Frequently Asked Questions - Forex

To open an Individual/Joint Account, you will need to provide us with the following documents:
Supporting Documents
(certified true copy*)
Singaporean /
Singapore PR
Malaysian Foreigner
NRIC  
Passport
(with 6 months validity)
   
A copy of Utility Bill or Bank Statement as proof of residential address
(Bill or Statement must be issued within the last 3 months)
Documentary proof of a Professional Trader
- Direct Membership with SGX-DT (if applicable)
* Supporting documents have to be certified true copy by:
(a) CGS-CIMB Securities’ Authorised Personnel; or
(b) Notary Public officially registered with the country’s governmental institution (Please provide name and contact number of the Notary Public).

Supporting Documents
(certified true copy*)
Singapore
incorporated
Foreign
incorporated
Company incorporated
in tax haven jurisdiction
1. Board Resolution
(certified true extract by 2 Directors of the Company or
a Director and Secretary of the Company)
2. Certificate of Incorporation
3. Recent updated ACRA instant information printout
(not more than 2 weeks validity)
   
4. Form 49 / Form AR
(applicable if the updated information is not reflected
in the recent ACRA instant print-out)
   
5. Memorandum & Articles of Association    
6. Register of Directors & Secretaries
7. Register of Shareholders / Members  
8. Letter of Incumbency
(not more than 3 months validity)
   
9. Identification documents of all authorised personnel
and directors
10. Identification documents of the ultimate beneficial
owners
 
* Supporting documents have to be certified true copy by:
(a) CGS-CIMB Securities’ Authorised Personnel; or
(b) Notary Public officially registered with the country’s governmental institution (Please provide name and contact number of the Notary Public).

Individual/Joint/Corporate/Accredited Investor Account on MetaTrader4:
CGS-CIMB offers various types of trading accounts to better fit the different needs of our clients. You can only choose one account type and your preferred account base currency.
Account Types Mini Classic Accredited Investor
Initial Deposit (SGD or equivalent) 100 5,000 10,000
Spread From (pips) 0.3 0.7 0.7
Commission 0 0 0
Voice Order N/A N/A 1 pip
Leverage 5% 5% 2%
Minimum Order Volume / Lot Size 1,000
(0.1 lot)
10,000
(0.1 lot)
10,000
(0.1 lot)
Maximum Order Volume / Lot Size 50,000
(0.5 lots)
Unlimited Unlimited
Account Base Currency** SGD/USD SGD/USD SGD/USD
Interest on Account Balance 0 0 0
Contract Size 1 lot =
100,000
1 lot =
100,000
1 lot =
100,000
Minimum Incremental Order Volume / Lot Size 1,000
(0.01 lot)
10,000
(0.1 lot)
10,000
(0.1 lot)
* For Corporate clients, only Classic account type is available.
Our MT4 accounts are Single Currency Accounts. The Account Base Currency that you have chosen will be the currency in which your account balance is held. All trades will be settled in your account base currency. Fund deposits and withdrawals will only be available in your account base currency.
Commission may apply to bespoke arrangements.

Joint accounts can be opened by two individuals.
A given person can only be part of one joint account.

You need to be at least 21 years old to open a trading account.
For Joint Account, both applicants will need to be at least 21 years old to open a trading account.

For retail clients, minimum deposit of funds needed to activate your trading account is
SGD $100 for mini accounts,
SGD $5,000, for classic accounts,
and SGD $10,000, for Accredited Investors.

To update your personal particulars registered with us, please fill in the Account Information Update form and pass it to us.

No, we do not offer Sub-Accounts for MT4.

Yes, all documents will need to be officially translated into English.

If all the documents provided meet the specified requirements, the individual/joint trading account should be opened within 3-5 business days. For Corporate trading account, the duration to open account depends on whether the documents submitted to us are sufficient.

You are advised to ensure the correct documents are submitted to avoid unnecessary delays in the account opening process.

As a financial institution regulated by the Monetary Authority of Singapore (MAS), individual clients of CGS-CIMB Securities Pte Ltd who intend to transact in Unlisted Specified Investment Products (SIPs) are required to pass CKA if they are not exempted.

CKA is aimed at safeguarding the interests of retail investors by assessing whether retail investors has the relevant knowledge or experience to understand the features and risks of the product.

This assessment does not apply to Accredited Investor or Expert Investor.

