SoFi Hong Kong FAQ
Your questions about SoFi Hong Kong answered here.
About SoFi Hong Kong
1 What are SoFi Hong Kong office hours?
Monday-Friday, except public holidays
2 Is SoFi Hong Kong a licensed financial institution?
Yes. SoFi Securities (Hong Kong) Limited is a licensed brokerage in Hong Kong. We are regulated by the Securities and Futures Commission of Hong Kong (SFC). We hold a Type 1 license for dealing in securities and a Type 4 license for advising on securities. Our CE number is AXL143.
3 Is SoFi Hong Kong a member of the Hong Kong Stock Exchange?
Yes. SoFi Securities (Hong Kong) Limited is a registered member of the Hong Kong Stock Exchange (HKEX).
4 How do I contact SoFi Hong Kong?
Our address is 21st Floor, H Code, 45 Pottinger Street, Central, Hong Kong. You can phone us on +852 2693 8888 or email email@example.com. You can chat with us from the website or apps during business hours. We love to hear from our customers so please drop us a line.
5 Are my assets and deposits safe?
Your cash is held in segregated custodial corporate accounts with HSBC and Bank of China. This is to safeguard your deposits and is consistent with Hong Kong regulation. The US and Hong Kong securities that you invest in are held in custody with the Depository Trust & Clearing Company (DTCC) and the Hong Kong Securities Clearing Company Limited (“HKSCC”) respectively. Furthermore, the Investor Compensation Fund (ICF) was set up to protect up to HK$500,000 of your money should you suffer losses due to an intermediary default covering securities and contracts traded on HKEX. You can view your account, holdings and cash positions 24/7 from the app. You can deposit and withdraw your money anytime with no questions asked.
6 What is the story of SoFi Hong Kong?
SoFi Hong Kong is Hong Kong arm of SoFi – an American personal finance company that provides many services including investing. Headquartered in San Francisco, California, SoFi is one of the largest and fastest-growing online personal finance companies in the US. We serve over 1 million global members with one of the highest customer satisfaction levels in the industry. Forbes recently recognized SoFi as one of the top 5 largest financial technology companies in America with a valuation of US$4.4 billion. SoFi also counts SoftBank as its largest shareholder.
7 Why are you changing your name from 8 Securities to SoFi Hong Kong?
8 Securities Limited has been acquired by Social Finance, Inc. Based in San Francisco, California, Social Finance, Inc. is one of the largest and fastest growing online personal finance companies in the US. 8 Securities Limited name has officially been changed to SoFi Securities (Hong Kong) Limited (“SoFi Hong Kong”)
8 How does SoFi Hong Kong make revenue?
We charge a small flat HK$30 monthly platform fee. It doesn’t matter how much you trade or how often you trade, the fee is only HK$30 a month. We also have a margin lending service for active traders. With these revenue streams we are able to invest in R&D, technology and infrastructure to best serve you.
1 What is 2FA on SoFi App?
We take your account security seriously. For protection, we have implemented Two-factor Authentication for all of our app users and all users’ devices will need to be registered. You will be asked to register your device when you sign in from an unregistered device.
To ensure it is you signing in, a 6-digit code will be sent to you via SMS or an authenticator (dependant on your choice of verification method). Please input the code to register your device.
Once you have successfully verified and registered your device, you can then continue to use the device to login to your account as usual.
2 Where is the Two-factor Authentication (2FA) code?
Dependant on which verification method you chose, you can find the 2FA code either in your SMS or from your authenticator app.
If you haven’t received the 2FA code via SMS, please make sure your mobile number is correct and updated in our records. You can review your mobile number when you choose SMS as the verification method. To update your contact details, please fill out the “Change of Personal Details Application Form” and return it to us. You can also tap the “Resend” button to request a new 2FA code.
If you have issues setting up 2FA or are not able to receive the code, please contact our CS team for assistance.
3 How can I change my 2FA verification method?
For security reason, you will not be able to change the verification method (SMS/Authenticator app) in the SoFi app by yourself once you choose it. Please contact our CS team to verify your identity and change the verification method.
4 Can I still log in without setting up 2FA?
After we fully implement 2FA, you will not be able to log in to the SoFi app without setting up 2FA.
