Overview of MIDF
MIDF is a financial institution in Malaysia, offering a broad spectrum of investment and banking services. This firm provides diverse solutions for both individual and corporate clients, focusing on areas such as investment banking, stockbroking, and asset management.
Pros and Cons
Is MIDF Legit？
MIDF operates without regulation from any recognized financial authority. Engaging with an unregulated broker like MIDF carries substantial risks, and investors should be aware of the potential consequences before depositing funds.
What Can I Trade on MIDF？
When you open a brokerage account with MIDF, you've got plenty of options for investing. The bank's primary focus is on shares traded on Bursa Malaysia. Plenty of shares listed on the Main Market and ACE Market are available. Retail clients can trade stocks and ETFs listed on the New York Stock Exchange and Nasdaq. For clients interested in fixed-income securities, MIDF Investment Bank offers access to Malaysian government securities, corporate bonds, and sukuk.
If you are looking for solutions to drive your business forward or seeking corporate advisory, you'll find a broad spectrum in MIDF. MIDF offers financing facilities for SMEs and mid-tier businesses. For asset management, various trusts and fund management products are also available.
MIDF Fees
Unlike some brokerages, which offer fee-free stock and ETF trade, MIDF takes a different approach. It provides a flat rate of 0.12% of the transaction value and a minimum fee of USD 1.99. Additional transaction charges include a stamp duty of RM1.50 for every RM1,000, an SEC clearing fee of 0.00051% of the total sales value, and a custodian fee paid by MIDF.
Overall, MIDF is on the pricier end for US Stocks and ETF trading compared to other brokerages.
Account Types
MIDF offers two live account types (conventional account and Shariah-compliant account) and a demo account.
You can open a MIDF Invest account conveniently through the mobile app or web platform. The account opening process requires minimal information, including the NRIC for verification purposes. Conventional and Shariah-compliant account are both available. You can deposit through online bank transfer once your account is approved.
Trading Platform
MIDF provides an advanced platform applying to different devices, including desktop, android and IOS. Professional-grade charting tools and in-depth analysis are both available on this platform. Whether you're a beginner or an experienced investor, it has been designed to help you make wiser investment decisions.
Deposit and Withdrawal
Any transfers from a registered bank account to an RM Cash Account will be reflected immediately. Users can also transfer cash between their RM and USD cash accounts using a simple transfer process. It takes approximately T+2 business days for currency conversion.
The process of withdrawals depend on the availability of MYR (Malaysian Ringgit). If a conversion from USD to MYR is needed, it generally takes T+4 business days. However, if the funds are already in MYR, the process is shortened to T+2 business days.
There is a minimum deposit amount of RM30,000.
Deposit Options
Withdrawal Options
Customer Support Options
If there's something you need to do that you can't manage online or through the mobile app, you can always reach out to customer support. You have multiple choices: including email (enquiry@midf.com.my), phone support (+03-2173 8888), and social media channels (Facebook, Youtube, and Twitter).
The Bottom Line
You can find a user-friendly online & mobile platform and a diverse range of financing solutions for business in MIDF, a stockbroking and investment banking. MIDF could be a good option if you focus on the Malaysian market. However, regulatory hurdles and costs are major downsides. Before choosing a brokerage, remember to consider risks and keep a close eye on fees.
FAQs
Is MIDF safe？
MIDF is not regulated by any reputable financial authority. Before choosing a brokerage, remember to consider the risk involved.
Is MIDF good for beginners？
MIDF is a great platform for beginners with its easy-to-navigate platform and excellent customer support.
What trading platforms are available for MIDF Investment Bank clients？
MIDF Investment Bank offers online and mobile trading platforms.
Risk Warning
Online trading involves considerable risk, so it may not be suitable for every client. Please make sure that you totally understand the risks involved and notice that the information above provided in this review may be subject to alteration owing to the constant updating of the company's services and policies.
