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Korea/Japan Retail Trading Apps 2026 — Toss, KakaoPay, Mirae Asset, KB, Kiwoom vs SBI, Rakuten, Matsui, GMO, Nomura deep dive

2026-05-25 · 24 min read · #korea-securities#japan-securities#toss-securities#kakaopay-securities#mirae-asset-mstock#kb-securities-mstock#sbi-securities#rakuten-securities#matsui-securities#gmo-click#monex#au-kabucom#daiwa-connect#nomura-net-call#mufj-jibun#nisa-2024#tsumitate-nisa#free-commission

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Prologue — May 2026, two faces of East Asian retail trading

As of May 2026, the Korean and Japanese retail trading landscapes look superficially similar but, on a closer look, walk surprisingly different paths.

In Korea, Toss Securities crossed 10 million cumulative users, proving the thesis "the brokerage is the app." KakaoPay Securities Ministock cemented 100-won fractional investing in US stocks, while incumbents (Mirae Asset, KB, Kiwoom) responded with mobile UX overhauls. In Japan, the new NISA regime that took effect in January 2024 pulled in explosive retail flows, and SBI Neo Securities and Rakuten Securities dropped domestic stock commissions to zero, opening the "free commission era."

This piece compares Koreas top five retail securities apps (Toss, KakaoPay, Mirae Asset, KB, Kiwoom) and nine major Japanese firms (SBI, Rakuten, Matsui, GMO Click, Monex, au Kabucom, Daiwa, Nomura, MUFJ Jibun Bank Securities) across licensing, UX, fees, foreign stocks, APIs, and tax-advantaged accounts in one sweep.

Chapter 1 · The Korean retail landscape — Toss changed the board

Until the early 2020s, Kiwoom Securities Yeongwoongmun (HTS-based Home Trading System) was effectively the standard for Korean retail. Deep functionality, fast execution, low commissions captured the day-trader heart. Mirae Asset, Samsung, NH, KB, Shinhan followed in that wake.

When Toss Securities launched in 2021, everything shifted. Toss debuted as 100% mobile, no HTS, introduced fractional shares like "0.001 share" instead of "1 share," and pulled in Gen MZ with ad-simple UI.

As of May 2026, Toss Securities cumulative signups crossed 10 million. That is roughly 35% of Koreas economically active population. KakaoPay Securities hovers around 7 million, differentiating through Ministock and fractional foreign stock trading.

The incumbents partially retreated into the "professional trader" segment while overhauling their MTS (Mobile Trading System) to counter Toss/KakaoPay. Mirae Asset m.Stock, KB Securities M-STOCK, NH Namu, Shinhan Alpha, Samsung mPOP all went through major UX redesigns between 2024 and 2025.

Chapter 2 · Toss Securities — the 100% mobile model at 10 million users

Toss Securities is a new brokerage launched by the Viva Republica (Toss) group in 2021. From day one, it made the radical choice of no HTS, MTS only.

Core differentiators:

Tosss limits are also clear:

The target is clear: long-term investing, core assets, foreign stock beginners. For that user, Toss is nearly perfect.

Chapter 3 · KakaoPay Securities — the 100-won investing revolution of Ministock

KakaoPay Securities launched in 2020 and rolled out the retail brokerage service Ministock in 2021. Ministocks core value is foreign stock fractional investing starting from 100 KRW.

Ministock usage scenarios:

While incumbents trade in "share units," KakaoPay Securities normalized amount-unit (KRW-denominated) trading. Global diversification became feasible with 1,000 KRW.

Foreign stock commission runs 0.25% on buy and sell, somewhat higher than Mirae Asset and Kiwoom (0.07% ~ 0.25%). But when used in the 100-won split-buy pattern, the absolute amounts are small enough that this matters less.

KakaoPays weaknesses are Korean market trading depth and ancillary services. Domestic stock charts and market data are not as rich as Toss. Its strength is integration with KakaoTalk and the KakaoPay wallet (instant transfers).

