Rakuten Trade

Reviews about Rakuten Trade. What are traders saying?

Despite the fact that Rakuten Trade in trading since 2017, reviews about it can be counted on one hand. Mostlypop up customer opinions about the mobile terminal – iSPEED.my.

For example, on Google Play, Rakuten Trade has 3.3 stars based on 2,400 ratings. Almost half of the users slapped one. It’s so bad that the developers have closed reviews. Only ratings are visible.

It’s even worse at the Apple Store. There, Rakuten Trade has 1.9 out of 5 stars based on 486 ratings. There are also 10 reviews. One author gave it a 5, another – a 3. The rest rated the broker a two or a one.

Mostly people complain about the design of the trading app. They call it outdated and inconvenient. But there are more important problems. For example, stop loss does not work on American stocks. Even if you set it, it just doesn’t work. In addition, the assortment is much narrower than what is actually on NASDAQ.

The site reiting-brokerov.com gave several reviews about Rakuten Trade. They say: holding shares in this swindler for a long time can lead to bad results. There will be deception. The trickster can change the service rules at any time, which will lead to additional financial losses.

Reviews warn: Rakuten Trade is an unnecessary intermediary in the Hong Kong and American markets. It transfers positions to local brokers, which makes trading much more expensive. Therefore, it makes sense to open a “Personal Account” only if you want to trade assets on the Malaysian stock exchange.

There are many complaints about delays in updating data in the mobile terminal and severe slippage when closing positions. It is noteworthy that it was not possible to find reviews in Malay. That is, our hero’s target is English speakers. Malaysian traders do not deal with him. Apparently they have more accessible ways to trade on the Malaysian exchange.

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Terms of cooperation.TOEarn money with Rakuten Trade?

Rakuten TradeoffersinvestmentsV securities of Bursa (Malaysia), Hong Kong, NASDAQ, NYSE (USA) exchanges. There is no complete list of tools. From the description of the table with the stamp duty rates of the Bursa exchange, it becomes clear that traders have at least access to:

• actions;
• bonds;
• warrants;
• ETFs and other funds.

There is stamp duty on all assets except ETFs. It is 0.10% of the cost of the instrument.

The scam broker accepts 3 currencies:

• ringgits;
• US dollars, Hong Kong.

Only ringgits are allowed to be used for trading on all three platforms: Hong Kong, USA, Malaysia. The rest can be used strictly in their markets. That is, Hong Kong dollars are intended for trading in Hong Kong assets, and American dollars are intended for trading in American assets. This means that traders will have to first convert their capital into ringgits. Otherwise, there is no point in opening an account with Rakuten Trade. It is easier to enter the US and Hong Kong stock exchanges directly.

Commissions for transactions start from 0.1%. At low trade volumes it can reach up to 1%. In any case, it’s up to the throat. An honest Russian broker offers to trade with a commission of 0.06% or less.

There are commissions:

• for clearing (all assets except the US) – up to 0.03%;
• regulation (US assets only) – up to 0.0008%;
• stamp duty – up to 1 ringgit per 1000 ringgit volume;
• depositary receipts (USA) – up to $0.03 per share;
• currency exchange (Hong Kong only) – 0.00565%;
• SFC and FRC fees (both for Hong Kong assets) – 0.0027% and 0.00015% respectively;
• stamp duty of the Hong Kong exchange (in addition to the platform fee) – 0.1%.

The scammer promises up to 7.8% per annum onunused capital. Naturally, in ringgits. Considering that local inflation has risen to only 4%, the percentage is very pleasant. You might even get carbon deposits.

But there is also bad news. The scammer “Rakuten Trade” will use client capital to line its own pockets. This money is not protected. If suddenly our herowill begin financial difficulties and he will be on the verge of bankruptcy, it will be very difficult to return the beans.

Rating Forex warns: more 0.5% per rollover is charged quarterly. This is an additional cost for investors.

It turns outIn order to gain profit, taking into account all costs, you will have to invest in very risky financial instruments. This increases the likelihood of losing your deposit.

Registration, regulation, replenishment and withdrawal of money from Rakuten Trade

“Rakuten Trade”registered in Malaysia in 1993. The company has not provided external customer service for 24 years. As an online broker, Lovchila started only in 2017. He immediately began calling himself the first of his kind in Malaysia.

Rakuten Trade’s license is also okay. It was received in 2017. That’s when the website started working.

Having a license and registration is a guarantee that there will be no blatant scam on the part of Rakuten Trade. The bit does not earn its income by stealing all the money from clients. He imposes exorbitant fees on anyone who opens a “Personal Account” for any financial transactions: both trading and non-trading. Judging by the reviews, the bit does not invest much in the quality of the software with which it offers trading.

How Rakuten Trade scams you for money

“Rakuten Trade” is a legal company. But this does not stop the trickster from profiting from clients.

On the one hand, people are promised access to the markets of three countries at once. But you can normally trade there only in Malaysian currency. Malaysians should be comfortable with this. Only none of them writes reviews about our hero. Most of the comments about working with it are in English.

The scammer Rakuten Trade acts as an intermediary in at least two markets – Hong Kong and the United States. He does not have a local brokerage license. This means that he cooperates with local intermediaries, through whom he executes trader orders. If so, he pays for the services of two brokers at once instead of one. It is not profitable.

Rakuten Trade commissions are greatly inflated. To trade on NASDAQ, you can choose a broker that does not charge commissions for stock trades. For example, the same E*Trade. Naturally, it has other fees. But they are below the exactions of our hero. That is, people lose money on every transaction for no reason.

To start trading with Rakuten Trade, you first need to open an account at a local bank, transfer beans there (ringgits are better), and then deposit them from there into a brokerage account.

That is, a trader from outside Malaysia will face at least one conversion and a couple of commission fees – for transferring first to a bank account, then to a brokerage account. All this for trading with 10-fold inflated fees in an inconvenient, outdated terminal.

You can’t count on quality technical support. Judging by the reviews, the problems are not being solved. Traders need to struggle with the terminal themselves and wait a long time for the glitches to be fixed.