WeBull Malaysia Review - More on brokerage fees, account fees, and how to start trading

Disclaimer: The information in this article is for reference purposes only.
Wise does not offer to buy or sell stocks, and all information on this page should not be considered financial advice.
All investment decisions should be made after thorough research and consultation with a qualified financial advisor. Remember that investments, even in low-risk funds, are never guaranteed and your capital is at risk

Webull Malaysia¹ lets you invest in Stocks, ETFs, Structured Warrants, REITs, Futures and more, with analysis, investment and portfolio management tools right on your phone.

This Webull review walks through what you can do with Webull Malaysia if you open an account, and also covers important questions like is Webull legal in Malaysia? Plus, as a bonus we’ll touch on Wise which offers low cost multi-currency accounts you can manage with just your phone, to send and receive foreign currency payments, hold a balance, and convert from one currency to another in just a few clicks.

Is Webull available in Malaysia?

Webull is available in Malaysia. It got a licence to trade safely in Malaysia in April 2024, and is already available in many other countries and regions around the world.

Webull describes itself as a digital broker offering a self directed investment platform. In short, that means you can use the Webull app to buy and sell assets in Malaysia and the US, including Stocks, ETFs, Structured Warrants, REITs and derivatives here on the Malaysian market, and US assets for diversification.

Webull offers real-time quotes, market information, financial news, industry data, insights and analyst ratings through its app, so users can review their investment options, spot market trends, read expert opinions and more. If you’re new to all of this you can also learn about investing with no risk by opening a model account with Webull to buy and sell through an in-platform training simulator - that is, without any real money being put at stake.

To get started with Webull you’ll need to download the Webull app and register an account using your phone and your normal photo ID for verification purposes. You can then add money to your account by linking or binding a bank account, to start trading in Malaysia and the US.

Is Webull legal in Malaysia?

You might be wondering: is Webull safe?

Safety is crucial before you pick an investment platform - and the good news is that Webull is properly regulated here in Malaysia. In fact, Webull Securities (Malaysia) Sdn. Bhd. is regulated by the Securities Commission Malaysia and holds a Capital Markets Services Licence.

Webull is also available in other markets including the US, UK, Singapore, Australia, Hong Kong and Japan.

Webull Malaysia fees

Webull does not charge a fee to open an account, deposit or withdraw in MYR. However, whenever you buy or sell assets, some fees are likely to apply.

Webull, as the platform you pick to manage trades, will charge some fees - but there may also be other charges which are imposed by the Malaysian government for example, or the US government if you choose to invest in USD.

This guide touches on a few key costs to consider when using Webull. Bear in mind that other fees may also apply - not to mention the fact that investing in any sense comes with some inherent risk. Consider your options carefully, as the value of investments can go down as well as up, and make sure you read through your preferred platform’s fee schedule carefully before you invest.

Webull Malaysia fees when using USD

Before we get into the main fees you’ll pay with Webull², a word on investing in foreign currencies. Webull allows you to invest in US assets, which is a great way to diversify your portfolio, and access strong performing assets across various different markets. However, whenever you’re moving money across currencies, it’s important to understand potential costs and fees which may creep in.

Converting from MYR to USD to invest - or back from USD to MYR when you withdraw - may mean paying a fee. Webull doesn’t charge a currency conversion charge³ as such - which is great. However, it’s well worth looking at the exchange rate you’re offered by Webull before you convert, to see if any fee has been added there. Adding a fee - known as a markup - to an exchange rate is very common. The challenge is that it’s not easy to see, and that can mean you’re paying it without even realising.

Compare the Webull exchange rate to the mid market rate which you can find on Google to see if there’s any fee added. Or consider using a different way to pay in and out of Webull - such as a multi-currency account from Wise. Wise lets you convert from MYR to USD in your account with the mid-market rate, so you can use your USD balance to invest in US stocks, shares and so on. Or you can use the USD account details which come with your wise account to withdraw USD funds, to convert back to MYR later, or to spend in the US on your travels.

Webull Malaysia fees - Bursa Malaysia Stocks, ETFs and similar

The fees you pay when trading things like stocks and ETFs here in Malaysia can come from both the platform, Bursa Malaysia and the Malaysian government.

Bursa Malaysia may impose a clearing fee, while the Malaysian government can impose charges such as stamp duty and SST. You’ll pay these fees whichever platform you pick - so they’re well worth understanding as part of your journey to build and structure an investment portfolio. However, as this guide is about Webull first and foremost, we’ve focused on their fees to review here:

Webull Malaysia fees - US Stocks, ETFs and ADRs

If you’re trading on the US market, there may be a fee from Webull, and a charge from the Malaysian government. In additional you might pay small fees to the following:

• US Securities and Exchange Commission (SEC)
• US Financial Industry Regulatory Authority (FINRA)
• US Depository Trust Company (DTC)

These fees are not paid to Webull, and would apply with any investment platform used to access the US market. Let’s look at what costs you may incur with Webull when buying and selling USD assets. A little later we’ll also touch on Wise as a good option to manage your money across USD and MYR with low fees and fast, convenient currency conversion.

Webull Malaysia fees - derivatives

Webull also offers derivatives including FTSE Bursa Malaysia KLCI Futures (FKLI), Crude Palm Oil Futures (FCPO) Intraday and Crude Palm Oil Futures Overnight. Fees for trades come from Webull and also from Bursa Malaysia. There are flat fees per trade - here we've captured the key costs to review for each.

Summary

Investing can be a great way to build your nest egg, and to save for the future. There’s risk in any investment of course - so getting advice before you jump in is a smart idea. However, picking a flexible, easy to use platform which lets you build a diverse and varied portfolio gives you a good shot at making more from your money over time.

Use this Webull review to start your research - and also check out Wise if you’ll be trading in foreign currencies. As the Wise account lets you hold, send, spend, receive and exchange foreign currencies easily and cheaply, you could use your account to fund Webull if you’re buying in USD, or to withdraw if you need an easy way to get your money into a multi-currency account. This could mean you cut down on unnecessary currency conversion and fees - leaving you more in your pocket in the end.

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