Chapter 4 · Mirae Asset Securities m.Stock — a global asset manager's retail channel

Mirae Asset Securities is the retail channel of Korea's largest asset management group, Mirae Asset. The 2024 m.Stock redesign moved the firm to a mobile-first strategy.

m.Stocks strengths:

m.Stocks limit is UX. It carries a traditional brokerage UI ported to mobile, so it doesnt match the intuitiveness of Toss/KakaoPay. Still, for users wanting global asset management in one app, Mirae Asset is the most integrated option.

Chapter 5 · KB M-STOCK, NH Namu, Shinhan Alpha, Samsung mPOP — the incumbent five MTS apps

KB Securities M-STOCK is KB Financial Groups retail brokerage app. The 2025 refresh added dark mode, widgets, biometric auth, and ties tightly into KB Star Banking to lock in KB customers. Commission around 0.014% for domestic stocks.

NH Investment Securities Namu is the brokerage app of the NH Financial Group (Nonghyup). Strong foreign stock lineup, natural integration with Nonghyup accounts. Strong channel in rural/regional Korea.

Shinhan Investment Alpha is Shinhan Financial Group's retail channel. Tight integration with Shinhan Sol brings Shinhan Bank customers into retail brokerage. In 2025, Shinhan added the Alpha AI feature for stock recommendations.

Samsung Securities mPOP is Samsung Groups brokerage. Group integration with Samsung Card, Samsung Life, Samsung Fire is a strength, and they provide global IB research reports to retail for free.

These four firms, together with Kiwoom and Mirae Asset, form the Korean retail "Big 5" structure. If Toss/KakaoPay are upstart challengers, these are defending with decades of trust and deep functionality.

Chapter 6 · Kiwoom Securities Yeongwoongmun — the de facto standard for day traders

Kiwoom Securities has held the #1 share (~30%) in Korean retail brokerage for nearly 25 years. Yeongwoongmun is a late-1990s HTS, and Yeongwoongmun S / Yeongwoongmun Global are its mobile variants.

Yeongwoongmuns strengths:

The limit is UX. Yeongwoongmun S, which ports the 25-year-old HTS menu structure to mobile, looks impenetrable to Toss/KakaoPay users. Kiwoom acknowledges this and announced a Yeongwoongmun S refresh and next-gen MTS in 2024, but the legacy user base makes radical change hard.

Chapter 7 · Comparison of Korean Big-5 retail brokerages

                | Toss          | KakaoPay         | Mirae Asset      | KB Sec           | Kiwoom
----------------|---------------|------------------|------------------|------------------|------------------
Launch          | 2021          | 2020             | 2003 (app: 2010) | 2002 (app: 2010) | 1996 (app: 2002)
Cum. users      | 10M+          | 7M+              | 6M+              | 5M+              | 8M+
Main channel    | MTS only      | MTS only         | MTS+HTS+WTS      | MTS+HTS+WTS      | HTS-led + MTS
Dom. commission | 0.015%        | 0.015%           | 0.014%           | 0.014%           | 0.015% (discount)
US commission   | 0.10%         | 0.25%            | 0.07%+$.005/sh   | 0.10%+$.01/sh    | 0.10%
Fractional      | yes           | yes (Ministock)  | yes              | partial          | US only
API             | no            | no               | limited (B2B)    | no               | OpenAPI+ official
Futures/options | no            | no               | yes              | yes              | yes
Pension/IRP     | limited       | no               | yes              | yes              | yes
Target          | Gen MZ first  | small recurring  | global mgmt      | KB customers     | day traders

This table is a synthesis as of May 2026 based on filings, websites and press. Verify exact figures with each firms disclosures.

Chapter 8 · Korean securities licensing — paths for new entrants

Korean securities licenses have been hard to obtain. Through the 1990s, new licenses were almost never issued; the 2000s saw M&A as the standard route into the market.

Toss Securities broke this pattern. In 2018, Viva Republica founded a subsidiary "Toss Securities" and obtained full FSC approval in 2019. This was the first new retail securities license issued in 21 years.

