Last Updated on November 28, 2024 by Chin Yi Xuan
2024 has been an amazing year for Malaysian investors thanks to the introduction of new locally-regulated platforms that make stock investing and trading seamless and more affordable than ever.
Webull Malaysia is one of those platforms that I’ve been eagerly waiting to enter the Malaysian market.
So, what is it like to invest through Webull Malaysia? What’s their pricing/fees like compared to other local brokers?
Let’s find out!
Table of Contents
Highlights
- Locally-regulated broker: Webull Malaysia is regulated by the Securities Commission Malaysia (SC). This ensures that Webull Malaysia’s operation and business are conducted within the rules set by the authority to protect Malaysian investors.
- Access to the US, Malaysia stock markets, and Malaysia’s futures market: Invest in the US and Malaysia stock markets, as well as the Malaysia futures market (FCPO, FKLI) within the Webull app.
- One of the best fee structures for Malaysia-regulated brokers: Webull Malaysia offers an attractive fee structure for the US and Malaysia stock markets among Malaysia-regulated brokers, with 0 commission trading for all Webull Malaysia users for the first 180 days.
- Powerful features: Investors of all levels and experience will come to enjoy a suite of useful features, such as 24-hour trading and fractional share trading for US stocks.
- Room for improvements: Lack of Singapore and Hong Kong market (for now), no FPX transfer for fund deposit (for now), and customer support takes longer to respond during US trading hours.
How is Webull Malaysia regulated + Safety of Funds
In terms of regulation, Webull Malaysia is regulated by the Securities Commission Malaysia (SC), with a Capital Markets Services License to operate a legal brokerage business:
This ensures that Webull Malaysia is operating under the best practices and guidelines set by the Malaysian authority.
In addition, clients’ funds are kept separately from Webull Malaysia’s finances through a custodian bank account. Webull Malaysia will not have access to your funds and assets, ensuring clear transparency to avoid fraud. This also ensures that if something happens to Webull Malaysia (eg. Bankruptcy), your funds & assets will not be affected.
Furthermore, Webull Malaysia clients’ fund is protected by the Capital Market Compensation Fund (CMC Fund), where clients can claim up to RM100,000 on eligible Malaysia securities/assets in the unlikely event that Webull Malaysia is not able to pay clients due to bankruptcy.
Webull Malaysia fees & pricing for the US stock market and Malaysia stock & futures markets
For pricing, Webull Malaysia offers a competitive commission and zero platform fee. The great news is, new Webull Malaysia users will enjoy 0* commission for the first 180 days:
(a) Webull Malaysia pricing for Malaysia stocks, ETFs, REITs, and Warrant:
Webull Malaysia pricing for Malaysia stocks, ETFs, REITs, and Warrant | |
Commission | RM0* for the first 180 days to new users (*0.08% x Trade Amount thereafter, min. RM5/trade) |
Platform Fee | RM0 |
(b) Webull Malaysia pricing for US stocks, ETFs, ADRs, and fractional shares:
Webull Malaysia pricing for US stocks, ETFs, and ADRs, and fractional shares | |
Commission | USD0* for the first 180 days to new users (*0.05% x Trade Amount thereafter, min. USD0.99/trade) |
Platform Fee | USD0 |
(c) Webull Malaysia pricing for Malaysia futures market:
FKLI (Intraday & Overnight) | FCPO (Intraday) | FCPO (Overnight) | |
Commission | RM5 | RM6 | RM7 |
(d) Non-platform trading fees
Also, take note of other non-platform trading fees that are NOT charged by Webull Malaysia while you trade:
- Malaysia markets
Other Non-Platform Trading Fees | Webull Malaysia |
Stamp Duty charged by Malaysian Government (for stocks) | Yes |
Clearing Fee charged by Bursa Malaysia (for stocks & futures) | Yes |
Trading Fee charged by Bursa Malaysia (for futures) | Yes |
- US stock market
Other Non-Platform Trading Fees | Webull Malaysia |
Stamp Duty charged by Malaysian Government | Yes |
SEC Fees charged by SEC | Yes |
FINRA Fees charged by FINRA | Yes |
ADR Custodian Fees charged by DTC | Yes |
Webull Malaysia pricing vs other locally-regulated brokers (Moomoo MY, Rakuten Trade, M+ Global):
Webull Malaysia’s pricing structure is certainly one of the most competitive among locally-regulated brokers.
