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Online Brokerages in Japan: Rakuten, SBI, Monex

An online broker in Japan is the account layer between your Japanese bank balance and the market: Japanese stocks, US stocks, funds, and your NISA tax-free frame all live inside it.1 Rakuten Securities, SBI Securities, and Monex Securities are the three names that dominate resident discussion, each wired into a different everyday ecosystem.23 SBI Securities and Monex Securities operate as registered financial instruments businesses (SBI under Kanto Local Finance Bureau registration No. 44; Monex under No. 165).45

Confirm current details with official sources

Procedures, fees, and requirements can change. Confirm current details at each broker's official site (SBI Securities, Rakuten Securities, Monex Securities). This article is general information, not investment advice; for product selection consult a licensed financial professional, and for tax treatment consult a tax accountant (税理士).

Overview​

The three brokers cover the same core product set: Japanese equities, US equities, investment funds, and NISA accounts alongside ordinary taxable accounts.467 What differs is the surrounding machinery: which group points you earn, which bank links most smoothly, where the fee-free boundaries sit, and how each handles foreign-resident applications.2

All three assume the same reader profile: a Japan resident with a registered address, a residence card, a My Number, and a Japanese bank account for funding.1 Short-stay visitors cannot open accounts at any of them.13

The Three Brokers at a Glance​

The table below compares structure, not quality. No row here is a recommendation; the right fit depends on which ecosystem you already live in and which markets you want access to.

DimensionRakuten Securities (楽天証券, Rakuten Shōken)SBI Securities (SBI証券, SBI Shōken)Monex Securities (マネックス証券, Monekksu Shōken)
Core pitchDeep Rakuten ecosystem integration; standard starting point for new investorsBroad lineup with the Zero Revolution fee program; strong for active tradersPolished research tooling with a historic US-equity emphasis
Domestic-stock commission¥0 under the Zero Course, which requires consent to SOR (including R Cross) order routing6¥0 regardless of execution amount under Zero Revolution conditions4¥0 inside NISA; standard per-order schedule applies outside it (limitation)2
US-stock accessFull US lineup; designated US ETFs free on purchase6Broad US lineup; NISA-frame US and overseas-ETF trades free45,000+ US issues with dedicated research tooling8
Currency exchangeRealtime USD conversion at 0 sen; scheduled conversion at 25 sen per USD (as of 2026-09; confirm current figures with Rakuten Securities)6Realtime JPY-USD conversion at ¥04Buy at 0 sen, sell at 25 sen per USD (as of 2026-09; confirm current figures with Monex Securities)9
NISA supportNISA commission schedule fee-free; Rakuten Card fund investing available6NISA-frame US and overseas-ETF trades free, accumulation and spot covered4All NISA trading commissions free (as of 2026-09; confirm current figures with Monex Securities)7
Ecosystem linkRakuten Points, Rakuten Card, Rakuten Bank Money Bridge6Sumishin SBI-linked banking and multi-partner points (approx., 2026) (limitation)2d Card and Monex Card fund investing with d Points8
Foreign-resident onboardingResidence card plus My Number; Japanese bank account required1Same document floor; screening varies by status1Same document floor; screening varies by status1
Read the fee rows as conditions, not just prices

Every ¥0 in the table above is gated by a condition: a course selection, an electronic-delivery setting, an order-routing consent, or an account frame such as NISA. The conditions move less often than campaigns do, and they determine whether the headline price applies to you.467

Trading Fees and What Free Actually Covers​

Japanese-equity commissions have converged near zero across the industry, a shift that accelerated after SBI removed domestic-stock commissions in 2023 and rivals followed.10 The remaining cost differences sit in US-equity commissions, currency conversion, and the fine print that gates each free offer.

Japanese equities: the free-trade baseline​

SBI's ゼロ革命 (Zero kakumei, "Zero Revolution") program sets domestic-stock physical and margin commissions to ¥0 regardless of execution amount, provided the customer trades online under the internet course and has set all covered reports to electronic delivery (as of 2026-09; confirm current figures with SBI Securities).4 The program covers odd-lot S-shares as well as standard and margin trades.4

Free at SBI does not mean unconditional. Forced settlement of day-trade margin orders, phone orders, direct, IFA, and face-to-face courses, and accounts not fully on electronic delivery all fall outside the free coverage.4 Margin interest and stock-lending fees also continue to apply even when the commission itself is ¥0.4

Rakuten's ゼロコース (Zero kōsu, "Zero Course") sets domestic-stock commissions fully free, with one explicit gate: consent to SOR (Smart Order Routing, including R Cross) use.6 Rakuten's odd-lot かぶミニ (kabu-mini, "mini-share") trading is commission-free too, while operator-assisted orders start at ¥3,795 including tax (as of 2026-09).6