5 Why do I need to verify my device again?
You may be required to set up 2FA again under the below circumstances:
– when you use a new device to log in
– after you erase the device by tapping the “remove” button next to the device you want to deregister on the Settings page of our app
– when you have not logged in SoFi app for more than 90 days
– when you reinstall / update SoFi app (iOS only)
– after your device was deregistered by our system (if you register more than 3 devices, the device with the oldest registration date will be automatically deregistered)
– when you need to reset 2FA for security reasons
6 Can my account be registered with more than one device?
Yes. You can register your account with up to 3 devices. if you register more than 3 devices, the device with the oldest registration date will be automatically deregistered. You can also see all the devices registered under your account on the Settings page of our app.
7 I purchased a new device. What should I do?
Our app will automatically detect your login attempt is from a new device. We will then guide you through the steps to register it before you can access your account.
8 How do I unregister a device under my account?
You can login to our app with any of your registered device. Then, go to the Settings page of the app and tap the ‘remove’ button next to the device you want to unregister.
9 Cyber-security Tips
- Do not store your username and password of trading platform / account on your mobile device.
- Install and update the latest antivirus and anti-spyware software regularly on your mobile device.
- Do not open any suspicious emails or attachments, contact us at 2693 8888 if you are not sure if the email is from us.
- Avoid sharing your device with others and use your own device to log on.
- Do not leave your device unattended after logging in. Always log off properly when you are finished.
- Set up pass-code and auto-lock to prevent unauthorized access to your mobile device.
- Wipe all data on your device before you donate, resell or recycle it and cancel the registration of two factor authentication for such device.
- If you lose your mobile device, please contact us immediately.
- You should review your account transaction and activities history regularly through notification and statement given by
- SoFi Securities (Hong Kong) Limited from time to time. If there are any suspicious transactions and activities, please contact our customer service hotline and report to us immediately.
- When using Wi-Fi, only use trusted Wi-Fi networks or service providers and enable security protection, if possible.
- Disable Bluetooth if you are not using it, or set the device to non-discovery mode.
- Do not install applications on your mobile device from unknown sources unless you trust the source. Understand the permissions of mobile applications before you install them. Do not use untrusted custom virtual keyboards.
- Install updates and patches to your mobile device regularly, including upgrades / updates to your OS and other mobile applications. Enable data encryption on your device if possible.
- Do not use any jailbroken device which may have security loopholes.
10 How do I enable Touch ID/ Face ID login?
Go to the settings page by tabbing your profile at the top left of your app, then tap the gear icon.
From there, simply toggle the “Enable TouchID/FaceID” option under “Safety and Security”.
11 My Touch ID/ Face ID login doesn't work. Can I re-enable it?
Please force quit the app and relaunch. Next, select ‘Not this user’ at the login page, re-enter your email address and password then hit ‘Log in’. You should be prompted to enable Touch ID/ Face ID now.
12 Can I use “email/password” instead of my social login?
1 What is the SoFi Hong Kong App?
2 Where can I download the SoFi Hong Kong app?
3 What are the stock market trading hours?
The Hong Kong stock market is open 9:30am – 12:00pm and 1:00pm – 4:10pm.
The Pre-opening Trading Session starts at 9:00am.
The U.S. stock markets are open 9.30am – 4:00pm EST.
This is 9.30pm to 4:00am (daylight savings time) and 10.30pm to 5:00am (standard time).
4 What instruments are supported?
On the Hong Kong market you can trade equities, exchange traded funds (ETFs), callable bull & bear contracts (CBBC) and warrants.
On the U.S. market you can trade equities and exchange traded funds (ETFs).
We do not support any Over the Counter (OTC) instruments. Please contact us if you want to handle the unlisted instrument in your SoFi Hong Kong account.
5 What order types are supported?
Available for Hong Kong and US equities. A market order is a buy or sell order to be executed immediately at current market prices. As long as there are willing sellers and buyers, market orders are filled. Market orders are therefore used when certainty of execution is a priority over price of execution. A market order is the simplest of the order types but does not provide price protection and may fill at a price far lower/higher than the current price. Your account may have insufficient funds to settle the market order and may result in a negative cash balance.Please note that a market order can only be executed in the Continuous / Core Trading Session.
