Malaysians used to brush off the idea of wearing sunblock. Nowadays, though, we've taken to wearing sunscreen or sunblock.
Evolution is inevitable. The same goes for trading.
The idea that an equities broker could be fully digitalized seems farfetched to many. And then adding to the mix... a fully online nominee trading account?
So here we are setting the record straight.
1. What's A Nominees Account?!
A Nominees account is like sunscreen as it doesn't block out sunrays completely the way sublock does. Instead it gives added benefits of transforming rays into heat to give a cool island tan.
A Nominees CDS account is opened under Authorised Depository Agents(ADA) such as investment bank (while a direct account would be in your name) and for us, it's Kenanga Investment Bank. A Nominees account allows you to do everything except subscribe to an IPO application.
So, what are the added benefits? 365 online betting Trade nominee account holders are charged the lowest in town brokerage fees, and zero charges on almost ALL services. That means if you're entitled to a RM100 dividend, you will get exactly RM100.
Yes! We are Malaysia's first and currently only fully digital equities broker. We have a restricted Capital Markets Services License ("CMSL") issued by the Securities Commission Malaysia to deal in listed securities and provide investment advice.
This means we only provide nominees trading account services. So, yup we are LEGIT!
Like having your skin protected by sunscreen, the funds and shares in a nominees account are protected in case the broker has to tutup kedai (closes down).
At 365 online betting Trade, when you make a deposit, your funds are kept in a trust account with Kenanga Investment Bank and is separate from our accounts.
We have absolutely NO RIGHT to utilize your funds and if we really do dissolve one day (*touch wood*), your funds will be credited back into your registered bank account.
With 365 online betting Trade, your CDS account is held under Kenanga Investment Bank which is maintained with Bursa Malaysia (not us!).
That means you can transfer out your shares at any time to another broker.
To read more about the differences between a nominee and direct acounts, please visit our Help Center. Happy Trading!