Forex Trading: Top 10 Q&As for mooers!
As Moomoo SG offers forex trading, numerous mooers are very interested in forex trading.
Here are the official answers to the top 10 questions that mooers would like to know most about^^
Forex, also known as foreign exchange or FX trading, is the conversion of one currency into another. It is one of the most actively traded markets in the world.
Retail investors can open an investment account, deposit a certain amount as margin requirement, and then perform trades within the margin limit in the forex market.
We offer 36 tradable currency pairs. For the full list, view here.
What's more, we will be launching additional pairs in the upcoming few months. Please stay tuned for our update!
There is no commission or platform fees. Moomoo SG offers floating spread on forex, from as low as 0.6 pips. The spread may fluctuate depending on market volatility and availability liquidity. For more details, please visit here.
20 Times leverage adhering to MAS regulations
5% margin requirement (20:1) for most currencies pair except for USDMXN where higher margin requirement of 8% is required. Check details here.
You are able to view the chart 24/7. However, the chart will run continuously 24 hours for 5 days starting from the opening market on Monday morning to the market closing on Saturday morning.
Major banks
Moomoo FX account is a standalone account, and you are unable to withdraw directly from the FX account. However, you will be able to use the universal account - securities to withdraw funds. Therefore, you will need to transfer from universal FX account to a universal securities account.
To transfer funds, you can:
a. tap the “Markets” tab, select “Forex Account”, and go to the forex account page;
b. tap the “Cash Transfer” button to access the “Cash Transfer” page.
You can tap on the icon in the top right corner of the 【Quotes】 tab of the ccy pair(EURUSD for example) and then tap on 【Details】 to see the contract specs, margin requirement, swap and trading hours for that contract.
You can participate in Forex Welcome Rewards and enjoy up to US$200* monthly rebates. For more details, please visit moomoo - Introducing moomoo FX
*T&Cs apply.
For more questions on FX, please comment below!
We'll be here to answer your burning questions^^
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
Read more
Comment
Sign in to post a comment
Moomoo Community Official Account
What’s happening? All things moomoo in Singapore.
29KFollowers
94Following
19KVisitors
Follow
Milk The Cow : Can the converted currency be used to buy stocks of that currency or is it just a currency position stucked in the forex trading account (unable to use the converted currency for buying the same currency stock)
?
Milk The Cow Milk The Cow: Let say u can transfer from universal FX account (from what I read = can
) to a universal securities account.
?
Doesn't it means that the converted currency transferred from the forex account to the universal account should be able to be used to buy stock of the same currency in the universal account
Is there any maintenance for opening a forex account or it's totally free?
How long does the transferring currency to universal account take? Instantly?
Milk The Cow : 1 lot in forex is 100,000 currency units.
.
So, minimum is 1000 currency units
Moomoo SGOP Milk The Cow: Hello Milk The Cow. Thank you for reaching out. Yes! The converted currency be used to buy stocks of that currency.
Moomoo SGOP Milk The Cow: No maintenance fee for opening a forex account. It's free.
Moomoo SGOP Milk The Cow: Yes, if you transfer from stock universial account to forex universal, it's instant.
Milk The Cow : OK, am going to open it
~
Milk The Cow Milk The Cow: Wait...
, is there any good promo for existing users opening forex account 
?
Philip 2698 :
Philip 2698 : Go Go Go
View more comments...