Available for US equities only. A limit order is an order to buy or sell a stock at a specific price or better. A buy limit order can only be executed at the limit price or lower, and a sell limit order can only be executed at the limit price or higher. A limit order is not guaranteed to execute.
Available for Hong Kong equities only. Enhanced limit orders (ELO) allow matching of up to ten price queues at a time. Any unfilled Enhanced Limit Order will be put in queue as Limit Order at the same price.Notes:
- ELO submitted before 09:15 will be automatically sent to HKEX as At-auction Limit Order during Pre-opening Trading Session.
- Applicable to eligible securities of Closing Auction Session (CAS) – unfilled ELO from Continuous Trading Session and ELO submitted during CAS will be automatically sent to HKEX as At-auction Limit Order. However, the order will be cancelled if the price of the buy / sell order is higher / lower than the allowable price limit prescribed for CAS.
Good Till Date (GTD)
Available for Hong Kong and US equities. A good-till-date order is a Limit Order (for US market) / Enhanced Limit Order (for HK market) remain active until the trade is executed or cancelled. A GTD order remains active until your specified date, unless it has been filled or cancelled. You can hold a GTD order for 14 trading days then it will be automatically cancelled by the system. Notes: If you want to amend a GTD order, please cancel the original order and submit a new one.
Available for Hong Kong equities only. A stop-limit order is set to sell a stock at a limit price or better when it reaches a price specified by you. A stop-limit order is designed to limit an investor’s loss on a position or to take profit. You can hold a SLO for 14 trading days then it will be automatically cancelled by the system.When the nominal price of the stock falls to or below the stop price of your order, the SLO will be triggered for execution. Please note that a SLO may be triggered outside of Continuous / Core Trading Session but will only be executed in the Continuous / Core Trading Session.
6 Is margin lending available?
For the existing member that maintains a SoFi cash account, please contact our Customer Service to switch you from a cash account to a margin account.
7 How to read my profit and loss figure?
The Profit and Loss percentage equals to (Delayed nominal stock price – Average buy price) / Average buy price *100%.
8 What stock markets can I trade?
9 What if my SoFi Hong Kong app is not operating properly?
- Please make sure your device is updated to the latest operating version (iOS or Android), also please update your SoFi Hong Kong app to the newest version.
- Please check your device’s internet connection.
- Please force quit the app and relaunch.
- Please restart your mobile.
If you’re using an iPhone, please click here for steps on how to force quit an app
10 I cannot place order properly in the app. What can I do?
- Please make sure your device is updated to the latest operating version (iOS or Android), also please update your SoFi Hong Kong app to the newest version.
- Please check your device’s internet connection.
- Please force quit the app and relaunch.
- Please restart your mobile.
https://support.apple.com/en-us/HT201330If you’re using an Android device, check this out
If you encounter any problem in the app, you can always call us to place an order. We may in our sole discretion to waive any charges for the affected phone orders.
11 Can I participate in the HK pre-opening and close auction session?
12 How do I register a bank account through the app?
That’s easy! Simply log in, press ‘$’ at the bottom of the main screen -> click ‘manage bank accounts’ -> ‘add bank accounts’, input bank account details and upload. (It should show your full name and account number).
Please be reminded that you will also need to make a deposit of HK$10,000 from the newly added bank account to activate it, if your account is opened with an e-signature.
13 What if I don’t have sufficient available funds to settle an executed order?
If you don’t have enough settlement currency in your account to settle a trade, you are required to convert your available funds into the settlement currency through SoFi Hong Kong App or make a deposit. Otherwise, SoFi Hong Kong will conduct FX conversion to cover the deficit currencies at 11:00 HKT on the next business date after your trade is executed. Interest (P+8%) can be charged if your account has a negative cash balance in any currencies. Please see the Fees and Charges Table for details.
14 Why is my order cancelled or rejected?
Your order could be cancelled or rejected under any of the following circumstances (for illustration only and not exhaustive):
- Expired orders. Any unexecuted unfilled quantity of the order will be automatically cancelled.
- GTD orders entered prior to the date of certain corporate actions. (forward or reverse stock split, exchange for shares, or distribution of shares etc.)
