Trading Bursa Malaysia stocks or buying US ETFs โ 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 five platforms (moomoo, 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% (min RM3) | โ Yes | RM0 | CDS + custody | | Rakuten Trade | 0% first RM1k/mo, then 0.1% (min RM8) | โ No | RM0 | CDS | | Tiger Brokers | 0.05% (min RM3) | โ Yes | RM0 | CDS + custody | | Kenanga Trade | 0.10% (min RM8) | โ No | RM0 | CDS | | Maybank IB | 0.08% (min RM8) | โ No | RM0 | CDS |
Fees as of April 2026. Check broker websites before trading.
moomoo Malaysia
Best for: Investors who want Bursa + US stocks on one platform, or who prioritise low fees.
moomoo Malaysia launched in 2023 and quickly gained market share on the strength of its pricing and multi-market access. It is a subsidiary of Futu Holdings (NASDAQ: FUTU), which operates one of the largest retail brokerage platforms in Asia.
Markets available: Bursa Malaysia, NYSE, NASDAQ, SGX (Singapore), HKEX (Hong Kong), and ASX (Australia via custody).
Bursa fee: 0.03%, minimum RM3 per trade โ the lowest among major Malaysian platforms as of April 2026.
US stocks fee: USD0.0049 per share, minimum USD0.99 per trade. For a 100-share trade in a USD10 stock, you pay USD0.49. Competitive against US retail brokers.
Platform: iOS, Android, and web. The app is feature-rich โ includes real-time Level 2 quotes, advanced charting, and a paper trading simulator. Onboarding is fully digital and takes under 15 minutes for most users.
Custody: US stocks are held in custody (not a CDS account). Bursa stocks are held in a CDS account that moomoo opens on your behalf.
What to watch: moomoo Malaysia charges a custody fee of 0.03% per year (minimum USD1.20/month) on the value of US stocks held on the platform. This is small for investors with RM10,000+ in US stocks but adds up at low portfolio sizes.
Regulated by: Securities Commission (SC) Malaysia and Bursa Malaysia participating organisation.
Best for: moomoo Malaysia is best for cost-conscious investors who want a single platform for both Bursa Malaysia and US/global markets, or active traders who benefit from its advanced charting tools.
Rakuten Trade
Best for: First-time Malaysian stock investors who want a simple, fee-friendly Bursa-only platform.
Rakuten Trade is a joint venture between Rakuten Group and Kenanga Investment Bank. It pioneered zero-brokerage in Malaysia with its "Rakuten Trade for Free" campaign and remains the most recognised online broker in Malaysia for Bursa trading.
Markets available: Bursa Malaysia only. No US stocks, no SGX, no HKEX.
Bursa fee: 0% brokerage on the first RM1,000 of shares purchased each calendar month. Beyond RM1,000, the rate is 0.10% with a minimum of RM8 per trade. Selling fees are charged at 0.10% (min RM8) regardless of the RM1,000 threshold โ the free brokerage applies to buys only.
Platform: iOS, Android, and web. Clean interface designed for simplicity. Integrated with Kenanga IB's backend for settlement. Market data is delayed by 15 minutes unless you pay for a live data subscription.
Opening account: Fully digital. Takes 1โ3 business days including CDS account activation. Minimum opening deposit is RM0 โ you fund when you're ready to trade.
What to watch: The RM1,000/month free brokerage threshold means active traders who buy more than RM1,000 of shares per month will pay 0.10% on the excess โ not the lowest available rate. For low-frequency investors making small purchases, it can be genuinely free.
Regulated by: SC Malaysia, Bursa Malaysia participating organisation.
Best for: Rakuten Trade suits new investors who want to start with small amounts, trade infrequently, and keep costs simple. The RM0โfee entry point removes the cost barrier for beginners.
Tiger Brokers Malaysia
Best for: Investors who want US and Hong Kong stocks access at competitive rates.
Tiger Brokers is a Singapore-listed company (SGX: BRQ) that entered Malaysia in 2022. It competes directly with moomoo on the multi-market proposition.
Markets available: Bursa Malaysia, NYSE, NASDAQ, HKEX, SGX, and ASX.
