Malaysia's MIDF To Launch Retail Digital Platform For U.S. Stocks

[wearesaved789]

@izzdan They give you 6 months of free period then charge 3$ per month

 

[nekiness]

@neobondjames No monthly fee, only minimum USD 1.5 per trade. If any other broker can offer better than these (plus fractional shares), I will definitely switch.

 

[resjudicata]

@nekiness FX rate to convert USD is not live rate like IBKR/TSG, definitely will stick with IBKR/TSG for now

 

[wearesaved789]

@setst777 Hmm they use Saxo Bank as clearing house. Ok that is a nope for me. At least IBKR and TD Ameritrade offer their own clearing and better trade execution. But unless you trade actively, you don't have to worry about it.

It is like giving money to MIDF to invest for us based on the order instruction. There might be problems if you are trying to day trade volatile meme stocks

 

[filledefleur]

@wearesaved789 So midf is like RobinHood where the stock is under Midf name and not us?

 

[georgiew]

@setst777 From a quick glance, there is Custody fee at 0.06% on daily portfolio value, charged daily. Also commission is min 4USD to a max of 100USD, calculated at 0.06% for share price > 10USD, and 0.01USD/share is share price < 10USD. 2x the commission of IBKR TSG/Tiger Broker. But need to pay stamp duty to LHDN worrr. Fake news. Create account only they show real commission. 0.4% or 5USD minimum. Hrmmmmmm... Stamp duty summore kaaa

No mention of minimum deposit, at least I can't find it. Seems like there are none?

Dumb app dun let ppl take screenshot, so can't share here. Also seems to only be mobile only? Can't find the desktop browser link.

USD conversion is quite... lol.

First impression is the trading interface is quite clunky. It's basically a browser wrapper. The rest of the app is native.

There is a "Market Data provided by Saxo Bank" watermark at the bottom of the page.

 

[izzdan]

@setst777 Although MIDF charges 0.4% brokerage fees, stamp duty as well as custodian fees, I think it may still be cheaper than funding TDAmeritrade/ IBKR. I did a rough check, the Transferwise fees could be already more than the what you are paying for MIDF.

 

[alice2]

@setst777 Interesting. Just downloaded the app also

 

[joep222w]

@setst777 IRS gonna be very happy they can make 40% from you lol

 

[setst777]

@joep222w How so?

 

[johnnyray]

@setst777 Anyone tried to deposit and withdraw yet? And does this platform support fractional share?

 

[izzdan]

@johnnyray Depositing was easy. Instant. No fractional shares as I can see

 

[isabelle_88]

@setst777 Ahhhh no wonder they are hiring aggressively