SoFi HK Review: Trade U.S. & HK Stock at $0 Commission and Get Free Stocks Using SoFi Points (2024)

SoFi, a FinTech unicorn from the U.S. recently acquired Hong Kong’s homegrown online securities firm, 8 Securities – SoFi 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

Futubull

Other Fee

N/A

Avg. Trade Cost

HKD 15

Welcome Offer:

Enjoy up to HK$1,900 welcome offerRegister a new account through Planto and receive an exclusive HKD 200 cash coupon (directly deposited into Futu account)Open an account, deposit HK$10,000, and complete specific requirements can get 1 out of 2 rewards:First level gift (1 out of 2):- 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.1) Alibaba (NYSE:BABA) - 1 share or 2) HK$400 e-supermarket gift certificateSecond level gift:：- Deposit a total of HK$80,000 or above into the Futu HK account by 15:00 31st January 2024. Maintain 60 days daily average asset* of HK$80,000 or above.Google (NASDAQ: GOOGL) – 1 shareThe first reward and the second reward can be stacked. As of the closing price on December 19, 2023, Alibaba (NYSE:BABA) stock price was US$74.390/share. As of the closing price on December 18, 2023, Google (NASDAQ: GOOGL) stock price was US$137.19/share.Asset calculation method: Sum of the everyday assets/60 days; Including Cash/ Stocks/ Funds/ Options/ FuturesInvestment 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).

Terms and conditions apply

Pros & Cons

Basic Info

Transaction Fees:For HK stocks, there are no commissions - just HKD 15 / trade as a platform fee.For a HKD 10,000 trade, that's: HKD 15 per transaction (excl. mandatory costs by the HK Exchange, etc.).Tiered pricing also available for people with larger number of trades (min. HKD 1 / trade)
Futu will provide users with free LV1 real-time streaming quotation services (including Hong Kong stocks, options, and futures)
Products Available:HK, US and China stocks and ETFs. Selected funds available via Futu MoneyPlus.
Margin Trading:Annual interest rate as low as 3.98% (for advanced investors)
License:Registered member of the HKEX and licensed by the SFC (Type 1, 2, 4, 5, 7, 9)

Futubull

Other Fee

N/A

Avg. Trade Cost

HKD 15.5

Welcome Offer: Enjoy up to HK$1,900 welcome offerRegister a new account through Planto and receive an exclusive HKD 200 cash coupon (directly deposited into Futu account)Open an account, deposit HK$10,000, and complete specific requirements can get 1 out of 2 rewards:First level gift (1 out of 2):- 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.1) Alibaba (NYSE:BABA) - 1 share or 2) HK$400 e-supermarket gift certificateSecond level gift:：- Deposit a total of HK$80,000 or above into the Futu HK account by 15:00 31st January 2024. Maintain 60 days daily average asset* of HK$80,000 or above.Google (NASDAQ: GOOGL) – 1 shareThe first reward and the second reward can be stacked. As of the closing price on December 19, 2023, Alibaba (NYSE:BABA) stock price was US$74.390/share. As of the closing price on December 18, 2023, Google (NASDAQ: GOOGL) stock price was US$137.19/share.Asset calculation method: Sum of the everyday assets/60 days; Including Cash/ Stocks/ Funds/ Options/ FuturesInvestment 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).

Terms and conditions apply

Pros & Cons

Basic Info

Transaction Fees:For US stocks, commissions of US$0.0049 per share (min. US$0.99), and platform fees of US$0.005 per share (min. US$1).For a US$1,000 trade with 5 shares, that's about: US$2 (excl. mandatory costs by the SEC, etc.).Tiered pricing also available for people with larger number of trades
Products Available:HK, US and China stocks and ETFs. Selected funds available via Futu MoneyPlus.
Margin Trading:Annual interest rate as low as 3.98% (for advanced investors)
License:Registered member of the HKEX and licensed by the SFC (Type 1, 2, 4, 5, 7, 9)

LONGBRIDGE

Other Fee

N/A

Avg. Trade Cost

HKD 15

Welcome Offer: On or before 31 January 2024, apply via Planto, successfully open an account and deposit HK$10,000 to receive up to HK$1,900 worth of rewards:- Planto exclusive HK$200 supermarket coupon- Choose from one of the below 4 offers:1) HK$400 cash coupons (retain assets for 60 days)2) Total worth of HK$800 stocks cash coupon3) Total worth of HK$1,400 6-month LV2 Hong Kong stocks quotes (retain assets for 4 months)4) Total worth of HK$1,700 US stocks options offer pack (US$160 option cash coupon + 4-month LV1 US stock quotes)- HK Lv1 live stocks quote upon successful registration- Life-time free commission on US and Hong Kong stocks upon successful registration- Selected money market funds of up to 5.66% 7-day annualised rate of return upon successful registration- 0 handling fee for Hong Kong IPOTerms and conditions

