Hello dear LYN Stock Exchange forumers!

I'm on a mission to compile data from the forumers here to help beginner investors in Malaysia to choose the "best" local broker as per everyone's recommendation.

The result of this data will be useful for:-
(1) Any forumers/beginners entering this sub-section to look for recommendation on the best local broker in Malaysia
(2) To be made into a YouTube Video to be the "1-stop" video that every starters can benefit from when it comes to assisting their choice of brokers (will be shared here, will try to include shoutouts/credits where due)
Update (11th September 2020): Video is uploaded onto YouTube, Link: Best Broker in Malaysia (2020)

Honestly, it is quite overwhelming for many starters when it comes to choosing brokers to get themselves started in investing.
So, I thought, why not create a "1-stop" video that will help consolidate everyone's opinions on the broker that they use, and what are their thoughts etc. because this will be super beneficial to everyone.

I fully understand that information is in abundance everywhere on the internet, and that everyone's perspective will be different when it comes to preference and investing goals, so I will try to set a few constant variable which hopefully will make things easier for beginners to understand.

Constant variables are as follow:-
(1) Must be a local broker licensed by Securities Commission (SC) Malaysia
(2) Mainly buy/sell Malaysian stocks, overseas investing is optional (i believe IBKR can do a better job here)

So if you would like to help me on this mission, please feel free to fill out the survey below and I really thank you very much for your inputs!
(Please refrain from hateful comments, and be respectful towards each other because everyone has their own preferences)

I hope you can chip in your valuable comment to help in this cause

THANK YOU ONCE AGAIN! I HOPE TO CONCLUDE THIS SURVEY BY END OF AUGUST/SEPTEMBER 2020 (Depending on response)

To lead the survey, my answer is as below (for your reference):
1) Which broker do you have your CDS account opened with: Maybank Trade
2) Type of CDS account: Direct CDS (cash, non-margin)
3) Brokerage Fee: 0.10% or RM 8 per transaction, whichever higher
4) Comments on Trading Platform/App/Website: Solid user interface for the MaybankTrade app, trades are smooth and rarely hang in my past 1 year using it.
5) Why choose this broker: Widely recommended from online articles, sense of security with the availability of physical bank branches
6) Frequency of Trade: Very low as I'm a long-term investor, usually buy like once per month but that's about it
7) Additional remarks: Solid app and highly recommended for any beginners to start with. Very useful when it comes to integration with Maybank2U account (savings, credit card, bills, trading account etc.). However global trading platform is on the more expensive side.

---------------------Please fill the survey below (copy and paste)------------------------

1) Which broker do you have your CDS account opened with:
2) Type of CDS account:
3) Brokerage Fee:
4) Comments on Trading Platform/App/Website:
5) Why choose this broker:
6) Frequency of Trade:
7) Additional remarks:

This post has been edited by Ziet Inv: Sep 11 2020, 07:53 PM

1) Which broker do you have your CDS account opened with: Maybank IB
2) Type of CDS account: Cash (Direct)
3) Brokerage Fee: Higher of RM12 and 0.1% per trade
4) Comments on Trading Platform/App/Website: Website used to have shitty interface but they improved a lot recently.
5) Why choose this broker: Linked to my primary bank account. Cheaper than my AmEquities collateralised account. Although I think AmEquities cash is RM8 or something.
6) Frequency of Trade: Total of 35 buy and sell transactions this year
7) Additional remarks: No doubt, it's cheap but you have to wait T+2 in order to trade again.

1) Which broker do you have your CDS account opened with: AmInvestment Bank/AmEquities
2) Type of CDS account: Collateralised (non-margin) (Direct)
3) Brokerage Fee: Higher of RM28 per trade and

Trade value	Non-cash upfront (%)
100,000	0.4
99,999,999,999	0.2

Trade value	Cash upfront (%)
100,000	0.2
99,999,999,999	0.15

Trade value	Sales (%)
100,000	0.4
99,999,999,999	0.2

Trade value	Intraday (%)
100,000	0.15
99,999,999,999	0.15

4) Comments on Trading Platform/App/Website: Prefer their app over Maybank's. Much cleaner feel and faster reaction time (still depends on internet).
5) Why choose this broker: 2 of my family members are AmBank remisiers. Trading under them provides confidentiality and gives them commissions.
6) Frequency of Trade: Approx 15 transactions per year.
7) Additional remarks: Using primarily Maybank cash over this because who wants to lose RM56 just by buying and selling? Tried negotiating for cheaper rate by converting to AmBank cash account but unfortunately I need to write a letter to the bank to close it and reopen. Too much hassle so I just open a cash account with Maybank. My remisier did recommend a special hybrid account which is slightly higher fee than cash account but you enjoy the benefit of collateralised account but I didn't opt for that.

Only benefit of collateralised account is that you can trade above your cash/stock value and don't have to wait for cash to arrive.

