OCBC Securities Review 2024
Website: iocbc.com
Min. Deposit: US$ 1000
Leverage: 1:20
Trading Platforms: iOCBC Proprietary Trading Platforms
Regulation: MAS
Headquarters: Singapore
Founded: 1986
Regulatory Licenses:
- OCBC Securities Private Limited - authorized by MAS (Singapore) registration no 196600262R
- OCBC Securities Private Limited - member of Singapore Exchange Securities Trading Limited (SGX-ST) and Singapore Exchange Derivatives Trading Limited (SGX-DT)
Updated on April 8, 2024
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At Broker Insight, our review methodology for evaluating brokers is comprehensive and multi-faceted, ensuring a well-rounded analysis. We start by examining the broker's regulatory compliance and background, assessing the security and reliability of their operations. This is followed by a thorough evaluation of the range and diversity of trading instruments and markets offered, as well as the variety and suitability of account types available for different trader profiles. We delve into the trading platforms and tools provided, focusing on user experience, functionality, and technological robustness. Fees, spreads, and overall cost structure are scrutinized for transparency and competitiveness. A key component of our review involves testing the effectiveness and responsiveness of customer support. Additionally, we consider the ease and efficiency of the deposit and withdrawal processes. Finally, we incorporate real user feedback and the broker’s community reputation into our assessment to present a holistic and unbiased review that serves as a valuable resource for traders seeking reliable and insightful broker evaluations.
OCBC Securities operates as a subsidiary of OCBC Bank, a key player in the financial sector based in Singapore. This broker specializes in offering Forex and Stock trading services, catering to both individual and institutional clients. Through OCBC Securities, clients gain access to a wide array of financial instruments, including Securities, Bonds, ETFs, leveraged Futures, Forex, Precious Metals, Stocks, and more, across various financial markets globally. The firm stands out due to its regulatory compliance, being authorized by the Monetary Authority of Singapore (MAS), and its membership with the Singapore Exchange Securities Trading Limited (SGX-ST) and the Singapore Exchange Derivatives Trading Limited (SGX-DT). This broker is well-regarded for its favorable trading conditions, diverse trading products, and comprehensive research tools designed to support clients in portfolio management and trade execution.
OCBC Securities Pros and Cons ▲
Pros
Offers competitive trading solutions, including favorable fees
Provides access to a wide range of financial markets
Comprehensive learning materials and research tools available
Credibility and financial stability due to association with OCBC Bank
Cons
No 24/7 customer support
Operates under a single regulatory authority
Certain services may have fees or limitations
Is OCBC Securities Safe or a Scam? ▲
OCBC Securities is recognized as a reputable Forex and Stock trading broker, adhering to the strict guidelines and regulations set forth by MAS. This regulatory body enforces stringent standards within the financial industry to promote reliability and integrity. Thus, OCBC Securities is not a scam, but a trustworthy platform for traders seeking to invest and manage their assets in a regulated environment. The firm’s legitimacy is further evidenced by its commitment to avoiding offshore zones, which underscores its dedication to transparency and regulated operations.
Leverage is an essential feature in trading that enables participants to engage in the market with relatively small capital. It's crucial, however, to fully grasp the concept of leverage, including its potential for significant gains or losses. OCBC Securities offers leverage in compliance with MAS regulations, allowing traders from Singapore to utilize leverage up to 1:20. This controlled leverage ratio underscores the importance of understanding and managing the risks associated with leveraged trading.
Account Types
Based on our thorough research, we have identified that the broker provides five distinct account types, each designed to cater to the varying needs and preferences of traders. This variety ensures that investors have the flexibility to select accounts that best match their trading objectives and financial aspirations.
Opening OCBC Securities Trading Account
Initiating an account with this broker is a straightforward process, enabling you to register with OCBC Securities swiftly. Simply navigate to and follow the 'Create an Account' page, input the necessary personal details such as your name, email, and phone number, and then upload the required documents for verification, including proof of residence and identification. After completing an electronic quiz to confirm your trading expertise, your account will be activated upon verification, allowing you to proceed with depositing funds.
OCBC Securities offers an extensive range of trading instruments, enabling both traders and investors to access a diverse and comprehensive portfolio of products. Their selection includes Securities, Bonds, ETFs (Exchange Traded Funds), leveraged Futures, Forex (foreign exchange markets), Precious Metals, Stocks, Indices, Commodities, Options, and Shares. This wide array of trading options facilitates the creation of well-balanced and tailored portfolios, allowing individuals to align their investments with specific financial goals and personal risk tolerance levels. The OCBC Securities Markets Range Score, which stands at a notable 8.9 out of 10, reflects the broad and diverse nature of their trading product offerings. This score underscores OCBC Securities' commitment to providing a varied selection of trading instruments to cater to the varied needs and strategies of investors and traders in the financial markets.
