Investment Brokers

Every Bursa Malaysia trade carries the broker's own brokerage commission plus mandatory pass-through charges that are identical across all brokers. The clearing fee is 0.03% of contract value, capped at RM1,000 per contract, charged to both buyer and seller. Stamp duty on the contract note is RM1 per RM1,000 of value (0.1%), capped at RM1,000 per contract, a rate and cap that run through the end of 2026. There is no separate per-trade SC levy on cash equity trades for retail buyers and sellers. The new Securities Commission fees that took effect on 1 January 2026 apply to Bursa Malaysia as the exchange operator through a fixed annual regulatory fee, and the trading and clearing fees paid by buyers and sellers stay unchanged.

The 8% Sales and Service Tax expansion from 1 October 2025 changed which fees are taxed. Brokerage commission on ordinary listed shares and Bursa's own clearing charge on equities remain exempt. The 8% SST does apply to broker platform and service fees, and to brokerage and clearing on ETFs, REITs, rights, warrants, structured warrants, business trusts, and stapled securities. A plain share trade is largely untouched, while a warrant or ETF trade and any platform fee now carry 8% SST.

Brokerage commission is where brokers compete. Traditional bank-backed brokers charge roughly 0.1% with an RM8 minimum. Newer app-based brokers have pushed this toward zero. For US and global stocks the Malaysian charges above do not apply, but US regulatory fees do: the SEC Section 31 transaction fee (rate adjusted to USD 20.60 per USD 1,000,000 on sales, effective 4 April 2026), the FINRA Trading Activity Fee, and the Consolidated Audit Trail (CAT) fee. Foreign-exchange conversion spreads matter for anyone funding a US-dollar account from ringgit.

For local shares, the cheapest options are Moomoo Malaysia and Rakuten Trade, while Maybank, M+ Global, and CGS iTrade suit investors who want a direct CDS account.

Moomoo Malaysia advertises 0% Bursa commission for the first 180 days for new users, then 0.03% brokerage, with an RM3 platform fee per order. Rakuten Trade uses a flat tiered schedule: RM1 for trades below RM100, RM2.88 for RM100 to RM10,000, 0.1% for RM10,000 to RM100,000, and an RM100 cap above RM100,000. Rakuten also runs a plan of 0% on the first RM1,000 of buys each month, then 0.1% with an RM8 minimum. M+ Global (Malacca Securities) charges from 0.05% with an RM8 minimum. Maybank Investment's cash-upfront account and CGS iTrade sit at the traditional end, with Maybank at 0.1% or RM8 minimum and CGS iTrade at 0.0388% or RM8.88 minimum.

Rakuten Trade adds a loyalty layer through RT Points, offering up to 75% brokerage rebate in points that can offset future ringgit-settled trades. Verify current promotional periods and rates on each broker's pricing page, as these change often.

For US, Hong Kong, and other overseas markets, the choice widens to include offshore brokers. Moomoo Malaysia charges USD 0.0049 per share on US stocks with a USD 0.99 minimum, and 0.03% (minimum HKD 3) for Hong Kong. Rakuten Trade offers flat US pricing from RM1 up to an RM100 cap, or USD 0.88 to a USD 25 cap when trading in US dollars, and lets you settle in either ringgit or US dollars. M+ Global charges from 0.10% with a USD 3 minimum on US stocks.

Interactive Brokers is the value leader for active and high-volume traders. Its fixed plan is USD 0.005 per share (USD 1 minimum), and its tiered plan starts at USD 0.0035 per share, capped at 0.5% of trade value, with no inactivity fee and no minimum deposit. IBKR gives the widest market access globally. ProsperUs by CGS charges a USD 5 minimum on US stocks with no platform fee. Tiger Brokers charges about 0.06% (USD 0.99 minimum) on US stocks, but it does not support Bursa Malaysia and is not licensed by the SC for Malaysian retail clients.

This is the structural distinction that separates local brokers. A direct CDS account registers your Bursa Malaysia shares directly under your own name in Bursa's Central Depository System. You appear on the shareholder register, receive dividends straight to your bank account, can apply for Bursa IPOs through the account, and can attend company AGMs. Maybank, M+ Global (Malacca Securities), and CGS iTrade offer direct CDS accounts. CDS account opening typically costs around RM10.

