Rakuten Trade Review [2026 UPDATE]: I’ve Used It for 8 Years — Is It Still Worth It?

I’m not exaggerating when I say that buying stocks used to be a pain in the you-know-what.

So when Rakuten Trade first became available in 2017, I was excited.

Using an online broker meant I no longer had to:

1. Call my broker.
2. Ask him how much the price of the stock I wanted to buy, was.
3. Tell him the price I wanted to buy at.
4. Wait for a call from him to let me know how much cash I needed to transfer to the brokerage (which at the time was Kenanga).
5. Go to the bank to get a bank draft for that amount.
6. Hand the bank draft over to him.
7. Wait for my transaction statements to arrive via snail mail from the brokerage.

Whenever I wanted to buy more stocks, I had to go through steps 1 to 7, all of which would take about a week.

Selling was a less painful, but still tedious process: I’d have to call my broker to put in my sell order, then go collect my check from the Kenanga office.

More experienced investors probably had a more efficient way to trade, but for me, this is how things went for the first 10 years of my dividend stock investing journey.

Yes, the stock brokering scene did gradually shift to the online space during this time, but a combination of being busy with work and not being in a hurry to change things up left me with very little motivation to do things differently. 

Until I heard about Rakuten Trade.

A joint venture between Kenanga Investment Bank and the Japan-based Rakuten Securities, Rakuten Trade got my attention with its promise of ease of use and much lower brokerage fees, so I signed up out of curiosity in 2018.

I’ve used Rakuten Trade for just over eight years now, and it’s changed quite a bit since I wrote this review — as my Malaysian dividend stock portfolio grew, so did the platform.

One of the biggest differences now isn’t only that Rakuten Trade has evolved — so has the Malaysian online investing scene.

With so many affordable digital brokers out there like MooMoo, Webull and CGS iTrade, investors like you and I are spoilt for choice.

So now the question becomes: After using Rakuten Trade for 8 years now, would I still choose it today? 

Let’s dig deeper into it.

What is Rakuten Trade?

Rakuten Trade is a Malaysian digital stockbroking platform that allows investors to buy and sell shares online without having to deal with a traditional remisier.

The platform was established as a joint venture involving Kenanga Investment Bank and Japan’s Rakuten Securities, and it was one of the first fully digital equity trading platforms in Malaysia.

Rakuten Trade currently gives Malaysian investors access to Bursa Malaysia, US and Hong Kong markets, so it has evolved into considerably more than the simple Malaysian stockbroking platform I originally signed up for.

Is Rakuten Trade safe?

Yes, Rakuten Trade is a legitimate, regulated Malaysian broker.

Rakuten Trade holds a Restricted Capital Markets Services Licence issued by the Securities Commission Malaysia. The company has held the licence since April 2017 and is listed on the Securities Commission’s public register of licence holders.

But here’s another important distinction:

Rakuten Trade’s money is held separately from yours.

Your cash and investments are held within arrangements involving Kenanga Investment Bank and nominee/custodian structures rather than simply being mixed together with Rakuten Trade’s own operating funds.

Your Malaysian shares are held through a nominee CDS arrangement, which means that Rakuten Trade acts as the legal custodian of the shares, while you remain their beneficial owner. This way, you are still fully entitled to the economic benefits of the shares—such as dividends and capital gains—but Rakuten Trade handles the administrative work on your behalf.

But, of course, none of this means your investments are risk-free: Broker safety and investment risk are two completely different things.

A regulated broker protects you from certain types of operational and counterparty risks, but it doesn’t protect you from buying a stock that subsequently falls 50%.

How much does it cost?

Just like their features, the brokerage structure at Rakuten Trade has evolved since I started using it in 2018.

For Bursa Malaysia trades made through the Cash Upfront account, the current brokerage rates are:

For US stocks, the current brokerage is 0.10% of the trading value, with a minimum of US$0.88 and a maximum of US$25 per transaction:

For Hong Kong stocks, brokerage is 0.10%, with a minimum of HK$35 per transaction:

There are also other costs involved, including clearing fees, stamp duty and market-specific charges:

Bursa Malaysia:

US Market:

Hong Kong Market:

For a small Bursa investor, the RM1 to RM2.88 trading fee minimum is particularly attractive.

For example, if you’re buying RM5,000 worth of shares, your brokerage is RM2.88. That’s just 0.058% of the trade value before the other applicable charges.

But once you hit RM10,000, the 0.10% rate kicks in, costing you RM10 in brokerage.

And if you’re making a RM100,000 trade, the brokerage is capped at RM100.

