Accounts and opening requirements
Sections ↑The principal choice is how purchases are financed and settled. Cash Upfront uses funded buying power; Contra permits short-settlement purchases against eligible collateral; RakuMargin is a separately approved financing facility from Kenanga Investment Bank Berhad. These are not interchangeable leverage settings.[1][5]
Reference table01
Account choices
| Attribute | Cash Upfront | Contra | RakuMargin |
|---|---|---|---|
| Funding model | Funded cash | Collateral-based trading limit | Approved Kenanga margin facilitySource 1 |
| Principal market scope | Bursa; US and Hong Kong after activation | Bursa Malaysia | Eligible Bursa securitiesSource 1Source 4 |
| Payment obligation | Sufficient buying power before purchase | Settle purchase by T+2; unpaid purchases face T+3 force-selling | Interest-bearing financed balance; ongoing collateral requirementsSource 1Source 7 |
| Credit or leverage | No borrowing implied by cash balance | Advertised up to 5 times eligible collateral; stock limits and haircuts apply | Facility limit and eligible collateral determine purchasing powerSource 1Source 5 |
| Idle MYR cash interest advertised | 1.25% per annum | 0.75% per annum | Do not assume the Cash Upfront rate appliesSource 1 |
| Approval | Identity and account verification | Separate account activation and limit checks | Separate credit approval and signed financing documentsSource 3Source 5 |
Reference table02
Opening and activation
| Topic | Published terms and practical effect |
|---|---|
| General eligibility | At least 18, not an undischarged bankrupt, with a Malaysian bank account. Nationality and account-route restrictions are checked during application.Source 3 |
| Identity and address | NRIC or passport, identity/face verification and additional address evidence where required. The account and bank information must match.Source 3 |
| Published processing target | The general FAQ advertises approximately one working hour after satisfactory verification, not a guaranteed opening time.Source 3 |
| Foreign-equity activation | Complete the foreign-trading application and financial, tax and foreign-exchange-administration declarations. Additional bank or passport records may be required.Source 4 |
| Foreign tax documentation | Keep the requested W-8BEN and tax-residency information current. Expired documentation can restrict foreign-equity access; this is not a blanket tax-exemption promise.Source 4 |
| RakuMargin application | Credit screening, financial information and signed facility documents are additional to ordinary registration. The published approval estimate is around 72 hours, subject to completion and approval.Source 5 |
| Facility stamp duty | The RakuMargin FAQ describes 0.5% of the approved facility limit plus RM10 per relevant document from 1 April 2025. Confirm the signed offer and any increase-related duty.Source 5 |
Products and platforms
Sections ↑Reference table03
Markets, holdings and access
| Topic | Published terms and practical effect |
|---|---|
| Malaysia | Listed Bursa shares and supported listed products; security eligibility can differ between Cash Upfront, Contra and margin.Source 1Source 2 |
| United States and Hong Kong | Foreign-equity access requires activation. Product eligibility and settlement currency should be checked on the selected security.Source 4 |
| Currencies | MYR, USD and HKD can be used within the applicable foreign-equity cash arrangement. Holding currency and withdrawal currency are different questions.Source 2Source 4 |
| Mobile and web | Trading is available through iSPEED.my and the web dashboard. Some administrative functions, including e-Invoice subscription, require the web dashboard.Source 11Source 15 |
| Custody format | The Malaysian securities account uses nominee arrangements; it is not the same as a personal direct-CDS account visible in Bursa Anywhere.Source 11Source 12 |
Reference table04
Foreign trading distinctions
| Topic | Published terms and practical effect |
|---|---|
| Settlement cycles | The published operational guidance uses T+1 for US equities and T+2 for Bursa and Hong Kong. Business days and market holidays affect availability.Source 18 |
| Currency choice | MYR settlement and foreign-currency settlement can produce different brokerage units, conversion costs and reward eligibility. Confirm the order preview.Source 2Source 14 |
| Instrument-level restrictions | A foreign-equity activation does not establish that every listed security, fractional order or corporate action is supported. Use the eligible-security list and order ticket.Source 4Source 11 |
Fees and holding costs
Sections ↑Reference table05
Published brokerage: separate from taxes and exchange fees
| Market or service | Brokerage basis | Important qualification |
|---|---|---|
| Bursa Malaysia | RM1 / RM2.88 / 0.10% / RM100, according to published trade-value band | Schedule lists below RM100; RM100.01–9,999.99; RM10,000–99,999.99; and above RM100,000. Check exact boundary values on the order preview.Source 2 |
| US equities | 0.10%; minimum USD 0.88, maximum USD 25 | MYR-settled trades use the applicable MYR schedule; confirm settlement currency.Source 2 |
| Hong Kong equities | 0.10%; minimum HKD 35 | Local levies and applicable stamp duty are additional.Source 2 |
