Rakuten Securities Forex Broker

Rakuten Securities Review Summary in 10 Points Founded 1999 Headquarters Tokyo, Japan Regulation ASIC, FSA, SFC Market Instruments forex, stock indices and metals Demo Account Available Leverage 30:1 for retail/400:1 for pro EUR/USD Spread 0.5 pips Trading Platforms MT4 Minimum deposit $50 Customer Support 24/7 live chat, phone, WhatsApp, email What is Rakuten Securities？ Rakuten Securities is a subsidiary of Rakuten Group, a Japanese electronic commerce and online retailing company. Rakuten Securities is a financial services provider that offers online trading services for forex, commodities, indices, and stocks. The company was founded in 1999 and is headquartered in Tokyo, Japan. Rakuten Securities operates in several regions, including Japan, Hong Kong, Malaysia and Australia. Pros & Cons Rakuten Securities is a reputable broker with many advantages, such as user-friendly MT4 trading platform, advanced charting and analysis tools, and low fees for certain services. However, there are also some potential drawbacks to consider, including limited product portfolios and trading platform options. As with any broker, it's important to carefully weigh the pros and cons before deciding whether or not to use their services. Pros Cons • Low fees and commissions • Limited product portfolio • Regulated by ASIC, FSA, SFC • Limited research and educational tools • User-friendly MT4 trading platform • Not available for US clients • Efficient customer service • Limited trading platform options • Advanced charting and analysis tools available Note: These pros and cons are subjective and may not be exhaustive. Different users may have different experiences and opinions. Rakuten Securities Alternative Brokers There are many alternative brokers for Rakuten Securities depending on the specific needs and preferences of the trader. Some popular options include: Interactive Brokers: A US-based broker that offers low commissions and access to a wide range of financial instruments, including stocks, options, futures, and forex. Saxo Bank: A Danish investment bank that offers a range of trading products and platforms, including forex, stocks, options, futures, and bonds. TD Ameritrade: A US-based broker that offers a user-friendly trading platform and access to a variety of investment products, including stocks, options, futures, and forex. Swissquote: A Swiss-based broker that provides access to a wide range of financial products, including forex, stocks, options, and futures. Oanda: A global forex broker that offers competitive spreads, low trading costs, and access to a variety of trading platforms and tools. Is Rakuten Securities Safe or Scam？ Rakuten Securities is a subsidiary of the Rakuten Group, a well-known Japanese company with a strong reputation. It is also regulated by several financial authorities, including the Japanese Financial Services Agency (FSA), the Australian Securities and Investments Commission (ASIC), and Hong Kong Securities and Futures Commission (SFC). This suggests that Rakuten Securities is a legitimate broker. How are you protected？ Protection Measure Description Regulatory Oversight ASIC, FSA, SFC Segregated Accounts protect client funds in the event of insolvency or other financial difficulties SSL Encryption protect client data and transactions from unauthorized access or interception Two-Factor Authentication provides an extra layer of security by requiring a second form of authentication Risk Management Tools such as stop-loss orders and limit orders, which can help clients manage their exposure to market risk and limit potential losses It's important to note that while these measures can help mitigate risks for clients, no trading or investment platform can guarantee complete protection against all potential risks and losses. Our Conclusion on Rakuten Securities Reliability: Based on the information provided regarding the regulation, safety measures, and overall reputation of Rakuten Securities, it can be concluded that the broker is a reliable and trustworthy option for traders. However, as with any investment, there are always risks involved, and traders should conduct their own due diligence before investing with any broker. Market Instruments Rakuten Securities provides traders with some popular financial tradable instruments, mainly forex, stock indices and metals. Other asset classes such as commodities and cryptocurrencies are not available. Accounts In total, you can open one of four distinct accounts with Rakuten Securities. The Retail Account, the Pro 1 Account, the Pro 2 Account, and the Pro VIP Account. The minimum deposit is $50 for the Retail Account, the Pro 1 Account, the Pro 2 Account, and $1,000 for the Pro VIP Account. Free demo accounts are also available. People interested in opening a forex trading account must first complete the registration process. When you apply for an account with Rakuten Securities, you'll be asked a series of questions designed to provide the broker with all the information they need to get started. Demo Account The Rakuten Securities demo account is funded with virtual currency and given access to the MetaTrader4 platform. The demo account will include the following capabilities: • More than 50 products (Forex, Metals, and Indices) tradable; • Real-time spreads, rapid execution, and leverage of up to 30:1 for Retail and 400:1 for Professional clients; • Demo accounts utilize the identical price feed as our live MT4 platform; • Practice trading with your mobile device and computer. How to open an account with Rakuten Securities？ Rakuten Securities account opening is easy and fully digital. The online application takes roughly 10-15 minutes, and the account approval took one business day. Step 1: Visit Rakuten Securities website and click “OPEN LIVE ACCOUNT”. Navigate to the Rakuten Securities website's account registration section. This is accessible by clicking the Begin trading link at the top of the landing page. Step 2: Complete the brief online registration form to apply for a live trading account. You must include your name, title, last name, birth date, country of residence, nationality, email address, and mobile number. Step 3: Complete the form by entering the requested address, cell phone number, and postal code. Step 4: Provide information such as employment status and financial information, and complete a brief questionnaire on your trading experience. Step 5: Select the swap type for trading as well as the account's currency. Read and accept the disclaimer, then click Next to proceed. Step 6: Upload a photograph of your passport, driver's license, or national id card, together with your proof of address (within the last 6 months). Additional material can be uploaded to support the application for Rakuten Securities. Click Submit to apply. Leverage Leverage is 1:30 for major currency pairs, 1:20 for minors, 1:10 for commodities, 1:2 for cryptocurrencies, and 1:5 for stocks. While up to 1:400 for professionals. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you. Spreads & Commissions Rakuten Securities offers tight, commission-free fixed spreads. The broker's pricing originates directly from its headquarters, which has access to an extensive network of top-tier liquidity providers, allowing clients to trade with competitive spreads on the global market. As a result, the average spread for major currency pairs such as EUR/USD is 0.5 pips. Below is a comparison table about spreads and commissions charged by different brokers: Broker EUR/USD Spread Commission Rakuten Securities 0.5 pips $0 Interactive Brokers 0.1 pips $0.20 per 1,000 traded Saxo Bank 0.6 pips $0 TD Ameritrade 1.3 pips $0 Charles Schwab 1.2 pips $0 E*TRADE 1.3 pips $0 Note that the commission structure for Interactive Brokers is based on a tiered system, where the commission per 1,000 traded decreases as the volume traded increases. The above commission rate is for clients trading less than 300,000,000 USD notional per month. Additionally, brokers may have different spreads and commissions for other currency pairs and trading instruments. Trading Platforms Rakuten Securities offers traders the flexibility to choose from the market-leading and highly acclaimed MT4 trading platform and MT4 for Android, MT4 for iOS, and MT4 for Windows. MT4 is the ideal platform for the forex trading industry, with an intuitive user-friendly interface, robust data analysis, and technical indicator tools. MT4 allows traders of all levels to develop appropriate trading strategies to help them get ahead in the financial markets. Rakuten Securities offers a social trading service through MyFXBook, a third-party service provider. This service allows traders to copy others' trades. Overall, Rakuten Securities' trading platforms are well-designed, user-friendly, and offer a range of advanced features suitable for both beginner and experienced traders. See the trading platform comparison table below: Broker Trading Platform Rakuten Securities MetaTrader4 Interactive Brokers Trader Workstation Saxo Bank SaxoTraderGO TD Ameritrade thinkorswim Charles Schwab StreetSmart Edge E*TRADE Power E*TRADE Note: This table only includes the primary trading platform offered by each broker. Some brokers may offer additional platforms with different features or functionality. Deposits & Withdrawals Rakuten Securities welcomes various convenient deposit and withdrawal methods, mainly NAB, credit/debit cards (VISA/MASTERCARD), POLi, NETELLER, Skrill, China Union Pay, Instant Transfers, and TransferWise. The minimum deposit required to open an account is 50 units of your base currency. Rakuten Securities minimum deposit vs other brokers Rakuten Securities Most other Minimum Deposit $50 $100 NAB withdrawals are charged A$25.00, $25.00, €20.00 or £15.00. The domestic AUD Withdrawal fee will be waived. Traders who withdraw funds via NETELLER & Skrill are subject to a 2% fee. While other deposits and withdrawals are free of charge. Regarding deposit currencies, you can add funds to your account using the US dollar (USD), the Australian dollar (AUD), the Euro (EUR), or the British pound (GBP) (GBP). You may open many accounts, each of which can be funded with a different currency. When you fund your account for the first time, you must select one of the four base currencies. Traders who deposit in non-listed currencies, such as ZAR/Rand, may suffer conversion fees. Rakuten Securities Money Withdrawal To withdraw funds from Rakuten Securities, you can follow these steps: Step 1: Log in to your Rakuten Securities account. Step 2: Click on “Withdrawal” under the “My Page” section. Step 3: Select the account you wish to withdraw funds from. Step 