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SoFi HK - was 8 securities

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  1. #11

    Join Date
    Mar 2010
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    6,745

    Recently I wanted to sell a stock at 40.50 and order did not go through despite the fact that the stock traded at 40.7x that day.
    Brokerage’s reply was that it was 40.4x on NYSE where most of the trade happens.
    Fortunately, it went up a dollar next day and I locked in more profit.
    Still very ominous and I need to analyze what happened.
    Especially, since I have earmarked some funds for active trading this year.


  2. #12

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    Mar 2010
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    6,745

    correctement

    Perhaps there is not much arbitrage trading going on anymore?
    It was a 22k USD deal.

    Last edited by Morrison; 07-05-2020 at 11:53 AM.
    jrkob likes this.

  3. #13

    Join Date
    May 2020
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    1

    brokerage may have a spread on the bid/ask price when they executed in the background, maybe it's the case for you. And in fact seem different exchanges can have different price too, routing may affect the execution price also...


  4. #14

    Join Date
    Oct 2006
    Location
    Hong Kong
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    15,557

    Is anyone a member of 8 Securities / SoFi? If so, have you used it to convert currency from HKD to USD (or the other way round)?


  5. #15

    Join Date
    Sep 2018
    Location
    香港特别行政区
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    2,841
    Quote Originally Posted by pin:
    Is anyone a member of 8 Securities / SoFi? If so, have you used it to convert currency from HKD to USD (or the other way round)?
    Yes and yes. It works as long as you have set up a separate HKD and USD account in the app. The process takes a few days because IIRC it's manual.

    They only really accept local accounts so no Revolut or TransferWise if you are that way inclined.

  6. #16

    Join Date
    Oct 2006
    Location
    Hong Kong
    Posts
    15,557
    Quote Originally Posted by aw451:
    Yes and yes. It works as long as you have set up a separate HKD and USD account in the app. The process takes a few days because IIRC it's manual.

    They only really accept local accounts so no Revolut or TransferWise if you are that way inclined.
    Thanks, what has the rate been for the conversion? Has it been at spot, or do they take some sort of commission?

  7. #17

    Join Date
    May 2011
    Location
    Tin Shui Wai
    Posts
    337

    I have just opened an account and put US$5000 into it for US stock trading because it offers completely free brokerage. I don't use banks for stock trading because its minimum commission is too expensive considering that I generally buy 1 stock at a time which the transaction amount may be less than US$100.

    I don't use it for HK stock trading because the charge for dividend is too expensive (minimum HK$28).


  8. #18

    Join Date
    May 2015
    Posts
    622

    I've been using SoFi for around a month now. No problems yet, smooth transfer in (haven't withdrew yet) and the app is ok. Could be better with more information within the app but nevertheless it's pretty decent.

    Set up took 10 mins then a phone call the next day to confirm my info and by the second day I was trading. If you open an account, minimum is $10,000hkd. Also if you are a HKPR, write your citizenship as HK. I wrote mine as Canadian but they told me because I'm a PR with no visa, to change it to HK.

    Can PM me if you would like a referral code.

    mucaari likes this.

  9. #19

    Join Date
    Jul 2020
    Posts
    2

    Exactly! If you trade on HSBC it costs US$16/trade which is outrages.

    i quite like the idea of spreading things out at zero cost. Been buying Microsoft and MasterCard since last month, a couple of shares at a time. Spreads it out and limits sudden losses. Anyone else think the market will tank in a few weeks?

    their service is great too, they’ll get back to you quickly if you have questions and i like the rewards program they set up. I am a bit worried about the zero fees, zero costs though. I think sofi is still a start up in the US and they seem to be spending big (2 stadiums, expansion in hk, etc) i don’t mind paying a monthly custodian fee. Puts my mind at ease a bit.

    really looking forward to fractional shares though (cuz OMG amazon hit $3000 last night) and i was sort of hoping we would get access to Bitcoin too just like sofi members in the US.

    London exchange access would be great too!

    sofi, if you’re listening ...


  10. #20

    Join Date
    Sep 2018
    Location
    香港特别行政区
    Posts
    2,841
    Quote Originally Posted by D.Scott:
    Exactly! If you trade on HSBC it costs US$16/trade which is outrages.

    i quite like the idea of spreading things out at zero cost. Been buying Microsoft and MasterCard since last month, a couple of shares at a time. Spreads it out and limits sudden losses. Anyone else think the market will tank in a few weeks?

    their service is great too, they’ll get back to you quickly if you have questions and i like the rewards program they set up. I am a bit worried about the zero fees, zero costs though. I think sofi is still a start up in the US and they seem to be spending big (2 stadiums, expansion in hk, etc) i don’t mind paying a monthly custodian fee. Puts my mind at ease a bit.

    really looking forward to fractional shares though (cuz OMG amazon hit $3000 last night) and i was sort of hoping we would get access to Bitcoin too just like sofi members in the US.

    London exchange access would be great too!

    sofi, if you’re listening ...
    There was a historical controversy where 8 Securities was free then started charging HK$88/mo for an AUM over HK$15k but I'm slightly more confident that they will maintain their zero fee structure now since they have been bought out by a big player and their competition are all dropping fees. There's obviously some risks since your trades are currently funded by VC money, presumably, so hopefully they can find a sustainable business model.

    Don't think the overall US market is going to tank, but individual stocks may suffer.

    Regarding crypto, I'm not so sure. Finance in HK is heavily regulated and I feel that an SFC licensed company could experience a world of pain if they were seen to be dealing in unregulated financial products. There are a lot of crypto companies in HK but they all use a shady foreign company structure and a lot of them don't actually provide their services in HK.