged FX trading account number

  

GBP

Corresponding Bank       :               HSBC Bank PLC UK

Swift Code                     :               MIDLGB22

Sort Code                      :               SC400515

Beneficiary Bank            :               HSBC Singapore

Swift Code                     :               HSBCSGSG

Beneficiary Name           :               Maybank Kim Eng Securities Pte. Ltd.

Account No                    :               260-064688-691

Remarks                       :               Please indicate your leveraged FX trading account number

  

CNH

Beneficiary Bank            :               HongKong & Shanghai Banking Corporation Limited, Hong Kong

Swift Code                     :               HSBCHKHHHKH

Beneficiary Name           :               Maybank Kim Eng Securities Pte. Ltd.

Account No                    :               848-394672-209

Remarks                       :               Please indicate your leveraged FX trading account number

  

EUR

Corresponding Bank       :               HSBC Bank PLC UK

Swift Code                     :               MIDLGB22

Beneficiary Bank            :               The HongKong and Shanghai Banking Corporation Limited, Singapore

Swift Code                     :               HSBCSGSG

Beneficiary Name           :               Maybank Kim Eng Securities Pte. Ltd.

Account No                    :               260-016472-178

Remarks                       :               Please indicate your leveraged FX trading account number


Q2. How do I withdraw funds from my KE Forex Account?

Funds withdrawal request can be done via email. Please email us at keforex@maybank-ke.com.sg using the email you have registered with us officially during account opening. 

 Withdrawal request received by Maybank Kim Eng Securities Pte Ltd before 12pm on a working day will be processed within 2 working days. Please kindly note that we do not allow 3rd party funds transfer. Cheque will be issued to your name and bank transfer will only be done for the bank account under your name.

 Please indicate your choice of withdrawal in your email request and the following details.

  •          Your Name
  •          Leveraged FX Trading Account Number
  •          Withdrawal Amount
  •          Bank Name and Bank Account Number (for bank transfer)
Product

Q1. What is Leveraged Forex trading?
Leveraged Forex is used for trading on market movements by comparing the strength of a currency relative to another.

This involves the simultaneous buying and selling of a pair of currencies on margin.

Margin refers to a percentage of the contract size that needs to be deposited to open a position.

With leverage, you can take positions larger than the funded balance in your account. However, leverage can either magnify profit (or loss).


Q2. Why do traders trade Forex?
It is likely due to the highly liquid nature of the Forex market (open 24 hours a day) and huge trading volume.


Q3 How does one trade on a currency pair?
Example:
You go long on one standard contract (100 000) of the EUR/USD at the quote 1.3382/1.3384. 
2% margin deposit of this contract is required.

Scenario 1: An hour later, the price moves to 1.3392/1.3394 and you decide to sell at 1.3392.

Value of your position is €100,000 × 1.3384 = USD133,840
Margin deposit is 2% × USD133,840 = USD2676.80
Profit of your position is (1.3392 – 1.3384) × 100 000 = USD80

Scenario 2: An hour later, the price moves to 1.3370/1.3372 and you decide to realise the loss at 1.3370.

Value of your position is €100,000 × 1.3384 = USD133,840
Margin deposit is 2% × USD133,840 = USD2676.80
Loss of your position is (1.3384 – 1.3370) × 100 000 = USD140


Q4. What are the trading hours of Leveraged Forex market?

The Foreign Exchange market is unique from other financial markets as trading is available 24-hours a day (excluding weekends).

Our market hours are as follows:

  • 5.15am SGT on Mondays till 5.00am SGT on Saturdays (from April to October*)
  • 6.15am SGT on Mondays till 6.00am SGT on Saturdays (from November to March*)

Please note that spreads may be wider between 4.00am to 5.00am SGT (from April to October) and between 5.00am to 6.00am SGT (from November to March), as there are fewer banks offering prices during these hours.

*Based on an approximate estimate and dependent on when Daylight Saving Time is in effect.


Q5. What is rollover interest?
Rollover is a process whereby the settlement of the contract is rolled forward to the next value date.

An automatic "rollover" will be applied if the position remains open through 5am (Singapore Time)* as they are considered overnight positions.

Rollover interest will either be credited or debited dependent on the currency pair and direction taken.

