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 Rakuten Trade, A new online trading platform

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joeblow
post Jan 22 2021, 10:36 AM

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Hi guys,

I am thinking of opening a new Rakuten account and transfer some of my high value counters to Rakuten to save some commission...

Since Rakuten uses nominee account and does not send you anything unless you request for it, what happens to those Dividend Reinvestment Plans or Share splits or other corporate actions which require your decision. For Dividend Reinvestment Plan does Rakuten send us the information or they just credit the dividend to your account without giving you the choice to use the dividend to subscribe to shares?

Lastly does the live chat even works? Seems like all automated responses.



This post has been edited by joeblow: Jan 22 2021, 10:36 AM
joeblow
post Jan 22 2021, 10:50 AM

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QUOTE(Morales @ Jan 22 2021, 10:47 AM)
For DRIP, they will send you an email reminder on it (if you choose to reinvest). After that, you may perform DRIP on the platform - damn convenience especially for a person like me
as I am too lazy to go to post office to courier my DRIP forms.

If you choose not to, then you just ignore the reminder. No action done will results the dividend payment to be credited into your RT acc
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Thank you for your reply. Looks like I better open one Rakuten account soon.
joeblow
post Jan 27 2021, 03:52 PM

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Hi folks,

Rakuten only can have one bank account at any time? I just tried to transfer fund to it, maximum only RM30k, seems like FPX restriction for personal account.

Any idea how to transfer more per day?
joeblow
post Feb 24 2021, 07:19 PM

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I use both CGS CIMB and Rakuten. Rakuten gives a much more refine interface (website and app) to trade. More like eTrade if you used before. CGS CIMB is like poor man's version of Interactive Broker.

In terms of commission for Bursa, both can be 0.01%. But Rakuten more restrictions like cash upfront unless u go for margin account and harder to deposit money. Also some may not like nominee account concept. I think Rakuten is good if you trade or invest more than 100k at one go. Because their commission cap for one counter per day is RM100.

This post has been edited by joeblow: Feb 24 2021, 07:20 PM
joeblow
post Mar 8 2021, 06:05 PM

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QUOTE(1tanmee @ Mar 8 2021, 03:03 PM)
For Buy/Sell, is there a way to set to that if it matches fully, only then it can be executed?

Like buy 10000. if it matches 10000, only then the transaction is made.
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Malaysia I doubt so, especially for Rakuten.

If Interactive Broker, yes. But be careful. There's a couple of times the order not executed despite meeting the targeted price and more.
joeblow
post Mar 8 2021, 06:06 PM

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QUOTE(Rakuten Trade @ Mar 8 2021, 02:20 PM)
Hi Riri. I saw your comment on this on another thread earlier. Like what most forumers mentioned, we do not have the cut loss function at the moment.

The sell function you use earlier is the normal sell function which allows you to sell at the specific price you want (provided its higher than the sell price traded at that point of time, else it will be matched immediately if you place the sell price lower)
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Hi Rakuten,

I saw there's a market order available. Does it mean it will match the current best price and confirm will fill up the order?
joeblow
post Mar 8 2021, 07:03 PM

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QUOTE(thecurious @ Mar 8 2021, 06:36 PM)
https://www.rakutentrade.my/faqs/general-tr...rket-order-type
"What is the difference between LIMIT and Market order type?
A market order is an order to buy or sell a share immediately. It ensures that the order will be executed but does not guarantee the price.
A limit order is an order to buy or sell a share at a specific price or better. A BUY order will be executed at the limit price or lower  (better price) while the sell order will be executed at the limit price or higher (better price)"

That should be what you are looking for, if not then wait for rakuten reply.
Dunno why nobody reads FAQs anymore.
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Thanks, I read and know what's market order. Just want to confirm if indeed will work. Dont' want a shock at filling at a price much lower... One problem of Bursa is it is not very fluid like US markets... meaning the prices filled can deviate a lot if there's no pending order queue for next tick.
joeblow
post Apr 12 2022, 07:56 PM

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Lately I got some cash in my Rakuten account and I think of buying US shares instead of Malaysia ones. I have a separate IBKR account and moving the funds over and in future moving back quite problematic. So would like advice from folks who traded in US shares using Rakuten.

