Introduction

Rakuten Trade has recently introduced a game-changing feature: a US dollar currency account. Prior to this, users were restricted to holding Malaysian ringgit in their accounts, making it cumbersome and expensive to trade US stocks due to the need for frequent currency conversions. The new US dollar currency account allows users to hold an unlimited amount of US dollars, eliminating the need for repeated conversions. This significant upgrade not only simplifies the trading process but also saves users a substantial amount of money in conversion fees.

The new feature promises to revolutionize the trading experience for Rakuten Trade users, particularly those interested in US stocks. This functionality streamlines the process, enabling users to directly trade with US dollars without incurring additional fees for currency conversion with every transaction. This enhancement not only offers added convenience but also opens up new avenues for investment without the financial constraints associated with currency exchange. As a result, users can now seamlessly trade a wide range of US stocks, such as Apple, Amazon, Tesla, Google, and Nvidia, without the burden of continual currency conversion fees. With the introduction of this feature, Rakuten Trade has addressed a major pain point for users, enhancing accessibility and affordability in trading US stocks.

Explanation of the U.S. Dollar Currency Account

Rakuten Trade's new US Dollar Currency Account feature allows users to hold an unlimited amount of US dollars in their accounts, as opposed to being limited to Malaysian Ringgit only. This upgrade is particularly impactful for those trading US stocks, as it eliminates the need to convert Ringgit to US dollars for every stock transaction, thereby saving on conversion fees. Previously, when buying US stocks, users had to pay conversion fees from Ringgit to US dollars, and when selling, they incurred additional fees to convert US dollars back to Ringgit. This cycle repeated for each stock transaction, resulting in significant costs.

With the new US Dollar Currency Account, users can simply convert their Ringgit to US dollars once, incurring a conversion spread, and then trade US stocks multiple times without incurring further conversion fees until they choose to cash out to their Ringgit account or Malaysian bank. This feature eliminates the need for frequent conversions and empowers users to trade multiple US stocks without incurring additional fees, making it a game-changer for Rakuten Trade users.

Benefits of the U.S. Dollar Currency Account

The U.S. Dollar Currency Account introduced by Rakuten Trade offers several benefits to users. Firstly, it allows account holders to hold an unlimited amount of US dollars in their account, eliminating the need for frequent conversion between Malaysian Ringgit and US dollars. This is particularly advantageous for those who frequently trade in US stocks, as it streamlines the process and saves on conversion fees for each buy and sell transaction.

Moreover, the U.S. Dollar Currency Account enables users to save money in the long run by eliminating the repeated conversion fees associated with trading US stocks. With this feature, users only need to convert their Ringgit to US dollars once and then can utilize the US dollar funds for multiple stock transactions without incurring additional conversion charges. This not only simplifies the trading process but also leads to cost savings for the users.

Furthermore, the convenience of having a dedicated US dollar balance in the Rakuten Trade account provides flexibility and efficiency for trading activities. It also minimizes the impact of fluctuations in currency exchange rates on stock trading, offering a more stable and predictable trading experience for users. Overall, the U.S. Dollar Currency Account is a game-changer for Rakuten Trade users, presenting a more cost-effective and streamlined approach to trading US stocks.

How to Use the Feature

To use the US dollar currency account feature recently released by Rakuten Trade, users can follow a few simple steps. After logging into their account on the web portal or the iSpeed mobile app, they can access their Malaysian ringgit and US dollar balances. To convert from MYR to USD, they would enter the desired amount to convert and their trading pin before confirming the transaction. Upon successful conversion, the USD balance will reflect in the account.

In terms of the conversion fee, users can compare the spread with other comparable platforms like Moomoo (around 0.33%) and Interactive Brokers (around 0.1%). For Rakuten Trade, the conversion spread is approximately 0.5%, which is considered reasonable within the market. The process is identical on the iSpeed mobile app, allowing for a seamless experience across different platforms. Once the US dollar amount is visible in the account, users can proceed to purchase US stocks using the converted US dollars.

At the order tab, users would enter the desired US stock symbol and select the buy price per share, quantity, account currency, and validity. After confirming the order details and completing the transaction, they will have successfully placed a buy order for the chosen US stock using their US dollar balance.

This feature is a significant upgrade for Rakuten Trade users, as it eliminates the need for frequent currency conversions and allows for seamless trading in US stocks.

