SoFi Hong Kong Review: Low Fees and Fractional Trading for US Stocks

In 2020, U.S. fintech unicorn SoFi acquired Hong Kong’s online securities firm 8 Securities and launched a new trading app called “SoFi Hong Kong” (SoFi HK). The app features margin financing, fractional share U.S. stock trading, and Auto Invest services, attracting many young Hong Kong investors specializing in U.S. stocks. Users can also earn SoFi Points to redeem specific U.S. stocks for free.

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Users can enjoy institutional-grade fund rates and 100% sales commission cashback, saving up to 70% on fund investment costs.

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** is the lowest fee trading platform in Hong Kong.

SoFi Points

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.

The SoFi HK app has a section called “SoFi Points”, a 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.

Fractional Share Trading: Invest as Little as US$10

U.S. stocks are traded per share, and leading tech stocks like Tesla, Google, and Amazon have high entry costs before stock splits, which can deter small investors with limited capital.

In early 2021, SoFi introduced fractional share trading for U.S. stocks, with a minimum investment amount starting at US$10 (approximately HK$78) and a maximum of HK$1,000 (approximately HK$7,800). Investors can choose from 40 top U.S. companies, including Apple (AAPL), Alphabet (GOOGL), Amazon (AMZN), and Tesla (TSLA), without having to pay commissions, platform fees, or custody fees.

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.

Its 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.

SoFi Hong Kong Pricing Table

Discover the Best Investment Account Fees and offers

HK Market

US Market

Robo Advisors

Futubull

Other Fee

N/A

Avg. Trade Cost

HKD 15

Welcome Offer: Welcome Offer: Enjoy up to HK$1,800 welcome offer Register a new account on or before 30th November 2024 by using Planto exclusive promo code “PLANTO” can enjoy the below rewards: 1) Planto exclusive offer : Enter promo code “PLANTO” BEFORE account opening can enjoy HK$200 cash coupon 2) Lifetime commission-free for HK stocks and US stock LV2 real-time streaming quotation services 3) Open an account, 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 to receive : Nvidia (NYSE:NVDA) - 0.5 share or HK$600-equivalent BTC or HK$400 supermarket e-voucher 4) Open an account, deposit a total of HK$80,000 or above into the Futu HK account. Maintain 60 days daily average asset* of HK$80,000 or above to receive : Nvidia (NYSE:NVDA) – 1 share or HK$1,000 equivalent BTC Redemption procedures : Download Futu app; Register an account and go to Activity Centre; Enter “PLANTO” in redemption centre before account opening. Detailed procedures can refer to review article All rewards can be stacked. As of the closing price on 14 Oct 2024, Nvidia (NYSE: NVDA) stock price was US$138.07/share Asset calculation method: Sum of the everyday assets/60 days; Including Cash/ Stocks/ Funds/ Options/ Futures Investment 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: Commission-free for HK stocks and Cryptocurrency. HKD 15 / trade as a platform fee only. 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, ETFs and Crypto Currency. Selected funds available via Futu MoneyPlus.
Crypto Currency Trading : : support direct trade with HKD and USD without USDT exchange before trading
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)

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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 12th October 2024 to enjoy up to HK$2,700 worth of reward: - Exclusive HK$400 supermarket vouchers from Planto after depositing HK$10,000 , plus: 1. Time-limited Commission-Free Rewards - Permanent 0 commission on Hong Kong stock trades - 0 platform fee for Hong Kong stock trades (until December 31, 2024) - 0 Commission on US Stock Options Trading (until December 31, 2024) - 0 Commission on Crypto Trading (until December 31, 2024) - 0 Platform Fees on Crypto Trading until December 31, 2024) - NYSE Arca Level 2 Deep Quote streaming for US stocks (valid until December 31, 2024) - US stock options Level 1 real-time quotes (until December 31, 2024) - 365-day A-share commission-free coupon (available if you open an account before December 31, 2024) 2. New clients account opening awards, fund more for 60 consecutive days to get more (please refer to T&Cs for detailed qualifications) - Net deposit* HK$10,000 or US$1,500 or above : to activate HK$300 stock voucher (3x HK$100 vouchers) - Net deposit* HK$100,000 or above : to activate HK$600 stock vouchers (6x HK$100 vouchers) 3. New Client Trading Rewards - Complete 5 U.S. stock purchases (excluding fractional shares) within 60 days of account opening : Activate total worth HK$300 Trading Cash Vouchers (3 x HK$100 vouchers) - Complete 10 U.S. stock purchases (excluding fractional shares) within 60 days of account opening : Activate total accumulated worth HK$600 Trading Cash Vouchers (6x HK$100 vouchers) - Complete 20 U.S. stock purchases (excluding fractional shares) within 60 days of account opening : Activate total accumulated worth HK$1,200 Trading Cash Vouchers(12x HK$100 vouchers) 4. Crypto Trading Rewards Complete 5 cryptocurrency purchases within 60 days of account opening : Activate total worth HK$500 Crypto trading vouchers (5x HK$100 vouchers) * Offers are subject to terms and conditions

Welcome Offer: On or before 30 November 2024, apply via Planto by using promo code「614701」, successfully open an account and deposit at least HK$10,000 to receive : 1) Planto exclusive HK$200 supermarket coupon 2) Extra HK$100 cash rebate 3) Life-time commission free for HK and US stock 4) APR 6% offer for deposit 5) Deposit or transfer stock of HK$10,000 for 60 days with 4 tradings : NVDA.US - 1 share 6) Deposit or transfer stock for HK$60,000 for 60 days with 4 tradings : AAPL.US - 1 share 7) Deposit or transfer stock of HK$200,000 for 60 days with 45 tradings : HK$3,000 Apple Gift Card 8) Deposit or transfer stock of HK$500,000 for 90 days with 90 tradings : an iPad Air 9) Deposit or transfer stock of HK$1,000,000 for 90 days with 90 tradings : iPhone 16 Pro Max Terms and conditions apply

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)

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Interactive Brokers

Other Fee

Avg. Trade Cost

Welcome Offer: Earn up to 4.83% annual interest rate on positive settled cash balance for accounts with total NAV of US$100,000 or higher. (Accounts with NAV of less than US$100,000 receive interest at rates proportional to the size of the account. Interest rate if for reference only, it may change any time according to market condition)

Pros & Cons

Basic Info

- Transaction Fees: For US stocks, commission fee of US$0.005 / share to US$0.0005 / share - Product available: Stocks, options, futures, currencies, bonds from 150 exchanges in 34 regions including the U.S., Canada, Mexico, Israel, Germany, Netherlands, Japan, Hong Kong, Taiwan, Singapore and India - Margin Trading: as Low as 5.3% - Hong Kong SFC license: SFC license Type 1,2,3

Important information:

Investment involves risks. This information is intended to be educational and is not tailored to the investment needs of any specific investor. This information does not constitute investment advice and should not be used as the basis for any investment decision nor should it be treated as a recommendation for any investment or action. Past performance is no guarantee of future results. The value of investments and the income from them can go down as well as up, so you may not get back what you invest.