Are you guys sure it's really commission-free?

I spotted some marketing tricks.

Commission is low and attractive, looks good for promotion on index page of website, but look closely at the "platform fee" part.

https://support.futusg.com/en-us/category11029

So commission-free means you will still be deducted platform fee from your cash/margin account.

This makes me laugh lol:



They should say:

Yes extra commission is still commission. The true cost is the commission + "platform fee". (You are right about the US citizen part.)

And even if you don't buy or sell within the same month, any purchase and selling after one-month since last trade will still incur that fee.



So you buy one stock of APPL, not selling it within one month, incur first charge of platform fee. One month later if you sell it, it's another month, so any buy/sell activity more than one month after the last order will result in platform fee being charged. (The fee is charged for cumulative orders per month.)

That's what I understand. Maybe I am wrong. Feel free to correct me.

EDIT: here's the chinese version, for better understanding. https://support.futusg.com/zh-cn/topic76?lang=zh-cn



So the platform fee is charged once, if the order is fulfilled in multiple blocks.
And the platform fee is based on cumulative orders per month.

This post has been edited by TOS: Apr 22 2021, 03:58 PM

Just to say that I may be wrong. Their wordings are kind of confusing. Let's listen to sifu first.

Interactive Broker also not regulated by SC. TD Ameritrade, Robinhood etc. all the same. But they are regulated by MAS, SFC (Hong Kong Securities and Futures Commission) and/or SEC (US).

So we usually refer to foreign regulators rather than local regulators for these products. Some, in fact many of them, are listed in various exchanges. So they have ARs, financial reports and even shareholders to answer to. That also means prospective retail investors can read them to safeguard their own interest.

It is important to realize that foreign brokers are NOT Ponzi schemes or other kinds of money games. You are recommended to read the documents from their websites.

Can also look up on MAS, SEC/SFC to verify their identity:

https://eservices.mas.gov.sg/fid/institutio...NGAPORE-PTE-LTD

https://brokercheck.finra.org/firm/summary/36418 (For US case, you will come across FINRA quite often. https://www.investopedia.com/ask/answers/ho...ra-differ-sec/)

This post has been edited by TOS: Apr 22 2021, 06:36 PM

Haha. Nowhere is stated that the platform fee won't be charged within this 90 day period Caveat emptor guys.

https://support.futusg.com/en-us/topic128?lang=en-us

What makes you think that incident was political? You got "insider news"?

Well, if they block the trading account website like what happened to Tiger, then you cannot access it via the normal route. You need to modify your Internet settings, use VPN etc. IT-savvies here will find a way out.

For overseas brokerage since they don't base in Malaysia, you need to have a foreign bank account to deposit/withdraw money. Most people choose SG due to its proximity. And people go for CIMB SG/Maybank SG (try not to use Maybank SG...). You can have a look at the "Opening a Bank Account in Singapore" thread: https://forum.lowyat.net/topic/1440794/+3320

This post has been edited by TOS: Apr 22 2021, 07:10 PM

Read carefully, it's after the first 10 k APPL shares are redeemed, i.e. after 10k customers signed up for Moomoo. After that then only the 3 new conditions kick in and become necessary.

https://ir.futuholdings.com/static-files/58...0c-5ae3aa1d9856



They are not happy with you guys not trading.

Just cash out? Do you plan to continue using it in the future?

Based on here:

You can get the free stock after depositing the fund. It doesn't say what will happen if you cash out immediately though. I guess you better cash out after you got the share. Members here comment that the service is fast, so you should be able to get your "free" stock and cash out your initial deposits quickly.

Makes me wonder why you open the account in first place, if not for the "free" stock. Mind sharing?

Wow you are very different from those who long for the "free" stock.

Just a reminder: if you plan to keep the account inactive rather than closing it make sure it has good password/security protection. It's tempting for one to forget about the "inactive" accounts, let alone its protection. If someone misuses your account you will be in trouble.

What about transfer out stock from Moomoo? I don't see anything about transfer out positions from Moomoo. Only a bunch of articles on transfer in positions.

https://support.futusg.com/en-us

Can anyone share if the transfer out feature is available?

My long-awaited question is now answered.

Still 500 SGD minimum for me.

The FAQ page also states the same: https://www.maybank2u.com.sg/en/bank-charge...gs-account.page?