Bursa fee: 0.05%, minimum RM3 per trade. Slightly higher than moomoo but lower than Rakuten and traditional brokers.
US stocks fee: USD0.0049 per share, minimum USD0.99 per trade. Same as moomoo for US markets.
Platform: iOS and Android only โ no web trading platform as of April 2026. Mobile-first experience with clean UI, real-time data, and a Tiger community feed (social trading discussions).
Currency: To trade US stocks, you fund your account in MYR and convert to USD within the app. The FX spread on conversion is approximately 0.3โ0.5%, which is competitive.
Regulated by: SC Malaysia and Bursa Malaysia participating organisation. Tiger Brokers (Malaysia) Sdn Bhd holds a Capital Markets Services Licence.
Best for: Tiger Brokers suits investors who primarily want US or Hong Kong market access and prefer a mobile-first experience. Its community features also appeal to newer investors who want to see what experienced traders are discussing.
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: 0.10%, minimum RM8 per trade. Higher than moomoo and Rakuten Trade but in line with traditional online broker pricing.
Platform: iOS, Android, and web. More functional than glamorous โ 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: The 0.10% rate is competitive vs full-service remisiers (0.40โ0.60%) but expensive vs moomoo (0.03%). For investors executing RM5,000 trades, the fee difference is RM5 vs RM50 per round-trip โ it compounds over time.
Best for: Kenanga Trade suits investors who value institutional research coverage and local backing, and are willing to pay slightly higher fees for access to equity research and account manager support.
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 โ 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 โ but limited coverage vs dedicated multi-market brokers.
Bursa fee: 0.08%โ0.10% depending on trade size, minimum RM8 per trade. Competitive with Kenanga.
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.
What to watch: Not the cheapest option. The integrated banking convenience comes at a cost premium vs moomoo. 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 โ convenience over cost efficiency.
How to Choose
If you only want to buy Bursa Malaysia stocks:
- Best cost: moomoo (0.03%) or Rakuten Trade (free up to RM1k/month)
- Best for beginners: Rakuten Trade (simple, RM0 to start)
- Best research tools: Kenanga Trade or Maybank IB
If you want US stocks or global markets:
- moomoo Malaysia or Tiger Brokers โ both offer Bursa + US + other markets in one account
- For US ETFs specifically (SPY, QQQ, VTI): moomoo's custody fees apply; factor this into total cost
If you're a Maybank customer: Maybank IB for convenience; moomoo for better fees.
What You'll Pay in Practice
For a RM5,000 Bursa Malaysia trade (buy + sell):
| Broker | Buy fee | Sell fee | Round-trip cost | |--------|---------|----------|----------------| | moomoo | RM1.50 | RM1.50 | RM3.00 | | Rakuten Trade (first RM1k free) | RM4.00* | RM5.00 | RM9.00 | | Tiger Brokers | RM2.50 | RM2.50 | RM5.00 | | Kenanga Trade | RM5.00 | RM5.00 | RM10.00 | | Maybank IB | RM4.00 | RM4.00 | RM8.00 |
*RM4,000 above the free threshold at 0.10%.
Plus Bursa clearing fee (0.03%, max RM1,000) and stamp duty (RM1 per RM1,000). These apply equally across all brokers.
Opening an Account
All five brokers offer fully digital account opening. You'll need:
- MyKad (IC) โ front and back photo
- Bank account details โ for fund transfers
- e-KYC โ selfie or liveness check (moomoo, Tiger, Rakuten use biometric verification)
- Tax identification number โ for US stocks withholding tax purposes (applicable for moomoo/Tiger)
Processing time ranges from same-day (moomoo, Tiger) to 1โ3 business days (Rakuten, Kenanga, Maybank IB).
Related Guides
- moomoo Malaysia Review 2026 โ full deep-dive into moomoo's fees, custody charges, platform, and who it suits
- How to Invest in Bursa Malaysia Stocks โ what to buy once you have the account open
- How to Buy ETFs in Malaysia โ ETF investing using these same brokerage platforms
- How to Start Investing in Malaysia โ the beginner framework before choosing a broker
- Unit Trusts Malaysia: How to Buy Online
- REITs Malaysia: Beginner's Guide