| Very large Bursa trades | Additional 0.01% levy described for trades above RM1 million | Not included in the ordinary RM100 upper-band brokerage figure.Source 2 |
| US penny-stock surcharge | 1% where the published penny-stock condition applies | Separate charge can be posted in the following month.Source 2 |
Reference table06
Other costs and financing
| Topic | Published terms and practical effect |
|---|---|
| Bursa exchange costs | The fee schedule lists a 0.03% clearing fee capped at RM1,000, plus applicable stamp duty. Product-specific exemptions and caps differ.Source 2 |
| SST | The schedule identifies 8% service tax on relevant brokerage/clearing charges for specified listed product classes from 1 October 2025. Do not apply it indiscriminately to every ordinary-share trade.Source 2 |
| US and Hong Kong third-party costs | Regulatory, exchange, clearing, depositary and stamp charges can remain payable in addition to brokerage. Use the current breakdown, rather than a historic all-in rate.Source 2 |
| RakuMargin interest | The account material advertises 5.5% per annum on the financed outstanding amount. Interest accrual and repayment depend on the financing agreement.Source 1Source 2 |
| Rollover fee | The published margin schedule includes 0.5% of outstanding principal at a three-month rollover. This is not a 0.5% annual borrowing rate.Source 2 |
| Currency conversion | The broker applies its prevailing conversion rate. A separate quoted conversion commission of zero would not establish a zero exchange-rate spread.Source 16 |
| Historical statements | The schedule lists RM5 for a requested monthly statement more than 12 months old.Source 2 |
Execution, orders and risk controls
Sections ↑Reference table07
Orders and trading obligations
| Topic | Published terms and practical effect |
|---|---|
| Stop market | Reaching the trigger submits a market order; the eventual price can differ from the stop level.Source 9 |
| Stop limit | Reaching the trigger submits a limit order. Price protection can leave the position unexecuted when the market moves beyond the limit.Source 9 |
| Cancellation | Check the final status of an amendment or cancellation. A submitted request is not proof that an exchange order has stopped executing.Source 16 |
| Contra settlement | A sale and purchase must be reconciled within the appropriate account and settlement period. Contra losses and unpaid purchase balances can remain debts.Source 1Source 16 |
| Order-validity scope | The stop-order information does not establish one universal good-till-cancelled duration for all three markets. Use the validity shown for the actual order.Source 9 |
Reference table08
RakuMargin: distinct risk thresholds
| Ratio or condition | Operational consequence | What it is not |
|---|---|---|
| Below 180% | New buying, cash withdrawals and transfers can be restricted; cash may be used to improve the ratio | Not the same threshold as immediate discretionary liquidationSource 7 |
| Below 150% | Margin call; published procedure allows three market days to restore the required level, with force-selling on the fourth if unresolved | Not a promise that prices or collateral values will remain unchangedSource 7 |
| Below 140% | Kenanga may force-sell without prior notice under the stated procedure | Not a guaranteed stop-loss or capped lossSource 7 |
| Collateral haircuts | Suspended and higher-risk securities can receive lower or zero collateral value | Market value is not always lending valueSource 7 |
Deposits, withdrawals and transfers
Sections ↑Reference table09
Deposit rules
| Topic | Published terms and practical effect |
|---|---|
| Online cash funding | The FAQ states an online deposit ceiling of RM200,000 per transaction. Bank limits can be lower; funds must be received before crediting.Source 6 |
| Offline transfers | Use the authenticated funding instructions and submit the required bank evidence. GIRO and cheque clearance introduce additional processing time.Source 6 |
| Third-party and physical cash | Third-party deposits and physical cash/CDM funding are not accepted under the stated policy. Returned payments or extra verification can delay access.Source 6 |
| Reference and ownership | Use a bank account in the account holder’s name and include the correct trading-account reference. Never fund an individual advertised as a broker agent.Source 6Source 19 |
Reference table10
Withdrawals and internal transfers
| Topic | Published terms and practical effect |
|---|---|
| Cut-off | The published same-working-day request cut-off is 14:50 Malaysia time. Later requests move to the next working day, subject to approval and banking processes.Source 6 |
| Currency and balance | Withdrawals are in MYR; convert foreign balances as required. The FAQ asks clients to leave RM10 to keep the trading account active.Source 6 |
| Settled cash | Recent sale proceeds must settle before they are withdrawable. Buying power is not proof of immediate bank-withdrawal availability.Source 18 |
| Margin withdrawals | Manual approval and a post-withdrawal margin ratio of at least 180% apply to the described route.Source 6Source 7 |
