These days, there are a myriad of trading and investment brokerages saturating the Malaysian market. So much so that it can get overwhelming trying to find the “perfect” platform that feels like it’s made just for you.
Perhaps you're an investor who...
Is just starting out.
Has years of experience in investing.
Would like some guidance from your chosen platform.
Wants a simple, direct way to trade.
Well, no matter the kind of investor you are, in this article, we’ve got you covered. We’re going to compare three of the most commonly used brokers in Malaysia – moomoo MY, M+ Global, and Interactive Brokers breaking down what makes each tick.
Getting to Know: M+ Global, moomoo MY & Interactive Brokers
moomoo MY
Moomoo MY is a subsidiary of Futu Holdings Limited, a leading fintech company in China. Launched in Malaysia in 2024, moomoo MY offers a user-friendly platform with features such as commission-free trading, advanced trading tools, and access to global markets. With a focus on the younger generation of investors, the platform aims to provide a seamless investing experience.
Additionally, the broker is a Capital Markets Services License holder and is regulated by the Securities Commission (SC) Malaysia. It is also a Capital Market Compensation (CMC) Fund Protected whereby eligible investors may claim up to RM100,000 on eligible Malaysia securities/related assets should an unlikely event occur.
M+ Global
M+ Global is an investment trading platform launched in 2023 by one of the most renowned stock brokers in town - Malacca Securities Sdn Bhd. With a diverse range of investment products including stocks, ETFs, and mutual funds, M+ Global emphasises simplicity and transparency, offering competitive fees and comprehensive research tools to help users make informed investment decisions.
M+ Global fully licensed and regulated by SC as Malacca Securities Sdn Bhd is the parent company of Malacca Securities is a participating Organisation of Bursa Malaysia Securities Berhad.
Interactive Brokers (IBKR)
Interactive Brokers (IBKR) is a renowned global brokerage firm founded in 1978. Offering access to over 135 markets in 33 countries, IBKR provides a wide range of investment products, including stocks, options, futures, and forex. With low fees and advanced tools, IBKR is popular among active traders and institutional investors worldwide.
Unfortunately, IBKR isn't regulated by SC Malaysia because it operates under U.S. regulations. Malaysian accounts are automatically set up with Interactive Brokers LLC in the U.S., not allowing us to choose a specific entity. This means any issues that may occur would fall under U.S. jurisdiction.
Now that you have a little background on each of these brokers, let’s get into the stuff that really matters – what is being offered by these platforms and how they compare to serve your different investment needs.
Comparison #1: Investment Products and Market Access
First up, let’s delve into the investment products and market each broker offers. Whether you’re interested in global exchanges like Wall Street or local opportunities in Malaysia, understanding what securities these apps provide is key.
moomoo MY | M+ Global | Interactive Brokers | |
Investment Products |
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| Over 10 products including stocks, ETFs, options, futures, bonds, and forex. |
Market Access | Malaysia & US | Malaysia, US & Hong Kong | 150 markets including those in the US, Canada, Europe, Australia, India, and Singapore. |
My Review
Simply based on these two categories, I found moomoo MY and M+ Global to be particularly welcoming for beginner investors. They offer a straightforward array of investment options like stocks, ETFs, and REITs, which I believe aren’t too complicated for anyone just starting out. Both platforms maintain simplicity by mainly focusing on markets in Malaysia, the U.S., and for M+ Global, Hong Kong as well. This simplicity is crucial for novices who would likely prefer to ease into the investing world without being overwhelmed by too many choices.
On the flip side, Interactive Brokers is a powerhouse suited for the more advanced traders. The platform's extensive offering of investment products and access to an impressive 150 global markets offer a broad reach, perfect for those looking to employ complex trading strategies and explore investment opportunities across various international landscapes.
Comparison 1: Cost Structure
Next, let's examine the cost structure including must-know fees, margin and conversion rates associated with each platform. These are essential factors because they directly impact your investment costs and returns.
