Trading Bursa Malaysia stocks or buying US ETFs — the broker you choose affects every trade you make. Fees, available markets, and platform quality vary significantly across Malaysia's main online brokers.
This guide covers six platforms (moomoo, Webull, Rakuten Trade, Tiger Brokers, Kenanga Trade, and Maybank IB) on the metrics that actually matter for retail investors.
Quick Comparison
| Broker | Bursa fee | US stocks | Min deposit | Account type |
|---|---|---|---|---|
| moomoo Malaysia | 0.03% plus RM3 per order | ✅ Yes | RM0 | CDS + custody |
| Webull Malaysia | 0.05% (min RM2.50) | ✅ Yes | RM0 | CDS + custody |
| Rakuten Trade | RM1 up to RM100; RM2.88 to RM9,999.99; 0.1% to RM99,999.99; RM100 flat above | ✅ Yes (US and HK) | Not stated (HELD) | CDS |
| Tiger Brokers | Check Tiger's pricing page | Not verified (HELD) | Not verified (HELD) | Not verified (HELD) |
| Kenanga Trade | Check the broker's pricing page (HELD) | Not verified (HELD) | Not verified (HELD) | CDS |
| Maybank IB | Check the broker's pricing page (HELD) | Not verified (HELD) | Not verified (HELD) | CDS |
Rakuten Trade, moomoo and Webull fees are as read from their own pages on 17 October 2026, before clearing fee, stamp duty, 8% SST on eligible items and promotions. We could not read Tiger's Malaysian pages that day, and the Kenanga Trade and Maybank IB rates in the earlier version were unsourced, so those rows are held. Check broker websites before trading.
moomoo Malaysia
Best for: Investors who want Bursa + US stocks on one platform, and who place mid-sized Bursa orders (see the order-size ranges below).
moomoo Malaysia launched in 2024. Moomoo describes itself as an independent brand of FUTU Holdings, a Hong Kong based Nasdaq-listed company.
Markets available: Bursa Malaysia, NYSE, NASDAQ, SGX (Singapore) and HKEX (Hong Kong).
Bursa fee: 0.03% commission (rounded up to the nearest RM0.01 per order) plus a RM3 platform fee per order. On a RM5,000 order that is RM1.50 plus RM3, or RM4.50. New users get a 180-day RM0 commission promotion. Of Rakuten Trade, Webull and moomoo, moomoo is the cheapest only for orders from about RM15,000 to about RM323,000.
- Commission (0.03%) RM1.50
- Platform fee RM3
US stocks fee: 0.03% commission plus a USD0.99 platform fee per order, plus a USD0.003 per share settlement fee (maximum 1% of the trade amount). For 100 shares of a USD10 stock (USD1,000) that is USD0.30 + USD0.99 + USD0.30, or USD1.59.
- Commission (0.03%) USD0.30
- Platform fee USD0.99
- Settlement (USD0.003 a share) USD0.30
Platform: iOS, Android, and web. The app is feature-rich — includes real-time Level 2 quotes, advanced charting, and a paper trading simulator. moomoo's help centre says the application takes approximately 3-5 minutes and the review approximately 1-3 working days.
Custody: US stocks are held in custody (not a CDS account). Bursa stocks are held in a CDS account; moomoo says a separate CDS Account-IPO is needed to subscribe to Malaysian IPOs.
What to watch: the RM3 and USD0.99 per-order platform fees weigh most on small orders. We found no custody fee on the Malaysia fee pages we read on 17 October 2026 (US stocks, ADR fees, other service fees), so we no longer state one; ADR fees are listed at USD0.02 to USD0.05 per share on average. MYR deposits and withdrawals are free. Check the live fee page before trading.
Regulated by: Securities Commission (SC) Malaysia, licence no. eCMSL/A0397/2024. We could not verify its Bursa Malaysia participating-organisation status (HELD).
Best for: moomoo Malaysia is best for investors who want a single platform for both Bursa Malaysia and US/global markets, or active traders who benefit from its advanced charting tools.
Webull Malaysia
Best for: Beginners who want a locally regulated, ringgit-funded app for US stocks and ETFs at zero commission.
Webull Malaysia launched in 2024. It is operated by Webull Securities (Malaysia) Sdn Bhd, a Securities Commission-licensed Capital Markets Services Licence holder, so unlike foreign brokers it is regulated locally.
Markets available: Bursa Malaysia, NYSE, NASDAQ, plus Hong Kong and China A-shares.
Bursa fee: 0.05%, minimum RM2.50 per trade, with no platform fee.