Also, want to note that usually collateralised accounts give higher interest on your cash. I.e. if you have few RM100k+ in your trust account but not used to buy stocks, collateralised accounts usually provide additional 0.5% interest. Cash account generally provide lower interest. This is usually true across all banks.

This post has been edited by Yggdrasil: Aug 12 2020, 11:45 PM

1) Which broker do you have your CDS account opened with: M+
2) Type of CDS account: Direct
3) Brokerage Fee: RM8~10
4) Comments on Trading Platform/App/Website: Basic but great, deposit is free and instant
5) Why choose this broker: Highest rating on i3, their branch very near where I stayed
6) Frequency of Trade: 1-2x per year
7) Additional remarks: M+ website macam casino right? Just ignore those, open a basic cash upfront account and trade. It looks sketch but it is legit.

This is really comprehensive, learnt something new too.

Btw, what do you mean wait for T+2 to trade again? Mine can just bank in the money (almost instant) and buy/sell anytime I want (unless I'm missing something here)

Thanks you for your feedback.

How about the process of adding cash collateral into your account? Is it fast (instant?) or will have some delay? e.g. my friend's rakuten take like 1 day to register the amount of money she banked in (probably because of Nominee CDS)

Cheers

Bank in is instant. Just that you can't use buy when there's no cash although you already sold the stock.

Day 0: You have RM50k stocks and 0 cash, you can only sell. You sell the RM50k stocks
Day 1: You cannot buy
Day 2: You cannot buy. Stocks taken from your account
Day 3: You can buy since money comes in after T+2

Ah okay! did not realize this at all!

Thanks for the info!

Seems like quite a number of votes for M+ Online

Thanks everyone, keep the votes coming in! Would also love if any M+ Online user can share their experience! ☺️☺️

I've been using M+ for a decade and its been serving me well. It's cheap and reliable which more than enough for seasoned investors. I did try Rakuten for awhile due to all the hype, but after they raised their fees this year, I have moved back to using M+ exclusively.

For both short term traders and long term investors, minimising fees is important so it doesn't really make sense to pay more for a commoditized product.

This post has been edited by Havoc Knightmare: Aug 16 2020, 04:27 PM

Bumping up to obtain more response~

Used RT.
My advise is just avoid rt.
downtime unstable always there

1) Which broker do you have your CDS account opened with: HL ebroking - Value Account
2) Type of CDS account: Direct CDS (cash, non-margin)
3) Brokerage Fee: 0.10% or RM 8 per transaction, whichever higher
4) Comments on Trading Platform/App/Website: Ok. Compared with CIMB, CIMB web is better. but i have only used HL app so far.
5) Why choose this broker: tried a few, this was cheapest. OSK didnt want to lower my min to RM8, still RM12. CIMB was through remisier charging me RM28.
6) Frequency of Trade: Low. lately abit more, but still 2 or 3 times a month only.
7) Additional remarks: Solid app. easy to use. wish they have a fingerprint option to login and view not for buying. it's not the best i guess, but the new version did improve. these 2 weeks, lately HL has been abit not great, few times of downtime but since i dont trade frequently, i'm not severely affected.

1) Which broker do you have your CDS account opened with: RakutenTrade
2) Type of CDS account: Nominee
3) Brokerage Fee:
Below RM 1K - RM7
RM1k - RM9999.99 - RM9
RM10k - RM99999.99 - 0.1%
RM100k and above - RM100
4) Comments on Trading Platform/App/Website: Good for beginner, clean UI
5) Why choose this broker: Cheap brokerage fee, fast account opening activation
6) Frequency of Trade: 1-2 transactions per month
7) Additional remarks: Can be very unstable till the extend where you can't login to your account or view your own holdings during peak hours, mostly 9-10am. 2.30-3pm, not a direct CDS account, moving on to other broker very soon

nailed it, sure is M plus

Mine if i sell on day 0, i can see the amount in the app immediately (ready to buy/sell) but the premier 1 account (under M2U) will be T+2.

Mine is also cash (direct) account but how come yours is not the same?

If I recall correctly, the amount will be there at Day 0.
Can place buy order at Day 0 but Day 1 and 2 cannot already.

I'm not sure whether GTD orders placed at Day 0 will be cancelled on Day 1 and 2.
But I'm certain the orders cannot be placed on Day 1 and 2 if insufficient cash (although technically you have the cash but it hasn't arrived).

Thanks guys, this is really helpful, will aim to compile the result by end of August, meanwhile feel free to keep the votes and comments coming in, the more the merrier!

anyway to open M+ account without being present at their branch?

I opened my account a decade ago.. sorry I can't help you there.

Just in time for Merdeka, thank you everyone whom participated. I will be using this data to formulate a video & hopefully post it here in 2 weeks time.

At the mean time, feel free to keep this poll running to help out any newcomers of this forum!

Selamat Hari Merdeka.

Stay awesome everyone!

yes, would like to know regarding this as well.. useful to know as I'm located in East M'sia