Comparison with Other Platforms

When comparing Rakuten Trade's newly released US dollar currency account feature to other trading platforms, it's important to consider the conversion fees and overall convenience. Rakuten Trade's 0.55% conversion spread may seem higher than some competitors, with Interactive Brokers offering around 0.1% and Moomoo at approximately 0.33%. Additionally, Rakuten Trade's spot rate is noted to be 0.4 to 0.6%, making their 0.55% a relatively competitive option.

Interactive Brokers and Moomoo are known for their lower conversion fees, which may appeal to traders focused on minimizing costs. However, Rakuten Trade offers the advantage of a streamlined process, enabling users to hold an unlimited amount of US dollars in their account without the need for repeated currency conversions for each trade. This can result in significant savings over time, making Rakuten Trade's US dollar currency account a compelling option for traders seeking convenience and efficiency.

Step-by-Step Guide for Web Portal

To use the US dollar currency account feature on the Rakuten Trade web portal, start by logging into your account. Once logged in, you will be able to see your Ringgit and US dollar balance. Then, click on the small button with a dollar sign, which will take you to the currency exchange page. Here, you can choose the currency to convert from (in this case, MYR) and the currency to convert to (USD). Enter the amount you wish to convert and your trading pin, then click confirm. After confirming the order and rate, click convert. Within seconds, you should see the US dollar balance in your account.

Rakuten Trade's conversion spread is about 0.55%, but it's advisable to compare the rate with Google to understand the spread. The platform's comparable conversion rates with other brokers like Moomoo and Interactive Brokers are also provided for reference. The process to convert currency on the mobile app is identical to the web portal. Simply go to the "My Account" tab, click on the dollar sign button, follow the same steps, and confirm the conversion. Once the funds are successfully converted, the amount will be reflected in blue, indicating the US dollar balance in your account.

Additionally, to purchase US stocks using your US dollar cash, navigate to the order tab and input the desired stock's ticker symbol. Enter the buy order details, ensuring the account currency is set to US dollar. After entering the quantity and validity, confirm the order by clicking "execute".

Step-by-Step Guide for Mobile App

To use the US dollar currency account feature on the Rakuten Trade mobile app, follow these step-by-step instructions:

1. Open the mobile app and log in to your account. Once logged in, go to the "My Account" tab, where you will be able to view your Ringgit and US dollar balances.

2. Look for a white button with a dollar sign icon. Click on this button, which will navigate you to the currency exchange page.

3. On the currency exchange page, select the currency you want to convert from, which, in this case, will be MYR (Ringgit). Then, proceed to enter the amount you wish to convert into US dollars.

4. After entering the desired amount, you will be prompted to enter your trading PIN to confirm the transaction. Once confirmed, the app will display the exchange rate for your verification.

5. Finally, click on the "Convert" button to initiate the conversion. Within moments, the app will confirm the successful conversion, and you should see the US dollar amount reflecting in your account.

Utilizing the US dollar currency account on the mobile app not only streamlines the process of trading in US stocks but also eliminates the need for frequent currency conversions, saving both time and money for Rakuten Trade users.

How to Buy U.S. Stocks Using the U.S. Dollar Cash

To buy U.S. stocks using the U.S. Dollar cash in your Rakuten Trade account, you can follow these simple steps. First, go to the Order tab and enter the symbol of the U.S. stock you want to purchase, such as "SHOP" for Shopify. Then, select the buy order tab and choose "US Dollar" as the account currency. Enter the buy price per share and the quantity you wish to purchase, along with the validity, preferably as "Day." You can leave other options untouched or adjust them according to your preferences. After entering your trading pin and confirming the order details, click "execute" to successfully place a buy order for the U.S. stock you want.

It's important to note that by utilizing the U.S. Dollar cash in your Rakuten Trade account, you can directly purchase U.S. stocks without needing to convert any currency at the point of purchase. This feature not only streamlines the buying process but also eliminates the need for additional conversion fees, making it a convenient and cost-effective way to invest in U.S. stocks for Rakuten Trade users.

Conclusion

In conclusion, the introduction of Rakuten Trade's US dollar currency account is a significant game-changer for users trading in US stocks. The ability to hold an unlimited amount of US dollars in the account eliminates the need for frequent currency conversions, saving users from incurring additional conversion fees with each stock transaction. This feature not only streamlines the trading process but also presents a cost-saving advantage, especially for those who regularly trade in US stocks. By bypassing the repetitive currency conversion process, users can focus on their stock trading strategies without the hindrance of additional fees, simplifying their trading experience.

