Rakuten Trade US Stock Trading Review: What I like, and what's lacking

Last Updated on October 1, 2025 by Chin Yi Xuan

In the past, investing in the US stock market via Malaysia-regulated brokers has always been complex and expensive.

This caused many investors to opt for overseas brokers to invest in the US market. However, all this changed when Rakuten Trade launched its much-anticipated US stock trading service.

So, is it good?

Right off the bat, I’d say Rakuten Trade is one of the best local brokers for Malaysian investors to invest in the US market. However, it is not without aspects that I wish could be improved upon.

Intrigued to know why? Wonder how Rakuten Trade stands against competitors like Moomoo and Webull?

Let’s find out in this full review!

RELATED POST:

• How to buy your first US stock on Rakuten Trade!

• Guide: How to trade fractional shares on Rakuten Trade

• Guide: How to buy US stocks in USD on Rakuten Trade

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Highlights of Rakuten Trade US Stock Trading

• Affordable fees: Rakuten Trade allows users to invest in the US market in either MYR or USD, with commissions from as low as RM1 (MYR trading) or USD0.88 – USD25 (USD trading). This is one of the lowest among Malaysia-regulated platforms.

• RM1/USD0.20 flat brokerage: For newly-activated foreign trading accounts, Rakuten Trade is now offering a RM1/USD0.20 flat brokerage for up to 3 months – making it more affordable to trade the US market!

• Powerful features: Rakuten Trade users get perks such as Fractional share trading, FREE live datafeed, and a transparent conversion rate while investing in the US market.

• Access to 3 major markets: Trade the Bursa Malaysia, US, and Hong Kong stock market with Rakuten Trade!

• Room for improvements: No short-selling, no margin trading, and a lack of order execution feature (eg. Market order) means there is room for improvement for Rakuten Trade.

• In short, Rakuten Trade is a great option for investors looking to access the US market at an affordable price.  

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Rakuten Trade US stock trading fees

Let’s start by addressing the elephant in the room: Is Rakuten Trade’s fee affordable?

For this, it is helpful to know that there are 3 kinds of regulated brokers in Malaysia offering access to overseas market, namely:

• Traditional investment banks that offer expensive brokerage fees, usually too shy to display their fees transparently on their website. (eg. Maybank)

• Dedicated brokers trying to disrupt the local brokerage scene with ‘affordable’ fees. Unfortunately, they are still far from affordable, especially for investors with small capital. (eg. FSMOne)

• Lastly, we have Rakuten Trade, which offers a fee structure that is sensible for Malaysian investors to access the US stock market.

NEW: RM1/USD0.20* flat brokerage fee for newly-activated accounts (5/8/2024 – 31/12/2025)

Since August 2024, Rakuten Trade has introduced an RM1/USD0.20 flat brokerage fee promotion for up to 3 months for users who activate their new foreign trading accounts. (*T&C applies)

This makes trading the US market on Rakuten Trade one of the lowest among locally-regulated brokers:

Trade Value (USD)	Rakuten Trade (MYR Trading)	Rakuten Trade (USD Trading)
$100	RM1.00	$0.20
$1000	RM1.00	$0.20
$10,000	RM1.00	$0.20
$100,000	RM1.00	$0.20

Rakuten Trade Brokerage for the US market

Even without any promotion, Rakuten Trade offers a brokerage fee from as low as RM1/trade. This makes it very fee-friendly to trade with a small amount on Rakuten Trade.

Comparing trading value side-by-side, this is how much platform fee you’ll be paying using each Malaysia-regulated platform to buy US shares (assuming exchange rate of RM4.35 per USD1):

For scenarios where your trade value is below $10,000 (~RM2,350), Rakuten Trade offers a more flexible and affordable fee structure for investors without incurring heavy commissions.

Personally, I think Rakuten Trade’s fee structure is game-changing among local brokers.

Now, investors can access the US stock market via a Malaysia-regulated broker at a fraction of the cost, especially for beginner investors with small capital.

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Trading experience (Features) 

#1 US Trade Amalgamation – Cost-saving feature for Intraday US trades

In trading, amalgamation is a process where multiple buy or sell orders for the same stock, placed on the same trading day, are combined into a single transaction for settlement purposes.

In other words, instead of being charged separately for each order, you will be charged a single brokerage fee based on the total amalgamated trade volume.

US Trade Amalgamation is a smart cost-optimization tool for savvy and active traders:

• Encourages more intraday US trades without worrying about stacking multiple brokerage fees.

• Makes experimenting with higher trading frequency less intimidating for retail traders.

Here’s how it works:

In this scenario above, investors save USD75 in brokerage fees from just four trades. You can save even more if you buy the same stock multiple times in a day, because you’ll only be charged USD25 once for all buy trades made on that day.

Do note that:

• US trade amalgamation only applies to the same stock bought or sold on the same trading day.

• The consolidated price will be calculated based on the weighted average price of all trades.

#2 Schedule & automate your investments with Raku-Invest

Raku-Invest as a smart, low-commitment way to build wealth in US markets.

From RM100, you can schedule and automate your investment routine easily in the US market – be it weekly or monthly.

#3 FREE Live Datafeed (*scroll down further for an important update)

Another plus point with Rakuten Trade is all US stock prices are quoted live (ie. Real-Time) on Rakuten Trade.

For many platforms, you’ll usually have to pay for live data, else you’ll only receive a 15-mins delayed datafeed. This is the case for MIDF Invest, another Malaysia-regulated broker that offers US stock trading. 

