Rakuten's fee is cheap, however you must remember that they do not provide USD cash account, so anything you sell will converted to MYR. Their mobile app is shit but that's not a big issue. The worse thing about them is probably their customer service...

Indeed their withdrawal is quite fast, most of the time you get on the same day or next business day

I know FSM has instant withdrawal though...

It's quite a fine platform. But the customer support is no-go for me. I only go for IBKR or FSMOne nowadays for US exchanges..

For FSM, once yr trade settle which is T+4 for US ETF/Stocks, you can convert the money from USD to MYR and just withdraw normally. The money will be transferred from FSM to you using instant withdrawal.. No need to activate

Rakuten is alright, but their customer service and buggy user interface really makes me doubt their business.. I went with FSM because the platform is tidy and have many functions.. Last time I reported a bug they replied me with a date which they will fix it and they did. Their email and phone support is great aswell with branch in Penang which is where I live. They are established since 2000...

I didn't use FSMOne until I tried MIDF and Rakuten..however, Rakuten has really really nice fee for local platform.. and thats it.

This post has been edited by melondance: Apr 1 2022, 05:04 PM

FSMOne launching ETF RSP. So... I wonder what will the total fee for RSP into ETF. Quite interesting IMO.

This post has been edited by melondance: May 19 2022, 10:08 PM

Can you give me the pros and cons link?

May I know, is the sales charge cheaper if you sell thru RSP? But cannot instantly sell right? Have to wait specific day of the week?

It doesn't matter... The distributions are your OWN money. The NAVs drop by similar amount once they distribute to you..

I'm using FSMOne for RSP but only monthly though. Weekly seems too much IMO. I've enabled FPX E-Mandate to make it auto. Used Rakuten before but I'm not a big fan of their app and UI but they have cheaper fees.

However, there is substantial fees involved compared to holding ETFs if you go with Principal Global Titan Fund.

Application Fees Up to 5.50% of the NAV per unit.

Annual Fees Management Fee: Up to 1.80% per annum of the NAV of the Class.
Trustee Fee: Up to 0.07% per annum (including local sub-custodian fees but excluding foreign sub-custodian fee) on the NAV of the Fund.


1.80% annual fee is outrageous in 2023.

Better to hold the world market like VT or VWRA. You don't do better than the winners but you don't end up worse than the losers. So it's somewhere in between

I've asked a question regarding Qualified Interest Income (QII) for FSMOne platform.

Dear FSMOne,
May I know if owning ETF like iShares 20+ Year Treasury Bond ETF (TLT) on your platform, will you/ your broker help us to claim the Qualified Interest Income (QII)? Which means that the 30% Dividend Withholding Tax can be claimed back yearly for qualified ETF. https://www.ishares.com/us/literature/tax-i...-final-2023.pdf

Reply:
Please be informed that generally most of the US ETFs will subjected to 30% withholding tax. However if the ETF consists of municipal, note, debt or long-term capital gain then it will entitle for the tax exemption.

If the ETFs is entitle for 0% withholding tax, our custody will refund to us upon annual reclassification of tax. Thereafter, we will process the refund payout to client cash account upon receive the confirmation of payment.

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Does that mean owning ETF like BND, TLT, TLH from iShares, we can expect some % of the dividend withholding tax credited back every year?

This post has been edited by melondance: Jun 20 2023, 04:54 PM

Q:Does this mean if I own an ETF under iShares QII list, the stated % qualified interest income that were charged for Dividend Withholding Tax will be returned to us every year?

A:Please be informed that the tax refund period will depend on when the counter reclassifies the tax return. Generally will be in yearly basis and the amount will be credit back to your cash account upon we receive the refund.

How much are you charged for withdrawing in USD?

I didn't realize iFAST operate a licensed bank in UK

Nice, seems like after 31 December 2024, there is no more minimum of 1 USD fee for ETF RSP. It is flat 0.08% now.

They also included AGG, SCHD, URTH ETF into RSP list.
https://www.fsmone.com.my/rsp

This post has been edited by melondance: Jul 29 2023, 04:08 PM

If it's really 0.08% flat. That would be nice haha.

I’m not investing in any mutual funds from Malaysia. Bloodsuckers…. Seriously.