US equities and currency exchange: where costs remain​

US-equity trading is where the three brokers diverge most visibly. Monex publishes its taxable US-stock commission as 0.45% excluding tax (0.495% including tax) per trade, with a $0 minimum and a $22 maximum; sales additionally incur the US SEC fee of $0.0000206 per $1 of execution value for executions from April 6, 2026 local time (as of 2026-09; confirm current figures with Monex Securities).9

Currency conversion is the quieter half of every US-stock trade. Monex charges 0 sen per USD on purchase and 25 sen per USD on sale for realtime JPY-USD conversion, with the interbank spread applied on top of the quoted rates (as of 2026-09).9 Rakuten's realtime USD conversion costs 0 sen while its scheduled conversion costs 25 sen per USD each way, likewise before the interbank spread (as of 2026-09).6 SBI's realtime JPY-USD conversion fee is ¥0, with buy and sell quotes differing by the interbank spread.4

All three soften US costs inside NISA and on selected funds. Monex waives purchase commissions on 22 designated US ETFs, the most among the three majors by its own survey dated December 24, 2024 (as of 2026-09).9 Rakuten likewise waives purchase commissions on its designated US ETFs.6

Funds, NISA handling, and card-based investing​

Fund purchases at Rakuten carry no purchase fee.6 SBI covers both accumulation and spot US-stock and overseas-ETF trades (US, China, Korea, Singapore) inside the NISA frame at no commission, through both internet and phone orders.4 Monex sets every NISA trading commission to free for the Japanese, US, and China stocks tradable in physical form, excepting IFA-service customers (as of 2026-09; confirm current figures with Monex Securities).7

NISA featureSBIRakutenMonex
NISA commission-free scopeUS and overseas-ETF trades in NISA frame4Per NISA commission schedule6All NISA trading commissions7
Card-based fund investingMulti-partner cards (approx., 2026) (limitation)2Rakuten Card6d Card and Monex Card from ¥1,000 (as of 2026-09)8
Lifetime and annual frameShared national NISA rules apply at all three (see below)SameSame

The national NISA frame itself is broker-independent: one NISA account per person at one institution at a time (changeable yearly), combining a ¥1.2 million annual tsumitate frame and a ¥2.4 million annual growth frame within an ¥18 million lifetime cap, with indefinite tax-free holding for purchases from 2024 onward.7

Match the broker to the ecosystem you already use

Card-based fund investing and point accrual only pay off inside the group you already transact in. A Rakuten Card holder gains little from another broker's point program, and vice versa. Treat these as tie-breakers after confirming the fee conditions and the foreign-resident onboarding fit.2

Opening an Account as a Foreign Resident​

Foreign residents open accounts through the same online flow as Japanese nationals, with extra scrutiny on identity documents and name matching. At some brokerages, non-Japanese nationals must apply by mail with paper forms rather than completing the process online, which stretches the timeline from days to several weeks.3 The steps below sketch the shared shape; each broker's screening criteria differ, so rejection at one does not predict rejection at another.1

Documents you submit​

My Number submission has been mandatory for opening any securities account in Japan since 2016.3 The plastic photo マイナンバーカード (mai nanbā kādo, "My Number Card") is the smoothest document; some brokers also accept the paper 通知カード (tsūchi kādo, "notification card") plus another ID, so confirm the accepted combination at the broker you apply to.1

Alongside it, prepare a valid 在留カード (zairyū kādo, "residence card") showing front and back, a Japanese ordinary-deposit bank account for deposits and withdrawals, an email address, and a smartphone for the eKYC photo checks.1 Screening typically takes a few days to about a week before login credentials arrive; mail-route applications take three to five weeks including packet transit and the tax-office NISA review.13

Rakuten Bank linkage (Money Bridge, sweep, easy deposit and withdrawal) and SBI-group bank linkage streamline funding but are not prerequisites; Japan Post Bank, city banks, and most online banks also fund securities accounts.6

Residency screening and name-matching friction​

Permanent-resident and work-visa holders generally clear screening most easily, while short-term stay, some student, and some specific-activity statuses are often not accepted.1 Non-PR residents are accepted at most brokers but face per-broker conditions on which My Number document qualifies and how much period of stay must remain; confirm both before applying (limitation).13

The most common avoidable rejection is a name or address mismatch. Roman-letter order, middle names, katakana conversion of a non-Japanese name, and special characters all cause failures when the application differs from the residence record.3 Diplomat, official, and short-term stay statuses are excluded from NISA-linked brokerage applications entirely.3

Align every name and address field before submitting

Enter the name in katakana exactly as your documents render it, keep the address identical to the residence record, and update the residence card first if you moved recently. A mismatch across systems reads as an identity failure, not a typo, and costs weeks of back-and-forth.3

