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    SoFi HK Review: Trade U.S. & HK Stock at $0 Commission and Get Free Stocks Using SoFi Points

    SoFi HK Review: Trade U.S. & HK Stock at $0 Commission and Get Free Stocks Using SoFi Points

    All Posts » Start Investing
    Last updated: Dec 2, 2022•  3 min read

    語言: 廣東話

    Table of ContentsTable of Contents

    SoFi, a FinTech unicorn from the U.S. recently acquired Hong Kong’s homegrown online securities firm, 8 SecuritiesSoFi subsequently launched a new securities trading app called SoFi Hong Kong (“SoFi HK”).

    The new SoFi HK app features the same commission-free U.S. and Hong Kong stock trading as 8 Securities app, with additional features in the pipeline, including margin financing and  fractional share U.S. stock trading.

    HK Market
    US Market
    Robo Advisors
    Webull
    Other Fee
    N/A
    Avg. Trade Cost
    HKD 10
    Welcome Offer: During the promotion period, new customers who apply via Planto, successfully open a Webull account, and complete some simple tasks can enjoy rewards valued up to HK$1,000: - Successfully open an account, deposit HK$10,000, and retain it for 60 days to receive a HK$1,000 supermarket voucher. (Complete Planto reward redemption to receive the offer) Terms and conditions apply.
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    Webull
    Other Fee
    N/A
    Avg. Trade Cost
    HKD 0
    Welcome Offer: During the promotion period, new customers who apply via Planto, successfully open a Webull account, and complete some simple tasks can enjoy rewards valued up to HK$1,000: - Successfully open an account, deposit HK$10,000, and retain it for 60 days to receive a HK$1,000 supermarket voucher. (Complete Planto reward redemption to receive the offer) Terms and conditions apply.
    See more
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    Tiger Brokers
    Other Fee
    0
    Avg. Trade Cost
    HKD 0
    Welcome Offer: Successfully open an account through Planto’s exclusive link then complete certain tasks until 30th June 2024 to enjoy up to HK$2,300 worth of reward: - Exclusive HK$400 supermarket vouchers from Planto after depositing HK$10,000 , plus: 1. Time-limited Commission-Free Rewards* - 0 Commission for HK stock trading (Lifetime) - 0 Platform fee for HK stock trading (until 30th September 2024) - NYSE Arca Level 2 Deep Quote streaming for US stocks (until 30th September 2024) - 0 Commission for US stock option trading (until 30th September 2024) - US Stock Option Lv1 Real-time Quotes (until 30th September 2024) 2. New clients account opening awards, fund more for 45 consecutive days to get more (please refer to T&Cs for detailed quolifications) - Net deposit* HK$10,000 or US$1,500 or above : to activate HK$300 stock voucher (3x HK$100 vouchers) and 3-month free HK Stock Lv1 streaming quote - Net deposit* HK$50,000 or above : to activate HK$600 stock vouchers (6x HK$100 vouchers) - Net deposit* HK$100,000 or above : to activate HK$1,200 stock vouchers (12x HK$100 vouchers) 3. Complete 5 non-forex trades with each trade amounting to or exceeding HK$100 within 60 days after successful account opening (applicable to both Hong Kong and US stocks) : to activate HK$700 stock voucher (7x HK$100 vouchers) * Net deposit = deposit amount - withdrawal amount, excluding the part of asset increase or decrease due to normal transactions. ^Daily cumulative net deposits = (from the account opening date) cumulative deposit amount - (from the account opening date) cumulative withdrawal amount, excluding asset fluctuations caused by normal trading activities
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    LONGBRIDGE
    Other Fee
    N/A
    Avg. Trade Cost
    HKD 15
    Welcome Offer: On or before 30 June 2024, apply via Planto, successfully open an account and deposit HK$10,000 to receive up to HK$2,000 worth of rewards: Planto exclusive HK$200 supermarket coupon Choose from one of the below 2 offers : A. Up to HK$1,500 * Up to 41% APR for deposit (Limited to HK$20,000 maximum for 60 days to enjoy interest approximately HK$1,366) [Usual APR is 5% while new clients can enjoy extra 30%] * Total worth of HK$200 stocks cash coupon (HK$100 x 2) B. Total worth up to HK$1,800 * Total worth of HK$800 stocks cash coupon * Total worth of HK$1,000 cash rebate (upon 15 tradings) Terms and conditions
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    LONGBRIDGE
    Other Fee
    N/A
    Avg. Trade Cost
    HKD 8
    Welcome Offer: On or before 30 June 2024, apply via Planto, successfully open an account and deposit HK$10,000 to receive up to HK$2,000 worth of rewards: Planto exclusive HK$200 supermarket coupon Choose from one of the below 2 offers : A. Up to HK$1,500 * Up to 41% APR for deposit (Limited to HK$20,000 maximum for 60 days to enjoy interest approximately HK$1,366) [Usual APR is 5% while new clients can enjoy extra 30%] * Total worth of HK$200 stocks cash coupon (HK$100 x 2) B. Total worth up to HK$1,800 * Total worth of HK$800 stocks cash coupon * Total worth of HK$1,000 cash rebate (upon 15 tradings) Terms and conditions
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    Futubull
    Other Fee
    N/A
    Avg. Trade Cost
    HKD 15
