Rakuten Trade Review Malaysia 2026: Fees, Features & Honest Verdict for Bursa Investors
RM 1. That is what Rakuten Trade charges to buy a Bursa Malaysia stock priced under RM 100 — undercutting Maybank Kim Eng's RM 12 to RM 40 minimum brokerage by a factor of twelve to forty. For Malaysian retail investors who trade in small lots, Rakuten Trade has been the cheapest SC-licensed broker on Bursa since it rebuilt its fee schedule in 2021, and that remains true in 2026.
Short answer: Rakuten Trade is the best SC-licensed broker for Bursa Malaysia retail investors trading lots under RM 100,000, full stop. Its iSPEED.my mobile app is mature and battle-tested (it has been Malaysia's first fully-digital broker since 2017). For US stocks, moomoo Malaysia is cheaper. For Bursa IPO subscriptions, RT-IPO inside iSPEED is the most convenient route for the IPOs it lists. Open a Rakuten Trade account if Bursa is your primary market.
Fully digital sign-up via iSPEED.my. No minimum deposit, CDS account auto-created. Approval in 1–2 working days.
Rakuten Trade vs moomoo vs Maybank Kim Eng: Snapshot
| Feature | Rakuten Trade | moomoo Malaysia | Maybank Kim Eng |
|---|---|---|---|
| SC Malaysia Licence | ✅ Restricted CMSL (2017) | ✅ eCMSL/A0397/2024 | ✅ Bank-affiliated CMSL |
| Bursa brokerage < RM 100 | RM 1 flat | 0% commission | RM 12–RM 40 minimum |
| Bursa brokerage RM 2,000 trade | RM 2.88 | RM 0 (+ RM 3 platform fee) | RM 12–RM 40 |
| Bursa brokerage RM 50K trade | RM 50 (0.10%) | RM 0 (+ RM 3 platform fee) | ~RM 210 (0.42%) |
| Bursa brokerage cap | RM 100 flat >RM 100K | No cap (no commission) | No cap (0.42%) |
| US stocks | ✅ Yes (0.10%, USD 0.88 min) | ✅ Yes (zero-commission promo) | ❌ Not direct |
| Hong Kong stocks | ✅ Yes (0.10%, HKD 35 min) | ✅ Yes | ❌ Not direct |
| Bursa IPO subscription | ✅ RT-IPO in app | ✅ Via CDS-IPO account | ✅ Via Maybank2u |
| Minimum deposit | RM 0 | RM 0 | RM 0 |
| Cash yield on idle balance | ❌ Not offered | ✅ Up to 5% p.a. (Cash Plus) | ❌ Not offered |
| Best for | Bursa retail trades < RM 100K | US stocks, idle-cash yield | Existing Maybank customers |
No minimum deposit, no monthly fee. CDS account included. Fund via FPX or DuitNow once approved.
How Rakuten Trade's Bursa Fee Tiers Actually Work
The five-tier flat structure is what makes Rakuten Trade economically distinct from every legacy Malaysian broker. Here is the exact schedule from rakutentrade.my as of June 2026:
| Bursa Contract Value | Brokerage Charged | What a Typical Trade Costs |
|---|---|---|
| Below RM 100 | RM 1 flat | RM 50 odd-lot trade → RM 1 |
| RM 100.01 to RM 9,999.99 | RM 2.88 flat | RM 2,000 trade → RM 2.88 |
| RM 10,000 to RM 99,999.99 | 0.10% of contract value | RM 50,000 trade → RM 50 |
| RM 100,000 and above | RM 100 flat | RM 500,000 trade → RM 100 |
| Above RM 1,000,000 | RM 100 + 0.01% levy | RM 2,000,000 trade → RM 300 |
Two things drop out of this table once you compare it to a legacy broker. First, the RM 2.88 mid-tier means every retail trade between RM 100 and RM 9,999 pays the same fixed brokerage — your fees do not scale linearly with trade size in this band, which is the opposite of how Maybank Kim Eng or CIMB iTrade work. Second, the RM 100 cap above RM 100,000 means high-net-worth investors pay a maximum of 0.10% on a RM 100K trade and substantially less in percentage terms as trade size grows. A RM 500,000 trade at Rakuten Trade costs RM 100 in brokerage; the same trade at a 0.42% legacy broker costs RM 2,100.