Under the SFA regulation section 4A on Specific classes of investors,

"Accredited Investor" means -
  1. an individual -
    1. whose net personal assets exceed in value $2 million (or its equivalent in a foreign currency) or such other amount as the Authority may prescribe in place of the first amount;
    2. whose financial assets (net of any related liabilities) exceed in value $1 million (or its equivalent in a foreign currency) or such other amount as the Authority may prescribe in place of the first amount, where “financial asset” means —
      • a deposit as defined in section 4B of the Banking Act;
      • an investment product as defined in section 2(1) of the Financial Advisers Act; or
      • any other asset as may be prescribed by regulations made under section 341; or
    3. whose income in the preceding 12 months is not less than $300,000 (or its equivalent in a foreign currency) or such other amount as the Authority may prescribe in place of the first amount;
  2. a corporation with net assets exceeding $10 million in value (or its equivalent in a foreign currency) or such other amount as the Authority may prescribe, in place of the first amount, as determined by —
    • the most recent audited balance-sheet of the corporation; or
    • where the corporation is not required to prepare audited accounts regularly, a balance-sheet of the corporation certified by the corporation as giving a true and fair view of the state of affairs of the corporation as of the date of the balance-sheet, which date shall be within the preceding 12 months;
  3. the trustee of such trust as the Authority may prescribe, when acting in that capacity; or
  4. such other person as the Authority may prescribe

"Expert Investor" means -
  1. a person whose business involves the acquisition and disposal, or the holding, of capital markets products, whether as principal or agent;
  2. the trustee of such trust as the Authority may prescribe, when acting in that capacity; or
  3. such other person as the Authority may prescribe

Under MAS Notice No. SFA04-N12 Notice on Sale of Investment Products Annex 3, a customer must satisfy at least one of the below criteria to pass CKA:

  1. The Customer holds a diploma or has higher qualifications in accountancy, actuarial science, business/business administration/business management/business studies, capital markets, commerce, economics, finance, financial engineering, financial planning, computational finance and insurance;
  2. The Customer has a professional finance-related qualification;
  3. The Customer has invested in the following unlisted Specified Investment Products:
    1. For transactions in collective investment schemes (referred to as “CIS”) and investment-linked life insurance policies (referred to as “ILPs”), the Customer has transacted in CIS or ILPs at least 6 times in the preceding 3 years; or
    2. For transactions in unlisted Specified Investment Products (other than CIS and ILPs), the Customer has transacted in any unlisted Specified Investment Products (other than CIS and ILPs) at least 6 times in the preceding 3 years; or
  4. The Customer has a minimum of 3 consecutive years of working experience in the past 10 years in the development of, structuring of, management of, sale of, trading of, research on and analysis of investment products or the provision of training in investment products. Work experience in accountancy, actuarial science, treasury or financial risk management activities will also be considered relevant experience.
 

No, you will not be able to do so.
You will be required to close your individual account first and resubmit a new joint account application. No individual can hold 2 accounts in the same name.

No, the Base currency cannot be changed.
You are required to choose either SGD or USD as your preferred Account Base Currency for MT4 when opening a trading account with us.

You can view your open positions at the Trades tab or view your portfolio exposure at different currencies level at the Exposure tab.
To understand more on how to view position details on MT4, please refer to MT4 User Guide.

To close your trading account, please fill in the Closure of Account form and send it back to us.

If you are unable to find the answer to your question on our FAQ page or require additional assistance, please email us at sg.fxdquery@cgs-cimb.com.
 

You can deposit funds into your trading account through Bank transfer / Telegraphic Transfer
For more detailed information on the funding process, please click here.
For more detailed information on the bank transfers, please see our Standard Settlement Instruction for FX Retail Client and Corporate Client Deposits.
Funds will need to be sighted and cleared first before they are deem available for trading. Margin stop-outs cannot be postponed based on any incoming funds that have not been cleared and booked into your trading account.

You are required to submit a Withdrawal Form to us. The cut-off time for withdrawals is 9am SGT. Any withdrawal request received after 9am SGT will be processed on the next Business Day.

Please note that when transferring funds cross border or in a foreign currency, there may be delays due to several parties being involved in the process. Should you not receive your funds after 3 business days from submission of withdrawal request, please contact us at sg.fxddealing@cgs-cimb.com.

This may be due to the intermediary parties charging handling/processing fees or bank charges when transferring funds cross border or in a foreign currency. Our service fee for each withdrawal is SGD $20 for requests within Singapore only.

Yes, you can deposit your funds in a currency other than your chosen account base currency. However, a conversion will be applied to convert your deposit into your chosen account base currency (SGD or USD).
 

Operating system: - Windows 2000 / 2003 / XP SP (2) / Vista / 7 / 10
Processor: - 1.5 GHz or higher
RAM (memory): - 1 GB or higher
Screen resolution: - Minimum 1024x768
Internet connection: - 1.5 Mbps broadband or better
Internet Browser: - Internet Explorer version 7.0 / Mozilla Firefox 2.0 or better

Please visit our MetaTrader page to download the trading platform (in the "Availability" section).



  • Download the MT4 application on your desktop on mobile device.
  • Create a Demo Account:
    For Desktop application, select Files > Open An Account > CGSCIMBSecurities-Demo-UK
    For Mobile application, select "Open A Demo Account" > CGSCIMBSecurities-Demo-UK
We strongly recommend that new users familiarize themselves with the trading platform and functions available through the Demo Account before engaging in live trading.

