Anyone tried to invest in US stock and ETF using MIDF app?

They just launched on 06.07.2021.

Kindly share the friendliness of the platform, fees, deposit time, fund availability to start trade and range of stock & ETF available to invest.

Here is the link for the news:
https://www.theedgemarkets.com/article/midf...stocks-and-etfs

I think it's mobile apps, found it in play store , but the reviews very bad, makes me think whether to try this out or not

It's 5 stars with 11 reviews on App Store though.

Forget midf. Just go with tiger/Moomoo.
If want even cheaper than tiger/Moomoo his with interactive broker. Only downside user interface for desktop is ugly.

I will consider MIDF for now because 0 brokerage fees till 31 July, and obviously regulated and approved by SC. And I don't have to try to open a CIMB account. especially now banks only taking in walk-in appointments.

CIMB sg application is all online. No need to visit sg or Malaysia branch as well.

Keep in mind you are paying 0.06%p.a every year Vs the above platform.

Interesting

Whats their fee structure?

Tiger and moomoo is regulated by MAS as well. CIMB fastsavers is totally online.

The fees for MIDF is also insane.

Until July: Trade Value ≤ USD1,000, Brokerage: USD0T
Trade Value > USD1,000, Brokerage: USD5 min or 0.40% of trade value

So trades is going to be at 0.4% of value?

Stamp Duty - RM1 for every RM1,000 equivalent value(capped at RM200)

Custody fee - 0.06% p.a. of the daily market value of your investment portfolio with us and will be deducted directly from your USD Cash Account on a daily basis.

See below. Lousy fees Vs what brokerage like tiger/moomoo offering.

Of course no one can beat interactive broker fees.

Lol
Crazy fee

Ain't gonna apply for that

Sorry, what I meant is that I don't even have a CIMB MY account, so I would still need to walk into a CIMB branch to create one, I know the SG Fastsavers account can be done online. Noted on the custodian fees.

Custodian fee is ridiculous. Dunno dividend will got receiver fee or not.

oh cool, another local non-banking platform beat FSM in the race to offer NYSE brokerage! am i missing something or does the fees doesn't seem all that bad? I'm interested to use this to buy and hold ETF for the long term:

- 0.06% p.a. custodian fees - for RM100,000 total asset value, they will charge RM60 per annum only? not bad right?

- 0.40% for each trade (minimum USD5) - ok yea this one will hurt. so maybe what we can do is just gather about RM2000 before making a lumpsum trade? so i would get hit with about 1.25% trade fees only. Not too bad compared to mutual funds.

let me know if i got any fee or calculations wrong. this seems like a better route for people like me who are paranoid about opening overseas account to fund the more reputable brokers (tiger, moomoo, tsg ibkr, etc). anyway, i'm holding out to see if FSM can provide a more competitive rate when they finally allow overseas trading

There's more to hit. Since they are using Saxo is their backend, Saxo have bad exchange rate Vs IB. So you are losing money there too.

You are welcome to give free money to them. IBKR only charge USD 0.35/transaction Vs USD5 for this lousy platform. If you got no money for IBKR, TSG only charge USD1.50.
Both doesn't even have platform fees.
Tiger, Moomoo are regulated by MAS. Now compare MAS with SC who blindly ban TD.

FYI Ibkr is a super paranoid broker (super conservative) and they have very strong financial reserves. Keep in mind MIDF is using Saxo as their backend. A foreign broker Akru a robo investor is using Ibkr as their backend.

Your choice. You like to give them free money. Be my guest. What I know is I don't even consider MIDF an option for overseas investing. Thumbs down for me. Highly not recommended.

Prefer TD, IB, TIGER, MOOMOO.

My favourite. hehe, TD is 0 Comm. Syiok for fifo

FYI for everyone. I asked and they are waiving the custody fees until further notice.

Someone can confirm the real data need to subscribe? I see people comment need pay to subscribe real data else 15min delay.

still expensive to trade and the platform seems dinosaur.

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This post has been edited by ante5k: Jul 7 2021, 06:19 PM

i dont trust the bank that runs this.