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Any Reliable Broker in Malaysia/Singapore

  • #21
  • Apr 9, 2009 9:10am Apr 9, 2009 9:10am
cityindexasia's spread min 3pips fixed (non-news), 100:1, a MM, not bad with internet banking funding, withdrawal in Singapore is free I supposed. Not sure how big the spread can be during news. Anyone has experience with them to share a bit more? Thanks in advance.
  • #22
  • Apr 9, 2009 9:40am Apr 9, 2009 9:40am
I would also have to vote for GFT http://www.gftasia.com/

  1. Solid Platforms (DealBook360, DealBookWeb, DealBook Mobile)
  2. 24 Hour Customer Service (Call, Text, Email)
  3. Competative Spreads (Eur/Usd is always 2-3 pips no matter what. No 15-99 pip spreads like most MT brokers)
  4. Multiple ways to deposit and withdrawal (credit/debit, PayPal, Check-paper and echeck, Wire) in multiple currencies
  5. Registered and regulated with collateral funds of 75 Million+ (last I checked)
  6. Not fly-by-night company


Other than a few server issues, here and there, I really don't have any problems using GFT. Execution is FAST, in most cases instant. Multiple order enties and exits such as: Market, Stop, Limit, OCO and many more that I haven't even used yet. All the indicators MT has and more.

Now, my disclaimer: I only have exerience trading GFT (US) not GFT (SINGAPORE/ASIA) but I suspect its all the same. You sould give them a try, I personally think you will like the services.

  • #23
  • Apr 17, 2009 7:47am Apr 17, 2009 7:47am
I'm using IG Markets.

Quite ok and you can trade options and binaries too.

Cheers,
Z
  • #24
  • Apr 18, 2009 7:56am Apr 18, 2009 7:56am
There is a convention held at Suntec City on 18 & 19 April 2009.

I attended this convention today and met Kathy Lien, she gave a very interesting talk on the US, Europe, UK, Australia and singapore economy. Shared with us the strategy for day trading.

I got a chance to talk to staff from MF, GFT, FXCM and Interbank FX. Here are some information collected:

1) MF -
a) account deposit is S$25,000
b) min trading size is 100,000
c) ECN broker

2) GFT -
a) account deposit is S$4,000 if you want the ful access of dealbook, otherwise you may go for S$400 which dealbook does not include indicator (sound very silly).
b) min trading size is 10,000
c) Must trade at least once every 2 months otherwise they had to charge you S$75 (very strange rules).
d) Platform = dealbook360
e) Had their office in Singapore
f) BTW, Kathy Lien is with GFT now, you may find more information from her portal at FX360

3) FXCM
a) account deposit is US$2,000
b) min trading size is 10,000
c) Platform = can trade using MT4, but they had their own trading plaform.
e) Had their office in hongkong
f) Provide a toll free singapore number to call. Their staff are station in Singapore.

4) Interbank FX
a) account deposit = forgot to ask
b) min trading size is 10,000
c) Platform = can trade using MT4, but they had their own trading plaform soon (October 2009)
e) Had their office in Australia, but they are also setting up office in Singapore soon.
f) Provide a toll free singapore number to call. Their staff are station in Australia.

I hope these info are helpful!!!
  • #25
  • Apr 19, 2009 2:06am Apr 19, 2009 2:06am
Great info YYC! Thanks.

Was OANDA and IG Markets there too?
  • #26
  • Apr 20, 2009 5:58am Apr 20, 2009 5:58am
Yo z33,

I surf the web, and very surprise to see this broker call IG Market, never come across this broker! I will take some time to study them!

Since you mentioned it, why not give more info on this broker, for instances:

a) Min. deposit
b) trading size
c) platform

and so on............

yyc

Quoting z33
Great info YYC! Thanks.

Was OANDA and IG Markets there too?
  • #27
  • Apr 21, 2009 2:14am Apr 21, 2009 2:14am
Quoting yyc196
Hi SupremeChaos,

You have ask a good questions : " why do want a broker branched in malaysia or singapore?"

But you may have wrong comments that there are many good and reliable brokers. To be honest with you almost all the brokers want to earn your monies out of your trading.
We have no choice but to look for a brokers near our place, in case of something happened we can look for them personally or simply give them one type slap.

Greetings yyc196,
i never said there are many good brokers, because describing them as "good" & "many" would be questionable/debatable in today's world. i only said "reliable brokers": if we can't rely on them(that is, we are too skeptical of their reputation) then we would not be trading w/ ANY broker (every broker has + & -), would we?

my question above was pure & clean, just out of curiosity.
& my point in saying "There are many reliable brokers out there, u just have to research via the internet about which suits you" is that at present time, we just have to live with the fact that we can only rely on & open accounts with brokers outside our respective countries, that is the only choice we can take. If u can find a good/reliable broker now set up in your country, then well & good.