- Trading halt is imposed by the US stock exchanges. All orders, including GTD order, will be cancelled. You may place the order again after the trading.
- The order price entered is significantly deviated from the previous closing price or nominal price.
- Orders placed for stocks that are under certain corporate actions. (forward or reverse stock split, exchange for shares, or distribution of shares etc.)
- Placing a sell order while your account has a “pending buy order” of the same stocks, vice versa.
- Suspended or delisted stocks.
- Insufficient buying power and / or holdings.
Forms and Agreements
1 Customer Agreement
2 Notice To Customers Relating To Personal Data (Privacy) Ordinance
3 Derivative Products Risk Disclosure Statement
4 Change of Personal Details Application Form
5 Form W-8BEN
6 Cash Instruction Form
7 Stock Instruction Form
For stock transfer in requests, simply fill in the stock transfer-in form in SoFi Hong Kong App. You can find it under the “Transfer Stocks to SoFi” tab on [Settings] and [Balance] page.
8 Hong Kong Real-Time Quote Subscription Form
10 Margin Trading Booklet
Download Margin Trading Booklet here
11 Margin Financing Agreement
Download Margin Financing Agreement here
12 Lend and Earn
Download Securities Lending Agent Agreement here
13 Robo Advisory Agreement
Download Robo Advisory Agreement here
14 Terms and Conditions for Electronic Real Time Direct Debit Authorization
Download Terms and Conditions for Electronic Real Time Direct Debit Authorization here
15 Personal Data Collection Statement for SEHK Trading Service
Download Personal Data Collection Statement for SEHK Trading Service here
1 What is SoFi Points?
2 Who can participate in SoFi Points?
3 What rewards will can I redeem with SoFi Points?
Rewards for redemption include free stock shares and many other upcoming rewards. Once you earn enough points, you can start claiming rewards.
4 How can I earn points?
You can earn points by completing tasks specified in the SoFi Hong Kong mobile application.
5 Do SoFi Points have an expiration date?
6 How long does it take to redeem your rewards?
7 Where can I check my SoFi Points balance?
8 How to redeem rewards?
9 Terms and Conditions (SoFi Points)
1 What are Fractional Shares?
Fractional Shares allow you to buy a small portion of one share. Invest as little as US$10 per security and you can have a diversified portfolio of your favourite companies without investing a fortune.
2 Who can trade Fractional Shares?
SoFi Hong Kong provides US Fractional Shares trading to members who hold cash accounts with us. Note: Our margin accounts currently do not support Fractional Shares trading. Cash account owners will have to sell the Fractional Shares before upgrading to a margin account.
3 Are there fees involved when trading Fractional Shares?
SoFi Hong Kong charges no commission fees for your trades. However, you are responsible for paying government fees such as SEC transaction fees and trading activity fees when selling your Fractional Shares holdings.
4 How does it work exactly, buying and selling US Fractional Shares?
Buy Orders: Tap the Fractional Shares collection to easily search and choose from a list of eligible stocks. Then, you can place a Fractional Share Order, a dedicated order type with a minimum of US$10. Sell Orders: Go to your Portfolio, choose the Fractional Shares you want to sell.
5 When will my Fractional Share Order be executed?
Fractional Shares orders are not executed real-time. They are executed during the “Order Dealing Period”. All Fractional Share Orders for a stock are executed in batch once per day so there might be an impact on the execution price of your order. This will help minimize our cost to offer fractional trading services and in return offer $0 commission fees. The execution price will be within 20% market price deviation as indicated in the “Your Fractional Order Arrangement” notifications. If you do not accept the order execution and allocation arrangement, you can cancel your order during the Cooling Period.
6 Why is the executed quantity of a Fractional Share Order indicative and subject to change?
Fractional Share Orders are executed during the “Order Dealing Period” in batch once per day. (All half trading day orders will be carried forward to the next US trading day for execution.) Hence, the quantity of shares in the app and the notifications we send to you are for reference only. The executed quantity may differ but by no more than a 20% market price deviation.
7 Which order type can I place with Fractional Shares?
You can only trade fractional shares with “Fractional Shares Order”, which has similar characteristic to Market Order but except that it will not be executed immediately. The securities within the Fractional Shares collection are also available for whole share trading. To buy one share, you can tap on “More Order Types” and place a Market Order, Good Till Date (GTD) or Limit Order (LO).