*Time is dependent on when Daylight Savings Time is in effect. You are required to add an additional hour to 5am (Singapore Time) approximately from November to March.

**Daily interest credit or debit will be made for three days as opposed to one day for any position that remains open through 5am* (Singapore Time) Thursday. This three-day adjustment covers settlement of trades over the weekend period.


Q6. Is there an expiry date for Leveraged Forex contracts?
There is no expiry date for spot Leveraged Forex.

Clients with open positions can hold them indefinitely, provided they have sufficient margins in their accounts to finance the position(s).


Q7. What is the minimum contract size for trading Leveraged Forex?
The minimum contract size is one micro contract (1000 units).


Q8. What are the currencies that offered by KE Forex and their respective margins offered?
KE Forex offers 46 currencies pairs for trading, and margin required is dependent on each currency pair. Margins required currently range between 2% and 4%.


Q9. How do I place my orders or trade?
You have the choice to trade electronically via our KE Forex trading platform or to call the Execution Trading Desk at (65) 6533 6739.


Q10. When should I call the Execution Trading Desk?
All Maybank Kim Eng clients are encouraged to call the Execution Desk in the following situations:

  1. There is no immediate access to the Internet
  2. When there is an Internet failure or if you are unable to connect to the Maybank Kim Eng Forex Trading Terminal


Q11. Can I partially close out my 100K position?
Yes, you can amend the order size on your close out ticket. 


Q12. What is the spread quoted by KE Forex?
Spreads are subject to variation, especially in volatile market conditions. KE Forex does not charge any further commission other than the platform spreads.


Q13. What is KE Forex Margin Call and Autoliquidation policy
As Leveraged Forex is a margin based product, all clients are advised to monitor their positions closely and take action where necessary.

Margin Call
In a situation where Margin Available becomes zero, a margin call warning pop out screen would appear on your platform alongside with a margin call email.

Auto-liquidation
If a margin call is faced consecutively for three business days, closure of all positions would take place on the following business day.

Alternatively, if equity falls to 30% of margin used, auto-liquidation would also occur. This is so, even if it’s within the three consecutive margin call days.

Security

Q1. How do I change my password after logging in?
To change your password, complete the following steps:

  1. Select "File" (at the top left hand side of the screen) after you have logged in

  2. Select "Change Password"

  3. Enter your current password followed by your new password.

  4. Lastly, confirm the new password

    Note: Your new password should be of 6 to 10 characters (alphanumeric, case-sensitive) with no space/punctuation marks.

For security reasons, it is advisable to:

  • Change your password on a regular basis
  • Create a strong password (case-sensitive, combination of alphabets and numerals)

Note: your password should be known only to yourself and should not be shared or disclosed to others.


Q2. What if I forget my User ID and password?
You may call our Forex Hotline at (65) 6231 5577 to request for your User ID.

If you have forgotten your password, call our Forex Hotline at (65) 6231 5577 and a new password will be sent to you by mail, to your address in our records.

We will sen the new password to you by mail only upon successful verification of your signature.

Technical Support

Q1. What are the recommended system requirements for Internet trading?

Minimum Configuration

Hardware

  • 2 GB Memory
  • 2GHz, 32bit, Duel Core
  • XVGA Graphics Card capable of at least 1024x768 resolution
  • Sound Card

 Software

  • Windows 7 or 8 (32 bits)
  • Microsoft Internet Explorer 11.0
  • Java Runtime environment 1.8.0
  • TLS 1.0

 Recommended Configuration

Hardware

  • 4 GB Memory
  • Core I-5 or equivalent
  • XVGA Graphics Card capable of 1024 X 1024 resolution
  • Sound Card

 Software

  • Windows 7 or 8 (32 bits)
  • Microsoft Internet Explorer 11.0
  • Java Runtime environment 1.8.0 or better
  • TLS 1.0, TLS 1.1, TLS 1.2

 Mobile Configuration

  • iOS version 7.0 or later 
  • Android version 4.0 or later
  • Mobile application can be downloaded from Apple’s App Store or Google Play Store

 Note:

Please ensure that the desktop/laptop you are using has internet access before proceed for the installation.