But u see, there are just certain things that are not available in our own backyards... expecting good/reliable brokers in our respective countries would almost equate to wanting Genting Highlands (@ Malaysia) or the Singapore Flyer (giant wheel @ Singapore) exactly available in my place, the Philippines. similarly, my countrymen's famously unique & genuine hospitality is not available anywhere in & very much sought after around the world.
if, say, i want to see both magnificent places (Genting Highlands or the Singapore Flyer), i have to go there personally. related to trading, i have to avail the services of international brokers as said brokers are not available in my place..

hope it's clearer now.
  • #28
  • Apr 21, 2009 2:37am Apr 21, 2009 2:37am
Quote
3) FXCM
a) account deposit is US$2,000
b) min trading size is 10,000
c) Platform = can trade using MT4, but they had their own trading plaform.
e) Had their office in hongkong
f) Provide a toll free singapore number to call. Their staff are station in Singapore.

U forgot to mention that mini & micro accounts are available. one can open w/ $250 or $300 i think (mini account). the $2000 account deposit is for an MT4 platform-based FXCM.


TO ALL,
There is definitely no problem with due diligence.
But, I would just like to remind everyone that, as with trading, u might be running into "analysis paralysis" --- that is, u are being very very very very picky that u will end up NOT Trading at all.
--There is no doubt brokers are not pro-traders like us, but we must strike a good balance between due diligence & analysis paralysis.
--a similar thread like this one, i believe, has been here several times
--All brokers have their corresponding + & - traits
--Read around FF. FF has been around for many years. traders here, professional, newbie, profitable or not, HAVE all been using 1 or several of most brokers u can enumerate/have enumerated.
--why not concentrate on trading/becoming a good trader instead of wasting time w/ criticism of brokers?
if u are really risk averse, demo trade all u want FIRST UNTIL u geto good at it then find the "best" broker u can choose (near your area or based on traders' experiences here in FF) & start w/ a minimal amount $100-1000 or whatever amount u are comfortable with.
if u concentrate on trading better/becoming a good trader rather than finding faults on brokers & which broker is good or bad or reliable or whatever, u can always transfer to another "good" broker, can u not?

Just my humble thoughts... Good luck!!
  • #29
  • Apr 21, 2009 2:48am Apr 21, 2009 2:48am
More info on IG Markets please? trouble in execution? server shutdown? withdrawal problem? etc.
  • #30
  • Sep 11, 2009 5:50am Sep 11, 2009 5:50am
I'm trading with Forex.com, so far so good... i got no problem with them including withdrawal funds via wire transfer from my trading account to Malaysia...

The only problem with forex.com, they charge USD 40 or USD 45 for wire transfer, and the spreads are not fixed.. so most of the time you wil get spreads for eurusd 3 pips...
"Hands that help are holier than lips that pray" Shirdi Sai Baba
  • #31
  • Sep 15, 2009 12:49pm Sep 15, 2009 12:49pm
I have an account with DBS VEFX. I use it for hedging because they allow you to actually get physical currency.

Other than that their online Java platform is prehistoric, spreads are rather high, execution not always good. You can use it if you do longer term trading on hourly or daily charts.

GFT - I dont recommend them, large spread, customer service not good.

MF - dont have much experience with them, they seem ok.

I suggest you open account with large broker like FXCM or Alpari but always be cautious and be sure to find out everything about withdrawal rules first.
  • #32
  • Sep 26, 2009 6:04pm Sep 26, 2009 6:04pm
Quoting Greenmoney21
I'm trading with Forex.com, so far so good... i got no problem with them including withdrawal funds via wire transfer from my trading account to Malaysia...

The only problem with forex.com, they charge USD 40 or USD 45 for wire transfer, and the spreads are not fixed.. so most of the time you wil get spreads for eurusd 3 pips...
Forex.com is a joke of a broker. Not only are the spreads huge, it takes at least 4 days for you to see money in your bank account from a withdrawal request. This is insane. My futures broker I call up on a friday morning, tell them how much I want to withdraw, and the money is in my bank account by 5pm est. No way a withdrawal request should take 4 days.

The customer service is also a joke. They have rude and incompetent customer service reps. I would stay away from this bucket shop. There a many more better brokers out there. I am switching to CMS UK.
  • #33
  • Sep 26, 2009 6:23pm Sep 26, 2009 6:23pm
Yes, we due respect. I know of Instaforex is very good broker.

