Rakuten Trade Account Type

Rakuten Trade offers several types of brokerage accounts tailored to meet the needs of different investors. The primary account types include:

• Cash Accounts: Investors can only trade with the cash they have deposited into the account. No borrowing is allowed, making it a straightforward option for those looking to limit their risk.
• Nominee CDS Accounts: This account type allows the broker to manage paperwork related to corporate actions such as dividends and rights issues on behalf of the investor, providing convenience for new investors.
• Direct CDS Accounts: Account holders manage all paperwork themselves, which can be beneficial for those who prefer direct control over their investments.

Rakuten Trade Broker Account Opening Process

Opening a brokerage account with Rakuten Trade is a simple and efficient process. Heres a step-by-step guide:

• Choose Account Type: Decide whether you want a cash upfront account or a margin account.
• Visit the Registration Page: Go to the Rakuten Trade registration page and select ‘cash upfront’ as your account type.
• Provide Personal Information: Enter your name, nationality, and identification number (IC).
• Upload Identification: Upload a snapshot of the front and back of your IC.
• Contact Information: Fill in your contact details, email, and choose a security question.
• Set Trading PIN: Create a 6-digit trading PIN for executing transactions.
• Complete Personal Details: Provide additional personal information as required.
• Bank Account Information: Update your bank account details and upload a bank statement if necessary.
• Profile Questions: Answer profiling questions to help the broker understand your investment profile.
• Pay Account Opening Fee: There is a nominal fee for opening a CDS account, which may be waived by Rakuten Trade.
• Email Verification: Verify your email as instructed in the confirmation email received.
• Account Approval: Wait for your account to be approved, after which you can fund your account and start investing.

This process typically takes about 15 minutes to complete, and once approved, you can begin trading in the Malaysian and U.S. stock markets.