Pros & Cons

Basic Info

Transaction Fee:For HK stocks, commissions of 0.03% per trade (min HK$3), and platform fees of HK$15 per trade (0 commission during promotion period)For a HKD 10,000 trade, that's: HKD 15 per transaction (excl. mandatory costs by the HK Exchange, etc.).
Product available:HK and US stocks and ETFs
Margin trading:Annual interest rate of 6.5%
License:Licensed by the SFC (Type 1, 4, 9)

LONGBRIDGE

Other Fee

N/A

Avg. Trade Cost

HKD 8

Pros & Cons

Basic Info

Transaction Fee:For US stocks, commissions of US$0.0049 per share (min. US$0.99), and platform fees of US$0.005 per share (min. US$1) - 0 commission during promotion period.For a US$1,000 trade with 5 shares, that's about: US$2 (excl. mandatory costs by the SEC, etc.).
Product available:HK and US stocks and ETFs
Margin trading:Annual interest rate of 4.8%
License:Licensed by the SFC (Type 1, 4, 9)

Tiger Brokers

Other Fee

Avg. Trade Cost

HKD 0

Welcome Offer: Successfully open an account through Planto’s exclusive link then complete certain tasks from November 15th to December 31st 2023 to enjoy up to HK$1,400 worth of reward:- Exclusive HK$400 supermarket vouchers from Planto after depositing HK$10,000 , plus:1. Commission-Free Rewards- Permanent 0 commission for Hong Kong stock trading~- 0 platform fee for Hong Kong stock trading (until December 31, 2023)- 0 commission for US stock trading (until December 31, 2023)- 0 commission for US stock options trading (until December 31, 2023)- NYSE Arca Level 2 Deep Quote streaming for US stocks (until December 31, 2023)2. Deposit HK$10,000 and maintain the balance for 45 days to activate choose 1 out of 8 rewards^ worth HK$300 3. Complete 5 buy trades (not limited to Hong Kong or US stocks) within 60 days from the date of successful account opening to activate choose 1 out of 8 rewards^ worth HK$500 4.Complete a first trade option trade to receive HK$200 stock voucher^ 1 out of 8 rewards contain：① AAPL ② MSFT ③ GOOG ④AMZN⑤TSLA ⑥ BRK.B s ⑦ JPM⑧QQQ fractional shares*Offers are subject to terms and conditions

Maintain deposit for 30 days to choose 1 out of 9 rewards:①HKD 800 AAPL fractional shares ②HKD 800 MSFT fractional shares ③HKD 800 GOOG fractional shares ④HKD 800 AMZN fractional shares⑤HKD 800 TSLA fractional shares ⑥HKD 800 BRK.B fractional shares ⑦HKD 800 JPM fractional shares ⑧HKD 800 QQQ fractional shares ⑨Free two-month Hong Kong stock L2 market data lite cardComplete your first option trades to receive: HK$200 stock voucher

*Offers are subject to terms and conditions

Pros & Cons

Basic Info

$0 trading for both Hong Kong and US stock by applying during the promotion period
Invest Hong Kong stock, US stock, US fractional shares, ETF, stock options. The platform also supports margin trading with APR as low as 2.88%
License: Registered member of the HKEX and licensed by the SFC (Type 1, 2, 4, 5)
* Terms and conditions apply

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.

Pros & Cons

Basic Info

Transaction Fees:No commissions - just a HKD 10 platform fee per trade.For a HKD 10,000 trade, that’s: HKD 10 per transaction
Products Available:Hong Kong and US stocks, A shares, ETFs, warrants, IPOs and odd lot shares
Real-time market information:Free real-time quotes for Hong Kong stocks (BMP quotes) and quotes from major global exchanges
Margin Trading:Unavailable
License:Licensed with the Securities and Futures Commission of Hong Kong (CE No. BNG700) for carrying out type 1 regulated activity (“dealing in securities”).

