Who This Guide Is For
If you’re a Malaysian retail investor trading US stocks through M+ Global (Malacca Securities Sdn Bhd), you need to understand every fee that will be deducted from your account. This guide breaks down exactly what you’ll pay—and why.
I. Core Trading Fees
Commissions and brokerage fees are what you pay M+ Global to execute your trades. Here’s the structure:
| Trading Method | Commission Rate | Minimum Fee |
| Online (M+ Global app/platform) | 0.10% per transaction | USD3 |
| Phone orders | 0.6% per transaction | USD12 per order |
Margin rates apply if you borrow money to trade. M+ Global charges 8% per annum on borrowed funds.
Remisier tip: Always trade online through M+ Global to lock in the 0.10% rate. Phone orders cost six times more in commission—use the app or platform whenever possible.
II. Other Charges You’ll Encounter
Beyond the commission, several other entities charge fees on your US stock trades:
| Fee Type | Who Charges It | Rate |
| Malaysia Contract Stamp (shares/stocks) | Malaysian Government | RM1 per RM1,000 contract value (max RM1,000) |
| Malaysia Contract Stamp (marketable securities) | Malaysian Government | RM1 per RM1,000 contract value (max RM200) |
| Regulatory Fees (sell only) | US SEC | 0.00206% (minimum USD0.01) |
| Trading Activities Fees (sell only) | FINRA | USD0.00/share |
| Settlement Fees | US Settlement Agency | 0.003/share (minimum USD0.01) |
| Consolidated Audit Trail (CAT) Regulatory Fee | FINRA | USD0.000003 per share (minimum USD0.01) |
| Withholding Tax on Dividends | US Internal Revenue Service | 30% of dividend value (varies by stock) |
Regulatory fees took effect from 1 May 2026.
Most of these fees are tiny on small trades. The main cost to watch is the 30% withholding tax on dividends—this is automatic when you receive US stock dividends.
III. American Depository Receipt (ADR) Fees
If you trade ADRs through M+ Global, the depositary service fee charged by the ADR custodian bank is separate from M+ Global’s commission. ADR fees typically range from USD0.01–USD0.05 per share on average, depending on the specific ADR.
To find the exact depositary fee for an ADR you want to trade, visit the custodian bank’s website and search by stock code:
- The Bank of New York Mellon: Visit the BNY Mellon ADR directory, select your stock, and click [Distribution/DSF], then [Depositary Service Fee].
- Deutsche Bank: Visit Deutsche Bank’s ADR portal, search your stock code, and click [Corporate Actions] → [Service Fee].
- Citibank: Visit Citibank’s ADR portal, search your stock, and click [Company DSF Notices] on the right side.
- J.P. Morgan: Visit J.P. Morgan’s ADR site, search your stock code, and click [Program Activity] → [Fees].
Always check the depositary fee before buying an ADR—it can add up if you hold the position long-term.
Key Takeaways
- M+ Global’s commission starts at 0.10% online (minimum USD3), but costs 0.6% (minimum USD12) if you call to trade.
- Regulatory, settlement, and CAT fees are minimal on most trades—usually just a few cents.
- You’ll pay Malaysian stamp duty on every trade based on contract value, with different caps for stocks (RM1,000) and marketable securities (RM200).
- The US SEC charges 0.00206% when you sell (not buy).
- Withholding tax of 30% is automatic on any US stock dividends you receive.
- ADR depositary fees vary by bank and holding; always check before buying ADRs.
Frequently Asked Questions
What’s the cheapest way to trade US stocks at M+ Global?
Trade online through the M+ Global app or platform to lock in the 0.10% commission rate with a USD3 minimum. Phone orders cost 0.6% with a USD12 minimum—six times more expensive. Always use the app when you can.
Do I pay commission when I buy and sell, or just one?
You pay M+ Global’s commission on every transaction—both when you buy and when you sell. Regulatory fees from the US SEC only apply when you sell.
Why do I get charged 30% withholding tax on dividends?
This is a US federal tax collected by the Internal Revenue Service on dividend income paid to foreign investors. It’s automatic and deducted before the dividend reaches your account. The rate varies slightly by stock.
Are ADR fees included in the 0.10% commission?
No. The 0.10% commission is what M+ Global charges. ADR depositary fees are separate charges by the custodian bank (BNY Mellon, Deutsche Bank, Citibank, or J.P. Morgan), typically USD0.01–USD0.05 per share, and you must check the bank’s website for the exact amount.
What’s the difference between buying shares and buying ADRs?
Shares are direct ownership of US stocks; ADRs are certificates issued by custodian banks that represent US shares held overseas. Both cost the same M+ Global commission, but ADRs also carry a separate depositary service fee paid to the custodian bank.
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Source: based on the official M+ Global Help Centre (Malacca Securities Sdn Bhd). Fees, hours and procedures are set by Malacca Securities and the exchanges and may change — check the M+ Global app or ask your remisier for the latest.
Disclaimer: This guide is for general information only and is not financial advice.