    Welcome Offer: Enjoy up to HK$2,200 welcome offer Register a new account on or before 30th June 2024 through Planto and receive an exclusive HKD 200 cash coupon (directly deposited into Futu account) 1. Open an account, deposit a total of HK$10,000 or above into the Futu HK account.Maintain 60 days daily average asset* of HK$10,000 or above to receive : Alibaba (NYSE:BABA) - 1 share or HK$400 supermarket e-voucher 2. Open an account, deposit a total of HK$80,000 or above into the Futu HK account. Maintain 60 days daily average asset* of HK$80,000 or above to receive : TSM (NYSE:TSM) – 1 share Additional rewards: Register a new account together with a friend can enjoy lifetime 0 commission for HK stock and additional HK$200 supermarket e-voucher You need to deposit and maintain HK$80,000 in order to stack the first and second award As of the closing price on 15 May 2024, Alibaba (NYSE: BABA) stock price was US$80.99/share As of the closing price on 15 May 2024, TSM (NYSE: TSM) stock price was US$155.58/share Asset calculation method: Sum of the everyday assets/60 days; Including Cash/ Stocks/ Funds/ Options/ Futures Investment involves risks. The fund price may move up or down. Investor should thoroughly study the funds' offering documents and other related documents (including risk disclosure statements).
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    Futubull
    Other Fee
    N/A
    Avg. Trade Cost
    HKD 15.5
    Welcome Offer: Enjoy up to HK$2,200 welcome offer Register a new account on or before 30th June 2024 through Planto and receive an exclusive HKD 200 cash coupon (directly deposited into Futu account) 1. Open an account, deposit a total of HK$10,000 or above into the Futu HK account.Maintain 60 days daily average asset* of HK$10,000 or above to receive : Alibaba (NYSE:BABA) - 1 share or HK$400 supermarket e-voucher 2. Open an account, deposit a total of HK$80,000 or above into the Futu HK account. Maintain 60 days daily average asset* of HK$80,000 or above to receive : TSM (NYSE:TSM) – 1 share Additional rewards: Register a new account together with a friend can enjoy lifetime 0 commission for HK stock and additional HK$200 supermarket e-voucher You need to deposit and maintain HK$80,000 in order to stack the first and second award As of the closing price on 15 May 2024, Alibaba (NYSE: BABA) stock price was US$80.99/share As of the closing price on 15 May 2024, TSM (NYSE: TSM) stock price was US$155.58/share Asset calculation method: Sum of the everyday assets/60 days; Including Cash/ Stocks/ Funds/ Options/ Futures Investment involves risks. The fund price may move up or down. Investor should thoroughly study the funds' offering documents and other related documents (including risk disclosure statements).
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    Saxo Hong Kong
    Other Fee
    N/A
    Avg. Trade Cost
    0.05%
    (min. HKD 18)
    Welcome Offer: Enjoy up to 4.27%* on cash deposits amount US$10,000 or higher *the interest rate figure is for reference, it could change with the market condition
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    Saxo Hong Kong
    Other Fee
    N/A
    Avg. Trade Cost
    From HKD 0.039 / share
    (min. from HKD 23)
    Welcome Offer: Enjoy up to 4.27%* on cash deposits amount US$10,000 or higher *the interest rate figure is for reference, it could change with the market condition
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    uSMART Securities
    Other Fee
    N/A
    Avg. Trade Cost
    HKD 8
    Welcome Offer: April special offer, Open an account with uSmart to earn: • 2024 promotion : US$1.5 transaction fee per trade for US stock, 0 commission and platform fee for HK stock • Real-time streaming quotation for HK stocks (Terms and conditions apply)• Lifetime free U.S. stock commission (only for standard accounts) • HK$20 cash coupons X8 #For HK stocks, you can enjoy 0 commission and platform fee by trading the designated 16 ETF. For US stocks, you can enjoy US$1.5 transaction fee per trade when the value of each trading of main board stocks equals or higher than US$100.
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    Interactive Brokers
    Other Fee
    N/A
    Avg. Trade Cost
    0.05% of Trade Value
    Welcome Offer: Earn up to 4.83% annual interest rate on positive settled cash balance for accounts with total NAV of US$100,000 or higher. *Accounts with NAV of less than US$100,000 receive interest at rates proportional to the size of the account **Interest rate if for reference only, it may change any time according to market condition
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    Interactive Brokers
    Other Fee
    N/A
    Avg. Trade Cost
    US$0.005 / share
    (min. from US$0.35)
    Welcome Offer: Earn up to 4.83% annual interest rate on positive settled cash balance for accounts with total NAV of US$100,000 or higher. *Accounts with NAV of less than US$100,000 receive interest at rates proportional to the size of the account **Interest rate if for reference only, it may change any time according to market condition
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    Syfe
    Account Funding Requirements
    HKD 10,000
    Fees
    0.35%-0.65% AUM
    See more
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    Stashaway
    Account Funding Requirements
    HKD 10,000
    Fees
    0.2%-0.8% AUM
    Welcome Offer: New customers who successfully open a StashAway account via Planto’s link can enjoy 3 months of free management for up to HK$50,000.
    See more
    See more
    Aqumon
    Account Funding Requirements
    HKD 10,000
    Fees
    0.5%-0.8% AUM
    See more
    See more