US stocks fee: 0 commission and 0 platform fee — currently a promotion (365 days for new users, or until 31 December 2026 for existing users). US options cost USD0.35 per contract.
Funding: Ringgit by online bank transfer from a bank account in your own name; MYR deposits and Interbank GIRO withdrawals are free, and RTP/DuitNow withdrawals cost RM0.50 each. We could not confirm FPX or DuitNow deposits (HELD).
- Bursa fee
- 0.05%, minimum RM2.50, no platform fee
- US stocks
- 0 commission and 0 platform fee (promotion)
- Promotion
- 365 days for new users, or until 31 December 2026 for existing users
- US options
- USD0.35 per contract
- RTP/DuitNow withdrawal
- RM0.50 each
What to watch: no London Stock Exchange access, so you cannot buy Irish-domiciled UCITS ETFs (CSPX, VWRA). For those, Interactive Brokers remains the option.
Regulated by: Securities Commission (SC) Malaysia — CMSL eCMSL/A0399/2024.
Best for: Webull Malaysia is best for beginners and cost-conscious investors who want an SC-regulated, ringgit-funded platform for US shares and ETFs. See our full Webull Malaysia review for the detail.
Rakuten Trade
Best for: First-time Malaysian stock investors who place small Bursa orders and want a published flat-fee scale.
Rakuten Trade is a joint venture between Rakuten Securities and Kenanga Investment Bank, and describes itself as the country's first digital equity broker (opened 19 May 2017).
Markets available: Bursa Malaysia, the US and Hong Kong (its fees page lists brokerage for all three).
Bursa fee: a scale by order size: RM1 up to RM100; RM2.88 from RM100.01 to RM9,999.99; 0.1% from RM10,000 to RM99,999.99; and a flat RM100 above RM100,000. It is cheapest of Rakuten Trade, Webull and moomoo up to RM100, from about RM5,760 to RM9,999.99, and above about RM323,000. The older "0% on the first RM1,000 a month, then 0.10% with a RM8 minimum" structure is no longer on its fees page.
- Up to RM100RM1
- RM100.01 to RM9,999.99RM2.88
- RM10,000 to RM99,999.990.1%
- Above RM100,000a flat RM100
Platform: iOS, Android, and web. Clean interface designed for simplicity. Integrated with Kenanga IB's backend for settlement.
Opening account: Fully digital. Rakuten says the form takes less than 8 minutes with approval within 1 hour, and CDS account opening is free. Its pages do not state a minimum deposit (HELD).
What to watch: the scale rewards small orders and the RM100 cap rewards very large ones, but in between it is not the cheapest: from RM10,000 the 0.1% band is above Webull's 0.05% and moomoo's 0.03% plus RM3.
Regulated by: Rakuten Trade states it has a restricted Capital Markets Services Licence. We could not verify its Bursa Malaysia participating-organisation status (HELD).
Best for: Rakuten Trade suits new investors who want to start with small amounts and keep costs simple: RM1 on orders up to RM100 and RM2.88 up to RM9,999.99.
Tiger Brokers Malaysia
Best for: Investors who want US and Hong Kong stocks access. We could not verify Tiger's Malaysian fees, so we do not rate its price.
We could not read Tiger Brokers' Malaysian site on 17 October 2026, so we do not state its parent company, entry date, markets, licence, platform or fees (HELD).
Markets available: not verified (HELD).
Bursa and US stocks fees: check Tiger's pricing page. Tiger's Malaysian site refused our connection on 17 October 2026, so we do not state a figure (HELD). For comparison, moomoo charges 0.03% plus RM3 per order on Bursa and 0.03% plus USD0.99 per order on US stocks.
Platform: not verified (HELD). We do not state whether Tiger has a web platform.
Currency: check Tiger's pricing page for how conversion works and the rate or spread; we do not state one.
Regulated by: not verified for Malaysia (HELD). Tiger's global site lists licences in Singapore, the US, New Zealand, Australia and Hong Kong.
Best for: Tiger Brokers may suit investors looking at US or Hong Kong access, but we could not verify its Malaysian markets, fees or platform; read its own pages before deciding.
Kenanga Trade
Best for: Investors who want an established local broker with Bursa-only access and solid institutional backing.
Kenanga Investment Bank is one of Malaysia's largest independent investment banks. Kenanga Trade is its online brokerage arm and serves investors who prefer local institutional backing over newer fintech-style platforms.
Markets available: Bursa Malaysia only.
Bursa fee: check Kenanga Trade's pricing page (HELD). The 0.10% with RM8 minimum earlier stated here was unsourced and is removed.