KakaoPay Securities took a similar route. KakaoPay acquired the existing brokerage "Baro Securities" and rebranded it as "KakaoPay Securities" in 2020. Formally an M&A, in substance a fintech groups entry into retail brokerage.

Between 2024 and 2026, additional retail securities entry attempts were reported. Toss Bank groups Toss Invest, and some fintechs (Finnq, BankSalad) are reportedly evaluating retail brokerage licenses. The FSC remains cautious about issuing additional retail securities licenses, and as of May 2026, no new license has been issued.

Chapter 9 · The Japanese retail landscape — the new NISA regime changed the board

Japan's retail brokerage market grew explosively from the January 2024 launch of the new NISA (Nippon Individual Savings Account) regime. NISA accounts went from ~19 million at end-2023 to ~25 million at end-2025, and cumulative purchases crossed 50 trillion yen.

Japan retail brokers fall into three groups:

Core 2024-2026 Japan retail trends:

Chapter 10 · SBI Securities — Japan retail #1

SBI Securities holds the #1 retail securities share in Japan at ~35%. Part of the SBI Holdings group, it is the largest of the online-only brokers.

SBIs core differentiators:

The "SBI Securities Stock" mobile app was refreshed in 2024 with stronger new NISA support and a more intuitive recurring-buy setup.

Chapter 11 · Rakuten Securities — Market Speed and the Rakuten ecosystem

Rakuten Securities is the #2 retail broker at ~25% share. The Rakuten Groups strength is integration — ties to Rakuten Card, Rakuten Bank, and Rakuten Points are the core hook.

Rakutens differentiators:

Rakutens weakness is system stability. Several outages were reported in 2023-2024, each prompting some migration to SBI. Still, the ecosystem integration remains powerful.

Chapter 12 · Matsui, GMO Click, Monex, au Kabucom — the latecomer online brokers

Matsui Securities is Japans oldest online brokerage. It launched the first Japanese online trading in 1998 and differentiates with a unique "daily flat-rate fee" model — zero commission up to 500,000 yen of daily volume.

GMO Click Securities, part of GMO Internet Group, is strong in FX, CFDs, and commodity futures. #1 in Japanese retail FX (~25%), in equities it ranks 4-5 among the online five. Since 2024 NISA, it has raised retail equity weight.

Monex Securities, part of the Monex Group, is strong in US stocks. Through its US subsidiary TradeStation Securities, it offers strong US stock, option, and futures trading. As of May 2026, Monex's US lineup is comparable to SBI and Rakuten.

au Kabucom Securities is an online broker in the KDDI (au) / MUFG family. It leverages the au telecom customer base and the MUFG bank channel. Recurring investing benefits for au PAY and au mobile users have been strengthened.

Chapter 13 · Daiwa, Nomura, MUFJ Jibun Bank — megabank-affiliated retail channels

Daiwa Connect is Daiwa Securities Group's retail internet channel. While the main Daiwa firm is a traditional face-to-face channel, Connect targets mobile-first retail. Strong on new NISA recurring investing.

Nomura Net & Call is Nomura Securities retail internet/phone channel. It brings Nomuras full-service strengths (research, IB) to retail. Commissions are somewhat higher than the online five.

MUFJ Jibun Bank Securities sits under "Jibun Bank," a joint venture between Mitsubishi UFJ Group and KDDI. Bank-account and mobile-payment integration is its strength, but retail brokerage share is small.

This megabank tier has lower retail share than the online five (SBI, Rakuten, Matsui, GMO, Monex). The hook is bank customer base, trust, and deeper research, aimed at senior and high-net-worth retail.