I understand the difference from Rakuten and real IBKR as below:

1. Commission, Rakuten is capped at RM100 whereas IBKR is from a few dollars to 1x plus (depending on amount and the latter number of shares)
2. FX spread, for both Buy and Sell the difference of the Rakuten rate vs online rate is around 0.55%? I can only get a buy indicative conversion rate which is around 0.55%. Can I check for sell FX the spread is it also 0.55% or much more?
3. Rakuten charges stamp duty (or rather Malaysia Govt) at 0.15% capped at RM1000, whereas US side stamp duty is included in the commission calculation above.

Assuming point 2 is both around 0.55%, meaning the costs of trading via Rakuten is the extra stamp duty (still don't know why Malaysia govt tax US bought shares using IBKR anyway...), commission and the FX spread of around 1.1% to 1.5%.

Am I right? The advantages of using Rakuten of course is the convenience of settlement in Ringgit. And if something happens to you easier to claim money back. Via IBKR if not careful, you might be subjected to estate duty tax!

Anyway appreciate the gurus to provide some insight on the costs of trading US shares in Rakuten vs IBKR direct.
joeblow
post Apr 12 2022, 09:10 PM

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QUOTE(gooroojee @ Apr 12 2022, 08:02 PM)
This FB post doesn't answer my questions. I am more concern with the FX spread which only folks who traded and compared online rates can tell me.
joeblow
post May 10 2022, 07:51 PM

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QUOTE(Gatsby IT @ May 10 2022, 07:21 PM)
I am in similar position , started out with IBKR only and thinking about estate problem later on and also to simplify the process for my parents to invest , at last i chosed fsmone (IBKR still my main account) , 0.08% but no cap unlike rakuten at RM100 for US share , advantages are seperate USD account , slightly lower fees 0.08% for transaction between RM45000/RM50000 and RM125000 , and i like their cleaner interface much more . Main cons is no cap brokerage fee lets say after 5-10years the account roll to a much larger figure it makes a big difference . But for our case i decided to treat it as a future cash flow account so wont sell anything more than RM100000 at once anyways .

Forex spread after multiple tries :
IBKR (myr to sgd to usd) 0.48%-0.52% , (usd to sgd to myr) 0.68%
FSMone (myr to usd) 0.56-0.65% (averages 0.6%) , (usd to myr) 0.57%-0.63%

HLebroking (myr to usd) 0.46-0.5% (can be as low as 0.4% sometimes) , (usd to myr) 0.57-0.64% (fluctuate quite abit)
Rakuten (myr to usd) first try 1.3% few weeks later second look 0.5-0.6% (big gap so gave up trying) , no USD account auto convert all sold value back to MYR .

Moomoo (myr wise to sgd) 0.5% , (sgd to usd) another 0.34% unlike IBKR which charges flat fee USD2 on all sgd to usd transactions .
During withrawal (usd to sgd) assume same rate 0.34% , almost 0.68% extra fees compare to IBKR , I assume Tiger broker is the same .
Conclusion :
Wealth accumulation - IBKR
Wealth protection (estate) - Hlebroking / FSMone (other than the brokerage fee , the painful part is the 0.15% stamp duty fee , abit like paying for estate planning )
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Thanks for the analysis, in the end I just use Rakuten for ease as I do not have fsm account. Surprised the fsm spread is so low, for Rakuten it was around 1.3% difference compared to XE rate. As my amount is huge so I am OK for the cap brokerage. More for the convenience.

joeblow
post May 10 2022, 10:02 PM

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QUOTE(Gatsby IT @ May 10 2022, 08:25 PM)
Bro highly suggest if ur amount is huge consider Hlebroking , best spread either way . tho the fees is minimum USD25 but its based on 1 share 0.05 fee (so unless ure trading penny stock, 0.05usd per share is quite fair for share trading at USD100+) , not to mention convenience of depositing and withrawing , Hlebroking allows RM1M limit per day of deposit from its Hong Leong bank account . 1.3% vs 0.4% forex gap is really huge especially for larger figure , even after factor in brokerage cap of RM100 of Rakuten , for example :

Capital of RM1M , Target US share price at USD100 , u can buy around 2272 shares , 2272 share x 0.05usd per share ,
Hong Leong brokerage at USD113.63 (RM500 fee) , Rakuten fee is at RM100 max , saving of about RM400 . BUT !