Hence, it’s great to see Rakuten Trade offering free live datafeed for users. This means that the price displayed for a stock will always be at-the-moment stock price.

*Update 31/3/2023: Subscribe to continue to get FREE live datafeed for US stock market!

Starting April 2023, users who wish to get access to FREE real-time US stocks datafeed will have to subscribe to it at Dashboard -> Setting -> ‘Apply for real-time US datafeed’.

Thereafter, you will continue to enjoy FREE real-time US stocks datafeed – just remember to resubscribe every year!

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3 Areas of Improvement & why this might not be for active traders

With the launch of US stock trading service, Rakuten Trade is set to disrupt the Malaysia brokerage scene.

That said, I think there are some areas of improvement for Rakuten Trade. Below are 5 key areas that I think Rakuten Trade should strive to improve on to serve users better:

(a) Only support Limit Order and Amount Order for trade execution

Rakuten Trade’s US stock trading platform currently supports 2 execution methods:

• Limit Order: Limit Order lets investors specify a target price (or better) at which to buy or sell; ideal for those aiming for precise entry or exit levels.

• Amount Order: (sometimes called “Mount Order”) allows users to invest via a specified Ringgit amount. Rakuten Trade will automatically match that amount to the best available share price in the market. This is available only for US trades placed in MYR.

Personally, I’d like to see Market Order being made available as well. Market Order is an execution feature that allows investors to buy or sell shares at the immediate best price. 

(b) Limited stocks to trade (but it’s improving!) 

Secondly, despite offering access to the US market, Rakuten Trade does not actually offer all of the stocks listed in the US market.

That said, Rakuten Trade has been gradually adding new US stocks and ETFs since its launch. As of 2025, Rakuten Trade offers about 925 stocks, 44+ ADRs & 315+ ETFs listed on the NYSE and Nasdaq exchanges. 

So, I think most investors would not have an issue, as well-known US stocks (eg. Apple, Tesla, Microsfot) and ETFs (eg. VOO, QQQ, VTI) are available to be traded.

[Note]: If you have a stock that you want to trade on Rakuten Trade, you can email your request to Rakuten Trade on the matter.

(c) No short selling and margin trading

Short selling and trading with margin are not available on Rakuten Trade too.

Essentially, this means that the only direction that you can execute on Rakuten Trade is for a stock to go up in price.

Also, you are only able to trade US stocks with the cash that you have in your Rakuten Trade account without access to margin facilities.

While this may turn off some stock traders, it shouldn’t be an issue for most long-term investors.

Regardless, having all these features will certainly help Rakuten Trade serve the needs of different retail participants in the market. 

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Who should use Rakuten Trade to trade US stocks?

While imperfect, Rakuten Trade has offered something that all local brokers failed to do: Access to the US stock market at a truly affordable fee via a Malaysia-regulated platform.

In my opinion, Rakuten Trade is a great option if you are:

• Seeking for a Malaysia-regulated broker to invest in the US stock market.

• Looking to access the US market at a truly affordable fee.

• Looking for a user-friendly platform to invest in the US stock market.

At the same time, it may not suit people who are:

• Active day traders that require market execution (instead of limit order) or more advanced execution features.

• Traders that need access to margin and the ability to short-sell stocks.

• Investors or traders that want exposure to more exotic stocks that are not within Rakuten Trade’s list of tradable stocks.

In short, unless you are an active trader, chances are you’ll like what Rakuten Trade has to offer.

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Summary: Is Rakuten Trade a good platform to invest in the US market?

As a whole, Rakuten Trade has offered Malaysians a game-changing manner to invest in the US stock market via a locally-regulated broker.

An affordable fee structure, user-friendly interface, and transparent conversion rate should convince many investors to forgo the need to open a foreign brokerage account (and experience all the hassle of funding & withdrawals).

Unless you are an active day trader or you require access to less familiar stocks, I am sure you’ll be happy with what Rakuten Trade has to offer.

If you are keen to open a Rakuten Trade account, consider using my referral link by clicking on the button below!

Open A Rakuten Trade Account Today!

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How to sign up to trade US stocks via Rakuten Trade

(A) How to sign up for US stock trading if you are new to Rakuten Trade:

Step 1: Sign up for Cash upfront account

If you are new, you’ll have to sign up for a Rakuten Trade Cash Upfront account.

Consider using my Rakuten Trade referral link by clicking the button below, and you’ll get 1000 RT points (RM10) which can be used to offset your brokerage fee! 

Open A Rakuten Trade Account Today!

If you need help, click HERE for my step-by-step guide to open a Rakuten Trade account.  

Step 2: Get your Rakuten Trade account within 2 working hours

Your Rakuten Trade account will be activated within 2 working hours.  

Step 3: Log in to your Rakuten Trade account and apply for Foreign Stock Trading

Log in to your Rakuten Trade account either via the website or Rakuten Trade’s iSpeed app. You can locate the Foreign Trading activation button easily within the Rakuten Trade platform.  

Step 4: Submit your application for US stock trading

Spend 1 minute to share some info required to trade the US stock market. Then, submit your application. 

Step 5: Your Foreign Trading account will be enabled within 2-3 working days

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(B) How to sign up for foreign trading if you are an existing Rakuten Trade user:

If you are an existing Rakuten Trade user, just follow Step 3 to Step 5 above and you’ll be good to go!

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Disclaimer:

This post contains affiliate links, which afford No Money Lah a small referral (and in return, support this blog) if you sign up for an account using my referral link. The information stated above is based on my personal experience and for purpose of sharing such experience only. It is not intended as professional investment advice. Please contact Rakuten Trade for more information.