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Rakuten Trade, FSMOne, moomoo Malaysia, M+ Global, KenTrade: Guide To Online Stock Brokerages In Malaysia

Invest in local and global stocks on these platforms.


Online stock trading is rising in popularity in Malaysia, with more brokers offering intuitive platforms and sophisticated tools to meet the needs of investors. 

These online stock trading platforms allow investors access to global securities in popular markets like the US and Hong Kong conveniently, which allows investors to manage their accounts anytime and anywhere.  

There are many different factors that differentiate between the different online brokers, of which the cost of trading is a critical component. 

Read Also: What Is A CDS Account? 

Buying Stocks In Malaysia 

In Malaysia, if you want to trade stocks that are listed on Bursa Malaysia, you will need to open Central Depository System (CDS) accounts with authorised stock brokerages. 

A CDS account keeps track of your transactions, where stocks that you buy will be stored in your CDS account and stocks that you sell will be recorded. 

In addition to the total share value of the stock, you will also need to pay for certain transaction fees associated with buying and/or selling the securities. They are: 

Costs  Fees 
Brokers’ Commissions  Differ according to brokerage. 
Stamp Duty 
  • For shares – RM1 for every RM1,000 of the transaction value of securities, with stamp duty remitted to the maximum of RM1,000. 
  • For marketable securities – RM1 for every RM1,000 of the transaction value of securities, with stamp duty remitted to the maximum of RM200. 
Clearing Fees 
  • On market transaction – 0.03% of the transaction value, with a maximum of RM1,000 per contract. 
  • Direct business – 0.03% of transaction value, with a maximum of RM1,000 per contract and a minimum of RM10. 
Buying In Fees 
  • 1% of the buying-in contract value 

An Overview Of Online Stock Brokerage Accounts In Malaysia 

In Malaysia, the online brokerage service providers are typically either established banks or investment platforms like FSMOne and Rakuten Trade. 

Before investing on a certain platform, check if it has a Capital Markets Services Licence (CMSL) by the Securities Commission (SC). SC is a self-funded statutory body that is responsible for regulating the financial markets in Malaysia. 

If you invest with a platform that is a holder of the CMSL, your funds will be protected by the Capital Market Compensation Fund (CMC Fund), where you can claim up to RM100,000 in the event that the platform defaults on its obligations. 

#1 Rakuten Trade 

Launched in 2017, Rakuten Trade is one of the first online stock brokerages in Malaysia that allows investors to buy stocks in local and foreign markets. Rakuten Trade was formed as a joint venture between a local investment bank, Kenanga Investment Bank Berhad (KIBB) and Japan-based Rakuten Securities. 

Market Access: Malaysia, Hong Kong and the US markets 

Account Types 

  • Cash Upfront Account – trade only with money that’s available in your account 
  • Contra Account – gets an extension of credit with cash and shares placed as collateral for transactions, which you later need to pay in full in 2 days 
  • RakuMargin Account – trade with available funds or pre-approved loan facility of up to RM100,000 by KIBB 

Trading Fees: 

Trade Value  Brokerage Rate 
Below RM699.99  1% 
Between RM700.00 – RM9,999.99  RM9.00 
Between RM10,000.00 – RM99,999.99  0.1% 
RM100,000.00 and above  RM100.00 
Minimum of RM1.00 

#2 moomoo Malaysia 

moomoo Malaysia, which was launched in 2023, was originally from the United States and is one of the biggest online stock brokerages in Singapore. You can invest in assets like stocks, exchange-traded funds, warrants and REITS on the platform.  

New investors who open an account with moomoo Malaysia now could receive welcome rewards that include Level 2 data for US stocks and Level 1 data for Malaysia stocks, free Apple share and cash coupons. 

Market Access: Malaysia and the US   

Account Types: moomoo Malaysia offers investors a universal Margin Account, which lets you invest in stocks in Malaysia and the US. It is a margin account, which means the brokerage can lend you money to buy stocks, while you provide cash and stocks in your account as collateral.  

Brokerage Fees: 0% commission fee with a platform fee of RM3 for first 180 days, after which a 0.03% commission fee applies  

#3 M+ Global 

Local brokerage firm Malacca Securities introduced M+ Global in 2023 in Malaysia to let Malaysian investors trade securities conveniently online. Knowing that many Malaysian investors may have Shariah requirements when it comes to investing, M+ Global has a Shariah screening app to filter out all Shariah-compliant stocks on its app. 

Market Access: Malaysia, Hong Kong and the US 

Account Types: Margin Account 

Brokerage Fees 

  • From 0.05% or minimum of RM8 

#4 Maybank2u 

There are banks that provide online trading services as well in Malaysia, one of which is the leading bank in the country, Maybank. If you’re a client with Maybank2u, you can access all their research publications and information like Indices Chart and Indices Listing.  

Market Access: Malaysia 

Account Types: Cash Account 

Brokerage Fees: 

  • 0.1% or a minimum of RM8, whichever is higher 

#5 UTrade by UOB KayHian 

UOB KayHian is a subsidiary company of one of the largest conglomerates in Southeast Asia, UOB Group, which is based in Singapore. Some of the products offered by UOB KayHian include equities, bonds, futures, structured warrants, unit trusts and private retirement schemes. Investors who invest with UTrade are also able to access regular seminars conducted by experts and insightful research. 

Market Access: Malaysia, Singapore, China and the US   

Account Types 

  • Cash Upfront Account 
  • Collaterised Account, with buying limit depending on cash and securities in trading account 

Brokerage Fees: 

  • For Cash Upfront Account: 0.10% with a minimum RM8 
  • For Collaterised Account:  
Trade Value  Commission Rate 
Up to RM100,000  0.30% 
Above RM100,000  0.20% 

#6 FSMOne 

Established in 2008, FSMOne is an online investment platform by iFast Capital Sdn Bhd, a subsidiary company owned by iFast Corporation Ltd in Singapore. FSMOne lets investors invest in various assets including bonds, unit trusts, stocks, exchange-traded funds, managed portfolios and insurances. 

Market Access: Malaysia, the US, Hong Kong, Singapore and China 

Account Types: Cash Upfront Account 

Brokerage Fees 

  • 0.05% or minimum of RM8.80 

#7 HLeBroking 

HLeBroking is an online trading platform by Hong Leong Bank, one of the biggest local banks in Malaysia. The platform offers services including local and foreign share trading as well as futures trading. Other notable features include the KLSE technical equities tracker and access to insightful research reports.  

Market Access: Malaysia 

Account Types 

  • Cash Upfront Account 
  • Share Margin Account 

Brokerage Fees: 

  • For Cash Upfront Account: 0.08% or minimum of RM8 
  • For Share Margin Account: 
Trade Value   Brokerage Rate 
RM100,000 and below  0.38% 
Above RM100,000  0.18% 
Minimum of RM12 

#8 KenTrade by Kenanga 

KenTrade is backed by parent group Kenanga Investment Bank Berhad (KIBB), which has 50 years of expertise in the investment space in Malaysia, including in Islamic banking and wealth management. One of the notable tools offered by KenTrade is a technical analysis tool that allows for comparison of market trends with over 20 technical indicators to track the entry and exit of listed companies. 

Market Access: Malaysia, Singapore and Hong Kong 

Account Types: Cash Upfront Account 

Brokerage Fees 

Trade Value   Brokerage Rate 
Below RM100,000  < 0.60% 
Above RM100,000  < 0.30% 
Minimum of RM40 


Read Also: StashAway, MyTHEO, KDI Invest, Wahed Invest, Raiz: Guide To Investing In Robo-Advisors In Malaysia 


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