View Poll Results: Which of brokers would you suggest for US stocks at this time

Voters
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  • Futu HK Stocks Securities Service

    2 10.53%
  • SoFi Hong Kong HK Stocks Securities Service

    7 36.84%
  • Other: Please suggest in thread

    10 52.63%
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Poll: Help to decide which online broker to trade/hold US stocks (about $200K HKD)

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  1. #41

    Join Date
    Mar 2010
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    Hong Kong
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    715
    Quote Originally Posted by GentleGeorge:
    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.
    $15 per transaction is surely not bad, given much of their user base are probably Tai Tai's or day traders and those can add up quickly.

    I've also wondered whether all passthrough fees are necessary every time? Any ideas? Obviously us users pay for every transaction - but if a Futu buyer matches a Futu seller, can they just do this internally as a nominee? Or are shareholder details actually disclosed with HKEX/listed companies and therefore every transaction gets officially lodged?

  2. #42

    Join Date
    Mar 2010
    Location
    Hong Kong
    Posts
    715
    Quote Originally Posted by eastside:
    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 don't mind either way, I just wish it were consistent so I can fix the formulae in Excel. I have them locked down for all other platforms I use.

    T+2 and got my statements now. Of three purchases, both split orders ended up as SFC Levy (0.0027%) + Stamp Duty (1%) + $1. The non-split purchase did not include $1.

    I didn't see HKEX trading fee (0.005% + $0.5) nor clearing fees (0.002% min $2) included, which was odd. I presume the random $1 was part of one of those. Surely IB aren't subsidising HKEx or clearing fees...

  3. #43

    Join Date
    Dec 2009
    Posts
    6,704
    Quote Originally Posted by RMDNC:
    I'm up 354% on my FUTU position.
    Ouch.

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  4. #44

    Join Date
    Dec 2002
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    薄扶林
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    47,884
    Quote Originally Posted by tparker:
    I've also wondered whether all passthrough fees are necessary every time? Any ideas? Obviously us users pay for every transaction - but if a Futu buyer matches a Futu seller, can they just do this internally as a nominee? Or are shareholder details actually disclosed with HKEX/listed companies and therefore every transaction gets officially lodged?
    It should be the same as any dark pool transaction - your order goes into a dark pool in many cases at many brokerages, even it is for split seconds. In this case, they're running their own dark pool (or perhaps in cooperation with some HFT types - like Robinhood etc do).

    No clue and little interest on my part do go down a rabbit hole.

    Have not looked at Futu and have no interest in it, but I would think that they should be in full compliance with all exchange regulations.

  5. #45

    Join Date
    Feb 2019
    Posts
    3,240
    Quote Originally Posted by shri:
    It should be the same as any dark pool transaction - your order goes into a dark pool in many cases at many brokerages, even it is for split seconds. In this case, they're running their own dark pool (or perhaps in cooperation with some HFT types - like Robinhood etc do).

    No clue and little interest on my part do go down a rabbit hole.

    Have not looked at Futu and have no interest in it, but I would think that they should be in full compliance with all exchange regulations.
    I occasionally see my orders at IB getting filled by 'IBKRATS'

    Love the acronym, also no interest in rabbit holes, but I suspect they may be doing the same thing?
    tparker likes this.

  6. #46

    Join Date
    Dec 2002
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    Quote Originally Posted by GentleGeorge:
    I occasionally see my orders at IB getting filled by 'IBKRATS'

    Love the acronym, also no interest in rabbit holes, but I suspect they may be doing the same thing?
    Rabbit hole ...

    SFC consultation on dark pools ... or "ALP" - Alternative Liquidity Providers.

    https://www.sfc.hk/-/media/EN/files/...EN.pdf?noembed
    @tparker

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