| Internal transfers | Cash Upfront transfers to other eligible internal accounts can be immediate; withdrawals from margin or Contra require additional manual processing.Source 6 |
Reference table11
Securities transfers
| Topic | Published terms and practical effect |
|---|---|
| Outgoing shares | Submit the share-transfer instruction through the stated dashboard process. The published fee is RM10 per counter, plus applicable tax, rather than per share.Source 12 |
| Ownership and timing | The receiving account must preserve the eligible beneficial ownership. The published processing target is up to 48 hours, but corporate actions and other restrictions can delay it.Source 12 |
| Margin shares | Only eligible fully paid shares may be transferred; financing and collateral requirements must first be satisfied. A financed position is not freely transferable.Source 12 |
Client protection and complaints
Sections ↑Reference table12
Entity, custody and dispute routes
| Topic | Published terms and practical effect |
|---|---|
| Account provider | Rakuten Trade Sdn. Bhd., Malaysia. Its website reports a restricted Capital Markets Services Licence for securities dealing and investment advice.Source 17 |
| Verification basis | The regulator’s clone warning identifies misuse of the genuine business’s identity. A current firm-specific register extract was not independently recovered for this profile; no licence number is guessed.Source 20Source 17 |
| Custody | Nominee and sub-custodian arrangements retain beneficial records. These differ from holding securities in the client’s direct name at every overseas market.Source 12Source 16 |
| Deposit insurance | Clause 6.10 of the client terms states that deposits with the broker are not insured by PIDM. A broker cash balance must not be marketed as an insured Malaysian bank deposit.Source 16 |
| First complaint | Contact customer service in writing and retain order IDs, statements, timing and the broker’s response.Source 19 |
| External route | FMOS provides financial dispute resolution within its membership, subject-matter and eligibility rules. Check the actual dispute against those rules; it is not automatic investment-loss compensation.Source 21 |
| Clone awareness | The SC investor-alert entry concerns a potential clone. It must not be relabelled as an adverse regulatory action against the genuine Rakuten Trade entity.Source 20 |
Reference table13
FMOS eligibility and referral timing
| Issue | Practical terms |
|---|---|
| Eligible loss | For a dispute within its member and subject-matter jurisdiction, FMOS handles direct financial loss up to RM250,000. This is a dispute-resolution limit, not protection of every investment account.Source 22 |
| When to refer | Complain formally to the broker first. File within six months of receiving its final decision, or approach FMOS if the broker has not responded within 60 days of the first complaint.Source 23 |
| Excluded issues | Commercial pricing decisions and investment performance alone are generally excluded; alleged nondisclosure, misrepresentation or misselling can be different. Court/arbitration cases and other exclusions must also be checked.Source 22 |
Keep the original complaint date, final decision, transaction records and calculation of the loss. This review verified FMOS’s rules but did not independently recover Rakuten Trade’s current individual membership entry; confirm the contracting entity and case eligibility directly with FMOS.[22][23]
Account support and records
Sections ↑Reference table14
Contact, records and tax administration
| Topic | Published terms and practical effect |
|---|---|
| Customer service | +60 3 2110 7110 and [email protected]. Local phone, email and chat hours are Monday–Friday, 08:00–17:00 Malaysia time.Source 19Source 14 |
| Foreign-market assistance | Email support is advertised during US market hours. That is not a promise of telephone order execution throughout those hours.Source 19 |
| e-Invoice request | Subscribe from the web dashboard under Settings, then retrieve invoices under My Account / My Statement. The FAQ gives two business days for availability after a request.Source 15 |
| Subscription consequence | The e-Invoice FAQ says subscription cannot subsequently be cancelled. This function is not available through the iSPEED.my app.Source 15 |
| Record retention | Keep contract notes, periodic statements and foreign-tax records before closing an account. A public bulk trade-export format and post-closure self-service window were not established.Source 15Source 2 |
Reference table15
Security, dormancy and exit
| Topic | Published terms and practical effect |
|---|---|
| Registered-device control | MFA links a mobile device; web or unregistered-device login requires the documented approval flow. One app and one web session can coexist under the published limit.Source 8 |
| Lost or changed phone | Contact customer service promptly for recovery. Device removal and re-registration have stated 24-hour restrictions; do not assume these are an identical withdrawal-hold period.Source 8 |
| Dormant versus inactive | The FAQ distinguishes an empty dormant CDS account from an account holding securities that becomes inactive after 36 months without the relevant debit/credit activity.Source 13 |