If you’re like me, and are planning to buy shares with the intention of holding them for the long term to collect dividends, then these transaction costs aren’t a big deal.

But if you’re making speculative trades throughout the day, then the transaction fees will become something you need to think about more strategically.

And remember: Your costs don’t end with brokerage fees — there are also Bursa clearing and stamp duty fees to factor in.

For example, Bursa trades are subject to a clearing fee of 0.03%, capped at RM1,000 per contract, while stamp duty is generally RM1 for every RM1,000 of contract value, subject to the relevant caps and exemptions. 

There are also specific rules for real estate investment trusts (REITs), exchange-traded funds (ETFs), warrants and other instruments.

And if you’re trading overseas, there are additional market-specific charges.

The lesson here?

Don’t compare brokers based solely on the headline brokerage rate — look at the total cost of actually buying, holding and eventually selling the investments you want.

Can you buy U.S. stocks on Rakuten Trade?

This is one of the biggest changes since I wrote my original review.

Rakuten Trade now allows Malaysian investors to trade US-listed securities, including stocks, ETFs and American Depositary Receipts (ADRs).

You can trade NYSE and NASDAQ securities, and you can choose between MYR and USD settlement arrangements.

If you’re primarily a Malaysian dividend-stock investor, Bursa access may be all you need.

But if you want to build a globally diversified portfolio like I’ve been doing, being able to access the US market from the same platform is convenient.

What about Hong Kong stocks?

This is another feature that didn’t exist when I wrote my original review.

Rakuten Trade now gives investors access to the Hong Kong market as well.

That means you can use the same platform to access:

• Bursa Malaysia
• US markets
• Hong Kong markets

For someone who wants a relatively simple multi-market investing setup, that’s appealing.

There is one important difference, though: Hong Kong securities aren’t available for fractional-share trading.

And the fee structure is different too, with a 0.10% brokerage rate and a minimum brokerage of HK$35, in addition to the relevant Hong Kong market charges.

Whether that’s competitive enough for you will depend on how much you invest and how frequently you trade.

Cash upfront vs contra vs RakuMargin accounts

Another major difference from the Rakuten Trade I originally reviewed is the range of account types now available.

There are currently three:

Cash upfront

This is the simplest (and for me, also the safest) option and the one I use as a long-term investor.

You trade using the cash you already have available.

Think of it like a debit card: if you have RM10,000 available, that’s what you can use to buy shares.

This is the account type that works best for someone like me, who’s debt-averse.

Contra

Contra allows you to trade with up to five times your available cash, subject to the relevant requirements.

The important thing to understand is that you’re effectively buying shares before you’ve fully settled the transaction.

That can be useful for active and experienced traders, but if you don’t know what you’re doing, can be very risky. 

RakuMargin

RakuMargin is the margin-trading option.

To put it simply, you’re borrowing against eligible collateral to increase your purchasing power.

Rakuten Trade currently states that RakuMargin can provide a facility of up to RM200,000 depending on your collateral, with interest on outstanding balances currently listed at 5.5% per annum.

But if you’re a beginner, know this: Just because you can borrow money to buy shares doesn’t mean you should.

Leverage magnifies gains, but it also magnifies losses.

As a long-term FIRE investor whose objective is to build wealth steadily rather than maximise trading returns, I don’t see leverage as something I ever need to use.

What are fractional shares and are they useful?

Rakuten Trade introduced US fractional-share trading in 2023.

A fractional share is simply a portion of a share rather than one whole share.

So if a stock costs US$500, for example, you don’t necessarily need US$500 to buy one whole share. You could buy one-tenth of a share for approximately US$50, before fees and currency conversion.

Rakuten Trade currently allows fractional purchases of eligible US stocks, ADRs and ETFs from as little as 0.01 share, which is particularly useful for smaller investors.

For example, if you’re trying to build a diversified portfolio but some of the companies or ETFs you want to own have relatively high share prices (and most do, especially when you’re buying in US dollars), fractional investing allows you to put a fixed amount of money into each investment instead of having to save enough to buy an entire share.

There is, however, a catch.

Not every US security is necessarily available for fractional trading, and Rakuten Trade’s fractional-share list can change. Its terms also state that if a security is removed from the fractional trading list, the fractional portion you own may be liquidated.

How does Rakuten Trade handle dividends?

This part is one of the most important since most of my Malaysian portfolio consists of dividend stocks.

You don’t have to do anything to receive ordinary dividends — they’re credited into your trading account once Rakuten Trade receives the payment from its custodian.

The only downside to this — since you have a CDS nominee account — is that there’s usually a processing delay of several trading days, followed by the additional step of having to withdraw the cash to your bank account.

