Malaysia Stock Brokers
This is how your typical trading screen would look like when buying and/or selling stocks online.
As requested by many of you, Malaysia’s top stock brokers for your choosing. They’ve all been ranked accordingly, with Hong Leong Bank being one of my favourite brokers.
I’ve omitted many other brokers because I don’t think the public should even consider them. Not for the average investors anyway. I’m keeping the table super simple as I understand that most of us are only concerned with the fees charged.
| Brokerage | Fee Structure | Trading Limit | Settlement / Payment Method |
|---|---|---|---|
| Rakuten Trade | 0.106% Minimum RM7, RM8 & 0.1% depending on trade value. Max RM100. | Cash Upfront | All banks |
| Hong Leong Bank | 0.106% Minimum RM8.48 | Value Trade: Cash Upfront | Hong Leong, Maybank2U |
| M+ Online | 0.05% Minimum RM8.48 | M+ Silver: Cash Upfront | CIMB, Maybank, Public Bank, Hong Leong, UOB, RHB |
| Maybank | 0.1% Minimum RM8.48 | Cash Account | Maybank |
| AM Securities | 0.05% Minimum RM8.48 | e-Direct - Cash Upfront | eDeposit / eSettlement through Ambank |
| Jupiter Securities | 0.1% Minimum RM10 | Cash Upfront | Fund transfer via Maybank, HSBC, CIMB, RHB, Public Bank. |
| CIMB iTrade | 0.106% Minimum: RM8 | Cash Upfront | CIMB, Maybank, Public Bank, Hong Leong |
| Kenanga Wealth | 0.49% Minimum: RM12 | Cash Upfront | Fund transfer |
Table updated as at April 2019
Some of the fees may change from time to time, so for those of you who managed to get the latest figures, please drop me a message or comment and I’ll update it accordingly. Also, if your current broker isn’t on the list and you think they should be, give me them figures! You’ll be credited.
I want to keep this table up to date so as to help everyone pick the correct brokers to invest with. Remember, when choosing your broker, don’t just pick the ones with the lowest brokerage fees. Go for the ones that match your needs.
My Recommendation
Right now, as of April 2019, for beginners – I’d suggest going for RAKUTEN TRADE. (Use ref code: 6ebFMSSTQU)
They’ve got one of the easiest account registration processes and you get Rakuten Points every time you trade. Which I convert into AirAsia points to redeem free flights!
Opening Your Brokerage Account
After making your choice, familiarize yourself with the fee structure of your broker. Determine what is the optimal amount to invest every time and see if you can achieve that every transaction. Do not be daunted by the account opening process. Just visit your broker’s office and you’ll be surprised how easy it is. The usual account opening fee is RM10.
The usual required documents are:
- NRIC
- Bank statements (be sure to show all your accounts and personal details)
Minor update: Rakuten Trade now allows you to open your account online. Hassle-free.
Hong Leong Bank
I’m currently using Hong Leong Bank and based on my experiences, the services offered are top notch. Yes even with their slightly higher fee, I’ve had zero problems with trading and customer service has been excellent. They also grant users complimentary access to charts and research. The main one I use for my research is Equities Tracker.
Although, recently there has been complaints from readers stating that HLe is taking a very long time with their account opening process. So take note!
Rakuten Trade
Apart from Hong Leong, I’m gradually switching over to Rakuten Trade now.
I’ve come to appreciate the fact that they’re offering a nominee account that doesn’t charge fees for corporate actions. I no longer have to go to the post office and handle my own subscription of dividend reinvestment plans and whatnot.
Also, their fees are relatively cheaper. RM7 when you trade below RM1,000 and an RM100 flat fee for trades above RM100,000. For transactions in between the RM1,000 and RM100,000 range, they’re at competitive market rates. Similar to Hong Leong and Maybank etc.
By the way, account registration and opening can be done 100% online!
Click hERE to register for Rakuten Trade. Use code: 6ebFMSSTQU
End.
Now you’ve got your brokerage account set up and you’re ready to invest, it’s time to determine the companies you’d like to invest in. You’ve got to know the company and industry like the back of your hand before you invest. If you’re a total newbie when it comes to investing, here’s a Guide to Stock Investment.
Have a look at my philosophy of Dividend Income Investing as well as The Complete Guide to REITs in Malaysia to get you started.
As always, thank you for reading! Follow me on Facebook and Instagram for weekly dividend updates!
Leave Your Comments!
Lastly, if you’ve got anything to say about any Malaysia Stock Brokers, drop a comment so everyone will know. If you’re planning to change from one broker to another, tell us why! Tell everyone. Let’s keep it civil.