Overview of Mitoyo
Mitoyo Securities is a reputable brokerage firm based in Japan, operating in the financial industry since its establishment in 2016. The company falls under the regulatory oversight of the Financial Services Agency of Japan, providing clients with a sense of security and trust in their services.
For investors looking to access the financial markets, Mitoyo Securities offers a range of market instruments, including stocks, investment trusts, and Fonds. This diverse selection allows clients to tailor their investment portfolios to their specific financial goals and risk tolerance.
For customer support, Mitoyo Securities offers accessibility through phone contact at 0875-25-1212, providing clients with a direct means of assistance and inquiries.
For beginners venturing into the world of finance, Mitoyo Securities provides a comprehensive Beginner's Guide that covers basic knowledge and charms of the financial markets, offering valuable resources to help clients navigate their investment journey effectively.
Is Mitoyo legit or a scam？
Mitoyo Securities Co., Ltd., regulated by Japan's Financial Services Agency, holds a Retail Forex License (License No. 四国財務局長(金商)第7号) effective since September 30, 2007. This regulation status ensures a level of oversight and compliance, offering traders on the platform a degree of reliability and trust in the company's operations. The regulatory framework impacts traders positively, providing them with a safeguarded trading environment under Japanese financial laws and regulations.
Pros and Cons
Pros:
1.Regulated by Financial Services Agency: Mitoyo Securities is regulated by the Financial Services Agency, providing a level of oversight and compliance with financial regulations. This regulatory oversight can enhance the trustworthiness and reliability of the brokerage.
2. Offers educational resources for beginners: Mitoyo Securities provides educational resources for novice traders. These resources can include guides and materials that help beginners understand the basics of trading, making it easier for them to get started in the financial markets.
3. No account management fees for most account types: Mitoyo Securities does not impose account management fees for most account types. This cost-saving benefit allows traders to maintain their accounts without incurring additional charges, making it more appealing for long-term investors.
4. Accessible customer support via phone and fax: Mitoyo Securities offers customer support through phone and fax. This accessibility can be valuable for clients who prefer direct communication channels for inquiries, assistance, or issue resolution.
Cons:
1.Not available in some countries or regions: Mitoyo Securities are not available to traders in certain countries or regions. This limitation can restrict access to their services for potential clients residing outside their operational areas.
2. Limited information about trading platforms: Mitoyo Securities provides limited information about their trading platforms. The lack of detailed information about the features and capabilities of these platforms can make it challenging for traders to assess their suitability for their trading needs.
3. Limited payment methods: Mitoyo Securities does not provide extensive information about payment methods. Traders have limited options for depositing and withdrawing funds, potentially affecting the convenience of financial transactions on the platform.
4. Lack of detailed customer support information: While Mitoyo Securities offers customer support through phone and fax, there is a lack of detailed information about their customer support services. This could include operating hours, response times, and the availability of alternative support channels, which impact the overall customer experience.
Market Instruments
Mitoyo offers a range of financial products including stocks, investment trusts, and bonds. Stocks are a key focus, with options in domestic and foreign markets, although foreign stocks are currently not available. Investment trusts involve pooled funds managed by professionals, suitable for medium- to long-term investments, with types like stock investment trusts and public and corporate bond investment trusts. They also offer ETFs and J-REITs. Government bonds for individuals and various types of corporate bonds, including domestic convertible bonds and foreign currency bonds, are part of their offerings.
Account Types
Mitoyo Securities offers two distinct account types: the “Standard Account” and the “Specified Account,” each tailored to different user preferences and trading needs.
In both account types, clients are required to pay specified commissions when trading products managed by the company. For stock trading within these accounts, the maximum commission is set at 1.265% of the contract price (including taxes), with a minimum commission amount of 2,750 Japanese Yen. It's important to note that if the transaction value is lower than 2,750 Japanese Yen (including taxes), users will still be charged the minimum fee of 2,750 Japanese Yen (including taxes). Additionally, when engaging in investment trusts or similar products, clients may need to cover various fees, including sales commissions set for each stock and miscellaneous charges like trust fees.
