Rakuten Securities Hong Kong

This is a review of sec.rakuten.com.hk. If you wish to check out our review of https://sec.rakuten.com.au/, click here.

Rakuten Securities, Inc. is the holding company of Rakuten Securities Hong Kong Limited (henceforth referred to as as Rakuten HK Ltd). Rakuten Securities, Inc. is actually the securities affiliate of Rakuten Group. Rakuten Group being the largest operating Japanese online e-commerce site, and one of the world's most profitable one.

This major corporation has other broker subsidiaries around the globe as part of Rakuten Securities Global: rakutentrade.my based in Malaysia; sec.rakuten.com.au in Australia; and rakuten-sec.co.jp in Japan.

Rakuten HK Ltd is closely regulated by the Securities and Futures Commission. This institute strives to maintain a secure, safe and fair financial environment by coherently informing and educating the people on it. Furthermore, the SFC is primarily focused on providing the necessary means of protecting traders' money and interests. Brokers regulated by SFC participate in the ICC compensation fund covering up to $150 000 per client. However only securities and futures trading accounts are covered and not forex.

The spread for EUR/USD is 0.9 pips for both account types. However, there is a commission based structure if clients are to use the Trading Station platform. More of that below.

The leverage is 1:20 which isn't too much, considering the fact that in Europe and the UK there is a limit on 1:30. However seeing as the leverage in Japan is 1:25 we are prone to shown some understanding.

Without properly opening an account, demo or otherwise, there isn't information on tradable assets. We tried opening a demo account but were unsuccessful (probably due to our location).

The website is translated into two languages: English and Chinese

RAKUTEN HK LTD LOGIN

The platform comes with two not so common platforms. The MT4 is nowhere to be seen, which will surely upset some people.

RAKUTEN FX TRADING PLATFORM

This platform has all the functionalities and capabilities that traders have come to expect. Visually it is more pleasant and aesthetic than MT4. While feature wise, it's safe to say that we can easily put it out there with the MT4: there are real time reports, indicators, many chart types, one-click order executions, and many customizable options to optimize each individual taste. Here is but a small taste:

The spread for EUR/USD is 0.9 pips, while the leverage is 1:20.

There are no commissions on spreads indicated on the website.

The platform is available as a standalone desktop software which is called MarketsSpeed FX. Traders can access it on their iPhones and Android supported smartphone. There is a browser version as well.

TRADING STATION

This platform offers much less when compared Rakuten FX Trading Platform. The basics are still here, but whereas Rakuten FX Trading Platform offers 7 order types, this one only gives us 5. There is, however, direct chart trading, one-click order execution, customizable trading indicators, and more features. But it's obvious that the focus was on Rakuten FX Trading Platform. The broker offers not a DEMO account on this platform, thus making it impossible for us to take a snap.

The spread for EUR/USD is 0.9 pips (commission not included), while the leverage is 1:20.

This platform comes with a commission of $4 ($8 round turn) per 1 standard lot. So, in reality, the EUR/USD spread of 0.9 pips shifts to 1.7 pips with the commission added. There isn't much here to keep us away from using Rakuten FX Trading Platform.

The platform is available as a standalone desktop software. Traders can access it on their iPhones and Android supported smartphone. There is a browser version as well.

RAKUTEN HK LTD MINIMUM DEPOSIT

This broker withholds some deposit information. This is beginning to be more and more a trend with online brokers, with the likes XTB or FP Markets being prime examples.

There is no minimum deposit requirement, yet we urge those who wish to take trading seriously to deposit at least $250.

The only base currencies that traders can open their account in are USD and HKD.

Local transfers can be done via: E-Banking, FPS, ATM, Bank Counter.
For international clients the options are: Bank/Wire Transfer, Post Office Wire.
The broker also accepts Cheques and e-Cheques.

Deposit process times are between 9.00 am and 4.30pm on workdays. The general process time for all methods is 1 business day.

RAKUTEN HK LTD LIMITED WITHDRAWAL TIME AND FEES

Considering the severe regulation, traders are to be assured that all withdrawals are safe and secure as is possible.

The only two withdrawal methods are Bank/Wire Tarnsfer, E-Cheque and Cheque.

Local Bank Transfers (Honk Kong) take 1-2 days usually for the money to come into your account. International Wire/Bank transfers take up to 5 days to send money to your account.

Local (Honk Kong) Bank Wire transfers are charged with with $6.5, while international transfers are feed with $20.

There are no hints of minimal withdrawal amounts. Hence, we must presume, by taking into consideration the withdrawal fees, that the minimum for Local Bank Transfers is 7$, and $20 for International Bank Transfers. For cheques and e-cheques it’s only logical that the bare minimum is the limit.

BOTTOM LINE

Even though Rakuten HK Ltd is a renowned broker and a branch of a huge global corporation, we, nonetheless, have mixed feelings about it. Don't get us wrong, the regulation is spot on and we are 100% certain that Rakuten HK Ltd is trustworthy. No, our problem with it comes from the scarcity of information on deposit and withdrawals, and with the overall presentation and options for traders. The site is confusing, and offers only two languages. However, we are completely aware that this was aimed at Honk Kong and Chinese traders, meaning that the broker has not accommodated its services to our western tastes and preferences.