Recently there are some allegations that Rakuten Trade (RT) is involved in online platform scams. It is claimed that RT is offering various “investment plans” at a cost. Is this true?
Background
RT is the the country’s first and only fully digital equities trading platform. It is a joint venture between Kenanga Investment Bank Berhad and Rakuten Securities, Inc. To know more about this trading platform, you can refer to these few articles (1, 2, 3, and 4.)
Is Rakuten Trade a scam?
Back to the topic on hand, the answer is NO. RT is a legit trading platform. Since April 2017, the company has held a Restricted Capital Markets Services Licence issued by Securities Commission Malaysia. This licence allows it to conduct equities trading activities and provide investment advice as a licensed broker. The company is also listed on the SC’s Public Register of Licence Holders. To check for its licence number, you can use this tool (Link) from SC.
There are/were some individuals claiming to be representing Rakuten Trade or a company with a similar name. These copycats include Rakuten Trading MY, Rakuden Malaysia, Rakuten Trade Online and Rakuten Malaysia and they offer various “investment plans” at a cost or requesting payment on the company’s behalf. These plans are giving a guarantee return with zero risk, similar to money game.
RT has made reports on those individuals/companies with the police and MCMC as well as placed notices on its social channels. Do take note that RT does not work with third parties to ‘help’ you in any way.
How to avoid the scams?
First, remember that RT is a trading platform and all trades should be done by the account holder. All trades should be executed directly using the official Rakuten Trade website (Link) or via the Japanese trading app iSpeed.my. If anyone offers to trade for you, avoid the agent at all cost.
Second, RT contacts its clients via phone, email and Facebook Messages. But make sure that these are the official accounts or numbers. As for WhatsApp, RT has stopped using it as a communication channel since 12 June 2020. So, if you receive WhatsApp messages from RT, ignore it.
Conclusion
I hope that this article helps to dispel the rumour that Rakuten Trade is a scam. If you have any question, feel free to contact them through live chat on its official website (Link).
Referral link
Below is the referral link to Rakuten Trade. As I am involved in Rakuten Trade Educator Program, by clicking on this link, I may gain referral rewards from your registration with the platform once certain condition is met. (2022: I am not longer involved in the Educator Program).
If you think I have done a good service in explaining the topic, please click on the link below if you are interested to register. Otherwise, you can always search Rakuten Trade Malaysia with Google and register yourself.
Rakuten Trade: Link here
*You may earn 500 RT points when you open an account or other account opening rewards being offered by Rakuten Trade. You may choose only one of them.