Forex charge Hong Leong Broking RM1M x 0.4% about RM4k in forex charges , Rakuten 1.3% means the forex charges amount to RM13k (even at 0.6% its at RM6k) !!
So i think the max cap on brokerage dont really do much especially for larger transactions not just when buying , more so when selling / withdrawing . Imagine rolling this account to maybe higher 7 figure or 8 figure portfolio and paying huge forex charges when converting the currency , at that point brokerage fees not really that important (if using 0.05usd per share measure) .
**BTW sorry i kinda lost track this is rakuten thread , didnt mean to cause any harm .
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Actually I just went to calculate based on the day I trade. Either using XE or BNM rate it is around 0.75%. My bad. Considering even if you use IBKR, it will be a min difference too. Thanks for your input, and I think people reading this thread can appreciate. I guess the main reason for me is that I use Rakuten for Bursa too. So really lazy to shop around even though the savings can be huge. Please note currency fluctuates all the time, today HLebroking might be lower tomorrow it might not be. And the rules change all the time. So I guess I will always lose out on the forex. The amount is too big to move around banks/brokerages.

In fact when the day I retire and sell all my portfolio, I will have a hard time to bring back to Malaysia without losing much on the forex. I don't like bank related brokerage, they always change rules and have funny charges. For the time being I will stick to one, ie Rakuten. Don't have much bullets left to invest anyways... haha.
joeblow
post Sep 22 2022, 02:23 PM

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Hi Rakuten,

I am having difficulty subscribing to Maybank DRIP over your website. I suspect it is because your rm10 handling fee having issue.

Anyone managed to subscribe to Maybank DRIP over Rakuten platform?
joeblow
post Sep 23 2022, 12:09 AM

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QUOTE(joeblow @ Sep 22 2022, 02:23 PM)
Hi Rakuten,

I am having difficulty subscribing to Maybank DRIP over your website. I suspect it is because your rm10 handling fee having issue.

Anyone managed to subscribe to Maybank DRIP over Rakuten platform?
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Replying to my own post. It seems the error is not the rm0 handling fee. It is I need to subscribe fully to the DRIP. ie cannot subscribe non full amount. I tried subscribing all of it and it went through. Strange and now I will have odd lots.
joeblow
post Sep 24 2022, 08:59 PM

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QUOTE(JLJQ @ Sep 23 2022, 12:13 PM)
Hi guys, can anyone confirm if the RM10 stamp duty fee for the dividend reinvestment plan is a newly implemented charge? Recall previously for DRIP using Rakuten there were no charges at all.
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Yes it is new. But their FAQ still states corporate action is free handling and the latest Maybank DRIP shows 0 amount. Let's see if eventually they will deduct rm10. A bug there that you have to subscribe to the whole drip.
joeblow
post Sep 25 2022, 02:45 PM

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QUOTE(joshgm_119 @ Sep 25 2022, 02:39 PM)
Technically would not be wrong as stamp duty is not handling charges.
Nominee accounts usually have a standalone handling charge.

Even though mine was '0' amount, RM10 was charged to my cash account by Rakuten.

I'm not against the charge, but a heads up that this is coming in would have been nice, instead of finding out when we are trying to participate in any corporate action.
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May I know how you know the rm10 was charged? I looked at my transaction history, nothing. Unless they deduct without a record?Need monthly statement to check since I don't remember my initial balance.
joeblow
post Sep 27 2022, 10:25 PM

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QUOTE(joshgm_119 @ Sep 25 2022, 02:52 PM)
On the web portal, under my account, under transaction history, it shows up as a "charge".

Very generic description, but as its RM10, and I'm not expecting any other deductions it had to be the stamp duty charge.

Consider yourself lucky if you weren't charged.  biggrin.gif
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Ok I was charged rm10 today... haha. Now I have odd lots...
joeblow
post Mar 19 2023, 08:51 PM

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QUOTE(Misteripunyaolang @ Mar 14 2023, 11:46 PM)
Hi, anyone know how to name a beneficiary for my rakuten account in the event of death?
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Do it in your Will.

 

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