Platform: iOS, Android, and web. More functional than glamorous — research reports, fundamental data, and Bursa announcements are well-integrated. Access to Kenanga's equity research team is a differentiator for investors who follow analyst recommendations.
What to watch: we cannot compare Kenanga Trade's cost with Rakuten Trade, Webull and moomoo until its pricing page is checked (HELD). Compare it against the order-size ranges in this guide.
Best for: Kenanga Trade suits investors who value institutional research coverage and local backing and want access to equity research and account manager support; its fees were not verified (HELD).
Maybank Investment Bank (Maybank IB)
Best for: Maybank customers who want integrated banking + brokerage and value the convenience of a single platform.
Maybank IB is the investment banking arm of Maybank, Malaysia's largest bank by assets. Its online trading platform is tightly integrated with Maybank2u — share proceeds transfer automatically to your Maybank savings account on settlement day.
Markets available: Bursa Malaysia (via Maybank Trade). International markets via separate Bursa Global Reach programme — but limited coverage vs dedicated multi-market brokers.
Bursa fee: check Maybank IB's pricing page (HELD). The earlier 0.08%–0.10% with RM8 minimum was unsourced and is removed.
What differentiates it: Automatic settlement credit to Maybank account (T+2 days). Integration with Maybank2u for seamless fund transfers. Existing Maybank customers can open a trading account without visiting a branch.
- Sell on Maybank Trade
- Settlement day, T+2
- Proceeds credited automatically to your Maybank savings accountFund transfers run through Maybank2u.
What to watch: its fees were not verified (HELD); compare its pricing page with the order-size ranges in this guide. Not a good choice if US stocks are on your agenda.
Best for: Maybank IB suits existing Maybank customers who already use Maybank2u for daily banking and want brokerage without juggling separate platforms — convenience over cost efficiency.
How to Choose
If you only want to buy Bursa Malaysia stocks:
- Best cost depends on order size (brokerage only): Rakuten Trade up to RM100; Webull to about RM5,760; Rakuten Trade to RM9,999.99; Webull to about RM15,000; moomoo to about RM323,000; Rakuten Trade above that
- Up to RM100: Rakuten TradeRM1
- To about RM5,760: Webull0.05%, minimum RM2.50
- To RM9,999.99: Rakuten TradeRM2.88
- To about RM15,000: Webull
- To about RM323,000: moomoo0.03% plus RM3 per order
- Above that: Rakuten Tradea flat RM100 over RM100,000
- Best for beginners: Rakuten Trade (simple published scale, RM1 or RM2.88 on small orders)
- Best research tools: Kenanga Trade or Maybank IB
If you want US stocks or global markets:
- moomoo Malaysia or Tiger Brokers — both offer Bursa + US + other markets in one account
- For US ETFs specifically (SPY, QQQ, VTI): moomoo charges 0.03% plus USD0.99 per order plus USD0.003 per share settlement; factor the per-order fee into total cost
If you're a Maybank customer: Maybank IB for convenience; compare its fee page with the order-size ranges above.
What You'll Pay in Practice
For a RM5,000 Bursa Malaysia trade (buy + sell):
| Broker | Buy fee | Sell fee | Round-trip cost |
|---|---|---|---|
| Webull | RM2.50 | RM2.50 | RM5.00 |
| Rakuten Trade | RM2.88 | RM2.88 | RM5.76 |
| moomoo | RM4.50 | RM4.50 | RM9.00 |
| Tiger Brokers | Check Tiger's pricing page | Check Tiger's pricing page | n/a |
| Kenanga Trade | Check the broker's pricing page (HELD) | Check the broker's pricing page (HELD) | n/a |
| Maybank IB | Check the broker's pricing page (HELD) | Check the broker's pricing page (HELD) | n/a |
Brokerage only, from each broker's published fees. Webull: 0.05% with a RM2.50 minimum. Rakuten Trade: RM2.88 for RM100.01 to RM9,999.99. moomoo: 0.03% plus RM3. On top are the Bursa clearing fee (0.03%, up to RM1,000 per contract), stamp duty (RM1 per RM1,000, capped at RM1,000 for shares and RM200 for warrants and REITs; ETFs are exempt until 31 December 2028) and 8% SST on eligible items.
- Bursa clearing fee
- 0.03%, up to RM1,000 per contract
- Stamp duty, shares
- RM1 per RM1,000, capped at RM1,000
- Stamp duty, warrants and REITs
- capped at RM200
- ETFs
- stamp duty exempt until 31 December 2028
- SST
- 8% on eligible items
Opening an Account
All five brokers offer fully digital account opening. You'll need:
- MyKad (IC) — front and back photo
- Bank account details — for fund transfers
- e-KYC — selfie or liveness check (moomoo, Tiger, Rakuten use biometric verification)
- Tax identification number — for US stocks withholding tax purposes (applicable for moomoo/Tiger)
Processing times differ. Rakuten Trade says approval comes within 1 hour of a form that takes under 8 minutes. moomoo says the application takes approximately 3-5 minutes and the review approximately 1-3 working days. We did not verify the others.