For foreign stocks, things get a little more complicated because foreign withholding taxes and other market-specific charges may apply.

For example, Rakuten Trade will credit US dividends after deducting the applicable withholding tax, but this works the same way with any other broker you sign up with.

Can you transfer your shares in or out of Rakuten Trade?

You can, and Rakuten Trade currently charges a RM10 transfer-out fee per counter, while shares can be transferred in for free.

If you’re experimenting with different platforms, keep in mind that while the costs will seem manageable for a small portfolio of stocks, the administrative hassle and fees will add up once it grows to ten counters or more, so experiment away, but with the end goal of consolidating all your counters on one platform.

Having most of your stock portfolio on one platform will help plenty with keeping your financial maintenance simple and headache-free.

What I like about Rakuten Trade after 8 years

Having tried several other brokerage platforms over the years, I’ve still chosen to stick with Rakuten Trade, and here’s why:

1. The fees are still low

Apart from being able to do everything online, this was another reason why I originally signed up with Rakuten Trade.

And although there are now many other low-cost brokers available in Malaysia, Rakuten Trade remains affordable for my particular style of investing.

I’m not making dozens of trades every week — I tend to buy shares in meaningful amounts and hold them.

This means that for my Bursa trades, the current RM1/RM2.88/0.10%/RM100 structure is straightforward and competitive, which is exactly what I’m looking for.

2. Corporate actions are (mostly) easy to deal with

This was one of those things that I never had to think about until I started owning shares 

It’s not just dividends that need to be sorted out. There are also things like:

• Rights issues
• Bonus issues
• Share splits
• Dividend reinvestment plans
• Takeover offers
• Conversions
• Other corporate actions

Rakuten Trade automatically handles certain actions through its platform for me (like dividend payments). But if there’s a decision that I need to make, it’ll send me an email let me know.

Cost-wise, mandatory corporate actions such as ordinary dividends, capital distributions, bonus issues and stock splits currently have a RM0 handling fee.

However, some voluntary actions like rights issues and certain conversions carry a RM33 handling fee. Dividend reinvestment plans (DRPs) also carry a RM33 fee if you opt in for them.

3. It’s functional

I wouldn’t call the Rakuten Trade platform beautiful. I’d say it’s functional.

But then again, ‘pretty’ isn’t on my list of requirements when it comes to being able to buy and manage my stock portfolio.

As far as non-negotiables go, I want to:

• See what I own
• Check my cash balance
• Place orders
• Check whether an order has been executed
• See my gains and losses
• Review transactions
• Be paid my dividends
• Withdraw dividends to my bank account
• Manage other corporate actions

And these are all features that Rakuten Trade delivers in a relatively easy-to-use package.

4. I can now access foreign markets

This isn’t a feature I had in mind when I signed up with Rakuten Trade, but it is something that has made the platform considerably more useful, especially over the last few years.

When I first signed up, I was primarily interested in Malaysian stocks, but I’ve been investing out of Malaysia since then.

Being able to access US stocks and ETFs from the same platform means fewer accounts to manage and less administrative hassle.

What I don’t like about Rakuten Trade

Now for the other side of the coin.

As much as I like Rakuten Trade, there are still a couple of niggling issues that I feel could use improvement.

Issues like:

1. The interface isn’t intuitive

If you’re already an experienced investor, you’ll probably find your way around fairly quickly.

But if you’re completely new to stock investing, opening the platform for the first time can be a bit overwhelming.

There is a lot of information on the screen, and navigation isn’t the most user friendly.

There are different tabs, market data, charts, orders, account information, portfolio information and various other features.

That’s not necessarily a bad thing, but ‘lots of information’ and ‘intuitive aren’t always the same thing.

My advice to a beginner would be this: Don’t try to learn everything at once.

After you sign up, focus on learning how to:

1. Deposit money
2. Find a stock
3. Place a buy order
4. Check whether your order was executed
5. Find your portfolio
6. Withdraw money

Once you get the hang of these basics, then you’ll be in a better frame of mind to explore the rest.

2. The Rakuten iSpeed.my app is messy and chaotic

This was one of my biggest complaints in my original review, and 8 years later, it still is.

While Rakuten Trade’s website is easy enough to use despite its lack of user-friendliness, their iSPEED.my app is a whole different animal altogether.

This is what you’ll see when you first log in (on the left is what the app looked like in 2018, and on the right is what it looks like in 2026):

The tabs are somewhat similar to that of the desktop version, but to get to the full suite of features, you’ll need to navigate to the hamburger menu on the bottom, extreme right.