What we’re looking for is transparency and competitive pricing, reasonable borrowing costs, and favourable currency conversion rates which are critical in maximizing your investment potential while minimizing expenses.
moomoo MY | M+ Global | Interactive Brokers | |
Fees | Account Opening Free Platform Fee RM3/order or USD0.99/order. Tools & Resources Fee Free | Account Opening RM11 Trading Fee US$3/trade or 0.10% of trade value (whichever is higher). Tools & Resources Fee Free | Account Opening Free Trading Fee 0.05% - 0.10% of trade value (depending on chosen plan). Tools & Resources Fee Extra charges apply (depending on chosen plan and tools/resources) |
Margin Rate | 6.8% | 8% | 6-8% (depending on chosen currency) |
Conversion Rate | MYR accepted. | MYR accepted. | MYR is not accepted. The conversion rate depends on your chosen bank. |
My Review
After comparing the cost structure of these three brokers, the “perfect” broker for you comes down to the type of investor you are – an active trader or a passive one.
Active traders, who may buy and sell a particular stock several times a day to dollar cost average their investments, will find M+ Global and Interactive Brokers cheaper over time. That's because both these platforms combine all your day's trades of a particular stock into one and charge you a single fee. For example, if you split RM5,000 worth of a stock's trade into 10 different entries of RM500 each, M+ Global and IBKR would charge you around RM5 in total because they treat it as one transaction.
On the other hand, moomoo Malaysia charges RM3 or USD0.99 for each trade. So, using the same example, you'd pay RM30 for those 10 trades since each one is charged separately. This makes moomoo more costly for those who trade a particular stock very frequently.
However, if you’re a more passive investor or don’t have the time to make multiple transactions in a day, it’ll make more sense for you to use moomoo Malaysia as their platform fee is very competitive.
For instance, say you plan to buy RM5,000 worth of AAPL shares in one transaction. With moomoo, the charge would only be RM3 or USD0.99. In comparison, M+ Global or IBKR would charge you around RM5 for the same buy.
Comparison 2: Features, Tools and Resources
When evaluating any brokerage or investment platform, having a wide range of functionalities like features, tools, and resources is crucial. This variety ensures that you have access to all the necessary mechanisms to manage your portfolios effectively.
moomoo MY | M+ Global | Interactive Brokers | |
Features and Tools |
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Resources and Learning Materials |
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My Review
Taking a close look at the functionalities offered by these brokerages, I find that M+ Global and moomoo are ideal for investment newcomers, while Interactive Brokers is a better match for seasoned investors.
Moomoo MY being a more fintech-leaning platform, is packed with a wealth of intuitive features like the Market Monitor and Trend Projection, coupled with all kinds of resources in the Learning Section and the Paper Trade tool. These ensure that even those new to investing can grow their knowledge and confidence to navigate the stock market.
However, I recognise that the extensive features and resources offered by moomoo could be a bit much for some. That's where M+ Global steps in to provide a simpler alternative. By offering a more streamlined selection of functionalities, it effectively minimises the risk of feeling overwhelmed by too many choices, making it an approachable platform for those taking their first steps into investing or maybe those who prefer getting straight to the point of buying and selling their stocks.
Meanwhile, Interactive Brokers once again proves to be the ultimate toolkit for advanced investors. The depth of its analytical tools, such as the IBKR GlobalAnalyst and Trader Workstation, offers a level of detail and customization which suits more complex investment strategies that experienced investors are likely to dabble in. On top of that, the educational resources available through IBKR Campus would certainly come in handy when keeping up with specific market trends and refining investment approaches.
BTW, are you looking for even more stock market analysis & tools for your investment tradings? Introducing, Seeking Alpha.
Seeking Alpha is an investment research platform that offers articles, financial analysis, insightful market commentary, and a community of investors for you to exchange ideas and strategies with when it comes to investing.
From detailed stock analysis and ratings to earnings call transcripts and dividend information, the platform ensures that you have access to all the data you’ll need to make an informed investment decision.
