https://www.fsmone.com.my/support/frequentl...tUniqueKey=2444

which fund to which

try check ur Order Book

5*grab share = RM 64 linggit

ya,

if you linked your FSM account with this bank account, you can transfer GBP/EUR/USD/SGD/HKD/CNY to the bank account earn their account interest
or u can place into their deposit (fixed term/notice deposit) to earn interest

oh can do payment also

but too bad you need to convert in FSM first to the six currency before 'withdraw' to the bank, because the bank doens't support MYR for now

because market is dead af and nothing seems worth investing in, unless you
1) you have long investment horizon
2) good holding power

investor who fulfill the above might have been quietly collecting what they believe is right

when can FSM buy LSE stock

is the FX spread competitive enuf?

Well let’s verify with fact
I just tried with FSM cash account
5000MYR I can get 1059.70USD


Wise (if use IBKR you gonna use Wise to convert SGD anyway), I get around 1060.69USD


FSM spread is not that bad and almost on par with WISE per se

hmm no, not correct, the wise 5k MYR converted amount you got likely is the Wise landing page converter they provided with you which havent included with their fee
u need to login to get the correct USD amount after deducted with fee to be collected by Wise, which is similar to FSM





This post has been edited by tadashi987: Nov 9 2023, 10:57 PM

It seems like Wise does successfully 'trick' people by offering better rates, but incorporates the margin into the fee layer

for FX, people need to understand that the simplest way of comparison is how much you received after conversion, not merely about the rate itself.

yeah, i agree with you on the point that FSM still charges the stamp duty despite with its ETF RSP offering, which might make it less competitive
but let not stray from my main point.
I was just amphasizing about misleading "rate" presented by WISE, which it gives the wrong impression of offering a close-to market rate without any fee/spread.

if you have Wise, you can try it out.
You dont get to see the charging of their fee on their landing page until you log in and start converting, people tend to just use the landing page rate to compare against others players,
which is not a apple-to-apple comparison

It mislead people into thinking that WISE rate is much better but in fact the margin and spread are just being presented in another form

u buy this on IBKR?

if i am not wrong moomoo MY has it too.

can check it out urself,
as at just now, on FSM i can get MYR 5000 > USD 1,040.75
for Wise, i get MYR 5,003.71 > USD 1,040.75

for ur second question, yep, u need to convert back MYR if u want to withdraw to ur MYR bank account
unless you have USD bank account to withdraw to, i not sure if FSM support USD withdrawal from their platform

Medufsaid, you sure? theoretically FSM shouldn't charge twice the forex fee just because we are using cash account.
FSMOne Malaysia, can confirm?