A trusted, all-in-one platform that lets you trade stocks, shares, ETFs, bonds and indices, along with leveraged products like FX and CFDs.
As the fully-owned investment arm of Maybank, Maybank Kim Eng doesn’t try to shake off its bank connections. Nor should it, as the brokerage’s wide range of instruments and market access allows it to serve as a one-stop shop for those looking to build a diversified investment portfolio.
However, such convenience comes at a price; more specifically, as commission fees for stocks and CFDs that are relatively higher than what you may find elsewhere. Although, this is somewhat balanced by a comparative lack of non-trading fees and charges.
Is Maybank Kim Eng the right ideal trading platform for you? Read on to find out.
- Pros & cons of Maybank Kim Eng
- Why trade with Maybank Kim Eng
- Who should use Maybank Kim Eng?
- Pricing, charges and fees
- Maybank Kim Eng promotions
- How to set up an account
- Comparison: Maybank Kim Eng vs other online brokerages
Overview of Maybank Kim Eng
What you can invest in: Stocks, REITs, ETFs, Bonds, CFDs and FX
Minimum balance required: $0 (Min $3,000 to initiate CFD trade)
Deposit fees: No deposit fees listed
Withdrawal fees: None
Withdrawal limits: None
Commission: Min. $10 for SG stocks (prefunded account), Min. $25 (KE Trade); Min. USD20 for US stocks
Inactivity fee: None
Licence: Authorised by Monetary Authority of Singapore (MAS)
|Wide variety of instruments available, suitable for wide range of trading and investment goals||High minimum commission fees for stock trades|
|Little to no trading-related fees||Online and mobile stock trades limited to a few markets only|
|No inactivity fees for dormant accounts||Offline, broker-assisted trades carry higher commissions|
|Updated stock news and market insights|
Why should you trade with Maybank Kim Eng?
#1: Trusted broker with wide range of different instruments
Maybank Kim Eng is the brokerage arm of Maybank, which is a trusted bank with a presence in the world’s major financial centres – including Singapore, London and Hong Kong. It is also approved and regulated by the Monetary Authority of Singapore (MAS).
Maybank Kim Eng offers a mix of leveraged and non-leveraged trade instruments: stocks, shares, ETFs and bonds, along with FX and CFDs. That caters to a wide range of investor types and goals. This makes the platform a great starting place for investors wanting to dabble in different types of instruments.
#2: Lack of non-trading fees, no penalty for dormant accounts
Maybank Kim Eng prefers to engage you when you’re actively trading; when you’re not, they generally leave you alone.
This can be seen in how there are virtually no non-trading fees to worry about; they’ve even done away with inactivity fees, and dormant accounts may be maintained with no penalty.
The arrangement leaves more room and flexibility for traders who may not be able to match the higher commitment levels demanded by some other brokerages.
#3: Both self-service trades and broker-assisted trades available
Maybank Kim Eng offers a mix of self-service trades – investors may execute via online and mobile channels – and broker-assisted trades, which are conducted offline by professional brokers.
While online channels are limited to only a few markets (Singapore, Hong Kong, US, UK, Malaysia and Thailand), several more markets are available offline via other brokers. This effectively extends the range and array of markets available to you, but you should watch out for the higher commission fees for broker-assisted trades.
#4: Updated newstream of market news, insights and reports
Maybank Kim Eng publishes an up-to-date stream of news, insights and reports that traders can use to inform their trading strategies.
Via the ‘Market Insight’ section, different stock types are highlighted, helping investors zero in on growth, yield and value stocks accordingly. Consensus calls from other professional brokers are also included for a more well-rounded view. Meanwhile other tools like customisable watchlists and stock alerts add a further layer of utility.
Having said that, it must be noted that there isn’t much in terms of online learning – only the basics of trading is covered. Hence, beginners or those seeking to hone their knowledge will have to track down other resources to learn as much as they can (which is what serious investors should be doing anyway).
For whom is Maybank Kim Eng best suited?
Traders and investors who are looking for a multi-market brokerage across popular instruments – both leveraged and non-leveraged – will find Maybank Kim Eng a useful launching pad.
While it suffers from high minimum commission fees, and the majority of markets are only available via broker-assisted trades that carry higher fees, it makes up for these faults with no charges for non-trading purposes, including account dormancy.
Beginners may feel a little left out with the relative lack of online learning resources, but experienced investors and those who only trade occasionally should find the platform adequate for their needs.
What charges or fees should you look out for?
You should pay attention to trading-related fees when trading stocks and CFDs with Maybank Kim Eng, given their high minimum commission charges. Spreads for FX, however, are competitive.
Consolidating your budget for fewer, larger trades may help reduce the impact here, as will avoiding broker-assisted trades.
In terms of non-trading fees, there are very little to note. However, do be aware of other service fees and charges such as custodian fees, share transfer fees and more.
What are some promotions available for Maybank Kim Eng?
Earn up to $188 rebates when trading in the Hong Kong market
- Get $188 trades rebates when you accumulate $688 worth of commissions
- Applicable for Hong Kong market trades via a single account only
- Valid till 31 March 2021
Enjoy lower commission for Singapore, US and Hong Kong/Shanghai-Hong Kong trades
- Enjoy lower commission of 0.12% for Singapore, US, and HK/Shanghai-HK trades
- Lower commissions valid for 3 months from date of account opening
- Valid for new, pre-funded accounts opened by 30 June 2021
- Minimum commission rates apply
How do you open and fund your Maybank Kim Eng account?
Opening your Maybank Kim Eng account
- Click this link to go to the account opening page.
- Select the account type you would like to open.
- Follow the on-screen prompts to fill in and submit your application.
Take note that you will need to prepare the following when applying for your account:
- Bank account number
- CDP securities account number (you’ll need to apply for a Central Depository Account from SGX beforehand)
- Your personal details
Funding your Maybank Kim Eng account
There are several ways you can fund your Maybank Kim Eng account, as follows:
|Funding method||Crediting lead time||Fees|
|GIRO||Same business day||None|
|Multi-currency e-Pay (SGD, USD, HKD-denominated stocks)||Same business day||None|
|PayNow||Same business day||None|
|Internet banking||1 to 2 business days||None|
|Cheque||2 business days||Clearing fees may apply|
Maybank Kim Eng vs Oanda vs IG vs City Index vs Tiger Brokers vs IBKR vs TD Ameritrade
|Maybank Kim Eng||Oanda||IG||City Index||Tiger Brokers||Interactive Brokers (IBKR)||TD Ameritrade|
|Commission fee||SG stocks – min $10 – $25 |
US stocks – min USD20
|Daily rates and charges according to market conditions||$10 minimum for equity CFDs per open/close||0.08% or $10 minimum for Singapore CFDs||SGX stocks: 0.08%, min. $2.88 per order is currently waived |
US stocks: USD$0.01, min. USD$1.99 per trade
|SGX stocks: 0.08% of trade value, min. $2.50 per order |
US stocks: USD$0.005 per share, min. USD$1 per order
|$0 (for US exchange-listed stocks, ETFs and option trades)|
|Maintenance fee||N/A||Inactivity fee of $10 per month applies after 12 months without trading activity||N/A||N/A||N/A||Up to USD$10 per month (less commission paid that month)||N/A|
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By Alevin Chan
An ex-Financial Planner with a curiosity about what makes people tick, Alevin’s mission is to help readers understand the psychology of money. He’s also on an ongoing quest to optimise happiness and enjoyment in his life.