A nominee (custodian) account holds shares in the broker's name on your behalf. You are the beneficial owner, and the broker is the registered holder. Nominee accounts are how Moomoo Malaysia and Rakuten Trade operate. They are usually cheaper and simpler to open, though dividends may arrive a little later and can attract a small processing fee, and you generally cannot apply for Bursa IPOs directly through the account. Foreign shares are always held through a nominee or global custodian structure regardless of broker, because the Bursa CDS only registers Malaysian-listed securities.

When the broker is SC-licensed, both structures keep client assets segregated in trust. The trade-off is control and shareholder rights with a direct CDS account against lower cost and convenience with a nominee account.

Regulation is the dividing line that matters most. SC-licensed brokers hold a Capital Markets Services Licence and keep client money in segregated trust accounts. Eligible Malaysian clients also have recourse to the Capital Market Compensation Fund, administered by the Capital Market Compensation Fund Corporation, which can compensate for monetary loss caused by a licensed broker's defalcation, fraud, or insolvency, up to RM100,000 per claimant. Moomoo Securities Malaysia (CMSL eCMSL/A0397/2024), Rakuten Trade, Malacca Securities (M+ Global), Maybank Investment Bank, and CGS International Malaysia are all SC-licensed.

Interactive Brokers, Tiger Brokers, and ProsperUs are not SC-licensed CMSL holders. IBKR serves Malaysian residents through its offshore entities and is regulated by major foreign authorities, with US client assets covered by SIPC up to USD 500,000 (USD 250,000 for cash). ProsperUs operates from Singapore under MAS regulation through the CGS group. Tiger Brokers does not hold a Malaysian licence and is not authorised to offer Bursa trading to Malaysian retail clients. Opening an account with an overseas broker to invest your own money is generally not prohibited for an individual, but these firms are not authorised by the SC to provide services in Malaysia, some offshore entities appear on the SC Investor Alert List, and you have no SC oversight and no Capital Market Compensation Fund protection if the platform fails. Verify any entity against the SC's list of licensed intermediaries and its Investor Alert List before funding an account. The SC does not license retail spot or leveraged forex, so any forex platform soliciting Malaysian clients sits outside SC protection.

Investing is different from holding a bank deposit. Money you invest is not covered by PIDM deposit insurance, which protects eligible bank deposits rather than the market value of securities. All investing carries risk of capital loss. Regulatory protection covers broker insolvency, fraud, and misconduct within defined limits, not investment losses from market movements or currency swings.

For investors who prefer managed, diversified ETF portfolios over picking individual stocks, two SC-licensed robo-advisors dominate. StashAway charges a tiered management fee that starts at 0.8% per annum on the first RM150,000 and steps down through the balance to 0.2% per annum on amounts above RM3,000,000. It applies a minimum monthly fee of RM5, waived in any calendar month in which you make a positive net deposit. StashAway has no sales charge, switching fee, or withdrawal penalty, though the underlying ETFs carry their own expense ratios of roughly 0.1% to 0.3%.

Wahed Invest offers Shariah-compliant portfolios with a tiered fee, roughly 0.79% per annum up to RM100,000, 0.59% from RM100,000 to RM500,000, and 0.39% above RM500,000. Wahed screens holdings to AAOIFI standards and suits investors who specifically want halal-screened portfolios. Both platforms are SC-licensed digital investment managers with no minimum to start.

Choose by what you actually trade. For low-cost Bursa Malaysia trading with the simplest onboarding, Moomoo Malaysia and Rakuten Trade are the cheapest, both nominee accounts. If you want your Bursa shares registered in your own name with direct dividend credit and IPO access, use a direct CDS broker such as Maybank, M+ Global, or CGS iTrade. For a single app covering both Bursa and US markets, Moomoo and M+ Global are the strongest all-rounders. For serious US and global trading at the lowest per-share cost, Interactive Brokers is the value leader, with the trade-off of offshore regulation and no local recourse. For hands-off, diversified investing, StashAway suits conventional investors and Wahed suits those wanting Shariah compliance.

Cost is only one factor. Weigh regulation (SC-licensed against offshore), account structure (direct CDS against nominee), currency handling for foreign stocks, and the total of all fees, including the 8% SST on platform and service fees and any applicable stamp duty, rather than the headline commission alone. Verify current rates on each broker's official pricing page before opening an account, as promotional zero-commission periods and fee schedules change frequently.