Futu 2Q results: https://ir.futuholdings.com/static-files/a3...3c-cab17af633ab

Not for Futu SG, but your HK friends can stand a chance to win Audis and iPhones.

https://www.mpfinance.com/fin/instantf2.php...&issue=20210902

https://www.mpfinance.com/fin/instantf2.php...&issue=20210914

New player coming to HK online brokerage market. MICT-backed Magpie coming to HK tomorrow, with permanent zero-commission trades, free stocks, free real-time snapshot. They will have their own app, targeting to grab at least 10,000 customers within one year.

During promotional period, new customer need to deposit 10k HKD, complete at least one trade to get 1 "free" Twitter stork worth 470 HKD. First 5000 customers to get an extra Burberry stock worth 200 HKD.

Also, those who complete specified "continuous" awards in global market, including maintaining at least 10k HKD for 60 days in account and trade for an extra 1 time will get an eBAY stock worth 550 HKD, invite 3 friends to open account and you get 2 Aston Martin stock worth 400 HKD, up to a maximum of 6 shares.

https://www.magpiesecurities.com/

This post has been edited by TOS: Sep 14 2021, 10:08 PM

https://www.mpfinance.com/fin/instantf2.php...&issue=20210930



Translate (My own translation, consult a linguistic expert for a professional translation):

The most difficult thing to endure isn't just retail brokerage firms undercutting each other's margin, but the online retail brokers backed by "northern tech/Internet giant", who in the past 5, 6 years use unlimited cash and resources to expand their business, take minimal fees, zero commissions and custodian fees, with widespread advertising and promotion, not counting the cost (of doing these) to grab market share. When they kill their competitors, become the market leader (grab huge market share), then only start to find ways to make money (profit) out of this group of customers. To this day, this sort of "I want everything" business strategy has proven its success. To be fair as this is business, such Chinese-style "First make it big, then make it strong" model isn't wrong, after all its is "the thin will has its meat eaten by the strong", a rule of capitalism. Without enough power, one awaits to be eliminated. Isn't this like the "Squid Game"? If the last opponent has big body size, strong and powerful, even with the same knife, regardless of whether one is chosen to attack or defend, what are the odds (of success)?

One senior who worked in a Chinese-backed brokerage firm, when talk about these "southbound" online brokerage, furiously says that the country (China in this case) should exercise the antitrust laws to teach these nouveau riche a lesson. He even predicted that as mainland China tightens its supervision and regulation of tech companies, their doomsday are near. Didn't I say I don't want to politicize everything? Don't forget when one wants to embrace the nation (China) and embrace the opportunities in the Greater Bay Area, one shall definitely face challenges from the Greater Bay Area. The future of brokerage firms? Either they manage to find revenue pillars from other sources from brokerage business like i-Access*, or they are about to face a "Squid Game" with great disparity in strengths among the players.

(*i-Access is one of the first HK online retail brokerage and popular among young Hongkongers decades ago. https://www.i-access.com/)

This post has been edited by TOS: Sep 30 2021, 08:12 PM

https://finance.mingpao.com/fin/instantf/20...%89%8b%e6%a9%9f

Now Futu HK gives "free" iPhone, not just AAPL stock

All you need to do is transfer in from another broker.

This post has been edited by TOS: Oct 4 2021, 10:19 PM

https://finance.mingpao.com/fin/instantf/20...%94%b3%e8%ab%8b

Futu set to file for IPO on HKEX this week or next week, targeting 1 billion USD in fund raising. Goldman Sachs and UBS to be underwriter/responsible for IPO.

https://finance.mingpao.com/fin/instantf/20...7%8c%e9%80%be10

Finally it blows to Futu and Tiger.



Chinese Renmin media website criticized Futu and Tiger cross-border internet brokers and claim that they pose risk in user data security and regulations. They fall 10% pre-market.

Although Futu's Moomoo does not support mainland Chinese bank accounts for initial funding, the next day after account opening, the customer service rep. contacted reporters of Renmin website and asked the reporters about his mainland Chinese bank cards and confirm that the cards can be used normally and provide guides on currency exchange.

SCMP news: https://www.scmp.com/business/china-busines...rs-ability-meet

This post has been edited by TOS: Oct 16 2021, 07:22 AM