So you were thinking to trade share in Bursa Malaysia but don’t really know how to start?
Don’t worry, been there, done that. So I’ll be sharing on how I open my share trading account with Maybank.
In 2014, when I read the famous book, Rich dad Poor dad by Robert Kiyosaki and the book Money secret by Andrew Chia, I was very excited to trade stock. I was thinking I can make money overnight. That’s just a dream, after 2 years, I’m still here and the trading account still empty.
This is my experience opening my trading account with Maybank. Other organization might have a different process but the basic should be the same.
Here how I open My Trading account with Maybank
- Visit The bank branch and meet the Equity executive.
I actually don’t know how or where to start. So I emailed to Maybank customer service and they asked me my location and directed me to the nearest branch which has the equity executive.
So they gave me the contact person and I set an appointment with him.
- Opening the CDS (Central depository system)
This is where all the stocks that we bought will stay after we bought them. Opening the account is easy, Maybank do all for me. They just give me a form for me to fill in, there will be an activation fee of RM10. I’m not sure how much they charge now, might be a bit higher but you can always ask them.
- Open a current account.
This also an automated process. Another form I fill to open an account where I need to put all my money for trading. Which mean whenever I wanted to trade, I must put money in this account first before buying any share in KLSE. This also might be different for other brokers.
You only need to bring over your IC. They will do the rest. I remember they also asked me the banking account which needs to be linked to my current account.
They will do the rest. I took roughly about 1 months for my account to be set up. Also, this will depend on the financial organization you are dealing wIth. But the executive will tell you if you account are ready. If no news on the activation status, you can just ask them. I did email them after 1 month to check the status.
They will send you a link and instruction on how to activate and log in to your trading account.
Yeah! When your account is ready, pick your stock and start your trading!