    Open an SoFi HK account in 5 minutes using online application and e-signature

    1. Fill in basic information such as your name, phone number, address, work, financials, investment preference etc.
    2. Upload proof of address and identity (HKID/Passport)
    3. Provide e-signature through your mobile, deposit HK$10,000 via bank transfer then upload your transfer proof
    4. The account will typically be opened within 2 to 3 working days, you will be able to start investing immediately afterward

    Some consumers have inquired about the validity and necessity of the HK$10,000 deposit during the account opening process – this is actually a requirement by the SFC as a standard practice for opening a securities account online so it is a common practice and there is nothing to worry about!

    SoFi HK is the lowest fee trading platform in Hong Kong.

    SoFi HK app, the newly introduced SoFi points and soon-to-come fractional share trading

    The SoFi HK app’s interface is similar to the 8 Securities’ app, however the color theme has been changed to SoFi’s refreshing sky blue but you can still pick between light and dark modes.

    Within the app, users can choose to trade from 15,000+ U.S. stocks, Hong Kong stocks as well as ETF funds – with $0 commission, $0 platform fees and no other hidden fees. 

    If you are an existing 8 Securities’ app user, you will notice a newly added section within the SoFi HK app called “SoFi Points”, a newly introduced reward system where users can earn points by completing various tasks within the app including open an account , log-in daily, invite friend, open an account through referral etc.

    SoFi Points can be used to redeem free shares. If you are an active app user who keeps a close eye on the stock market, you would be able to earn a few free shares throughout the year – a rewarding experience for loyal or active users which is uncommon in Hong Kong where most securities platforms only give out rewards to new users. Although the users should keep in mind that SoFi points will expire at the end of each year.

    Additionally, SoFi HK was the first player in Hong Kong to announce fractional share trading as part of their future pipeline, this feature will allow investors in Hong Kong to invest in U.S. stock with as little as US$10 (or HK$78). U.S. stocks are typically traded on a per share basis, however even 1 blue chip share could be worth as much as HK$10,000 – for example 1 share of Alphabet (GOOGL), the parent company of Google, is worth more than US$2,100 or approximately HK$16,302 as of 11 March 2021.

