Friday 29 Mar 2024
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KUALA LUMPUR (March 6): Rakuten Trade Sdn Bhd has launched its revamped contra trading platform, Contra 2.0, with features aimed at improving investors' trading experience.

Speaking at its launch today, Rakuten Trade managing director Kaoru Arai said the platform features a reduction in brokerage fees as well as a Day Trade Rebate Programme, in response to requests from its clients.

The brokerage fees for the contra account now mirrors Rakuten Trade's Cash Upfront facility, with fees ranging between RM7 and a fixed maximum of RM100, compared to RM8 to 0.15% of trading value equal to and above RM100,000 previously.

Meanwhile, the Day Trade Rebate Programme offers a rebate on the 'sell' brokerage fees for investors who buy and sell the same counter, within the same day.

"Contra 2.0 is game-changing. It completely revolutionises the contra trading platform currently available.

"Our objective was to encourage more people to trade online and we believe that by keeping things simple such as reducing our brokerage fees and adding a Day Trade Rebate Programme on top of the current Contra Trading platform, we can do exactly that," said Arai.

He added that Rakuten Trade's trading platform currently has more than 27,000 accounts as at March 1, out of which more than 10% are contra account holders.

A contra account allows investors an extended spending limit based on the shares and/or cash placed as collateral. Depending on the shares the investor wants to buy, Rakuten Trade will extend a multiplier of up to five times more.

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