Their zero-commission stock trades for the first 180 days for new users are a bang for the buck.
Even after 180 days, Webull Malaysia pricing structure for US stocks is one of the most affordable among locally-regulated platforms.
(a) Malaysia stock market (per order fee comparison)
(i) Webull Malaysia vs Moomoo MY vs Rakuten Trade fee comparison for the Malaysia stock market (Promo: First 180 days 0 commission trades for new users):
(ii) Webull Malaysia vs Moomoo MY vs Rakuten Trade fee comparison for the Malaysia stock market (after 180 days):
(b) US stock market (per order fee comparison)
(i) Webull Malaysia vs Moomoo MY vs Rakuten Trade vs M+ Global fee comparison for the US stock market (Promo: First 180 days 0 commission trades for new users):
(ii) Webull Malaysia vs Moomoo MY vs Rakuten Trade vs M+ Global fee comparison for the US stock market (After 180 days):
Even after 180 days, Webull Malaysia’s pricing for the US stock market is also highly competitive:
(c) US fractional shares (per order fee comparison)
My experience with Webull Malaysia (Features):
Webull Malaysia trading app is a well-designed app and I have no issue finding the features I need within the app.
Here are several features in the Webull Malaysia app that I find interesting:
#1 Zero platform fee* is advantageous for active day traders in the Malaysia stock market
At the moment, Webull Malaysia and Moomoo MY are two of the most affordable stock investing platforms in Malaysia.
One advantage that Webull Malaysia has is zero platform fee charged for every trade order. In comparison, rival Moomoo MY charges RM3/order for the Malaysia market.
Unlike brokerage fees that are entitled to trade amalgamation for the Malaysian stock market, a platform fee is charged whenever a trade is taken.
– What is trade amalgamation?
Trade Amalgamation allows you to combine your orders to help you save on trading costs and is applicable for buy or sell trades.
– How to enjoy trade amalgamation?
Trade amalgamation is automatically performed if the following conditions are fulfilled:
- Trades are of the same stock or the same ETF.
- Trades are on the same side (e.g. Buy trades can only be amalgamated with another Buy trade)
- Trades are done on the same trading day.
- Trades are from the same account.
– Example of trade amalgamation
Say, as a day trader, I bought Maybank shares four times, each worth RM2,500 (RM10,000 in total), during the same trading day.
My brokerage fee for Webull Malaysia and Moomoo MY will be amalgamated. However, since Moomoo MY’s platform fee is charged on a per-trade basis, it is not entitled to trade amalgamation.
Here is the cost if I’ve done my trade using Webull Malaysia and Moomoo MY. For demonstration purposes, let me show you this comparison in reference to the pricing for the Malaysia stock market after 180 days as a new user for each platform:
– What does it mean for you?
How much you benefit from Webull Malaysia’s zero platform fee depends on your trading/investing style.
If you tend to actively trade the same stock on the same trading day for the Malaysia stock market, you are going to find Webull Malaysia more cost-effective.
*Note: The platform fee of 0 is subject to change at Webull Malaysia’s discretion and is valid until updated.
#2 Trade stock & futures in one single app
Webull Malaysia is one of the few trading platforms that offers access to the stock market (US & Malaysia), as well as the Malaysia derivatives (or futures) market (FKLI, FCPO).
For traders who seek to express their trade ideas via different trading instruments, Webull Malaysia is certainly more versatile than most trading platforms.
#3 24-hour trading for the US stock market
Webull Malaysia also allows for 24-hour trading.
As a Webull Malaysia client, you can trade the US stock market anytime on a trading day. This means capitalizing on any breaking news, or taking action on earning announcements at odd hours.
p.s. US stocks that can be traded for 24 hours can be spotted with the ’24’ symbol on a stock:
#4 Fractional share trading for the US stock market
Webull Malaysia also offers fractional share trading, which allows users to invest in a fraction of a share from just $5.00 instead of buying the whole share.
In other words, fractional share trading makes investing with a small capital much more friendly and flexible.
i. Buy fractional share from just $5.00 and up to 3 decimal places (0.001).
With fractional share trading, I can buy 0.05 units of Apple shares instead of the entire share:
iii. Conditions for Fractional Trading on Webull Malaysia
- Not all US stocks and ETFs support fractional trading. To see if a stock or ETF is eligible for fractional share trading, look for the ‘Fractional Share’ diamond symbol:
- Only market order is supported, and short selling is not allowed.
