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Best US stock broker, non US citizen

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  1. #11

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    Quote Originally Posted by aw451:
    SoFi will provide a better English experience but has only basic market data compared with Futu.
    A question from the wife who has a Sofi account - how does she turn HKD into USD on the platform in order to buy US securities? Thanks!!

  2. #12

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    May 2012
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    Quote Originally Posted by GentleGeorge:
    A question from the wife who has a Sofi account - how does she turn HKD into USD on the platform in order to buy US securities? Thanks!!
    There is a feature in the app (from the profile) to exchange currency... Or she just buy US securities, and they'll do the conversion automatically for you.

    The tricky bit here is, you don't know the exchange rate. Even if, on the currency conversion screen, they display a rate, it's "indicative".
    I asked support, and they told me that - to know the rate for the day - I have to call their office in the morning after 930am and ask.
    GentleGeorge likes this.

  3. #13

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    Quote Originally Posted by alexdown:
    There is a feature in the app (from the profile) to exchange currency... Or she just buy US securities, and they'll do the conversion automatically for you.

    The tricky bit here is, you don't know the exchange rate. Even if, on the currency conversion screen, they display a rate, it's "indicative".
    I asked support, and they told me that - to know the rate for the day - I have to call their office in the morning after 930am and ask.
    What I do is i convert my HKD to USD using my multi-currency HSBC account, so I know the exchange rate. Then transfer the USD to SoFi's USD account.

  4. #14

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    Quote Originally Posted by muzzdang:
    What I do is i convert my HKD to USD using my multi-currency HSBC account, so I know the exchange rate. Then transfer the USD to SoFi's USD account.
    You should consider switching a nominal amount like usd 50-100 at SoFi and see what exchange rate you get before you commit to HSBC. HSBC tends to have a bad rate compared to other banks and even IB etc..

    Worth taking a look if you are converting larger amounts.
    muzzdang likes this.

  5. #15

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    May 2015
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    Are there any low or zero commission brokers for US stocks that allow for pre market and after market trading?


  6. #16

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    May 2015
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    Quote Originally Posted by muzzdang:
    I am using firsttrade.com, which is pretty good and meets your requirements
    Does Firsttrade allow for pre and after market selling? Also do they offer stop loss orders?

  7. #17

    Join Date
    Feb 2012
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    Quote Originally Posted by Cminds:
    Are there any low or zero commission brokers for US stocks that allow for pre market and after market trading?
    I know I used my US Schwab brokerage account to buy a few shares of VTI after market with a limit order. Schwab didn't charge me any fees for submitting my limit orders (only one went through) and also didn't charge me any fees for processing my order.

    In any case it's best to check with a brokerage directly.
    Cminds likes this.

  8. #18

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    Mar 2007
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    Introducing commission-free online equity trades | TD Ameritrade

    Was just informed that starting from 3 August, TD Ameritrade HK offers commission free trading
    shri, Deep77 and Nicolaas20 like this.

  9. #19

    Join Date
    Nov 2017
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    107

    So I found this in the TD Ameritrade Funds on Deposit Disclosure Statement:


    "1. TD Ameritrade Clearing, Inc. is a member of the Securities Investor Protection Corporation, which protects securities customers of its members (including you), excluding futures and options on futures, up to a limit of US$500,000, including a US$250,000 limit on claims for cash (against brokerage insolvency). Please note that this does not protect against loss in market value of the securities. An explanatory brochure is available on request at www.sipc.org; and
    2. TD Ameritrade Clearing, Inc. maintains an additional insurance policy through a group of London underwriters (with Lloyd’s of London Syndicates as lead underwriter) to supplement the SIPC protection, which becomes available to TD Ameritrade’s clients in the event that the SIPC limits are exhausted.TD Ameritrade Clearing, Inc. provides you US$149.5 million worth of protection for securities and US$2 million of protection for cash through supplemental coverage provided by London insurers. In the event of a brokerage insolvency,you may receive amounts due from the trustee in bankruptcy and then SIPC. Supplemental coverage is paid out after the trustee and SIPC payouts and under such coverage each client is limited to a combined return of US$152 million from a trustee,SIPC, and London insurers. The supplemental coverage has an aggregate limit of US$500 million over all customers. This policy provides coverage following brokerage insolvency and does not protect against loss in market value of the securities."


    This sounds pretty good to me. How does SoFi/IBHK compare? From what I can find, their max payout seems to be only HKD 500k as per the Hong Kong Investor Compensation Fund. Also, what does point 2 mean exactly? Are you seriously insured up to USD 150 million? I must be misunderstanding.

    Protection of capital in case of default is one of my main worries with my current broker so I am looking to switch.


  10. #20

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    Quote Originally Posted by Nicolaas20:
    n the event of a brokerage insolvency,you may receive amounts due from the trustee in bankruptcy and then SIPC. Supplemental coverage is paid out after the trustee and SIPC payouts and under such coverage each client is limited to a combined return of US$152 million from a trustee,SIPC, and London insurers. The supplemental coverage has an aggregate limit of US$500 million over all customers
    The way I read this...

    - They have an overall coverage of US$ 500M for all customers
    - Each individual customer is covered upto $149.9M and US$ 2M
    - Customers are paid out AFTER trustee and SIPC payouts

    So - you are at the end of the insurance trail. If all accounts are affected, then you get paid proportionally from a pool that is left over from the $500M after all other payments are being made.

    Nothing overly special in my opinion, but like all insurance, I'm sure there are several dozen fine print items which are not explained to retail investors.

    (I have no clue how these brokers work / what their liabilities are / what the risks are / how much they have lent out to their margin investors etc etc etc.... )

    This bit is probably more important to retail investors:

    Securities Investor Protection Corporation, which protects securities customers of its members (including you), excluding futures and options on futures, up to a limit of US$500,000, including a US$250,000 limit on claims for cash (against brokerage insolvency).