KUALA LUMPUR: Rakuten Trade Sdn Bhd officially launched its Contra 2.0 which is an improved version of the original contra trading facility on its platform.
Contra 2.0 features a reduction of Rakuten Trade’s original Contra Account brokerage fees, to now mirror its Cash Upfront facility, the company said.
Contra 2.0 will see fees ranging from a minimum of RM7 to a fixed maximum of RM100, it added.
“There are two main differences between Contra 2.0 and the original contra, one is the discounts offered on our commission rate. Cash upfront usually has cheaper commission rates but with Contra 2.0, the rates are about the same,” Rakuten Trade managing director Kaoru Arai said after the launch yesterday.
“The second difference is the rebate program we are offering now.
“If a user buys and sell on the same day they can enjoy a rebate. So for the intraday traders, they just have to pay one way, the other way is kind of free (from commission rates),” Arai added.
Contra 2.0’s Day Trade Rebate Programme is available for investors who trade (buy and sell orders) frequently on the same counter, within the same day.
Rakuten said in its press release that the rebate will be applied to their ‘sell’ brokerage fees when they buy and sell the same stock on the same day.
This rebate will be credited into their account at the end of the trading day, it said.
“With the improved Contra 2.0, we are confident that our seamless upgraded contra trading facility will resonate well with both the more experienced investor and those who may have previously only used our Cash Upfront platform,” he said.
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