- The minimum value and quantity of a Fractional Share trade is USD5 and up to 3 decimal places (0.001).
- US Fractional Shares are only tradable during US Regular Trading Hours
#5 Real-time US and Malaysia price quotes (or price feed)
New Webull Malaysia users will enjoy real-time level 2 US and Malaysia price data FREE for 30 days.
Thereafter, it will revert to real-time level 1 US price data and a 15-minute delayed price data for the Malaysia market.
#6 Complete trading features
Webull Malaysia also impressed me with a complete suite of in-app trading features:
- Basic to advanced trade order execution options
Having tried many locally-regulated brokerages, I come to appreciate the different trade order execution features that are available on the Webull Malaysia app.
Aside from the basic market and limit orders, I discovered various order execution features (eg. Stop order, Trailing stop, Group orders), which makes trade execution more versatile for investors and traders alike, regardless of style.
- Simple-to-understand stock & ETF information within the app
I also like that Webull Malaysia app puts stock information in simple-to-understand visuals & charts.
From company financials, analyst ratings & 24/7 news, charting & technical analysis and more, I can get a clear picture of a stock without having to visit other external websites:
#7 Earn interest on your idle cash
As a Webull Malaysia user, you can also earn interest on your idle cash:
#8 NEW: Fund your Webull account via Islamic or Conventional Banking
Webull Malaysia is also the first online broker in Malaysia to launch an Islamic Banking Channel, enabling Shariah-Compliant funding options to trade the MY & US markets.
In other words, you now have the flexibility to deposit funds either through a Conventional or Islamic Bank.
3 aspects I wish could be improved
From my time exploring the Webull Malaysia app, there are a few things that I wish could be improved:
#1 Lack important features such as:
- No access to Singapore and Hong Kong stock market (for now).
- No FPX deposit (for now). Only bank transfer is available.
- No margin account. Only cash upfront account is available.
- Does not support request to attend AGM for MY stocks.
- Have to subscribe (ie. pay) for real-time price feed for the Malaysia stock market after the initial 30 days, where some competitors offer it for free.
- Lack of desktop trading app for users looking for a desktop trading experience. Only mobile app is available.
#2 Inconsistent customer support
I also tested Webull Malaysia’s customer support thoroughly while preparing for this review.
Webull Malaysia offers 3 channels for users to reach out for help, namely: In-app chat, Phone support (03-9212 8192), and email ([email protected]).
What I appreciate about Webull Malaysia customer support:
- Multiple channels to reach out for help.
- 24/6 support on Monday – Saturday business days.
- Generally quick response time on in-app chat during daytime.
What I wish could be better with Webull Malaysia customer support: Less consistent nighttime support
In my personal experience, I find the response time for Webull Malaysia in-app chat to be less consistent at night compared to the daytime.
For instance, I’ll usually get a reply from in-app chat within 10+ minutes during daytime, but in one instance it took more than 1 hour to hear from customer support at night.
As a platform that offers access to the US market, I think the response time should be improved upon:
#3 Gimmicky Voice Trading
A unique feature I found is that you could actually long-press the middle Webull-logo button to activate voice trading:
Personally, I’ve given it a try and find it to be less useful than intended. Words that are easy to detect like ‘Apple’ aside, I had a frustrating time getting the voice assistant to detect ‘IGB REIT‘ (often taken as ‘rate’ /’rich’ instead of ‘REIT’) and more complex names like ‘Berjaya Corp’ and ‘Lockheed Martin’ (taken as ‘Regina’ and ‘Lockhead’ respectively).
I think there is a huge potential for this voice assistant, such as handling more useful requests like ‘What is Apple’s latest news?’, or ‘What is SCHD’s latest distribution?’.
As a whole, as an online trading platform, I wish to see more useful features being introduced to the Webull Malaysia app soon.
Regardless, since Webull Malaysia is still relatively new to the local market, I shall revisit this section in the coming months and update accordingly if I see any improvements.
🎁 Account Opening & Deposit Promotion (ending 31/12/2024, T&C applies)
Webull Malaysia is constantly running promotions for new users:
#1 Trading Perks
Register and successfully activate a Webull Malaysia trading account and get:
- 180 days 0 commission Malaysia stock trades
- 180 days 0 commission US stock trades
- 1 month of Level 2 real-time price quotes for Bursa Malaysia stocks and US market.