There’s nothing on the website that you can’t also do on the app, and just like the website, getting to know your way around the app will quite a bit of clicking around to see what’s what and how everything works, but you’ll get used to it…eventually.

It’s disappointing that the app has n’t changed much over the 8 years that I’ve been using it, but since I don’t log into it very often, it’s not a deal-breaker for me.

3. There’s (still) no trade-cost calculator

This was something I lamented on in my original review, and is still on my wishlist of very-useful-to-haves.

When I’m about to place a trade, I want to know:

“If I buy 3,000 shares of this counter, how much cash will I need to transfer to my Rakuten Trade account?”

Not just the brokerage fee, but the total cost, including the clearing fee, stamp duty and SST (if applicable).

Right now, I find myself having to transfer a ball park figure into my Rakuten Trade account, which will hopefully, cover all these costs.

And because of this, I usually end up with some left-over cash, which I then have to transfer back into my bank account. 

If I happen to underestimate the amount of cash I need, then I have to go through the hassle of making another transfer.

A good pre-trade cost calculator will make so much easier for an investor to estimate (and understand) the true cost of a transaction before they press the ‘buy’ button.

4. Dividends don’t go straight into my bank account

Rakuten Trade uses a nominee CDS structure through Kenanga Nominees.

That makes the whole digital brokerage experience possible and keeps things relatively streamlined, but it also makes your experience as a shareholder different from someone who holds shares through a direct CDS account.

As someone who holds nominee and direct CDS accounts, I’ve been able to compare the experience of having both.

With my direct CDS account, dividends are paid directly to my bank account through a direct e-dividend arrangement on the announced payment date.

With my nominee account on Rakuten Trade (or any other brokerage with this arrangement), dividends are credited into my Rakuten Trade account first.

Rakuten currently says dividends are generally credited around 3–5 trading days after the company’s payment date, after the custodian has received the payment.

From experience, this process has taken anywhere from 3 days to a week for the crediting to happen.

Then, if I want the cash in my bank account, I have to request a withdrawal.

5. I have to apply to attend AGMs and EGMs 

Unlike direct CDS account holders, I can’t just walk in to an AGM or EGM.

If you want to attend, I’ll need to apply at least 10 days before the event via Rakuten Trade.

For me, it’s a pretty simple process: I just do a check on an AGM/EGM calendar like this one, then log in to my Rakuten Trade account to apply for the meetings I’d like to attend.

Also take note that if you plan to apply for an IPO, you can’t. 

You’ll need to do via a full-service bank broker or another broker that allows direct retail IPO applications.

For me, these trade-offs aren’t inconvenient enough for me to stop me using Rakuten Trade, but for anyone who’s planning to sign up with the intention of making it their main brokerage platform, these limitations are worth knowing and understanding since they’l affect your overall trading experience.

How I’ve Been Using Rakuten Trade 

I’m no hot-shot day trader. 

I use Rakuten Trade to buy and hold the bulk of my dividend stocks, which pay me a decent income on most months.

I keep an eye on market movements and have set up watchlists of specific stocks, ETFs and REITs that are of interest to me on the platform, but I usually log in about once a month at most to withdraw my dividends, and that’s about it.

So far, I’ve been using Rakuten Trade to buy Malaysian stocks, but since it’s opened up to the U.S. market, I’ve been using it to buy ETFs as well.

And that’s about it — it’s boring and mundane, but it works for me.

My verdict after 8 years on Rakuten Trade

So, after eight years, would I still choose Rakuten Trade?

Yes.

It’s not perfect.

The interface could be more intuitive.

The app could be cleaner.

I’d still love a better pre-trade cost calculator.

The nominee structure means there are a few extra hoops to jump through for things like AGMs and dividend payments.

And if you’re a sophisticated international investor, there are other platforms that may be a better fit.

But for what I actually use it for — buying and holding Malaysian stocks for the long term — it continues to do the job very well.

It’s inexpensive.

It’s convenient.

It’s digital.

I can buy shares without speaking to anyone.

And I can get on with my life instead of spending my entire day thinking about my portfolio.

That’s exactly what I want from a broker.

THINKING OF USING RAKUTEN TRADE?

If you’ve been thinking of opening a Rakuten Trade account, consider supporting this blog by using my referral link or the code 4175FCVNKG when you sign up.

Sign up using my referral link or code and you’ll receive 1,000 RT points, which you can use to offset RM10 from your brokerage fees.

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Disclaimer: Everything on this blog is published for informational, personal point of view and entertainment purposes only and is not a substitute for professional financial advice. Please consult a certified financial planner for advice on your own situation.

Photo by Joshua Mayo on Unsplash