Chapter 14 · Comparison of nine Japanese retail brokers

                | SBI       | Rakuten    | Matsui     | GMO       | Monex     | au Kabu   | Daiwa Conn. | Nomura N&C | MUFJ Jibun
----------------|-----------|------------|------------|-----------|-----------|-----------|-------------|------------|-----------
Equity share    | ~35%      | ~25%       | ~8%        | ~5%       | ~7%       | ~5%       | ~4%         | ~5%        | ~1%
Dom. commission | 0 (cond.) | 0 (cond.)  | flat-rate  | 0 (cond.) | flat-rate | flat-rate | per-trade   | per-trade  | per-trade
US commission   | 0.495%    | 0.495%     | 0.495%     | n/a       | 0.495%   | 0.495%    | 0.495%     | 0.495%     | n/a
Foreign markets | 9         | 6          | US only    | US only   | US+CN     | US+CN     | US+CN       | US+CN      | US only
New NISA        | #1        | #2         | weak       | medium    | medium    | medium    | strong      | medium     | weak
Recurring slot  | monthly   | Rakuten Cd | monthly    | monthly   | monthly   | au PAY    | monthly     | monthly    | monthly
API/HTS         | HYPER SBI | MarketSpd  | Matsui FX2 | GMO PTS  | TradeSt.  | weak       | weak        | weak       | weak
Target          | top all-rd| Rakuten ec | small/short| FX/CFD   | US stocks | au users  | NISA senior | senior/IB  | Jibun users

This table is a synthesis from the JSDA, each firm's filings, and press reports as of May 2026. Shares fluctuate annually — confirm exact figures with JSDA.

Chapter 15 · Japans new NISA 2024 — the epicenter of the retail explosion

NISA (Nippon Individual Savings Account) is Japan's retail tax-advantaged investment account. After the 2014 launch, it went through Tsumitate NISA (2018) and the new regime (2024).

Core points of the new NISA (from January 2024):

After the new regime, NISA accounts surged from ~19 million at end-2023 to ~25 million at end-2025. Cumulative purchases crossed 50 trillion yen. This is a real signal that Japanese retail money is moving from bank deposits into stocks and mutual funds.

The five online brokers (SBI, Rakuten, Matsui, GMO, Monex) are estimated to absorb ~70% of these NISA flows. Megabank affiliates capture some senior/HNW NISA.

Chapter 16 · Tsumitate NISA mainstreaming — Japans recurring investment style

Tsumitate NISA, introduced in 2018, was the recurring-track NISA. It set the basic usage pattern for Japan retail: automatic monthly buys of designated mutual funds.

Merged into the new regime in 2024, the recurring track inherited the usage pattern intact. Monthly auto-buys at 10,000 / 30,000 / 100,000 yen.

Flagship recurring funds:

This recurring pattern resembles KakaoPay Securities Ministocks 100-won recurring investing in Korea. The difference: NISAs tax exemption gives Japan retail inflows a far larger scale.

Chapter 17 · Zero commissions — partial in Korea vs SBI Neo Securities in Japan

On commissions, Korea and Japan went in similar-looking but different directions.

Korea:

Japan:

Japan opened the "zero commission era" through SBI and Rakuten in earnest, and the other online four are following. Korea is structurally constrained on zero by mandatory fees, but the retail burden is still low.

Chapter 18 · Algorithmic trading APIs — SBI Trader Pro, Rakuten Market Speed RSS, IBKR

In algorithmic trading and automation, Korea, Japan, and the US differ.

Korea:

Japan:

US / global:

Penetration of API users in retail is estimated to be slightly higher in Korea than Japan, since Kiwoom OpenAPI+ has broader retail uptake than Rakuten Market Speed RSS.

Chapter 19 · Toss Securities recurring buy pseudocode — the limit of retail APIs

Toss Securities does not publish a retail API. It does embed a recurring-buy feature in the app. As pseudocode for the flow:

# Pseudocode: Toss Securities recurring buy setup
# - There is no public retail API; this is a code-form of the in-app GUI flow.

def setup_recurring_buy(symbol, amount_krw, frequency, day_of_month):
    """
    Toss Securities recurring buy (in-app GUI flow as code).