Please contact the Dealing Desk at +65 6671 9909 to reset your password.

2FA (also known as two-factor authentication) is the verification of a user's online identity using two distinct factors.

The current practice used by most financial institutions in Singapore is to require clients to go through a 2-factor authentication process:
  • a Personal Identification Number (PIN), which is issued by the financial institution and
  • a One-Time Password (OTP), which is generated by a hardware token device or software token application, or sent via a Short Message Service (SMS) to the client.

In general, single-factor password authentication is more susceptible to password-based attacks and malware that could result in the compromise and hijacking of online trading accounts by unauthorized parties. This could in turn lead to unauthorized disclosure of your personal and trading information that may be available on the online trading account, or the carrying out of fraudulent trades through your online trading account. Choosing not to use 2FA for the online trading account would increase your exposure to these risks.

Although 2FA is not compulsory for trading, users are encouraged to adopt 2FA given the associated risks of not doing so.

No, 2FA is not offered for FX on MT4. You will need to sign a 2FA Risk Disclosure Statement and agree to the potential risks and consequences of consenting to trade online through CGS-CIMB Securities (Singapore) Pte Ltd without the use of the 2FA. Otherwise, you will not be able to open a trading account with us.

We strongly recommend that you observe the following practices to secure the confidentiality and integrity of your password and PIN (for funds transfer), security tokens, personal details and other confidential data as far as possible. These will help to prevent unauthorised transactions and fraudulent use of your accounts and make sure that no one else would be able to observe or steal your access credentials or other security information to impersonate them or obtain unauthorised access to your online accounts. You should:
  1. Take the following precautions as regards to your PIN and password ("credentials");
    1. Credentials should be at least 6 characters of alphanumeric mix;
    2. Credentials should not be based on guessable information such as user-id, personal telephone number, birthday or other personal information;
    3. Credentials should be kept confidential and not be divulged to anyone;
    4. Credentials should be memorised and not be recorded anywhere;
    5. Credentials should be changed regularly or when there is any suspicion that it has been compromised or impaired; and
    6. The same PIN should not be used for different websites, applications or services, particularly when they related to different entities,
  2. Not select the browser option for storing or retaining user name and password;
  3. Check the authenticity of our website by comparing the URL and our name in its digital certificate or by observing the indicators provided by an extended validation certificate;
  4. Check that the website address changes from 'http://' to 'https://' and a security icon that looks like a lock or key appears when authentication and encryption is expected;
  5. Check your account information, balance and transactions frequently and report any discrepancy;
  6. Install anti-virus, anti-spyware and firewall software in your personal computers and mobile devices;
  7. Update operation system, virus and firewall products with security patches or newer versions on a regular basis;
  8. Remove file and printer sharing in computers, especially when they are connected to the internet;
  9. Make regular backup of critical data;
  10. Consider the use of encryption technology to protect highly sensitive or confidential information;
  11. Log off each and every online session;
  12. Clear browser cache after each and every online session;
  13. Not install software or run programs of unknown origin;
  14. Delete junk or chain emails;
  15. Not open email attachments from strangers;
  16. Not disclose personal, financial or credit card information to little-known or suspect websites;
  17. Not use a computer or a device which cannot be trusted; and
  18. Not use public or internet café computers to access online services or perform financial transactions.
 

When a trade is executed, positions will be held value for T+2 days. However, if your position is not closed out before 5pm New York Time, your position will be held overnight and will be rolled-over to the next trading day with an extension of another Value Day (T+3).
For trades being held overnight, they will be subjected to either a credit or debit of swap charge which will depend on the bank’s overnight interest rate differential between the two currencies of the pair you are trading and is calculated according to whether your position is Long or Short.

Margin trading is the use of leverage to provide you with more exposure in the market at a smaller initial capital outlay. Depending on the movement of the market, you will have the opportunity to gain profits or suffer potential losses of the same magnitude.

AUDCAD CHFJPY EURUSD NZDCHF
AUDCHF CHFSGD GBPAUD NZDJPY
AUDJPY EURAUD GBPCAD NZDSGD
AUDNZD EURCAD GBPCHF NZDUSD
AUDSGD EURCHF GBPJPY USDCAD
AUDUSD EURGBP GBPNZD USDCHF
CADCHF EURJPY GBPSGD USDCNH
CADJPY EURNZD GBPUSD USDJPY
CADSGD EURSGD NZDCAD USDSGD

US Daylight Saving Time: Monday 05:00 Singapore time – Friday 05:00 Singapore time (US Market Close)
Non-US Daylight Saving Time: Monday 06:00 Singapore time – Friday 06:00 Singapore time (US Market Close)
 

 

 


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