- Get +1 month of FREE access to either market by completing a matched MY or US trade respectively.
#2 1x Guaranteed fractional shares of NVDA/AAPL/GOOGL/LULU/IBIT worth RM500
How to be eligible:
- (i) Deposit a cumulative amount of at least RM8,000 (and maintain for 30 days), and
- (ii) Make one buy trade for either US stocks or MY stocks/futures
Get guaranteed fractional shares worth RM500, where you can choose from either Nvidia (NVDA), Apple (AAPL), Google (GOOGL), Lululemon (LULU), or IBIT (Bitcoin ETF)!
- Note: You are free to trade stocks during the 30-day lock-in period, and the value fluctuations of your holdings after depositing will not affect the unlocking of rewards – the key is to maintain a minimum net deposit of RM8,000 throughout the 30 days.
- Your reward will be issued to eligible participants within 7 business days after completing the requirement. Thereafter, you will need to claim your reward within 30 calendar days.
Verdict: Webull Malaysia is making stock market investing more affordable to Malaysians
I think Webull Malaysia has offered Malaysians something valuable: Access to the stock market at an affordable price, especially for the US stock market.
Despite lacking a few features (which I think could be improved with time), I think all these are not dealbreakers for me to recommend Malaysians to check out Webull Malaysia.
Step-by-step: How to open a Webull Malaysia account & make your deposit
Opening a Webull Malaysia account is one of the most straightforward experiences:
Step 1: Use my referral link HERE to open your Webull Malaysia account, where you’ll get to enjoy various account-opening perks.
Step 2: Fill in your personal details
Step 3: Provide your employment and tax information, including your Tax Identification Number (TIN) (ie. LHDN number).
Alternatively, if you do not have a TIN number while opening a Webull Malaysia account, you can enter your reason accordingly (eg. I am a student).
Step 4: Enter your investment background
Step 5: Webull Malaysia offers one type of account, which is Cash Account at the moment. US market is optional so remember to tick it if you want to gain access to the US market!
Step 7: Declare if you have any domestic borrowing in Ringgit, and read through the agreements and proceed should there be no issue
Step 8: You’ll be required to scan your face and submit your documentation for verification purposes.
Step 9: If the application goes smoothly, your account should be approved within 1 – 3 business days. At the same time, you’ll also receive an email once your account is approved.
Step 10: Select the Webull icon in the app and choose the account (Securities for stocks and/or Derivatives for futures) that you want to deposit in:
Essentially, the deposit process can be done through Bank transfer. Log in to your bank account and make the transfer to the Webull Malaysia bank details as shown to you:
Webull Malaysia FAQ
Ques: Can I attend AGM for the MY and US stocks that I invest in?
Answer: Webull Malaysia does not currently support US and MY Shareholders Meeting.
Ques: I am an existing Webull SG user, can I still use my Webull SG account after opening my Webull Malaysia account?
Answer: Webull Malaysia and Webull SG are two different independent brokerage, will not affect each other.
Ques: Is Webull Malaysia a nominee or direct CDS account for investing in Malaysia stocks?
Answer: Nominee CDS account
Disclaimers:
All views expressed are the independent opinions of myself, which are not shared by Webull Malaysia. No content shall be considered financial advice or recommendation. Webull Malaysia links are included in this post, through which referrals are made and I may receive certain commissions. Please contact Webull Malaysia for more information.
Related Posts
Subscribe to No Money Lah's Newsletter!
Get FREE updates to tips & ideas to live a better and more fulfilling financial life :)
Thank you!
You have successfully joined our subscriber list.
Chin Yi Xuan
Hi there! I am Yi Xuan. I am a writer, personal finance & REIT enthusiast, and a developing trader with the goal to become a full-time funded trader. Every week, I write about my personal learnings & discovery about life, money, and the market.
If Webull were to compare with IBKR Pro, which one u will prefer for buying US stocks? Their commission same right?
Depends on where u r from and what u need.
If you are from Msia and only need US stocks then Webull is good.
Yi Xuan
Have been searching for the cost comparison between the brokers for US Stocks, and I found this website shows me a comprehensive comparison. Not only comparing the cost but also other aspects. Really appreciate the effort. Thank you, and please keep us updated if there are any changes and if new brokers are coming into Malaysia.
Appreciate the kind words Naim!
Regards,
Yi Xuan