So far, all deposit and withdrawal is very smooth.

Deposit is granted within 5-15 minutes. and Withdrawal paid within 2-3 hours

only.

Amount is in within thousands of USD, no problem.

They are Russian-based. So NFA rules is not applicable for NON US citizen. (aint we talking about Malaysia and Singapore? )

Cheers!
  • #34
  • Sep 27, 2009 2:46am Sep 27, 2009 2:46am
Hi,

To take a broker 4 days to transfer you monies might be long for some of you. As for me, I don't mind if they take one week to do so, as long as they returned the monies back to you. Especially when you are non us citizen but dealing with brokers in US, I find it reasonable to take 4days for the transfer (personal opinion only).

As a trader for some time, I find that it is not how fast the broker return your money rather it is how honest they transact and honor the trade you placed during trading.

Usually, a trader will start to withdraw monies from broker once or twice a week (because you need to pay transfer fee so you will certainly not withdraw it everyday unless the sum is very huge!!!).

If you stress on the speed of withdrawal then you might have some problems in looking for good brokers. I have brokers like PFG (the one highly recommend by a popular website) who took 2months to return my hard earned money (believe it or not).

Try not to over stress the importance on money transfer.

Quoting fxpip8
Hi FX-mates

Can anyone pls. recommend a reliable and reputable fx broker in Malaysia and Singapore?

I am VERY concern about FUND WITHDRAWING, STABLE PLATFORM and RELIABLE EXECUTION. If can, it should have a responsive customer service at least over the phone (to call back their customers).

I don't mind foreign fx brokers having their representative offices in Malaysia and Singapore.

I appreciate your valued input. Thanks alot.

Regards
fxpip8
  • #35
  • Sep 27, 2009 3:57am Sep 27, 2009 3:57am
Quoting belief
None with MT4 too bad.
FXMalay has MT4. And an office near KLCC in Kuala Lumpur if that's what floats your boat.
  • #36
  • Sep 28, 2009 2:38am Sep 28, 2009 2:38am
Hey guys, dont mind if i share some ideas here. my personal opinion is whether money come back to you fast or slow, it doesnt matter as long the money is bank into your account. NFA rulez is another joke to me, those rulez they set i guess is only benefit to the brokers not traders. there are alot of brokers representative in malaysia and i can say some of them are good but have to look at who is involving... anyway, recently i found a brokerage firm call FX Primus, although the spread is variable but is tight. i got EUR/USD 1 pip and GBP/USD 2 pips all the time. you guys can try it out the demo and give me some feedback.
  • #37
  • Sep 28, 2009 7:12pm Sep 28, 2009 7:12pm
hey guys,

For reliable MT4 broker + fast withdrawal+ better service+ money guaranteed back.

haven't you know yet?, its Instaforex.

Its now the number 1 forex in Asia Now!

hehehe definitely ,dont be confused between Fact and oppinions!

Good trading everyone

p/s no spike in prices!and located inside KLCC (not outside KLCC)
  • #38
  • Sep 29, 2009 12:07am Sep 29, 2009 12:07am
Quoting Satni
hey guys,

For reliable MT4 broker + fast withdrawal+ better service+ money guaranteed back.

haven't you know yet?, its Instaforex.

Its now the number 1 forex in Asia Now!

hehehe definitely ,dont be confused between Fact and oppinions!

Good trading everyone

p/s no spike in prices!and located inside KLCC (not outside KLCC)
Judging by reports all around the place, and by reading the threads opened by their inept PR staff, Instaforex is a bunch of lying crooks.

You say they are inside KLCC? Where exactly? I might go have a visit
  • #39
  • Sep 29, 2009 1:29am Sep 29, 2009 1:29am
well oakmonster, i totally agree with you. Instaforex is just another scam here in malaysia. this broker firm is owned by russians and i guess you can found alot of information about them in the internet.
  • #40
  • Sep 29, 2009 5:24am Sep 29, 2009 5:24am
Hi All,

Broker in your home town does not mean that they are good. They only let you have the convenient to visit them to find out more about them and if anything wrong you may find them easily. However, there is no way to ensure that they are honest and reliable by just setting up office here in your country, you cannot determine a good broker that way!

Especially country like Malaysia, you could imagine how cheap is it to set up a nice looking office! I can tell you, it is nothing for these scam brokers. They know they will "swallow" back the money they spent on you. In Malaysia you can do wonders of thing if you have money, i refer to those scam brokers
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