| Reactivation | The top FAQ lists RM5 for reactivation. Confirm the account’s actual status before treating it as ordinary inactivity or closure.Source 18 |
| Voluntary closure | The terms require written notice, settlement of obligations and resolution of holdings. The general termination clause specifies at least one month’s notice; charges and liabilities survive closure.Source 16 |
Tools, automation and additional services
Sections ↑Reference table16
Raku-Invest and rewards
| Topic | Published terms and practical effect |
|---|---|
| Recurring US investing | Raku-Invest provides scheduled purchases of eligible US securities through the activated cash account. Published instruction sizes are RM100–9,999.99.Source 10 |
| Schedule and available funds | Weekly weekday or monthly schedules are available within the stated calendar choices. The platform checks cash and executes around the relevant US trading session.Source 10 |
| Stopping the schedule | Cancel or amend future scheduled instructions separately from any already-submitted unmatched order. Stopping new purchases does not liquidate existing holdings.Source 10 |
| Reward points are not cash | RT Points offset qualifying MYR-settled brokerage, subject to opt-in and a matched order. They are not a withdrawable balance or extra trading collateral.Source 14 |
| Expiry and categories | Brokerage-earned points expire after one month; eligible campaign/activity points can have a one-year life. Redemption choices differ between categories.Source 14 |
| API, copying and AI scope | No public client trading-API contract, leader-copying agreement or AI authority to execute trades was established. Raku-Invest is a scheduled-investment service, not evidence of autonomous strategy trading.Source 10Source 11 |
Company background and evidence
Sections ↑Reference table17
Identity and evidence scope
| Topic | Published terms and practical effect |
|---|---|
| Group relationship | The Malaysian business describes its joint-venture relationship with Kenanga Investment Bank and Rakuten Securities. Separate Rakuten businesses in Japan and Hong Kong have their own account terms.Source 17 |
| Service interruptions | The general FAQ publishes maintenance windows. During an incident, use official support and confirm any order outcome; this desk review did not establish a guaranteed emergency dealing service.Source 11Source 19 |
| Evidence date | Primary-source material was reviewed on 13 October 2026. Fees, collateral policies and eligibility can change; the executed account agreement and current order preview remain important.Source 1Source 2 |
| Review method | Documentary research only. No funded account, customer-support response, execution quality or withdrawal speed was tested.Source 11 |
Legal entities & licences
These are source-dated records, not a blanket assessment of the broker. Read each issuer, identifier, status and scope together.
Rakuten Trade Sdn. Bhd.
| Issuer & identifier | Recorded status | Date & scope |
|---|---|---|
| Securities Commission MalaysiaCompany-reported restricted CMSL; number not established | Not verified | Checked 13 Oct 2026Official clone warning is not a current firm-specific permission extract. Securities dealing and investment-advice scope is company-published.Source 17Source 20 |
Sources & further reading
- Account types Rakuten Trade · Accessed 13 Oct 2026
- Fees and third-party charges Rakuten Trade · Accessed 13 Oct 2026
- Account opening: general questions Rakuten Trade · Accessed 13 Oct 2026
- Applying for foreign trading Rakuten Trade · Accessed 13 Oct 2026
- Opening RakuMargin Rakuten Trade · Accessed 13 Oct 2026
- Cash deposits and withdrawals Rakuten Trade · Accessed 13 Oct 2026
- RakuMargin ratios and forced selling Rakuten Trade · Accessed 13 Oct 2026
- Multi-factor authentication Rakuten Trade · Accessed 13 Oct 2026
- Stop market and stop limit orders Rakuten Trade · Accessed 13 Oct 2026
- Raku-Invest recurring investments Rakuten Trade · Accessed 13 Oct 2026
- General information and service access Rakuten Trade · Accessed 13 Oct 2026
- Share transfers Rakuten Trade · Accessed 13 Oct 2026
- Dormant and inactive accounts Rakuten Trade · Accessed 13 Oct 2026
- RT Points Rakuten Trade · Accessed 13 Oct 2026
- Electronic invoices Rakuten Trade · Accessed 13 Oct 2026
- Client account general terms, July 2026 Rakuten Trade · Accessed 13 Oct 2026
- About Rakuten Trade Rakuten Trade · Accessed 13 Oct 2026
- Top frequently asked questions Rakuten Trade · Accessed 13 Oct 2026
- Official contact channels Rakuten Trade · Accessed 13 Oct 2026
- Investor alert update: 25 March 2024 Securities Commission Malaysia · Accessed 13 Oct 2026
- Financial Markets Ombudsman Service Financial Markets Ombudsman Service · Accessed 13 Oct 2026
- FMOS scope and exclusions Financial Markets Ombudsman Service · Accessed 15 Oct 2026
- How to file a dispute with FMOS Financial Markets Ombudsman Service · Accessed 15 Oct 2026
This profile reports dated public information, including broker-published services and terms. It does not independently test or guarantee execution, pricing or withdrawals. Inclusion is not an endorsement. Permissions and protections apply only to the named legal entity, service and client category; check the current official records and your contract.