Additionally, Seeking Alpha’s real-time news updates will keep you abreast of market movements as they happen, while its portfolio tracking tool allows for effective management of your investments.
But perhaps its most valuable asset is the vibrant community of investors it hosts. The platform offers a space for lively discussions, debates, and sharing of insights that can enrich your investment strategy and decisions. Think of it as Twitter but solely dialled in on investments.
This community aspect is precisely why Seeking Alpha has become my go-to platform, much more so than others like CNBC or CNN. As an investor, my decisions are largely influenced by market sentiment rather than deep-dive chart analyses. This means I value a range of expert opinions on a specific stock to inform my own judgment on whether to buy, sell, or hold it in my portfolio. Seeking Alpha has been incredibly useful in facilitating this approach, allowing me to make well-rounded decisions with confidence.
So, I believe, whether you're a beginner eager to learn the ropes or a seasoned investor seeking sophisticated strategies and stock evaluations, Seeking Alpha will certainly equip you with all the tools and resources you’ll need to deepen your market understanding and enhance your portfolio performance.
Comparison 3: Platform UI/UX
For any app or digital platform out there, the importance of user interface and user experience (UI/UX) cannot be overstated. This is especially true in the case of a brokerage app and/or platform.
Primarily, this is because the UI/UX directly impacts your ability to navigate markets effectively. A user-friendly interface enables quick decision-making, ensures easy access to essential data, and facilitates smooth trade execution, crucial for seizing market opportunities.
moomoo MY | M+ Global | Interactive Brokers | |
Ease of Use and Intuitiveness |
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Real-Time Data and Speed |
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Customization and Analytical Tools |
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My Review
When it comes to the UI/UX of these three brokerages, I find that each platform would suit different kinds of investors.
For those who are just starting their investment journey, moomoo Malaysia is my top recommendation. It's incredibly user-friendly and the features and tools that come with the platform are arranged intuitively, making it less daunting for newcomers. Personally, I found its instinctive approach ideal for easing into the trading world, especially for those who need some hand-holding.
Meanwhile, M+ Global is the go-to for investors who appreciate simplicity. It doesn't bombard you with too many features, which I think is perfect for those who might feel lost in more complex platforms. It strikes a nice balance between being helpful and not overcomplicated, offering just enough to get you trading without any hassle. For beginners needing less guidance or those who prefer a lean trading experience, M+ Global hits the mark.
Interactive Brokers is undoubtedly designed for the seasoned trader. Its platform might be a bit challenging to navigate at first, but for those with experience, it's a treasure trove of tools and analytics. The customization and sophisticated analytical capabilities are impressive, catering to almost any strategy you might have. From my perspective, if you're serious about trading and ready to tackle its steep learning curve, IBKR offers unparalleled depth.
Comparison 4: Account Opening
Opening an account is your first real interaction with a brokerage, and it can tell you a lot about what to expect later on.
In this part of our broker comparison, we're looking at how simple or complicated it is to start trading with moomoo Malaysia, M+ Global, and Interactive Brokers in terms of what you need to do and how long it takes.
moomoo MY | M+ Global | Interactive Brokers | |
Simplicity and Speed |
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Verification |
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My Review
Comparing the different account opening processes for these three brokers, I found that moomoo MY is the best bet for beginners for its ease and speed, M+ Global serves well those in the middle ground, and Interactive Brokers is tailored for the seasoned investors seeking depth and breadth in their trading platform.
To me, moomoo MY stands out for its simplicity, offering a quick and easy account setup that’s perfect for beginners or those seeking straightforward trading. With a process that takes less than 10 minutes and minimal verification, it's ideal for investors eager to trade without hassle.
Meanwhile, M+ Global strikes a balance with a slightly longer setup time but remains user-friendly. It adds a layer of security through bank statement verification, making it ideal for semi-experienced investors who prefer a bit more depth without the complexity of more advanced platforms.
For advanced traders, Interactive Brokers offers a detailed account opening process that aligns with the platform’s need for a comprehensive trading environment. Its thorough verification caters to professionals seeking extensive market access and a secure, robust platform.