    Parameters
    ----------
    symbol : str
        Ticker symbol (e.g. 'AAPL', '005930.KS')
    amount_krw : int
        KRW amount per purchase
    frequency : str
        'monthly', 'weekly', 'daily'
    day_of_month : int
        Day of month for monthly recurring buys
    """
    # 1. Balance check — debit from Toss Money or Toss Securities cash balance
    # 2. FX handling — auto-convert KRW to USD with spread for US stocks
    # 3. Order execution — market order
    # 4. Push notification — notify the user of the fill

    schedule = {
        'symbol': symbol,
        'amount_krw': amount_krw,
        'frequency': frequency,
        'day_of_month': day_of_month,
        'next_execution': compute_next_execution(frequency, day_of_month),
    }
    # Schedule registered to Toss internal system
    return schedule

The flow is similar at KakaoPay Securities Ministock and Mirae Asset m.Stock recurring. In Korean retail, "auto buy" is a GUI setup the system executes — not an external API call from a third-party algo.

Chapter 20 · SBI Trader Pro pseudocode — the shape of Japans retail API

SBI Securities HYPER SBI 2 and SBI Trader Pro also partly support retail automation. The model is closer to embedded scripting inside the desktop client than an external API.

# Pseudocode: HYPER SBI 2 automated trading setup
# - Actual usage is via HYPER SBI 2 client GUI or some macro features.

def setup_hyper_sbi_auto_trade(symbol, condition, action):
    """
    HYPER SBI 2 auto-trade rule (pseudocode).

    Parameters
    ----------
    symbol : str
        Japan ticker (e.g. '7203' Toyota)
    condition : dict
        e.g. price level reached, moving-average cross
    action : dict
        e.g. market-buy 100 shares
    """
    # Register on SBI's matching engine
    rule = {
        'symbol': symbol,
        'condition_type': condition['type'],  # 'price_above', 'ma_cross_up', ...
        'condition_value': condition['value'],
        'action_type': action['type'],        # 'market_buy', 'limit_sell', ...
        'action_quantity': action['quantity'],
    }
    return rule

Rakuten Market Speed II RSS is closer to an external API. Excel/VBA receives real-time quotes via RSS functions and places orders through VBA macros. Still retail, but closer to true automated trading.

Chapter 21 · Korean foreign-stock trading trend — US stock explosion

Foreign stock trading by Korean retail has grown explosively since 2020. According to KSD (Korea Securities Depository), Koreans' foreign stock custody hit a record ~$140 billion in 2025.

Foreign stock trends:

Strengths by broker:

Chapter 22 · Japans foreign stock trading — US, China, Asia

Japans retail foreign stock trading also grew sharply in the 2020s. The new NISA accelerated this by including foreign stocks and foreign ETFs in the recurring track.

Trends:

Strengths by broker:

Chapter 23 · ETF lineup comparison — Korean KODEX/TIGER/KBSTAR vs Japans eMAXIS Slim/Rakuten/MAXIS

ETF markets too look similar but different across Korea and Japan.

Popular Korean retail ETFs:

Popular Japanese retail mutual funds (ETFs too):

Expense ratios on the Japanese eMAXIS Slim series often beat Korean ETFs. But Korean TIGER/KODEX are exchange-listed ETFs with more trading flexibility than Japanese mutual funds.

Chapter 24 · Korean retail vs Japanese retail — cultural and structural differences

Finally, the cultural and structural differences between Korean and Japanese retail trading.

Korea:

Japan:

One line: Korean retail is "short-term, foreign stocks, fintech app." Japanese retail is "long-term, recurring investing, online-only broker."

Chapter 25 · One-line summary

Chapter 26 · Epilogue — the next five years of East Asian retail

How will Korean and Japanese retail trading look by 2030. Some guesses:

Retail trading keeps trending toward "democratization of investment tools." An era where 100 KRW buys US stocks, NISA accumulates tax-free, and IBKR runs global algorithmic trades. Korea and Japan move fastest along that arc.

References

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