On top of brokerage, every Bursa trade — regardless of broker — pays the Bursa clearing fee (0.03% of contract value, capped at RM 1,000) and stamp duty (RM 1 per RM 1,000 contract, capped at RM 1,000). These are statutory fees, not broker margin. Compare brokers on brokerage only.
US and Hong Kong Markets: Where Rakuten Trade Sits
For US stocks, Rakuten Trade charges 0.10% brokerage with a USD 0.88 minimum and a USD 25 maximum per trade, plus a 1% surcharge on stocks priced below USD 1.00 (penny stocks). On a USD 1,000 NVDA or AAPL trade, the brokerage works out to USD 1.00 (the minimum kicks in). On a USD 10,000 trade, you pay USD 10. moomoo Malaysia is cheaper here during its 180-day promotional period (USD 0 commission, USD 0.99 platform fee per order) and remains competitive after the promo ends (0.03% commission, same platform fee). If US stocks are your primary market, our moomoo Malaysia review covers the cost math in detail.
For Hong Kong stocks, Rakuten Trade charges 0.10% brokerage with a HKD 35 minimum. That is competitive for retail HK trades but the volume of Malaysians trading HK-listed stocks remains small enough that this is not the deciding feature for most investors choosing Rakuten Trade.
iSPEED.my: The Mobile App That Has Aged Well
iSPEED.my is Rakuten Trade's only platform — there is no separate desktop client or browser-based trading interface for retail accounts (the web platform exists but mirrors the app). It runs on iOS and Android and has been the company's primary product since launch in 2017. After eight years of iteration, the app handles order placement, real-time quotes, charting, watchlists, portfolio tracking, dividend history, and IPO subscription in a single interface.
What it does well: live Bursa Level 2 depth quotes (paid extra at most legacy brokers), structured warrant screener, instant FPX/DuitNow funding that clears the same trading day, and a clean order ticket that supports limit, market, GTD (good-till-day), and GTC (good-till-cancel) orders without surprise extra charges.
Where it shows its age: the charting tools are functional rather than advanced (no multi-timeframe chained scans, no custom indicators), and the news feed leans on Rakuten's curated sources rather than a full Bloomberg-style data terminal. Active traders who rely on technical analysis will probably still want TradingView open on another screen.
RT-IPO: Worth It for Bursa IPO Subscribers?
RT-IPO is Rakuten Trade's in-app Bursa IPO subscription feature. From the iSPEED.my app, you can browse open IPOs, enter your subscription quantity, and submit the application directly — no separate trip to Maybank2u, no ATM application form, no clicking through CIMB Clicks. Allocations, refunds, and listing-day delivery happen inside the same trading account.
The honest limitation: Rakuten Trade can only show you the IPOs where it is appointed as an Authorised Depository Agent or where its partners have routed allocation. For IPOs underwritten exclusively by other investment banks, you still need to apply through that bank's channel. Treat RT-IPO as a convenience layer on the IPOs you would have applied to anyway, not as an exclusive allocation pipe. If subscribing to every Bursa IPO is your strategy, you will still need Maybank2u or CIMB Clicks alongside.
Account Opening, Funding, and the Cash-Upfront Reality
Sign-up is fully in-app. Download iSPEED.my, submit MyKad, complete biometric verification, link your Malaysian bank account, and the account is typically approved in 1 to 2 working days. A CDS account is auto-created in your name during sign-up — you do not need to open one separately at Bursa Depository.
Funding is cash-upfront. Rakuten Trade does not extend contra trading or margin to retail accounts at sign-up, meaning your buy orders must be backed by cleared cash in your trading account. Funding via FPX or DuitNow from a Malaysian bank clears the same day for most banks. Idle cash sitting in your trading account does not earn interest — Rakuten Trade does not offer a cash-management or money-market sweep feature, so if you keep significant cash between trades, move it back to a high-yield savings account or a money-market fund and only transfer in when you intend to buy.
