Rakuten Trade Account Opening Promotion

Rakuten Trade has simplified its account opening process and is giving some benefits for account opening currently. So, what are different now?

Process simplification

Previously, to open an account, we have to provide a bank statement. However, this document is not needed anymore, unless you are using a joint account. So, you just have to upload identification card copy. Utility/phone bill is optional as it is only required if your correspondence address is different from your permanent address.

Waiver of Central Depository System (CDS) opening fee

A CDS account is an electronic account maintained by Bursa Malaysia to keep track of our stocks movement. A CDS account is required when opening an account with Rakuten Trade. Even if you already have a CDS account with other brokerage, you will still need a new CDS account as sharing of CDS account is prohibited. The fee of opening a CDS account is RM 10.00. Currently, Rakuten Trade is waiving this fee, so you do not have to pay anything for it. This means you are saving RM 10.00. Not a big amount but a cent saved is a cent earned.

Account opening rewards

There are a few rewards that you can select from when opening account. These include RM 60.00 worth of gold with HelloGold, AirAsia BIG Points, B Infinite BPoints, BonusLink Points or 500 RT Points. However, you can only choose one of them. You can check the rewards here. The choices of reward might change depending on the campaign period.

Conclusion

With the current promotion, it is a good time to open a trading account with Rakuten Trade. However, I would advise you to make sure that this platform is suitable to you before you proceed to open an account, unless you are interested in the reward only. I think it is better to open an account with a brokerage that you really like and will use. You can go to my previous article to know more about Rakuten Trade. Remember to read its disadvantages too.

From what I know, the promotion (CDS account opening fee waiver) is running for at least 6 months. So I will say this offer lasts till June 2020. If you read this article after June 2020, it is likely that the promotion has ended. Thus, do check the website to see whether there is any promotion going on after June 2020.

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.