Maybank - Maybank Forex (2024)

Maybank Trade Maybank Trade Mobile Maybank CFD Maybank Forex Setting Up Account Deposit and Withdrawal Trading Account Opening Forms Back

Maybank - Maybank Forex (1)

Setting Up Account Deposit and Withdrawal Trading Account Opening Forms

Setting up

System Requirement

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.

Account

Opening an account

How do I open a Maybank Forex account?

You may apply for an account online, by mail or in person at any of our Customer Service Centres.

Click here to open an account online now!

What documents do I need to open a Maybank Forex account?

You will be required to complete the forms below and read through the terms and conditions prior to opening a Maybank Forex account.

Account opening forms

  • LFX Account Opening Form
  • Client Proficiency Assessment Form
  • Maybank Forex Product Term Sheet (Please sign and return the last page)
  • Risk Disclosure Statement for trading in Leveraged Foreign Exchange contracts

Guide & Cautionary Notes and Terms & Conditions:

  • Guide and Cautionary Notes
  • Risk Disclosure Statement
Are there any charges/deposit required for opening a Maybank 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 5% margin requirement requires an initial free equity of GBP 50 in USD or SGD equivalent.

How do I open a Maybank Forex corporate account?

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

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 Securities. 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

User ID and Password

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.

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 send the new password to you by mail only upon successful verification of your signature.

Deposit and Withdrawal

Funding your Account

How do I deposit funds into my Maybank Forex account?

There is a variety of ways to fund your Forex trading account.

a. Cheque
Cheques should be crossed and made payable to "Maybank 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.

b. 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

c. Paynow
You can pay via PayNow through any PayNow participating banks

  • Bank of China
  • Citibank
  • DBS Bank
  • HSBC
  • ICBC
  • Maybank
  • OCBC
  • Standard Chartered Bank
  • UOB Bank

When paying PayNow payment, please use the following information

Maybank - Maybank Forex (2)
Type : UEN (Corporate)
UEN Number: 197201256N
Description/ Reference/ Comments : Please key in your 7 digit trading account number and full name

d. Fast And Secure Transfer - FAST
You can pay via FAST using Internet Banking through the following participating banks:

  • ANZ Bank
  • CIMB Bank
  • Citibank
  • DBS Bank
  • Deutsche Bank
  • Far Eastern Bank
  • HSBC
  • Maybank
  • OCBC Bank
  • RHB Bank
  • Royal Bank of Scotland
  • Standard Chartered Bank
  • Sumitomo Mitsui Banking Corporation
  • United Overseas Bank

When making a FAST Payment, please use the following information:
Recipient's name : Malayan Banking Berhad, Singapore Branch
Recipient's bank account : 040-110-232-02
Description/ Reference/ Comments : Please input your six (6)-digit trading account number and full name, eg. "123456 - Your Full Name"

e. 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.

Maybank Securities Bank Details for Telegraphic Transfer:

SGD

Beneficiary Bank : The HongKong and Shanghai Banking Corporation Limited, Singapore
Beneficiary Name : Maybank Securities Pte. Ltd.
Account number : 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) Limited
Swift Code : SCBLSG22
Beneficiary Name : Maybank Securities Pte. Ltd.
Account No : 0174090064
Remarks : Please indicate your leveraged FX trading account number

HKD

Beneficiary Bank : Malayan Banking Berhad HK Branch
Beneficiary Name : Maybank Securities Pte. Ltd.
Account No : 002010100107007
Swift Code : MBBEHKHH
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 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 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 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 Securities Pte. Ltd.
Account No : 848-394672-209
Remarks : Please indicate your leveraged FX trading account number

EUR

Corresponding Bank : HSBC France
Swift Code : CCFRFRPP
Beneficiary Bank : The Hongkong and Shanghai Banking Corporation Limited, Singapore
Swift Code : HSBCSGSG
Beneficiary Name : Maybank Securities Pte. Ltd.
Account No : 260-016472-178
Remarks : Please indicate client code

Withdrawal

How do I withdraw funds from my Maybank Forex Account?

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

Withdrawal request received by Maybank 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)

Trading

Platform

Currenex

Currenex is a market-leading technology provider offering the FX community high-performance technology. We partner with Currenex to provide you with stable access performance levels during volatile market conditions. With many significant market liquidity sources connected to the venue, we are able to provide you a premium source for FX liquidity.

Get a free demo account now and experience it yourself. Maybank - Maybank Forex (3) Advanced Charting Tools
The trading application comes installed with many advanced charting tools to suit your different trading styles.

  • Chart Types – 12
  • Trend – 24
  • Volatility – 10
  • Momentum – 8
  • Linear – 8
  • Oscillators – 16
  • Custom – 13

You can even configure to view single or multiple charts. All charts setting can be saved as templates for later use by loading the desired template you have saved in the library.

FX Top Stories and Currency Alerts
Updated FX top stories and currency alerts streaming through the trading application to equip you with the information you need to make prompt decisions and manage your currency exposures. Maybank - Maybank Forex (4)

Product

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).

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.

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.
5% 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 Maybank - Maybank Forex (5) 1.3384 = USD133,840
Margin deposit is 5% Maybank - Maybank Forex (6) USD133,840 = USD6,692
Profit of your position is (1.3392 – 1.3384) Maybank - Maybank Forex (7) 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 Maybank - Maybank Forex (8) 1.3384 = USD133,840
Margin deposit is 5% Maybank - Maybank Forex (9) USD133,840 = USD6,692
Loss of your position is (1.3384 – 1.3370) Maybank - Maybank Forex (10) 100 000 = USD140

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.

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.

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).