Is Rakuten Trade Safe?
Regulatory standing. Rakuten Trade Sdn. Bhd. has held a restricted Capital Markets Services Licence (CMSL) from the Securities Commission Malaysia since April 2017 and is listed on SC's Public Register of Licence Holders. It is a Participating Organisation of Bursa Malaysia, meaning Bursa's trading and clearing rules apply directly to your orders. Ownership is a 50/50 joint venture between Kenanga Investment Bank Berhad (a long-established Malaysian investment bank with its own banking and capital-markets licences) and Rakuten Securities Inc. of Japan.
What protects your money and shares. Your cash sits in a client trust account under Bursa's clearing rules — legally segregated from Rakuten Trade's own balance sheet. Your shares sit in a CDS account in your own name at Bursa Depository, not in a nominee or omnibus account at the broker. If Rakuten Trade became insolvent tomorrow, your shares are unambiguously yours and can be transferred to another Bursa broker. Rakuten Trade is also a member of Bursa Malaysia's Compensation Fund, which can pay up to RM 100,000 per claim in the event of broker-side default involving client assets.
What is not covered. Rakuten Trade is not a bank, so PIDM deposit insurance does not apply (PIDM only covers bank deposits, not brokerage accounts). Market losses on the stocks you choose to buy are not covered by any compensation scheme — that is normal investor risk and applies at every broker.
The Honest Verdict
If your primary market is Bursa Malaysia and your typical trade is under RM 100,000, Rakuten Trade is the best-value SC-licensed broker available in Malaysia in 2026. The RM 1 / RM 2.88 / 0.10% / RM 100 cap structure is genuinely the cheapest you will find from an SC-licensed retail broker. The iSPEED.my app is mature, RT-IPO removes the friction from Bursa IPO applications, and the SC + Bursa Compensation Fund safeguards put it on the same regulatory footing as a bank-affiliated broker.
If your primary market is US stocks, moomoo Malaysia is the better choice on cost (zero-commission promo plus the lowest platform fee), and its Cash Plus feature earns 3.5–5% p.a. on idle cash that Rakuten Trade does not offer. Our full brokerage roundup compares Rakuten Trade, moomoo, and Maybank Kim Eng side by side for every common use case.
If you are an existing Maybank or CIMB customer who only trades occasionally, the convenience of unified statements may tip you toward the bank-affiliated broker. The cost gap is real (Rakuten saves you RM 9 to RM 37 on every small trade) but for one to two trades a year, that may not move the needle.
Fully digital sign-up. CDS account included free. Approved in 1–2 working days, then fund via FPX or DuitNow and place your first order.
Frequently Asked Questions
Is Rakuten Trade safe and SC-licensed in Malaysia?
Yes. Rakuten Trade Sdn. Bhd. holds a restricted Capital Markets Services Licence (CMSL) from the Securities Commission Malaysia since April 2017, and is a Participating Organisation of Bursa Malaysia. It is a 50/50 joint venture between Kenanga Investment Bank (a long-established Malaysian investment bank) and Rakuten Securities Japan. Client cash is held in a trust account under Bursa's clearing rules, and shares are held in a CDS account in your own name — meaning your assets are legally segregated from Rakuten's balance sheet. Rakuten Trade is also a member of Bursa Malaysia's Compensation Fund, which can pay out up to RM 100,000 per claim if a broker fails to deliver client assets due to insolvency or fraud.
How much does Rakuten Trade charge to trade Bursa stocks?
Rakuten Trade uses a five-tier flat brokerage structure for Bursa Malaysia stocks. Trades below RM 100 cost RM 1 flat. Trades from RM 100.01 to RM 9,999.99 cost RM 2.88 flat. Trades from RM 10,000 to RM 99,999.99 are charged 0.10% of contract value. Trades above RM 100,000 cost a flat RM 100. Trades above RM 1 million have an additional 0.01% levy on top of the RM 100 base. On top of brokerage, you pay Bursa's clearing fee (0.03% of contract value, capped at RM 1,000) and stamp duty (RM 1 per RM 1,000 contract value, capped at RM 1,000).