Comparison 5: Customer Support
When embarking on your investment journey, the quality of customer support can be just as crucial as the features and fees offered by a brokerage platform.
A prompt, helpful, and knowledgeable support team can significantly enhance your trading experience, providing peace of mind in times of uncertainty or urgency.
moomoo MY | M+ Global | Interactive Brokers | |
Accessibility and Availability |
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Comprehensive Self-Help Resources |
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My Review
When it comes down to the customer support offered by these three brokers, I find that if you're new to investing, M+ Global would serve you well. It's easy to reach out for help anytime, and their FAQ section is detailed enough to get you started without feeling lost. It's straightforward and user-friendly, ideal for beginners needing quick answers.
For the pros, Interactive Brokers offers an unmatched depth of information in its FAQs and 24/5 support, catering to advanced traders with specific needs. Its comprehensive resources are best suited for those who understand the intricacies of trading and need detailed information.
Which Broker Is The Best in Malaysia – M+ Global, moomoo MY or Interactive Brokers?
Initially, when I had the idea to write this article, I thought I would be able to give you guys a direct answer. But when it comes down to it, I find that it’s not so straightforward after all. In my opinion, deciding on the “perfect” broker for you boils down to understanding your own investment style and needs.
For moomoo MY, the platform is intuitively laid out, meaning you can find what you need without a manual. It’s filled with tools and functionalities that range from basic to advanced, catering to all levels of investors. And, if you're someone who leans towards a more “set-and-forget” style of investing, you'll appreciate moomoo's competitive platform fees. They make it an ideal choice for passive investors looking to stretch their ringgit further. Plus, moomoo doesn't just leave you to fend for yourself; it offers a wealth of guidance through educational resources and in-depth analytical features, making it a nurturing space for those new to the investment scene.
On the other hand, M+ Global embodies the principle of simplicity. Its investment product offerings are straightforward, the app layout is clean, and the features and tools are exactly what you need, no more, no less. It’s the broker for those of us who aren't looking to make trading a full-time job. You get in, make your trades, and get on with your day, which is perfect for investors who value simplicity and efficiency over the bells and whistles. M+ Global's fee structure is particularly appealing for local active traders, as it consolidates transactions to minimize costs, and the fact that it accepts MYR without any fuss adds to its charm.
Finally, Interactive Brokers is the heavyweight champion for seasoned traders. It’s where the pros go, thanks to its incredibly detailed and customizable resources and tools. Yes, it's used by institutional traders, which tells you something about its capabilities. However, this also means that its platform can be a labyrinth for anyone who isn't trading stocks for a living. The UI/UX is, frankly, not the friendliest, and it can feel like you need a degree in finance to navigate it effectively. But for those in the know, this complexity is a small price to pay for the depth and breadth of options available, making it a powerhouse for those looking to take their trading to the next level.
Personally, I find the straightforward nature of M+ Global aligns with my active and rather experienced investment style, which leans towards leveraging market sentiment over intricate charts and analytics. This preference is due to my approach of preferring to make swift decisions based on the broader market trends and insights, which M+ Global facilitates with its streamlined platform. The ideal broker for me cuts through the noise, providing a seamless and efficient trading experience that allows for quick action.
Ultimately, the quest for the best broker in Malaysia isn't about finding a one-size-fits-all solution but rather understanding which platform aligns best with your individual trading style, needs, and level of experience. Whether you're drawn to the comprehensive tools and guidance of moomoo Malaysia, the simplicity and efficiency of M+ Global, or the depth and sophistication of Interactive Brokers, each offers unique benefits tailored to different investor profiles. The “perfect” broker for you is one that not only meets your current trading needs but also supports your growth as an investor, helping you navigate the complexities of the market with confidence and ease.
Which broker do you think suits you best? Reach out and let us know!
Disclaimer
This is not a piece of investment advice. All content produced is solely for education and entertainment purposes only. Please consult your financial advisor before making any investment decision.
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