Funding, Accounts, and Tax Withholding Basics​

Money reaches the market through the registered Japanese bank account: transfers fund the securities account, with instant-transfer availability varying by broker and bank pairing.1 At account opening, the investor also selects the tax treatment of the taxable account: an ordinary account, a 特定口座 (tokutei kōza, "designated account with optional withholding"), or the NISA tax-free frame administered under national rules.7

Withholding mechanics and rate detail belong to tax coverage rather than broker selection, so this article stops at the choice itself. Readers deciding between withholding and filing options should read the investment-income tax treatment alongside this guide and consult a tax accountant for their case.

Departure can freeze trading and change NISA handling

Becoming a non-resident on leaving Japan can restrict new purchases and alter how the NISA account is treated. File the broker's departure procedure before leaving rather than discovering the freeze from abroad.1

Good to know​

Leaving Japan does not leave the account alone​

Departure is the single most disruptive event in a brokerage relationship. New purchases of stocks and funds can be frozen and NISA handling can change once resident status ends.1 Confirm the broker's non-resident policy and file any required departure notice while still in Japan, when identity verification is straightforward.1

The interface is Japanese first at all three​

Fee conditions, consent screens for SOR routing and electronic delivery, and most support channels are Japanese-first across all three brokers.13 Browser translation plus advance preparation of the katakana name and matching address fields removes most of the friction; the ongoing management after setup is far lighter than the initial application.3

Points and campaigns are perks, not a selection method​

Point rates, campaign bonuses, and card tie-ups rotate frequently and are gated on holding the group's card and enrolling in its point program.2 Fee conditions and onboarding fit move less often and compound over a longer holding period. Compare the durable terms first and let points break ties.2

US persons face a separate tax layer​

US citizens, green-card holders, and some US-tax residents face US-side reporting and pooled-vehicle rules on Japan-domestic funds, a regime that can make ordinary domestic fund choices punitive from the US side (limitation).1 Fully English-capable, FATCA-oriented alternatives exist outside the three domestic brokers; the detailed trap and workarounds belong to dedicated US-person tax coverage.1

This article explains investment mechanics and product structures for reference; it is not investment advice.

See also​

References​

Footnotes​

  1. Zainichi Money Navi (money.m-ri.co.jp). "Foreigners Can Open a Securities Account in Japan" (2026-06-13, updated 2026-07-03). https://money.m-ri.co.jp/en/securities-account.html ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10 ↩11 ↩12 ↩13 ↩14 ↩15 ↩16 ↩17 ↩18 ↩19

  2. Hirokichi investment guide. "[2026 Guide] Which Brokerage Should You Open? 6 Online Brokers Compared" (2026-07-24). https://hirokichiiii.com/%E6%8A%95%E8%B3%87%E3%81%AE%E3%81%84%E3%82%8D%E3%81%AF/securities-account-compare-2026-en/ (limitation: individual blog, figures approximate) ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8

  3. Kantenna / JapanTalkback. "How to Open a NISA Account as a Foreigner in Japan: Step-by-Step" (2026-02-19, updated 2026-03). https://kantenna.com/series/nisa-guide-foreigners-japan/how-to-open-nisa-account-foreigner-japan (limitation: resident-focused publisher, no official source for broker-by-broker acceptance) ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10 ↩11

  4. SBI Securities. 「ゼロ革命」 (Zero Revolution fee schedule). https://www.sbisec.co.jp/visitor/zero-revolution ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10 ↩11 ↩12 ↩13 ↩14

  5. Financial Services Agency (金融庁). Securities-company registration regime; Monex registration Kanto Local Finance Bureau (金商) No. 165 via company disclosure. https://www.monex.co.jp/ (company footer disclosure) ↩

  6. Rakuten Securities. 「手数料」 (commission schedule). https://www.rakuten-sec.co.jp/web/commission/ ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10 ↩11 ↩12 ↩13 ↩14 ↩15

  7. Monex Securities. 「NISA（少額投資非課税制度）」. https://info.monex.co.jp/sp/nisa/index.html ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7

  8. Monex Securities top page. US-stock lineup, NISA fee-free, card-based investing summary. https://www.monex.co.jp/ ↩ ↩2 ↩3

  9. Monex Securities. 「現物手数料 | 米国株取引」 (US stock cash commission). https://info.monex.co.jp/us-stock/fee.html ↩ ↩2 ↩3 ↩4

  10. The Japan Times. "Zero-commission services intensify brokerage competition in Japan" (2023-10-02). https://www.japantimes.co.jp/business/2023/10/02/markets/sbi-zero-comission/ ↩