Rakuten Trade is Malaysia's first fully digital stockbroker, and it remains the platform most first-time Bursa investors open as their entry point into the market. That standing is justified on several counts โ the fee structure for small investors is genuinely competitive, the app is clean, and Kenanga's institutional backing gives it credibility that a newer fintech entrant cannot easily match.
This review covers the fee structure in full detail (including what the RM1,000 free threshold actually means in practice), the platform's strengths and limitations, and who should use it versus who should look elsewhere.
What Rakuten Trade Is
Rakuten Trade is a joint venture between Rakuten Securities Inc. (a subsidiary of Japan's Rakuten Group) and Kenanga Investment Bank Berhad. It was established in 2017 and became Malaysia's first licensed online stockbroker offering zero brokerage on Bursa trades.
It holds a Capital Markets Services Licence from the Securities Commission (SC) Malaysia and is a Participating Organisation of Bursa Malaysia. Settlement is backed by Kenanga's infrastructure โ a meaningful point, given Kenanga Investment Bank is one of the largest independent investment banks in Malaysia by equity market volume.
Markets available: Bursa Malaysia only. This includes Main Market and ACE Market stocks, REITs (real estate investment trusts), exchange-traded funds (ETFs), and structured warrants. No US stocks, no Singapore Exchange, no HKEX.
Fee Structure in Full
Brokerage: the RM1,000 threshold
Rakuten Trade's core fee proposition is its tiered brokerage structure:
- 0% brokerage on the first RM1,000 of shares purchased per calendar month
- 0.10% brokerage (minimum RM8) on purchases above RM1,000 in that month
- 0.10% brokerage (minimum RM8) on all sell orders โ the free threshold does not apply to selling
Three points that most summaries understate:
- The free threshold resets at the start of each calendar month, not on a rolling 30-day basis.
- The threshold applies to your total buy value across all trades in the month. If you buy RM800 of stock A on day 1 and RM400 of stock B on day 15, the second buy is partially over threshold โ you pay 0.10% on RM200 of it, minimum RM8. So you'd pay RM8.
- Sells are always charged. If you buy RM500 of a stock and sell it for RM600, the buy is free but the sell costs RM8 minimum.
Standard exchange fees (all brokers charge these)
| Fee | Rate | Cap | |-----|------|-----| | Bursa clearing fee | 0.03% per trade | RM1,000 | | Stamp duty | RM1.00 per RM1,000 | RM200 | | Debit ledger fee | RM0.10 per transaction | None |
These are fixed Bursa fees โ they apply regardless of which broker you use.
What you pay in practice: examples
Scenario A โ RM500 buy, RM550 sell (first buy of the month):
- Buy brokerage: RM0 (within RM1,000 threshold)
- Buy clearing fee: RM0.15, stamp duty: RM0.50
- Sell brokerage: RM8.00 (minimum)
- Sell clearing fee: RM0.17, stamp duty: RM0.55
- Total round-trip cost: ~RM9.37
Scenario B โ RM5,000 buy (already used RM1,000 threshold this month), RM5,500 sell:
- Buy brokerage: RM5.00 (0.10% of RM5,000)... but minimum is RM8, so RM8.00
- Buy clearing: RM1.50, stamp duty: RM5.00
- Sell brokerage: RM5.50 โ minimum RM8.00
- Sell clearing: RM1.65, stamp duty: RM5.50
- Total round-trip cost: ~RM29.65
Compare: at moomoo (0.03%), the same RM5,000 buy costs RM1.50 in brokerage โ a RM6.50 saving on the buy leg alone.
Platform
Mobile app (iOS and Android)
The Rakuten Trade app has been iterated significantly since 2017. The current version is clean, fast, and purpose-built for Bursa retail investors. Key features:
- Watchlist and portfolio view โ straightforward, works well
- Rakuten Trade Smart Order โ conditional orders (limit, stop-loss, trailing stop) available
- Market data โ 15-minute delayed quotes by default. Real-time market data requires a paid subscription (currently RM10/month or waived with active trading)
- Notifications โ price alerts, trade confirmations, corporate action alerts
- Rakuten Trade Academy โ educational content for new investors, accessible from within the app
The app does not offer paper trading (virtual money simulation). If you want to practice before using real capital, you would need to use a separate platform.
Web platform
A full web trading platform is available at the Rakuten Trade website. The web platform is functional for investors who prefer desktop โ it offers similar order entry capabilities to the mobile app, with larger charting windows.
Research and analysis tools
Free access to Kenanga's equity research reports is one of Rakuten Trade's genuinely useful differentiators. Kenanga IB covers Malaysian-listed stocks across sectors. For retail investors who read analyst recommendations as part of their decision process, having research integrated into the same account is practical.
