You can find important trading FAQs right here. The world of trading can be a little daunting for new investors. A lot of new traders don’t understand a lot of the things they need to know about.
As a way to make things easier for new traders, our team has put together all of the most important questions we could think of to answer them. All the most common questions about online trading platforms in Singapore will be answered on this page, and they will be answered in great detail.
Best Trading Sites Online
Top Online Trading FAQs 2022
Can I change my registered bank account from a trading platform?
Yes, you can. For most brokers, you will first need to ensure that you have zero balance in your account.
You can contact your broker’s customer service team via live chat or email to change your registered bank account.
Are there any bank charges?
Yes, however most brokers does not impose any bank charges on their clients.
Various banks may impose charges when there is a local or international fund transfer e.g. Remitting bank (User), the Beneficiary bank, the Intermediary bank or others.
Some of the scenarios as follow:
When a user makes an international fund transfer of USD 100 to a broker, they may have to choose one of the following charge options.
However, there are cases where charge options may not be available in certain banks and “SHA” is the default charge option selected.
a) BEN: Charges are borne by the broker
A broker bears all charges of the banks engaged in the transfer of the payment. User only pay the remittance amount. All charges (Remitting bank’s as well those of the Intermediary and Beneficiary banks, etc.) will be deducted from the remittance amount and your Beneficiary will receive the remaining balance.
Outcome: A broker will receive USD 100 less the Remitting Charges and Correspondent Bank Charges.
b) SHA: Charges are shared between User & broker
User pay for the Remitting bank’s charges and the remittance amount. A broker bears the charges of all the other banks’ (the Intermediary and Beneficiary banks, etc.), which will be deducted from the remittance amount. A broker will receive the remaining balance. This is the most common type of charge, where each party bears their respective charges.
Outcome: A broker will receive USD 100 less the Correspondent Bank Charges.
c) OUR: Charges are borne by User
User bear all charges of the payment, i.e. the remittance amount, Remitting bank’s charges, as well as all the other banks’ (Correspondent, Intermediary and Beneficiary banks etc.). The charges are debited from User indicated account after the exact amount has been identified. For cases where a broker has “OUR” arrangement with its correspondents, it will debit the agent charges upfront.
Outcome: A broker will receive USD 100 in full.
Is there a limit for deposit and withdrawal?
It depends on the broker. Most platforms do not have minimum amount for deposits.
For withdrawals, usually there is a minimum limit of USD 100 and there is no maximum limit.
How long does it take to process my deposit or withdrawal requests?
It varies from broker to broker. In most cases It takes 1 business day for local fund transfer and up to 3 business days for international fund transfer.
Are these trading platforms listed available to users worldwide?
Yes, these platforms accept all international users.
What are the trading hours?
You can trade on the platforms 24/7.
What is the difference between using the mobile trading app and desktop version?
There is no difference. Both options provide users to trade with ease and convenience.
What are the benefits of trading gold online?
You may incur handling, valuation and testing fees from banks and retail gold dealers when you buy or invest in physical gold. With these fees, and the difference in the buying and selling price of gold at banks, it would greatly reduce the actual profit and returns on your investment.
Gold trading on our platforms does not incur any of such fees and this translates to greater profits for all our users.