Additionally, the demonstration provided by the blogger offers a clear and practical guide on how to utilize the US dollar currency account feature through the Rakuten Trade platform, making it accessible and understandable for both existing and potential users. The walkthrough of the currency conversion process and the subsequent purchase of US stocks using the US dollar cash further enriches the understanding of how this feature can be efficiently employed.

The comparison of conversion rates with other platforms also adds value, allowing viewers to gauge the competitiveness of Rakuten Trade's offering in the market. Overall, the blogger effectively communicates the benefits and functionalities of the US dollar currency account, equipping viewers with valuable insights to enhance their trading experience with Rakuten Trade.

Highlight

Rakuten Trade has recently introduced a US dollar currency account, offering users the ability to hold an unlimited amount of US dollars in their account as opposed to being limited to Malaysian Ringgit only. This new feature eliminates the need to convert Ringgit to US dollars for every stock buy and sell transaction, potentially saving users a significant amount of money.

The video provides a walkthrough of how to use this feature on the web portal and mobile app, including a demonstration of how to convert currency and buy US stocks with the US dollar cash in the account. The blogger also touches on the conversion fee and compares it to other platforms, aiming to provide a comprehensive understanding of the new feature and its benefits.

The blogger emphasizes that this US dollar currency account is a game changer for Rakuten Trade users and encourages those without an account to sign up using their affiliate link to receive benefits. The step-by-step guide and detailed explanation make the video informative and useful for anyone interested in utilizing this new feature for trading.

FAQ

Q: What is the new feature recently released by Rakuten Trade?

A: Rakuten Trade has introduced a US dollar currency account that allows users to hold an unlimited amount of US dollars in their account, in addition to Malaysian Ringgit.

Q: How can this new feature benefit users?

A: The US dollar currency account eliminates the need to convert Malaysian Ringgit to US dollars for every buy and sell transaction, saving users from incurring multiple conversion fees.

Q: What are the potential cost savings with this new feature?

A: Users can save money by avoiding repeated conversion fees associated with trading US stocks, such as for companies like Apple, Amazon, Tesla, Google, and Nvidia, among others.

Q: How can one start using the US dollar currency account feature?

A: Users can access this feature through the Rakuten Trade web portal or iSPEED mobile app. They can exchange their Malaysian Ringgit for US dollars directly within the platform.

Q: Are there any fees associated with currency conversion?

A: While the conversion fee appears to be free on the surface, there is a spread of about 0.55% for the currency conversion. However, users are encouraged to check if they receive lower or higher spread individually.

Q: Are there specific brokerage benefits related to the new account feature?

A: New users can sign up for a Rakuten Trade account using the affiliate link provided to receive 1000 RT points, equivalent to a 10 Ringgit brokerage fee waiver, and other promotional perks.

Q: Can users buy US stocks directly with their US dollars?

A: Yes, users can use the US dollars in their account to purchase US stocks without the need for currency conversion for each trade.

Q: What are the steps to purchase US stocks using the US dollar currency account?

A: To buy US stocks with the US dollar currency, users need to access the order tab, specify the stock they wish to buy, indicate the quantity, set the validity, confirm the order details, and execute the purchase.

Q: Where can users find additional resources regarding this new feature?

A: Users can refer to the Rakuten Trade website, the iSPEED mobile app, or the platform's support resources for comprehensive guidance on utilizing the US dollar currency account for trading US stocks.

Q: Is there any comparative information regarding the currency conversion rates?

A: Yes, there are comparison details provided in the video for currency conversion rates with other platforms, offering users a broader perspective on the cost efficiency of Rakuten Trade's conversion rate.

Q: Are there upcoming topics related to personal finance and investment content on the channel?

A: The video creator has indicated that there will be more content focusing on personal finance and investment, encouraging viewers to subscribe for future updates in these areas.

Conclusion

In conclusion, Rakuten Trade has introduced a game-changing feature with its US dollar currency account. This new feature allows users to hold an unlimited amount of US dollars in their account, eliminating the need for frequent currency conversions when trading US stocks. Users can now save money on conversion fees and have more control over their US dollar cash for trading. The process of using this feature is simple and can be done through the web portal or the mobile app. Additionally, the conversion rate offered by Rakuten Trade seems competitive compared to other platforms. Overall, the US dollar currency account feature is a significant upgrade for Rakuten Trade users and can greatly enhance the trading experience for those interested in US stocks.