Rakuten Trade Academy โ structured educational content including videos, articles, and guides on how to analyse Bursa stocks, read financial statements, and understand common Bursa-specific instruments (warrants, ETFs, REITs). This is genuinely useful for investors who are new to Bursa and want structured learning rather than YouTube searches.
Account Opening
The process is fully digital:
- Download the Rakuten Trade app and register with email or phone number
- Upload MyKad (front and back image)
- Complete biometric verification โ a selfie or liveness check
- Fill in employment and financial background questions (mandated by SC for suitability purposes)
- Sign the CDS account opening form digitally
- Receive approval notification โ typically 1โ3 business days
Minimum deposit: RM0. You are not required to deposit funds to open the account. You fund when you are ready to trade. Accepted funding methods include FPX online banking (instant), and bank transfer (takes 1 business day).
Regulation and Safety
- Licensed by: Securities Commission (SC) Malaysia, Capital Markets Services Licence
- Bursa status: Participating Organisation of Bursa Malaysia
- Your shares: Held in a CDS account registered in your name at Bursa Malaysia Depository. If Rakuten Trade were to cease operations, your CDS-registered shares remain yours โ the CDS account is not on Rakuten Trade's balance sheet
- Backed by: Kenanga Investment Bank, one of Malaysia's largest independent investment banks by Bursa trading volume
What Rakuten Trade Does Not Offer
- US stocks (NYSE/NASDAQ) โ not available. Bursa Malaysia only.
- Hong Kong or Singapore stocks โ not available.
- EPF Members Investment Scheme (EPF-MIS) โ Rakuten Trade is not an EPF-approved investment manager. You cannot use EPF Account 1 funds to buy stocks through Rakuten Trade.
- Unit trusts or managed funds โ this is a stockbroking platform, not a fund platform.
- Fractional shares โ minimum 100 units (1 lot) per trade for most Bursa stocks.
- Paper trading / simulation โ not available.
- Margin financing terms currently available โ Rakuten Trade does offer trading on margin for eligible accounts. Confirm current margin rates directly with the platform before using.
Fee Comparison Table
| Broker | Bursa fee | US stocks | Min trade fee | Platforms | |--------|-----------|-----------|---------------|-----------| | Rakuten Trade | 0% first RM1k/month buys, then 0.10% | None | RM8 | iOS, Android, Web | | moomoo Malaysia | 0.03% | Yes (USD0.0049/share) | RM3 | iOS, Android, Web | | Tiger Brokers | 0.05% | Yes (USD0.0049/share) | RM3 | iOS, Android only | | Kenanga Trade | 0.10% | None | RM8 | iOS, Android, Web | | Maybank IB | 0.08%โ0.10% | None | RM8 | iOS, Android, Web |
Brokerage rates only. Bursa clearing fee (0.03%) and stamp duty apply at all brokers. Fees as of April 2026.
Who This Suits
Rakuten Trade is well-suited for:
- First-time Bursa investors who want the lowest possible entry cost on small monthly investments. Buying RM500โ1,000 of blue-chip stocks each month with zero brokerage on the buy is genuinely useful for investors starting with small amounts.
- Buy-and-hold investors who make infrequent purchases. If you buy stocks twice a year and hold for the long term, the 0.10% sell fee is a manageable one-time cost.
- Investors who only want Malaysian stocks and have no intention of buying US ETFs or global equities. The Bursa-only coverage is not a limitation if Bursa is your entire investment universe.
- Investors who value research integration โ Kenanga's equity research is a practical perk if you follow analyst recommendations for Bursa stocks.
Who Should Look Elsewhere
- Active traders who buy more than RM1,000/month โ the 0.10% rate above the threshold is four times more expensive than moomoo's 0.03%. A RM10,000/month buyer saves RM70 per trade cycle at moomoo vs Rakuten.
- Investors who want US stock or ETF exposure โ moomoo Malaysia or Tiger Brokers are the relevant platforms for US markets from Malaysia.
- Investors who want to use EPF savings โ EPF investment requires an EPF-MIS approved fund manager, not a stockbroking account.
- Investors who want paper trading before committing real capital โ moomoo and Tiger both offer simulation accounts; Rakuten Trade does not.
Bottom Line
Rakuten Trade remains the most accessible starting point for first-time Bursa investors in Malaysia. The zero-brokerage threshold on the first RM1,000 of monthly purchases is a genuine cost advantage for small investors, and the Kenanga research access and Academy content add real value for investors still learning.
The platform's hard ceiling is its Bursa-only coverage. As an investor's portfolio grows to include US ETFs, global stocks, or significant Bursa positions above the free threshold, the fee structure becomes less competitive against moomoo. At that point, opening a second account makes sense rather than viewing Rakuten Trade as a permanent limitation.
For what it is โ the most beginner-friendly, Malaysian-market-focused stockbroking account in the country โ Rakuten Trade delivers.