Rakuten Trade Enhances U.S. Trading Service With Foreign Currency Facility
KUALA LUMPUR, 29 August 2022 – Market disruptor, Rakuten Trade Sdn Bhd (Rakuten Trade), today launched its enhanced Foreign Market service that includes the benefits of a foreign currency facility.
Investors can now seamlessly convert funds between MYR and USD via its iSpeed.my app and web platform. Conversions are made in real time, at competitive rates typically better than most banks, and with no additional FX charges imposed on inter-currency trades.
Development for an enhanced Foreign Market platform was earmarked to improve the U.S. trading experience and appeal to a wider range of digital investors who were previously limited for choice in a broker. As a result, many investors opted to sign up with overseas brokers to invest in the U.S. market.
With the rollout, investors now have the added flexibility and choice to trade in either MYR or USD at low brokerage rates of RM7-RM100 or USD1.88 – USD25, respectively.
According to Mr Kazumasa Mise, CEO (Chief Executive Officer) of Rakuten Trade, “Almost 25,000 U.S. trading accounts have been activated through Rakuten Trade since we first introduced the service in January. It has also served as a catalyst for new investors to test trading strategies on Bursa Malaysia before diversifying onto the U.S. markets. To date, more than 85% of Rakuten Trade’s clients trade first on Bursa Malaysia before foraying into the U.S. Markets. As a result, Rakuten Trade continues to record strong and steady trading growth on NYSE (New York Stock Exchange) and NASDAQ.”
Mr Mise continued, “With the rapid adoption of wealthtech solutions, Rakuten Trade continues to revolutionize the industry and improve the user experience, providing better digital access to a segment of customers who were previously underserved.”
In conjunction with the rollout, Rakuten Trade announced its Trade & Win Google Share Campaign that rewards U.S. trading account holders with up to 5,000 RT points or RM50 brokerage rebate. For those who choose to trade and maintain a cash balance in USD, one of 50 Google shares* stand to be won.
Leveraging on technological advancements, Rakuten Trade is on track to expand its service to include trading access into Hong Kong. More recently, Rakuten Trade announced the revamp of its Reward Program giving investors more ways to earn brokerage free trades.
As of 31 July 2022, Rakuten Trade had activated more than 250,000 trading accounts and transacted more than RM105 billion in total trading value on Bursa Malaysia since business day one while its clients’ assets under trust was almost RM3.5 billion.