Futu HK Stocks Securities Service
SoFi Hong Kong HK Stocks Securities Service
Other: Please suggest in thread
I wrote an unfortunately long-winded comparison of Futu in another post (vs. WeBull & uSMART) and currently still use all three. Aside from the information & interface overload of Futu, it's absolutely fine if you ignore the un-necessary clutter (you can tell it's a Chinese app). USD/HKD conversion rate slightly better than uSMART, and many funds at 0% subscription fee right now, making them a bargain.
I use uSMART for IPO's (zero fees vs. the $50 you pay Futu even if you don't get allotted) and prefer their analysis, and I now realise that for certain stocks (e.g. dividend paying shares with very small lot sizes) it could even be beneficial to stick with HSBC, who don't additionally deduct a fee per lot. But I guess that's not relevant for your intended US holdings.
(Interestingly Futu also tell you your transaction "opponent", which is probably TMI but I found to be a curious addition)
I'm up 354% on my FUTU position.
Question abt Interactive Broker HK. Several people told me abt IB paying interest on excess cash in the account. I checked their website recently, it seems 0% interest is paid even if you have USD1mn in excess cash. Just wondering if anyone know.
I've finally opened an IBKR account, given they allow company accounts and this was an easier (and cheaper) solution than HSBC's bureaucratic BS to enable investments. I have to say though, so far it doesn't appear particularly user friendly. App / Browser platforms seem a little buggy... occasional connection errors and for example an order completed on the App doesn't appear on the browser summary. Is it just me? Or do IBKR users use the API and their own tools?
I also can't figure out the commissions...I don't see a detailed breakdown anywhere, only "Comm". So if I buy 400 shares @ 72.05 and it's split over 2 sales (300+100)... how does that come to $27.64 + 26.19 respectively?
Even based on the Tiered / Fixed fee tables on IBKR website (0.08% min. $18) and the various mandatory fees.... I can't in the life of my come to those numbers. I'm trying to preset the formulae into an Excel sheet I keep.
@tparker, for most HKEX stock transactions, there is a stamp duty of 0.1%. plus IBKR's commision of 0.08%, its abt in line with what you paid.
Thanks. Doesn't quite add up though. I've factored in the 0.0027% (SFC), 0.1% (Stamp Duty), 0.005% (HKEX)+$0.5 levy, 0.002% (clearing) - but can't get $53.83 however I go about it.
I'll just be patient and wait a day or two: I presume I get a proper statement at some point.
look like you paid a bit less than 0.2%? consisting of 0.1% stamp duty and 0.08% broker commision and the rest?
I looked at installing and using Futu perhaps 18 months ago, after their IPO
I was a little bit perturbed that on their list of 'hot picks', their own stock was right at the top. Words 'Chinese' and 'scam' were in my mind at that point. I ran some rough numbers and decided that even their current valuation was far too high given the money they could be realistically making given their fees, even at extravagant growth rates. So I decided to give the app, and the stock, a miss.
Well it went up 10x since then, I am kicking myself!