For those who engage in stock trading and seek to simplify tax procedures, Mitoyo Securities offers the option to simultaneously open a “Specified Account.” This specialized account type calculates the difference between gains and losses when buying and selling listed stocks.
How to Open an Account？
To open an account with Mitoyo Securities, follow these steps:
Application for Account Opening: Prepare your seal, identity verification documents (like a driver's license), and your My Number.
Procedures for Opening an Account: You can visit a Mitoyo branch or, if unable, contact them for a home visit.
Start Trading: Understand the buying and selling fees and ensure you have funds for purchases or stock certificate transfer procedures for sales.
Transaction Completion: After transactions, a report will be mailed for verification.
Spreads & Commissions
Regardless of the account type chosen, clients are required to pay specified commissions when trading products offered by the company.
For stock trading within both account types, Mitoyo Securities charges a maximum commission of 1.265% of the contract price, including taxes, with a minimum commission of 2,750 Japanese Yen.
It's worth noting that even if the transaction value falls below 2,750 Japanese Yen, users will still be billed the minimum fee of 2,750 Japanese Yen, including taxes.
When engaging in investment trusts or similar products, clients may also incur various fees, including sales commissions specific to each stock and miscellaneous charges such as trust fees.
Trading Platform
Mitoyo Securities utilizes a computerized accounting and transfer system for stock trading, including the digitization of stocks.
This electronic trading platform allows for efficient and streamlined trading processes, eliminating the need for physical paper securities. It is in line with modern practices in the financial industry where most trading activities are conducted electronically. Users can access and manage their securities holdings electronically through accounts with relevant financial institutions, enhancing convenience and accessibility in the trading of stocks and other financial instruments.
Deposit & Withdrawal
Mitoyo Securities offers various payment methods to accommodate the needs of its clients,such as cash and bank transfer. For cash exchange and redemption, clients have the option to choose between a purchase request or a cancellation request. These requests can be initiated by contacting Mitoyo Securities through phone or by visiting their physical counter.
When it comes to redemption, on the designated redemption date, clients can expect to receive a “Notice of Redemption Money” through mail. This notice serves as a confirmation of the redemption transaction and provides details regarding the redemption amount.
Customer Support
Mitoyo Securities offers customer support primarily through its Head Office Inspection Department, which can be reached via phone at0875-25-1212 or by fax at 0875-25-1221. Clients need to reach out directly to inquire about the availability of customer support channels, response times, and the types of assistance provided.
Educational Resources
Mitoyo Securities offers educational resources in the form of a “Beginner's Guide” designed to provide clients with fundamental knowledge and insights into various aspects of investing and trading. This guide covers essential topics such as opening a new account, the basics of buying and selling stocks, and the purchase of investment trusts.
Conclusion
In conclusion, Mitoyo Securities presents a mixed bag of advantages and disadvantages for traders to consider. On the positive side, the brokerage is regulated by the Financial Services Agency, providing a level of oversight and regulatory compliance that can enhance its credibility and trustworthiness. It also offers valuable educational resources for beginners, making it accessible for those new to trading. Furthermore, the absence of account management fees for most account types is a cost-saving advantage, particularly for long-term investors. Additionally, the availability of customer support via phone and fax adds to the accessibility of their services.
However, there are notable drawbacks to be aware of. Mitoyo Securities are not available in certain countries or regions, limiting access for potential clients outside their operational areas. The limited information provided about their trading platforms can make it challenging for traders to assess their suitability. Moreover, the brokerage offers limited payment methods, potentially affecting the convenience of financial transactions.
FAQs
Q: Is Mitoyo Securities available worldwide？
A: No, Mitoyo Securities are available in some countries or regions.
Q: What regulatory authority oversees Mitoyo Securities？
A: Mitoyo Securities is regulated by the Financial Services Agency.
Q: Are there account management fees for most account types at Mitoyo Securities？
A: No, Mitoyo Securities does not charge account management fees for most account types.
Q: How can I contact Mitoyo Securities' customer support？
A: You can reach Mitoyo Securities' customer support via phone and fax.
