GET a GooD BROKER IN MALYSIA# damaru finance

# damaru finance

Brokerage	Fee Structure	Trading Limit	Settlement / Payment Method
Hong Leong Bank	0.106% Minimum RM8.48	Value Trade: Cash Upfront	Hong Leong, Maybank2U
Rakuten Trade	0.106%  Minimum RM7, RM8 & 0.1% depending on trade value. Max RM100.	Cash Upfront	All banks
M+ Online	0.05% Minimum RM8.48	M+ Silver: Cash Upfront	CIMB, Maybank, Public Bank, Hong Leong, UOB, RHB
Maybank	0.1% Minimum RM8.48	Cash Account	Maybank
AM Securities	0.05% Minimum RM8.48	e-Direct - Cash Upfront	eDeposit / eSettlement through Ambank
Jupiter Securities	0.1% Minimum RM10	Cash Upfront	Fund transfer via Maybank, HSBC, CIMB, RHB, Public Bank.
CIMB iTrade	0.106% Minimum: RM8	Cash Upfront	CIMB, Maybank, Public Bank, Hong Leong
Kenanga Wealth	0.49% Minimum: RM12	Cash Upfront	Fund transfer

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Table updated as at 1 June 2017

Some of the fees may change from time to time, so for those of you who managed to get the latest figures, please drop me a message or comment and I’ll update it accordingly. Also, if your current broker isn’t on the list and you think they should be, give me them figures! You’ll be credited.

I want to keep this table up to date so as to help everyone pick the correct brokers to invest with. Remember, when choosing your broker, don’t just pick the ones with the lowest brokerage fees. Go for the ones that match your needs.

Opening Your Brokerage Account

After making your choice, familiarize yourself with the fee structure of your broker. Determine what is the optimal amount to invest every time and see if you can achieve that every transaction. Do not be daunted by the account opening process. Just visit your broker’s office and you’ll be surprised how easy it is. The usual account opening fee is RM10.

The usual required documents are:

• NRIC
• Bank statements (be sure to show all your accounts and personal details)

Minor update: Rakuten Trade now allows you to open your account online. Hassle-free.  

Hong Leong Bank

I’m currently using Hong Leong Bank and based on my experiences, the services offered are top notch. Yes even with their slightly higher fee, I’ve had zero problems with trading and customer service has been excellent. They also grant users complimentary access to charts and research. The main one I use for my research is Equities Tracker.

Although, recently there has been complaints from readers stating that HLe is taking a very long time with their account opening process. So take note!

http://dividendmagic.com.my/malaysia-stock-brokers-comparison