Trading

Types of Orders

Q1. Limit Order
A Limit order is an order placed to Buy/Sell at a specified price or better. A Limit order sets the price at which the trader is willing to buy or sell at. Accordingly, while a price of Buy Limit order should be lower than the market price, a price of Sell Limit order should be higher than the market price. There is no guarantee that the order will be triggered at a specified price or better if the price of a currency pair rises or falls rapdily after major news or when the market reopens after a weekend.


Q2. Stop Order 
A Stop order is a risk management order type which trades use to limit their losses or protect their existing position. It can be use to initiate a new position. A Sell Stop is usually placed below the current market price while a Buy Stop is usually placed above the current market price. In addition to risk management purpose, some traders use Stop orders to trade on market breaks. There is no guarantee that loss will be limited if the price of a currency pair rises or falls rapdily after major news or when the market reopens after a weekend.


Q3. GTC Order (Good-till-cancel)

A Good-till-cancel (GTC) order will remain active until the trader decides to cancel it.

NOTE:
Clients will not be able to withdraw or amend GTC order submitted through KE Forex trading platform over the weekend.


Margin Call

Q1. What is Margin?
Margin is the equivalent of a good faith’s deposit placed by the parties to a contract. It is usually a small percentage between 2% and 4% of the value of the contract that is deposited with a Broker. This is to demonstrate the commitment to the contract entered into by the customer. The amount of minimum Margin deposits are determined by the respective exchanges and are subjected to changes due to price movement and/or market volatility. KE Forex may set a higher margin requirement from time to time.

Trading with Margin creates a “leverage effect” that allows an investor to use a small amount of money to make an investment of greater value, so that a small price change can result in relatively larger profits or losses.


Q2. How would I know if I have a Margin Call?
When your Equity Balance (ledger Balance +/- unrealised Profit/Losses) falls below the maintenance margin level, you are considered to be on Margin Call.

Once the Equity Balance falls below the maintenance margin level, a notification will be issued to clients to top up their funds, so as to return the Equity Balance to the Initial Margin level. The Margin Call notification will usually be made by email. Please ensure that your contact details are updated at all time to avoid any miscommunication.

While we will try our best to notify a customer of margin calls, in the event that a margin call requirement is not met, KE Forex reserves the right to liquidate the customer’s position(s) on the occurrence of either the total equity balance falls below 30% of the required margin.


Q3. What should I do if I have a Margin Call?

To meet the call, you can either top-up your account back to the initial margin level or liquidate sufficient open positions to bring the initial margin level below the equity balance of your account.

The fastest method of top-up would be by cash at our office cashiers where funding of the account would be done within the day.


Q4. How much time do I have to top-up for my Margin Call?

You are required to top up your account once you are notified of a margin call immediately.

KE Forex reserves the right to liquidate the customer position(s) on the occurrence of either the total equity balance falls below 30% of the required margin or if you have been on a margin call consecutively for three (3) business days.


Q5. Can I trade when I have an outstanding Margin Call?

No, you can only close out existing position(s).


Q6. How do I top-up my Margin Call?

The fastest way to top-up is to make a cash payment. For cash paymentS, please visit any of our Customer Service Centres:

50 North Canal Road
#01-00
Singapore 059304

9 Temasek Boulevard
#12-00 Suntec Tower Two
Singapore 038989

Funds received before 12pm will be credited to your account by 2pm. Funds received after 12pm, but before 4pm, will be credited by 6pm.

For more options on how to fund your account, please refer to our FAQs on "Deposit and Withdrawal".

As we can only allow you to trade with cleared funds in your account, any funds in transit or promised funds will not be credited to your account until they are cleared and received by us. Please note that Singapore cheques take at least two working days to clear upon receipt. Foreign cheques may take up to a month to clear upon receipt, depending on the currency and whether the cheque is drawn from a bank in Singapore or overseas.

For more information, please contact us at (65) 6231 5577 or email us at keforex@maybank-ke.com.sg.


Calling in to place a trade

Q1. What is the procedure to call-in and place trade?
State your order clearly to the KE Forex Execution Desk, paying attention to the contract currency pair, quantity, and order buy or sell.


Q2. How do I get confirmation on my done trades?
You may contact the KE Forex Execution Desk at (65) 6533 6739 to confirm the trades done.


Q3. Can I call the dealer to check on my Net Position?
You can contact the dealer to check on your Net Position at (65) 6533 6739.