Related Guides
- How to Fund a US Brokerage from Malaysia — move ringgit into IBKR, moomoo or Tiger to buy US stocks and ETFs
- How to Open a CDS Account in Malaysia — Bursa Stock Investing Beginner Guide 2026 — step-by-step CDS account opening, what documents you need, and how long it takes
- moomoo Malaysia Review 2026 — full deep-dive into moomoo's fees, platform, and who it suits
- Webull Malaysia Review 2026 — SC-licensed, 0-commission US trades, and how it compares to moomoo
- How to Invest in Bursa Malaysia Stocks — what to buy once you have the account open
- How to Buy ETFs in Malaysia — ETF investing using these same brokerage platforms
- How to Start Investing in Malaysia — the beginner framework before choosing a broker
- Unit Trusts Malaysia: How to Buy Online
- REITs Malaysia: Beginner's Guide
- Rakuten Trade
- form under 8 minutes, approval within 1 hour
- moomoo
- application about 3-5 minutes, review about 1-3 working days
Amendment, 17 October 2026 (FAQ answer). The full-service versus online broker FAQ said full-service brokers charge "0.40–0.60%" and online brokers "0.03–0.15%". Neither range appears in this guide. The answer now gives the range of the comparison table above (0.03% to 0.10% per Bursa trade, Rakuten Trade 0% on the first RM1,000 of buys a month, fees as of April 2026) and drops the full-service figure. The table's fees were not re-checked against the brokers' own pages in this amendment.
Amendment, 17 October 2026 (broker fees). We reused the evidence saved in docs/verification-log/evidence-batch-a-oct17 (evidence.md rows for Rakuten Trade, moomoo and Webull; fee pages saved with sha256 hashes in hashes.txt). Corrected: Rakuten Trade's Bursa brokerage, which the guide gave as "0% on the first RM1,000 a month, then 0.1% with a RM8 minimum", is RM1 up to RM100, RM2.88 from RM100.01 to RM9,999.99, 0.1% from RM10,000 to RM99,999.99 and a flat RM100 above RM100,000; Rakuten also trades US and HK markets, approval is within 1 hour, and stamp duty is capped at RM1,000 for shares (RM200 for warrants and REITs, ETFs exempt until 31 December 2028). moomoo's Bursa fee is 0.03% plus RM3 per order and its US fee is 0.03% plus USD0.99 per order plus USD0.003 per share settlement, not USD0.0049 per share; moomoo launched in Malaysia in 2024 and is an independent brand of FUTU Holdings, with a 3-5 minute application and 1-3 working day review. Webull launched in 2024 (the "May 2024" and "250,000 users" figures are removed) and its FPX and DuitNow deposit claim is held. Removed: moomoo's custody fee (0.03% a year, USD1.20 a month minimum), which no moomoo fee page we read lists; "lowest" claims without an order-size range; Tiger's Bursa fee, US fee and FX spread. Held: every Tiger figure (its Malaysian site refused our connection), Rakuten's minimum deposit, and the Bursa participating-organisation status of Rakuten, moomoo and Tiger. The cheapest broker by brokerage depends on order size: Rakuten Trade to RM100, Webull to about RM5,760, Rakuten Trade to RM9,999.99, Webull to about RM15,000, moomoo to about RM323,000, Rakuten Trade above that (our arithmetic from the published fees). The RM5,000 round-trip table now uses these fees and applies the guide's own RM8 minimum to Kenanga Trade and Maybank IB, whose figures were not re-checked.
Amendment, 17 October 2026 (review follow-up). The US-stocks FAQ no longer says Rakuten Trade, Kenanga and Maybank IB offer only Bursa: Rakuten lists US and HK brokerage and Webull offers US stocks (evidence-batch-a-oct17 evidence.md, Rakuten and Webull rows). Removed as unsupported or held: Rakuten's "15-minute delayed data", moomoo's ASX access, Tiger's parent company, entry year, markets, platform, licence and Bursa status, and the claim that moomoo and Tiger "open a CDS account on your behalf". Held: the Kenanga Trade and Maybank IB rates (unsourced in batch A), so the RM16.00 round-trip figures added earlier are withdrawn. The introduction now counts six platforms.