Rakuten Securities, a major Japanese foreign exchange broker, says it will start accepting orders for US stock on Saturday.
However, the first transaction will be recorded on Monday under the US local trading hours, the forex broker said.
Rakuten, which recently gained approval to become a public company , announced this on Friday in a statement on its website.
However, to participate in US stock margin trading, traders will need to open a foreign stock margin trading account.
“Applying for and opening a margin trading account is free of charge. Applications are accepted from Sunday, June 19th,” the Japanese firm said in the statement.
Rakuten’s Campaign
According to details on the company’s website, the margin deposit rate for the company’s US stock margin trading is 50%.
While the settlement currency is the US dollar, the stop-loss deposit rate is 10%.
“Margin trading of US stocks can be up to twice as much as the principal funds (consignment deposit), and you can buy and sell the same stock as many times as you like with the same funds on the same day,” the broker explained.
To celebrate the start of US stock margin trading on its platform, Ratuken said it is planning a campaign for all its customers.
During this period, there will be no transaction fees for US stock margin trading.
Additionally, the company noted that its customers who already have a margin trading account for domestic stocks will also qualify to participate in the campaign.
This category of customers becomes eligible once their margin trading account for US stocks is opened, the broker said.
“Currently, we are conducting a campaign to give away 200 points even if the margin trading account (domestic stocks, US stocks ) has been opened. No entry required,” Ratuken said.
Meanwhile, the Rakuten Group in its first quarter (Q1) turnover for the fiscal year of 2022 (FY22) recorded a 11.7% increase in revenue.
The Group’s revenue hit 437.1 billion yen. This is said to be the highest level ever recorded by the Group in the first quarter of a fiscal year.
Furthermore, Rakuten recently officially launched into the growing non-fungible token (NFT) space through the launch of Rakuten NFT.
Finance Magnates reported that the newly launched platform supports buying and selling of the emerging asset class.