Rakuten Trade vs Maybank Kim Eng: which is cheaper for a RM 2,000 Bursa trade?
Rakuten Trade is dramatically cheaper for small to mid-size Bursa trades. On a RM 2,000 contract, Rakuten Trade charges RM 2.88 in brokerage. Maybank Kim Eng (and most legacy bank-affiliated brokers) charge a minimum brokerage of RM 12 to RM 40 per trade, then 0.42% of contract value above the minimum threshold — so a RM 2,000 trade at Maybank Kim Eng typically costs RM 12 to RM 40 in brokerage, four to fourteen times more. For trades above RM 100,000, the gap narrows: Rakuten caps at RM 100 flat, while Maybank Kim Eng's 0.42% scales up. For the typical Malaysian retail investor putting RM 500 to RM 20,000 per trade, Rakuten Trade saves real money on every order.
Can I subscribe to Bursa IPOs through Rakuten Trade?
Yes — Rakuten Trade offers RT-IPO, an in-app IPO subscription feature inside iSPEED.my. You can apply directly through the app without needing a separate ATM or internet banking application via the Bursa IPO portal. The catch: Rakuten Trade only allows you to subscribe to the IPOs where it is an appointed Authorised Depository Agent (ADA) or where allocation is made available through its partners. Not every Bursa IPO will appear in RT-IPO. For IPOs not listed in RT-IPO, you still need to subscribe through Maybank2u, CIMB Clicks, or another sponsoring bank. Treat RT-IPO as a convenience layer on Bursa IPOs you would have applied to anyway, not as a way to access exclusive allocations.
Does Rakuten Trade support US stocks like NYSE and NASDAQ?
Yes, but moomoo is cheaper for US stocks if cost is your only filter. Rakuten Trade charges 0.10% commission per US trade with a USD 0.88 minimum and USD 25 maximum, plus standard SEC/FINRA regulatory fees. moomoo Malaysia charges 0% commission during its 180-day promotion (USD 0.03% commission + USD 0.99 platform fee after). On a USD 1,000 US trade, Rakuten costs roughly USD 1.00 (its minimum) and moomoo costs about USD 0.99 in platform fee during promo. If you're trading US stocks regularly, moomoo's platform fee and zero-commission promo make it the clear cost winner. Use Rakuten Trade for Bursa, moomoo for US.
How long does Rakuten Trade account opening take?
Account opening is fully digital through the iSPEED.my app and typically takes 1 to 2 working days from full document submission. You need your MyKad, a recent selfie for biometric verification, and your bank details for cash funding (Rakuten Trade supports Maybank, CIMB, Public Bank, HLB, RHB, and most other Malaysian banks via FPX or instant transfer). A CDS account in your name is auto-created during sign-up — you don't need to open one separately at Bursa Depository. Once approved, you can deposit funds via FPX or DuitNow and start placing orders the same day.
Is there a minimum deposit to open a Rakuten Trade account?
There is no fixed minimum deposit to open a Rakuten Trade account, and no monthly maintenance fee. You can fund the account with any amount and trade up to your cash balance — Rakuten Trade is a cash-upfront broker, meaning you must have funds in your trading account before placing a buy order (no contra trading). Cash sitting idle in your trading account does not earn interest, so move excess cash back to a bank or money market fund between trades.
Are there any hidden fees I should know about?
Three to watch. First, assisted trades (placed by phone with a Rakuten dealer instead of through the app) carry a RM 30 surcharge per trade. Second, requesting old account statements older than 12 months costs RM 5 per statement. Third, as of October 2025, an 8% SST is applied to brokerage and clearing fees on selected asset classes (REITs, ETFs, rights, warrants, structured warrants). Standard Bursa share trades are not currently SST-charged on the brokerage line, but verify the current treatment on rakutentrade.my/fees before assuming.
Last updated: 10 June 2026. Fee data verified from rakutentrade.my/fees and rakutentrade.my/faqs/charges-and-fees on the publication date. SC licence status verified on SC Malaysia's Public Register of Licence Holders. Verify current rates on the official source before opening an account.