Webull

Other Fee

N/A

Avg. Trade Cost

HKD 0

Pros & Cons

Basic Info

Transaction Fees:No commissions - just a HKD 10 platform fee per trade.For a HKD 10,000 trade, that’s: HKD 10 per transaction
Products Available:Hong Kong and US stocks, A shares, ETFs, warrants, IPOs and odd lot shares
Real-time market information:Free real-time quotes for Hong Kong stocks (BMP quotes) and quotes from major global exchanges
Margin Trading:Unavailable
License:Licensed with the Securities and Futures Commission of Hong Kong (CE No. BNG700) for carrying out type 1 regulated activity (“dealing in securities”).

uSMART Securities

Other Fee

N/A

Avg. Trade Cost

HKD 8

Welcome Offer: January special offer, Open an account with uSmart to earn:• Lifetime free U.S. stock commission (only for standard accounts) • 30 days NASDAQ streaming quotes• HK$20 cash coupons X8 • Eligibility to receiving a US$600 cash coupon upon meeting specific conditions

* Terms and conditions

Pros & Cons

Basic Info

Transaction Fees:0% commission rate per US stock transaction for Standard Account users only, with a fixed US$0.005 platform fee per share
Investment product available::HK, US and China stocks, ETFs and warrants. Selected funds available via Smart Fund platform.
Investment service available::Discretionary Investment Management Account, Professional Investment Advisory
Margin Trading:2.98% margin rate
License:Licensed by the SFC (Type 1, 4, 9)

uSMART Securities

Other Fee

N/A

Avg. Trade Cost

0.03%（min. HKD 12）

* Terms and conditions

Pros & Cons

Basic Info

Transaction Fees:2 transaction models are available:1. HK$0 platform fees with commission as low as 0.03%2. HK$0 commissions within 30 days with HK$8 per trade as platform fee
Investment Products Available:HK, US and China stocks, ETFs, US stock options and warrants. Selected funds available via Smart Fund platform.
Investment service available::Discretionary Investment Management Account, Professional Investment Advisory
Margin Trading:3.98% margin rate (The HK Stock margin rate is 3.98%, which is calculated as P+0.98%, P refers to the best lending rate)
License:Licensed by the SFC (Type 1, 4, 9)

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

Pros & Cons

Basic Info

Transaction Fees:For HK stocks, there is a 0.05% commission, with a minimum fee per trade of HKD$ 18. However there is no other trade or platform fee involved.For a HKD$ 10,000 trade, that’s HKD$ 18 per transaction as HKD$ 18 minimum is higher than HKD$ 10,000 * 0.05% (excl. mandatory costs by the HK Exchange, etc.)
Custodian Fee:No custodian fee will be applied to Hong Kong client owning Hong Kong stocks
Products Available:40,000+ investment instruments including stocks, ETFs, bonds, mutual funds etc. across 37 global exchanges such as Hong Kong, U.S., U.K., Japan, Singapore and many more
Margin Trading:From Hibor+1.62%
License:Licensed by the SFC (Type 1, 2, 3)

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

Pros & Cons

Basic Info

Transaction Fees:For US stocks, there is a USD$ 0.005 - 0.008/share fee, with a minimum fee per trade of USD$3 (depending on your Saxo account tier). However there is no other trade or platform fee involved.Charge is based on the number of US stocks you buy, regardless of how much they were bought for. (excl. mandatory costs by US stock exchanges, etc.)
Custodian Fees:There is no custodian fee
Products Available:40,000+ investment instruments including stocks, ETFs, bonds, mutual funds etc. across 37 global exchanges such as Hong Kong, U.S., U.K., Japan, Singapore and many more
Margin Trading:From Libor +1.5%
License:Licensed by the SFC (Type 1, 2, 3)

Syfe

Account Funding Requirements

HKD 10,000

Fees

0.35%-0.65% AUM

Pros & Cons

Basic Info

Minimum investment amount:No minimum investment requirement
Fees:0.35% to 0.65% of total assets (annual)
Portfolio creation:U.S., China stocks and ETFs, including direct indexed and thematic portfolios
Account opening:100% online account opening through Syfe mobile app

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.

Pros & Cons

Basic Info

Minimum investment amount:No min investment amount
Fees:0.2-0.8% of the total assets (Annual)
Portfolio creation:12 types of portfolios, covering 33 US ETFs, 14,000 securities assets and 20 different markets
Account opening:100% online

Aqumon

Account Funding Requirements

HKD 10,000

Fees

0.5%-0.8% AUM

Pros & Cons

Basic Info

Minimum investment amount:USD 10 for Safe Haven Portfolio
Fees:0 commission, 0 platform fee. Advisory fee based on AUM
Portfolio creation:HK and US ETFs
Account opening:100% online

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

Fill in basic information such as your name, phone number, address, work, financials, investment preference etc.
Upload proof of address and identity (HKID/Passport)
Provide e-signature through your mobile, deposit HK$10,000 via bank transfer then upload your transfer proof
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 Review: Trade U.S. & HK Stock at $0 Commission and Get Free Stocks Using SoFi Points (15)

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 fee	U.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 charges	Other charges
Hosting fee: free	Hosting 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)

SoFi HK Review: Trade U.S. & HK Stock at $0 Commission and Get Free Stocks Using SoFi Points (2024)

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

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

Other useful services

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

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

Key fees and charges

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References