How To Convert and Trade in USD?
By Hooi Mun Keong, Digital Educator
Here is how to Convert and Trade in USD via your iSpeed.MY app.
Why iSpeed.my? Because frankly speaking, who logs into their laptop at night 😊 iSpeed.my allows you to be out with your friends and with a few quick taps, you're trading on the NYSE / NASDAQ!
Converting Funds (MYR to USD)
First, you need to decide is whether you want to trade US stocks in MYR or USD. If you’ve decided to trade in USD, then you need to convert your MYR into USD before you start.
At Rakuten Trade, it’s a seamless transaction that happens in real time on the app or the web platform. Here are 5 easy steps to convert your funds from MYR to USD:
Protip: The same steps apply if you want to convert funds from USD to MYR
Step 1: Login to the dashboard
Step 2: Access the Menu screen “Currency Exchange”. Alternatively, you could also tap on My Account for the similar function.
Step 3: Tap on the ($) icon (circled in red) and you’ll be taken to the currency exchange screen.
Step 4: On the currency exchange screen, choose to convert your cash from MYR to USD. You’ll be able to see the exchange rate that will be used – INDICATIVE RATE.
Step 5: After you’ve decided how much you want to convert, key in your trading pin and click CONFIRM.
In real-time, you can then see the updated cash amount in your currency cash account on the My Account tab.
Trading in USD
Check your trading limit to know how much you have available to trade with. If it is not enough, you can always top up your MYR and convert to USD as you see fit.
Now that you have available USD in your Cash Upfront account, it’s time to trade!
Step 1: Search for the stock you want to BUY
Step 2: Click ACTION > BUY ORDER
Step 3: Under CURRENCY, choose which currency you’d like to BUY the share in
Note: RT points are not able to offset the trade if the transaction is done in USD.
Step 4: Key in your trading pin
Step 5: Click PROCEED TO CONFIRMATION
The same steps apply when you sell your shares too. The “Est.Amount” section shows how much you can expect get after your stocks have successfully sold.
And there you have it, simple steps on how to trade U.S. stocks in USD. Keep in mind that there might be an instance where trading in MYR instead of USD might suit your strategy better and vice versa.