OCBC Securities Fees
Our comprehensive review of the broker's fee structure has revealed that fees can vary significantly depending on the account type, trading services, and the financial instruments being traded. Brokerage fees may encompass commissions, spreads, and other trading-related charges. It is essential to meticulously review the broker's fee framework and terms and conditions to fully understand the associated charges and their potential impact on your trading operations. With an overall score of 3.8 out of 5, OCBC Securities' fees are considered average when compared to a wide spectrum of 1000 brokers.
Our analysis of test trades indicates that the broker offers competitive spreads, with an average spread of 0.9 pips for the EUR/USD currency pair in the Forex market. It is important to note, however, that spreads are subject to fluctuations based on market conditions, volatility, and liquidity. For precise information on the spreads offered for specific instruments and account types, it is advisable to consult the broker's website or get in touch with their customer support. The broker's spreads are rated as low or average, achieving an overall score of 4.0 out of 5. Our comparison to other brokers revealed that Forex spreads are below the industry norm of 1.2 pips, and the spreads on other instruments are also competitive.
Our extensive evaluation reveals the broker offers numerous funding options for traders to seamlessly deposit funds into their accounts, including Electronic Payment for Shares (EPS), Telegraphic Transfer, PayNow, and Internet Bill Payment. It's important to note that certain payment methods might be subject to specific conditions or limitations based on the trader's bank or other financial institutions.
OCBC Securities Funding Methods received a commendable score of 4.0 out of 5. Fees are competitive, and traders can benefit from various account-based currencies.
Pros
Low fees and multiple account currencies
Cons
Some payment methods may have restrictions
OCBC Securities Minimum Deposit
Through our research, we discovered that the broker's minimum deposit requirements vary by account type and trading services offered. Specifically, the Basic Trading account, aimed at individuals aged 18-20, requires an initial deposit of $1,000, which is higher than the industry standard minimum deposit of $500.
OCBC Securities Withdrawals
Our analysis indicates that the withdrawal process is both efficient and straightforward. The exact withdrawal process may differ depending on your local bank.
Withdraw Money from OCBC Securities Step by Step:
To withdraw funds from your trading account, the brokerage outlines the following steps:
Log in to your account
Select 'Withdraw Funds' from the menu
Enter the amount to be withdrawn
Choose the withdrawal method
Complete the electronic request with the required information
Confirm withdrawal details and submit
Monitor the current status of your withdrawal through your Dashboard
The broker provides its clients with the proprietary iOCBC trading platforms. These platforms are engineered to deliver a holistic and intuitive trading experience, featuring real-time market data, analytical tools, and extensive trading strategies.
OCBC Securities Platform is awarded a score of 4.0 out of 5, outperforming many in a review of over 1000 brokers. The advanced trading platforms and mobile apps are significant advantages.
Trading Tools
The broker offers a vast array of trading tools designed to enhance user capabilities. The proprietary iOCBC trading platforms come equipped with real-time market data, sophisticated charting functionalities, and analysis features. These tools enable traders to conduct thorough market analyses, make informed investment decisions, and execute trades with precision.
The broker provides customer support 24/5 through email, phone lines, and social media channels. The support team also includes trading specialists capable of offering technical support, analysis recommendations, and assistance with general inquiries and operational issues.
OCBC Securities Customer Support receives a rating of 3.9 out of 5 based on our evaluation. The team is notably responsive during business hours, ensuring effective support.
Lastly, the broker places significant emphasis on client education, offering an array of educational resources and materials, such as articles, webinars, and tutorials. These resources offer valuable insights, enabling traders to make knowledgeable decisions in their trading and investment endeavors.
OCBC Securities Education is awarded a score of 4.0 out of 5. The broker excels in providing valuable learning materials suitable for traders at all levels, enhancing their trading expertise.
In summary, OCBC Securities stands as a reputable Forex and Stock trading broker. It provides competitive trading conditions, robust educational resources, and a diverse range of trading tools, catering to the varied needs of both individual and institutional investors.
While it's important to consider the specifics of fees, minimum deposits, and other factors individually, the broker emerges as a comprehensive choice for those in pursuit of a well-informed and holistic trading experience.
Based on our comprehensive analysis and expert opinions, OCBC Securities is highly recommended for:
Traders from Singapore
Currency trading
Professional trading
Investing
Beginners
Advanced traders
STP/DMA execution
Competitive spreads
Comprehensive education and trading tools