4: Enter the amount you wish to withdraw. Step 5: Choose your preferred withdrawal method (bank transfer or credit card). Step 6: Fill in the necessary information for your chosen withdrawal method. Step 7: Submit your withdrawal request. Note that Rakuten Securities may require additional verification documents before processing your withdrawal request, and processing times may vary depending on the chosen withdrawal method. Fees Rakuten Securities charges various fees related to inactivity fee, currency conversion fees, and overnight financing fees. Here are some of the fees: Inactivity fee: Rakuten Securities charges an inactivity fee if the account is not used for trading or does not have any open positions for a certain period of time. The fee amount and the inactivity period vary depending on the type of account. Currency conversion fees: Rakuten Securities charges a currency conversion fee for trades that involve currency conversion. The fee amount depends on the currency pairs being traded and the currency conversion method used. Overnight financing fees: Rakuten Securities charges overnight financing fees for holding positions overnight. The fee amount varies depending on the instrument being traded. It's important to note that the fee structure and fee amounts may change over time. Clients should check Rakuten Securities' website or contact their customer support for the latest fee information. See the fee comparison table below: Broker Deposit Fee Withdrawal Fee Inactivity Fee Rakuten Securities Free Free $35/month after 1 year of inactivity Interactive Brokers Free (certain methods) $1 per withdrawal $10/month after 3 months of inactivity Saxo Bank Free Free (certain methods) €100 after 6 months of inactivity TD Ameritrade Free Free $0 Charles Schwab Free Free (certain methods) $0 E*TRADE Free Free $0 Note: Fees may vary based on account type, country of residence, and other factors. It's important to check with the broker directly for the most up-to-date fee information. Customer Service Rakuten Securities provides customer service to its clients through multiple channels, including phone, WhatsApp, email, and live chat. The customer support team is available 24/7 and is known for its prompt response times and helpfulness. You can follow them on some social networks such as Twitter, Facebook, YouTube, LinkedIn. In addition to traditional customer service methods, Rakuten Securities also offers a comprehensive online Help Center on its website. This includes a variety of resources and educational materials, such as video tutorials, FAQs, and a glossary of trading terms. Overall, Rakuten Securities has a strong reputation for its customer service, with many clients praising the company for its helpful and knowledgeable support staff. Pros Cons • 24/7 customer support • Limited phone support in some regions • Multilingual support • Email and phone support • No dedicated account manager • Online help center with extensive resources • No physical branch locations • Active social media presence • No support for social trading platforms Note: The pros and cons listed may vary based on the region and specific services offered by Rakuten Securities. Education Rakuten Securities provides educational resources for traders through its website. The broker offers various educational materials, including articles, tutorials, webinars, and videos. The articles cover a range of topics, including technical analysis, fundamental analysis, trading strategies, and risk management. The tutorials and videos cover the basics of trading and the features of the broker's trading platform. The webinars are conducted by industry experts and cover a variety of topics, including market analysis, trading strategies, and risk management. They are free for clients and non-clients of Rakuten Securities. Overall, Rakuten Securities offers a decent range of educational resources for traders of all levels. However, educational materials could be more organized and easier to navigate. Conclusion Based on the information available, Rakuten Securities appears to be a reputable online broker with a wide range of investment options and advanced trading platforms. The company is regulated by several major financial authorities, providing a level of security for clients' funds. Rakuten Securities offers competitive pricing with low spreads and no hidden fees. Additionally, the broker offers extensive educational resources and responsive customer support. Overall, Rakuten Securities is a solid choice for traders looking for a reliable and comprehensive brokerage service. Frequently Asked Questions (FAQs) Q 1: Is Rakuten Securities regulated？ A 1: Yes. It is regulated by ASIC, FSA, and SFC. Q 2: Does Rakuten Securities offer demo accounts？ A 2: Yes. Q 3: Does Rakuten Securities offer the industry-standard MT4 & MT5？ A 3: Yes. Rakuten Securities supports MT4. Q 4: What is the minimum deposit for Rakuten Securities？ A 4: The minimum initial deposit to open an account is $50. Q 5: Is Rakuten Securities a good broker for beginners？ A 5: Yes. Rakuten Securities is a good choice for beginners because it is regulated well and offers various trading instruments with competitive trading conditions on the leading MT4 platform. Also, it offers demo accounts that allow traders to practice trading without risking any real money.