If you are just getting started in stock investing but not sure which platform to use, Rakuten Trade is the one I always recommend.
Why?
1) Fast
You only need less than 1 hour to register a new account and start trading. This is possible because Rakuten Trade is a nominee account.
Traditional brokerage accounts usually need around 2 weeks to get your account ready.
Read more about direct accounts and nominee accounts below:
Direct Account and Nominee Account: Which One is Better?
2) Cheap
My main reason for choosing Rakuten Trade as my first brokerage account is because of its competitive brokerage fees.
Below shows the brokerage fee of Rakuten Trade:
3) Simple
The account registration, cash deposit, and trading process in Rakuten Trade are surprisingly simple.
I have a simple guide on how to buy stocks with Rakuten Trade:
Rakuten Trade: How To Buy And Sell Malaysian Stocks
4) Extensive
With a Rakuten Trade account, you can trade not only Malaysian stocks but also US and Hong Kong stocks. You just need to enable the foreign trading feature in Rakuten Trade. (Will talk more about it below)
As I invest in Malaysia and US, it helps me to simplify my investment by only focusing on 1 platform instead of multiple platforms.
Additionally, Rakuten Trade also offers low brokerage rates for US and HK stocks, which is a huge benefit for me.
So, are you ready to register an account?
Here’s a step-by-step guide on how to register a Rakuten Trade Account:
Pre-requisite
Before registering, prepare these files and information:
- NRIC Photos (Front & Back)
- Income Tax Number
- Passport Photo (For Non-Malaysian)
Step-by-step to Register a Rakuten Trade Account
1. Click the button above to visit the Rakuten Trade registration page.
2. Click “Sign Up” on the cash upfront account.
3. Make sure “Cash Upfront” is ticked, then fill in your name and details.
4. Select Yes for BNM Residency Status, unless you’re
- A non-Malaysian
- A Malaysian with foreign PR who stayed in Malaysia for less than half a year
5. Upload the photos of your IC front & back separately.
6. Proceed to fill in all your details. You can skip home contact.
7. Remember your username and security Q&A. You need these details for account recovery.
8. Verify or key in the referral code MarcusKeong to get free 1,000 Rakuten points.
9. When you tick the checkbox for T&C, scroll all the way to click “I Agree”, tick the second checkbox as well and press “Proceed to next step”.
10. Trading pin will be used for stock transactions, so remember it well.
11. Fill in every detail required, including company address (it is a required field)
12. Untick “This is a Joint Account” if your bank account is not a joint account.
13. After filling in your bank account number, press “Proceed to next step”.
14. On page 3, you may refer to my filled-in details.
15. For PEP declaration, select (d) if you or any family member is not involved in politics.
16. Select “No” in FACTA if you’re not a USA citizen and key in your income tax number. (Mine starts with SG 23418XXXXX) if you’re a Malaysian working in Malaysia.
17. Tick “I accept and agree…” and press “Submit Application”.
And you are done! Nice!
Now you just wait for an email from them. Note down your reference ID so you can check if the email is a genuine one.
Verdict
After you are done with the registration steps, you’ll be expecting an email from Rakuten that will notify your successful account creation. (Not sure when but expect to pay an RM10 registration fee as well)
I’ll be writing another article on how to deposit money and buy your first stock with a Rakuten Trade account. Please stay tuned!