KGI Futures Review
KGI Futures Review
KGI Futures has one type of live trading account, plus a free demo account with up to virtual $50 000 for testing purposes.
The broker offers over 30 currencies pairs (including the G7 majors, crosses and exotics currencies), as well as Non-Deliverable Forwards (NFDs) on currencies such as Malaysian Ringgit (MYR), Indian Rupee (INR), Indonesia Rupiah (IDR), Taiwan Dollar (TWD), Korean Won (KRW), Chinese Yuan (CNY), Philippine Peso (PHP) and Brazilian Real (BRL).
Compared to other local brokers, the forex portfolio of KGI is similar in size, but this is not the case when compared with global retail brokers present on the market. IG, for example, has hundreds of products across thousands of markets. CMC Markets, another global broker present in Singapore offers 10 000 tradable products in its portfolio, of them over 300 are forex pairs.
The Company. Security of Funds
Company Country Regulation
KGI Futures Singapore MAS
KGI Futures (formerly KGI Ong Capital) is a Singapore financial services company regulated by the Monetary Authority of Singapore (MAS). Among others, the company holds a license for Leveraged Foreign Exchange Trading.
In addition to trading in spot forex and NFDs the broker offers trading in futures, commodities and indices.
Minimum initial deposit
Several years ago KGI decided to turn its interest towards retail investors and offered a trading account with an initial deposit of S$ 1000. The sum is not insignificant, but compared to several other Singapore forex brokers like UOBBF and UOBKH, it is considerably lower. Another local broker with an S$ 1000 is iOCBCfx, but as you are about to see, the KGI trading conditions are somewhat more favorable for small investors.
Spreads and commissions
KGI offers variable spreads. The starting spread for the most popular forex pair – EURUSD is 1 pip, which is rather favorable, compared to its Singapore peers. It must be kept in mind, however, that for other pairs the spreads are fairly wide.
Another Singapore broker with similarly tight spreads is iOCBCfx, but it also charges a commission. A global broker present on the Singapore market that has lower spreads is IG – 0.8 pips on some accounts, also without commission.
KGI offers a leverage of up to 1:50 for some currencies, much like that of IG, Oanda and iOCBCfx who give a leverage of 1:50.
KGI is positioned as a forex broker for retail investors and, quite logically, offers the most popular and familiar trading platform – MetaTrader 4 (MT4). The offering of MT4 is a relatively rare practice among the Singaporean forex brokers who prefer to stick to their proprietary platforms or those of other providers. One of the few brokers who provide MT4 to its clients is UOBKH.
The platform was developed and released by MetaQuotes Software back in 2005, but to this day is used by many brokers like FXChoice, FXPro, FXCM, XM, etc. One of the main reasons for its popularity is that it is stable and reliable, has many functions, offers API connectivity, supports PAMM and MAMM functionality and has a wide selection of technical analysis and charting tools. It is also user-friendly and supports Expert Advisors and automated trading.
Methods of payment
Much like most of the other Singapore forex brokers, KGI does not provide any of the most popular means of payment like Skrill, PayPal or other electronic payment system. The company accepts client deposits through cheques, cashiers order & ATM/over-the-counter cash deposits and telegraphic wires.
KGI is a forex broker targeting the retail investors in Singapore. As such, it tries to offer attractive trading conditions and is fairly successful in this. Compared to other local brokers, its trading conditions are mostly more favorable. A big plus is the presence of MT4. This, combined with the lower deposit and tighter spreads, makes it more attractive than UOBKH, which also offers MT4 on the Singapore market.
KGI Futures Review Conclusion
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