What is the minimum contract size for trading Leveraged Forex?

The minimum contract size is one micro contract (1000 units).

What are the currencies that offered by Maybank Forex and their respective margins offered?

Maybank Forex offers 50 currencies pairs for trading, and margin required is dependent on each currency pair. Margins required currently range between 2% and 5%.

What is the spread quoted by Maybank Forex?

Spreads are subject to variation, especially in volatile market conditions. Maybank Forex does not charge any further commission other than the platform spreads.

Order

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.

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.

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 Maybank Forex trading platform over the weekend.

How do I place my orders or trade?

You have the choice to trade electronically via our Maybank Forex trading platform or to call the Execution Trading Desk at (65) 6533 6739.

When should I call the Execution Trading Desk?

All Maybank Securities 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 Securities Forex Trading Terminal
Can I partially close out my 100K position?

Yes, you can amend the order size on your close out ticket.

Margin

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 5% 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. Maybank 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.

What is Maybank 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 two business days, closure of all positions would take place on the the second day after 5.30pm.

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

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, Maybank 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.

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.

Methods of top-up can be found under Maybank Forex FAQs -> "Deposit and Withdrawal".

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.
Maybank 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 two (2) business days.

Can I trade when I have an outstanding Margin Call?

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

How do I top-up my Margin Call?

Please refer to our FAQs on "Deposit and Withdrawal".

Calling in to place a trade

What is the procedure to call-in and place trade?

State your order clearly to the Maybank Forex Execution Desk, paying attention to the contract currency pair, quantity, and order buy or sell.

How do I get confirmation on my done trades?

You may contact the Maybank Forex Execution Desk at (65) 6533 6739 to confirm the trades done.

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.

Account Opening Forms

Maybank - Maybank Forex (11)

LFX Account Opening Form
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Maybank - Maybank Forex (12)

Client Proficiency Assessment Form

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Maybank - Maybank Forex (13)

Maybank Forex Product Term Sheet

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Maybank - Maybank Forex (14)

Risk Disclosure Statement for trading in Leveraged Foreign Exchange contracts

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Terms & Conditions for Leveraged Foreign Exchange
Trading

Maybank - Maybank Forex (15)

Guide and Cautionary Notes
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Maybank - Maybank Forex (16)

Risk Disclosure Statement
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Maybank - Maybank Forex (17)

General Terms & Conditions
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Maybank - Maybank Forex (18)

Terms & Conditions for Leveraged Foreign Exchange Trading

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As an expert in the field of online trading and financial platforms, I can confidently provide insights into the concepts and procedures outlined in the article about Maybank Trade, Maybank Trade Mobile, Maybank CFD, and Maybank Forex. My extensive knowledge in this domain allows me to break down the key components mentioned in the article:

  1. System Requirements:

    • The article discusses the hardware and software requirements for internet trading on Maybank's platform. This includes details such as minimum and recommended configurations, memory, graphics card specifications, and the necessary software like Windows, Internet Explorer, and Java Runtime environment.
  2. Account Opening:

    • The process of opening a Maybank Forex account is explained, covering the options to apply online, by mail, or in person at Customer Service Centres. The required documents for account opening, including the LFX Account Opening Form, Client Proficiency Assessment Form, Maybank Forex Product Term Sheet, and Risk Disclosure Statement, are listed.
  3. Account Charges and Deposit:

    • The article mentions that there is no minimum deposit required to open a Maybank Forex account. However, users need to have sufficient free equity in their account to trade, and an example is provided to illustrate the concept of margin requirement.
  4. Corporate Account Opening:

    • For those interested in opening a Maybank Forex corporate account, additional supporting documents are outlined, and the contact information for inquiries is provided.
  5. User ID and Password:

    • Instructions on changing passwords and handling forgotten user IDs or passwords are given. Emphasis is placed on the importance of password security.
  6. Deposit and Withdrawal:

    • Various methods for funding a Maybank Forex account are detailed, including cheque, bill payment service via internet banking, PayNow, FAST transfer, and telegraphic transfer. The article provides specific instructions for each method.
  7. Trading Platform (Currenex):

    • The Currenex trading platform is introduced, highlighting its features such as advanced charting tools, FX top stories, and currency alerts.
  8. Leveraged Forex Trading:

    • The concept of leveraged forex trading is explained, detailing how it involves trading on market movements by comparing the strength of one currency relative to another. The article explains margin, leverage, and the potential for magnified profits or losses.
  9. Trading Hours and Rollover Interest:

    • Information on the unique 24-hour trading hours of the leveraged forex market and the concept of rollover interest is provided.
  10. Contract Details and Spreads:

    • Details on leveraged forex contracts, including the absence of expiry dates, minimum contract size, offered currencies, and associated margins are explained. The article also notes that Maybank Forex does not charge additional commissions beyond platform spreads.
  11. Order Types:

    • Different order types, including Limit Order, Stop Order, and GTC Order, are defined, with explanations of their functionalities.
  12. Margin and Risk Management:

    • The article covers the concept of margin, the Maybank Forex Margin Call and Autoliquidation policy, and the procedures to handle a margin call.
  13. Calling in to Place a Trade:

    • Procedures for calling in to place a trade, confirmation of trades, and checking net positions are outlined.
  14. Account Opening Forms and Terms & Conditions:

    • Links to various account opening forms and terms & conditions, including the LFX Account Opening Form, Client Proficiency Assessment Form, Product Term Sheet, and Risk Disclosure Statement, are provided for further reference.

In conclusion, this comprehensive article covers a wide range of topics related to Maybank Trade, providing valuable information for both beginners and experienced traders.

Maybank - Maybank Forex (2024)
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