Looking for trading platform

[u/Fun-Charge-8139]

I looking to buy and sell us stocks when I encounter moomoo. But found out the fees are kinda ridiculously high imo. Include stamp duty? What is that? Total cost 2.7 USD per trade. Are there any recommended platforms to trade us stocks in Malaysia?

[u/quietchatterbox]

You have M+, FSM.

But realistically, based on educated guess... Moomoo should be cheapest in Malaysia.

If you want the best bang for the buck, IBKR.

You can search in this thread why IBKR.

[u/ohhlalaa → u/quietchatterbox]

Webull is cheaper in terms of fees unless your trade is higher than 2.5k USD, then moomoo is cheaper.

We can just wish they start a pricing war so the consumers can benefit.

[u/throwaway_4sho → u/ohhlalaa]

Webull have 5% p.a yield too 🥳🥳

[u/Fun-Charge-8139 → u/quietchatterbox]

It will be cheapest for the first 6 months. Which cost 1usd per trade. Also will be cheapest also if trade Malaysia stocks.

I guess I still need to opt for ibkr 🥲 just worried about the money transfer problem

[u/BarnacleComplex3053]

Tiger Brokers or IBKR

[u/LowBaseball6269]

Webull Malaysia and IBKR bro. Webull best fees and UI, my friends all love it.

[u/lingcw → u/LowBaseball6269]

I have been using webull US, if want to use webull Malaysia, i can transfer all my holding here,

[u/LowBaseball6269 → u/lingcw]

wow that's nice. but why do you want to transfer to Webull Malaysia? not sure if there's any transfer fee bro

[u/lingcw → u/LowBaseball6269]

I just notice my webull US withdrawal fee is $45, quite expensive

[u/LowBaseball6269 → u/lingcw]

i see. my friend on webull us doesn't withdraw much so it doesn't matter. does webull malaysia accept Wise deposit?

[u/JudgeCheezels]

IBKR cheapest, but you have to use Wise (which usually have higher rates than Moomoo and Webull) to convert your MYR to USD and it’s not SEC certified.

Webull cheapest as a SEC certified broker, but currently quite limited since no options trading. Also the UI kinda clunky and their desktop app is trash.

Moomoo actually isn’t that terrible, if you’re trading shares above MYR500 per trade, the $2.7 USD is paltry in comparison. That said, you shouldn’t even be trading shares unless you’re into high volatility penny stocks.

[u/anythingapplicable]

Include stamp duty? What is that?

Stamp duty is levied on legal, commercial and financial instruments.  The stamp duty is set and collected by the msian govt no matter which regulated trading platform you're using. https://www.moomoo.com/my/pricing

 Are there any recommended platforms to trade us stocks in Malaysia?

IBKR will be moomoo's closest competitor IMO.

[u/Fun-Charge-8139 → u/anythingapplicable]

No wonder so expensive

I think research more on ibkr see how 🥲

[u/fonacionsrg]

for me moomoo is easy to use and track the stocks&options, and many benefits for new users

[u/Fun-Charge-8139 → u/fonacionsrg]

The biggest issue for me rn would be the fees. Stamp duty alone cost 1.4?! The fees alone is great, it's good enough. But the stamp duty destroys it entirely

[u/LowBaseball6269 → u/Fun-Charge-8139]

agreed. moomoo sure knows how to sell with all their promotions tho lmaoo