Buy US stocks and ETF (Exchange Traded Funds) with MIDF Invest App 📈 - Referral Link https://join.midfinvest.com/os9X - 9XRJMQYS
Referral Link https://join.midfinvest.com/os9X
Sign up with my Referral Code : 9XRJMQYS
Funding your MIDF Invest account is convenient through local bank transfers via FPX. The transferred RM is converted to US dollars for trading. Timing this transfer is crucial due to fluctuating forex rates.
Starting an account requires no minimum deposit, but the minimum trade is USD 50. Though brokerage rates are yet to be confirmed, the app's beta phase reveals a waiver on fees till July 2021.
Stocks are held under a nominee account by MIDF, purchased on your behalf and registered with MIDF nominees in collaboration with Saxo Bank.
Registration and trading occur online, pending MIDF's backend approval. Currently, a demo account is available for practice.
Previously, Malaysians faced complexities trading US stocks via foreign brokers. Now, MIDF offers an advantage, but others like Rakuten Trade and FSMOne are entering this space. (Update 20221128 - Rakuten and FSMOne now offer US stock trading.)
At last, Malaysians can easily invest in US giants like Tesla, Microsoft, Google, and Intel.
MIDF Invest's fees are as follows :
0% trade below USD1,000
0.4% for trade above RM1,000 (RM5 minimum)
RM1 for each RM1,000 value stamp duty
All stock purchases needs to be in whole units/lots. Say, if Apple's share price is USD160, you need a minimum of USD160+ to buy 1 unit, you can't buy fractional shares , say 0.5 units. Some US brokers do support fractional share trading already but this is not available in MIDF Invest.
Updates 20210719
My account has yet to be approved by the backend team at MIDF Invest, they require additional documents.
- Income Tax Declaration Form (Borang BE)
- EA form
- Salary Slip
- Bank statement
- Other additional documents as proof of wealth
It's quite odd that they also still ask for photocopy IC considering that the same document has been uploaded via the app's eKYC (know your customer aka registration) system. All the documents required for is almost like applying for a bank housing loan. Once I've furnished these documents my account will probably be approved.
The User Interface of the app seems good but in the trading section it looks more like it calls another 3rd party site for the stock trading features and functions (price feeds, buy and sell etc).
MIDF Invest has got a dedicated US timezone helpdesk for customers, from the MIDF Invest app, can contact the helpdesk team which MIDF refers to as Customer Happiness Agents.
Updates 20210720
I've submitted the documents required, let's see how fast my account can be opened then I can test this app out.
Updates 20210728
My account just got approved at night. After my MIDF Invest account got activated, I had to deposit in RM1 which will be refunded within an hour to proof funding account from bank is valid.
Updates 20210803
MIDF Invest monthly email statements (e statements) came to my mailbox, it's password protected with the last 4 digits of IC number.
Updates 20221028
I finally bought my 1st stock on MIDF Invest app, it's Google's share. I bought it after the stock split as it was within my monetary means to purchase. Transaction cost was USD8. Currently US dollar is quite high compared to Malaysian Ringgit so I'm also exposed to currency risk if the US dollar's strength eases as I'm exchanging at a higher rate. Anyway, I've seen how the business of Google especially Youtube growing exponentially so I decided to take shot at Google.
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