    The fractional share trading feature will allow a “fraction” of 1 share to be purchased and sold. In other words, even with just tens of US dollars, you can become a shareholder of one or multiple blue chip companies in the U.S. such as Amazon (AMZN), Tesla (TSLA) and Apple (AAPL).

    However, SoFi HK’s fractional share trading is still subject to regulatory approval, this means SoFi HK’s users will have to wait a little longer before they can enjoy this feature.

    Other useful services

    • US dollar exchange: SoFi users can seamlessly exchange their HKD into USD within the mobile app. One point to note is that the exchange rate displayed on the app is for reference only, the actual exchange rate may differ slightly from the displayed value. Users can also purchase U.S. stock directly without exchanging currencies in advance
    • Leaderboard: SoFi’s anonymous leaderboard allows its users to learn or follow investment strategies of the most successful investors within the platform
    • Academy: Investment academy feature provides multiple videos to answer questions like “What is a stock”, “What is asset allocation”, “What is diversification” and many more 

    In terms of fees, SoFi HK is undoubtedly the best in Hong Kong market, however if you are looking for functionality, some of the popular features like streaming quotes or news and analysis features may still be lacking.

    There are other online brokerages like uSMART and Futu that offers more features so one strategy you could consider is to make use of 2 platforms – one for tracking, analysis and alert features while another is primarily for making trades – this way you could take the most advantage of SoFi HK’s low cost trading without missing out or anything.

    Existing 8 Securities customers are required to update their old mobile app

    If you are one of 8 Securities’ existing customers, you can start using the new SoFi HK app immediately after a quick update which will replace your old 8 Securities app with the new SoFi HK app.

    SoFi HK stated that during this transition period, users may receive notifications or other forms of communications from 8 Securities Limited or “8 SL”, but this will eventually become SoFi Securities (Hong Kong) Limited or “SoFi HK” in the future.

    The parent company, SoFi in the U.S. has more than 5 million users

    Mike Cagney, a Stanford University business school student founded SoFi in 2011. Headquartered in San Francisco, SoFi was selected by Forbes as one of the top 5 fintech companies in the U.S.. The company has a valuation of over US$4.4 billion (approximately HK$34.4 billion), with many renowned investors like Softbank and Qatar Investment Authority as its shareholders. SoFi’s acquisition of 8 Securities was their first step into international market expansion.

    Key fees and charges

    While SoFi HK offers trading at 0 fees and commissions, the users will still need to pay taxes and other fees to the government (this is the same across all brokerages). 

    Hong Kong stock exchange and government feeU.S. stock exchange and government fee
    Stamp duty: 0.1% (fees lower than HK$1 will be rounded up to HK$1)Securities commission fee (sell): 0.00221% (minimum of US$0.01)
    Transaction levy: 0.0027% (round to nearest cent)Transaction levy (sell): US$0.000119 per share (minimum of US$0.01 and maximum of US$5.95)
    HKEX transaction fee: 0.005% (round to nearest cent)
    Clearing and settlement fee: 0.002% (minimum of HK$2 and maximum of HK$200)
    Trading tariff: HK$0.5 per trade


    Other chargesOther charges
    Hosting fee: freeHosting fee: free
    Stock transfer fee: HK$0.2 per lot
    Dividend fee: 0.5% (minimum of HK$28)Dividend fee: free
    Bonus share entitlement: HK$1 per lot (minimum of HK$28) 
    IPO: HK$0
    Deposit / withdraw: Free for HSBC / BOC HK$15 or US$2 for non HSBC / BOC Overseas transfer at cost (min US$35)Deposit / withdraw: Free for HSBC / BOC HK$15 or US$2 for non HSBC / BOC Overseas transfer at cost (min US$35)
    Link to the full pricing list

    Recommended readings:

    Important information:

    Investment involves risks. This information is intended to be educational and is not tailored to the investment needs of any specific investor. This information does not constitute investment advice and should not be used as the basis for any investment decision nor should it be treated as a recommendation for any investment or action. Past performance is no guarantee of future results. The value of investments and the income from them can go down as well as up, so you may not get back what you invest.

    #SoFi Hong Kong
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