For the Malaysian retail investor, the choice for trading Bursa Malaysia stocks has historically been a tug-of-war between the agility of M+ Online (Malacca Securities) and the institutional reliability of Maybank Trade (Maybank Investment Bank).
By 2026, both platforms have undergone radical transformations. Maybank has fully transitioned to the Maybank Trade MY app, while Malacca Securities has unified its services under the M+ Global ecosystem.
This guide provides a side-by-side comparison based on 2026 fee structures, regulatory updates, and real-time user feedback from Lowyat’s Finance section and r/MalaysianPF.
1. Quick Comparison: Fees and Account Types
The most critical factor for most Bursa traders is the Cash Upfront brokerage rate. Both brokers offer Direct CDS accounts, meaning you are the legal owner of the shares—a non-negotiable feature for many “old school” investors on Lowyat.
| Feature | M+ Online (M+ Global) | Maybank Trade MY |
| Brokerage (Cash Upfront) | 0.05% – 0.08% | 0.10% (Min RM8) |
| Minimum Brokerage | RM8.00 | RM8.00 |
| Intraday Rate | 0.05% | 0.10% |
| CDS Account Type | Direct CDS | Direct CDS |
| Stamp Duty (2026) | RM1.50 per RM1k (Max RM1k) | RM1.50 per RM1k (Max RM1k) |
| Clearing Fee (2026) | 0.03% (Max RM1k) | 0.03% (Max RM1k) |
| Regulatory Levy | 0.015% | 0.015% |
2. Regulatory Changes: The 2026 SC Fee Framework
As of January 1, 2026, the Securities Commission (SC) Malaysia has implemented a new fee structure to modernize market surveillance:
- The 0.015% Levy: The SC Regulatory Levy has been adjusted to 0.015% (doubled from the previous decade’s rate) to fund enhanced digital market enforcement.
- SST Clarification: The 8% SST applies specifically to the brokerage commission. For a RM10,000 trade on M+, the tax is calculated on the RM8.00 fee, totaling RM0.64.
- Stamp Duty Caps: While the standard rate is RM1.50 per RM1,000 for stocks, “Marketable Securities” (like certain structured warrants) may still enjoy a lower cap of RM200.
3. Platform Deep Dive: M+ Global vs. Maybank Trade MY
M+ Global (Malacca Securities)
In 2026, M+ Global is no longer just a “Bursa broker.” It is a unified platform for MY, US, and HK markets.
- The App Experience: The interface is modeled after high-end fintech apps like Moomoo. It is fast, supports complex order types (Stop-Limit), and offers 10-level market depth for a small monthly fee.
- Shariah Screening: For Muslim investors, M+ Global’s real-time Shariah screening is the best in the market, covering both local and global counters.
Maybank Trade MY
Maybank has successfully retired its legacy apps, forcing all users into the unified Maybank Trade MY experience as of early 2025.
- Ecosystem Integration: The #1 reason users stay. If you use the MAE app or Maybank2u, your funds move instantly. No FPX “waiting time” or manual bank-in slips.
- Research Power: Maybank Investment Bank’s research reports are significantly more comprehensive than Malacca Securities’. In 2026, their “Trade Ideas” are integrated directly into the app alerts.
4. Forum Sentiment: What the Communities Are Saying
Lowyat.net Sentiment:
The “Direct CDS” debate is still king on Lowyat.
“I stick with Maybank for my long-term dividend stocks because the integration with my savings account is too convenient to ignore. For my intraday ‘goreng’ sessions, I use M+ because that 0.05% rate makes a difference when you’re flipping RM50k per day.” — Lowyat.net User
Reddit (r/MalaysianPF) Sentiment:
Reddit users tend to favor M+ Global for its superior UI.
“Maybank’s new app is better than the old one, but it still feels ‘corporate.’ M+ Global feels like it was built for traders. The execution speed on M+ seems slightly snappier during the 9:00 AM opening bell rush.” — Reddit User
5. Pros and Cons Summary
M+ Online / Global
- Pros:
- Lowest fees for Direct CDS in Malaysia.
- Modern, high-performance trading app.
- Shariah-compliant filters for global stocks.
- Cons:
- Customer service can be overwhelmed during market crashes.
- FPX deposits occasionally lag during peak hours.
Maybank Trade MY
- Pros:
- Seamless integration with Maybank2u/MAE.
- Institutional-grade research and analyst insights.
- Highest level of security (Secure2Trade).
- Cons:
- Brokerage is double that of M+ (0.10% vs 0.05%).
- App UI can be cluttered with too many “bank-style” features.
6. Final Verdict: Which should you choose for 2026?
Choose M+ Online / Global if:
- You are an active trader or “scalper” where every basis point counts.
- You want a unified app to trade Bursa and US/HK stocks.
- You prefer a modern, technical UI over a traditional banking interface.
Choose Maybank Trade MY if:
- You are a long-term “Buy and Hold” investor who prioritizes convenience.
- You already use Maybank as your primary bank.
- You rely on professional analyst reports to make investment decisions.
Disclaimer: The information provided is for educational purposes only and does not constitute financial advice. Investment involves risk; please consult a licensed professional before trading.
Frequently Asked Questions (FAQ)
1. What is the new 0.015% SC Regulatory Levy?
As of January 1, 2026, the Securities Commission (SC) Malaysia updated this mandatory fee. It applies to all buy and sell orders on Bursa Malaysia (RM1.50 for every RM10,000 traded) and is now more transparently listed in your M+ Global or Maybank Trade MY contract notes.
2. Can I apply for IPOs on both platforms?
Yes. Since both offer Direct CDS accounts, you can apply for Bursa IPOs directly through the apps or the Bursa Anywhere portal. Note that if you have an older “Nominees” account with Maybank, you may face restrictions on certain eIPO applications.
3. Which is better for Shariah-compliant trading?
Both support Shariah-compliant Bursa stocks. However, M+ Global is superior for international markets, as it features a real-time screening engine for US and HK stocks, whereas Maybank is more focused on local Shariah counters.