8 Can I place multiple Fractional Share Orders for the same symbol on the same trading day?
You cannot place fractional order on the same symbol if there is another pending order on the same trading day for fair trading. However, you can cancel the previous one in a specific time period and set a new order.
9 Why are Fractional Share Orders capped?
We want to ensure a fair trading environment for all members of the SoFi community. All Fractional Share Orders for a stock are executed in batch once per day. Let’s say a couple of large orders are added to that batch. These large orders could potentially have a negative impact on the execution price of your order. By capping Fractional Share Orders at a certain quantity or estimated quantity, we prevent your orders from being affected by these large Fractional Share Orders.
10 What stocks are available for Fractional Shares trading?
Cash account members can trade 40 fractional stock symbols (more coming soon) in the SoFi Hong Kong app. The selected stocks are on the S&P 500 and/or NASDAQ 100 Index list which includes big names such as AAPL, AMZN, GOOG, NFLX and TSLA. In the app, you can search within the “Fractional Shares” collection for eligible stocks that are available for Fractional Shares trading.
11 Can I amend a Fractional Share Order?
Fractional Share Orders cannot be amended directly. If you want to change your Fractional Share Orders, you will have to cancel and submit a new order within the Order Input Period.
12 Will I receive dividends for the Fractional Shares that I own?
Yes, you will receive dividends proportionate to the percentage of the share(s) you own, which is rounded down to 2 decimal places after dividend tax.
13 What is the minimum buy/sell limit for a Fractional Shares Order?
For Buy Orders, we support buy by Dollars. The minimum buy amount is USD 10. For Sell Orders, we support both sell by Dollars (minimum USD 10) and sell by Shares (minimum 0.000001 shares).
14 Why might my Fractional Shares Order not get executed on the same day I place the order?
Under certain scenarios, your Fractional Shares Order may not be placed or executed. Please refer to the “Consent – Fractional Order” for more details. Some possible reasons: The stock price is not within 20% of the price indicated in “Your Fractional Order Arrangement” notification email. The order will be automatically canceled by the close of trading. Your Fractional Share Order will only be executed on a US full trading day. All half trading day orders will be carried forward to the next full trading day.
1 How can I apply for an IPO with SoFi?
The eIPO service in-app (recommended) is an all-in-one solution for you to track your IPO application easily, get updates on whether you were successful or not in receiving allotments, and get notified – all in the SoFi app.
You can also contact us at +852 2693 8888 to apply.
2 IPO Application Walk-through
Step 1: Got to the search page.
Step 2: Select the IPO you want to apply for.
Step 3: Review the IPO details and prospectus then click [Apply]
Step 5: Review details then click [Submit]
Step 6: Application done!
3 Are there any charges to apply IPO through SoFi?
There’s no extra charge for SoFi Hong Kong members.
4 When is the deadline for application?
The application deadline is normally 9am on the trading day ahead of the official deadline, i.e. T-1 day at 9am.
The issuer may change the application deadline from time to time, the deadline could change without prior notice. Applications and cancellation that are submitted after the cut-off time will not be accepted.
5 How will I be informed about whether my application is successful or not and the allotment result?
You will receive an app notification and an email after the allotment. You can also check the result via IPO home page → [Historical].
Shares allotted and refunded (if any) will be deposited to your brokerage account.
6 If my application is unsuccessful, when will I get refunded?
Cash refunds will be credited to your account directly on the allotment date.
7 After I have submitted my application, when will my funds be deducted?
Your “IPO Cash On Hold” on hold in your brokerage account and deducted after the application deadline. If there is insufficient HKD in your brokerage account on the deadline, an FX will take place to convert the other currency to HKD on the next business day. Interest charges may occur.
IPO Cash On Hold = Application Amount (Consideration + SFC Transaction Levy + FRC Transaction Levy + HKEx Trading Fee + Brokerage Fee)
8 How do I track my application?
You can visit the designated page of that IPO in app to stay up to date with your application. Each status is defined below.
Applied: Your application has been received. The status will be updated on the Allotment Date. You can cancel the request within the application period.
Cancelled: Your application has been cancelled successfully. The IPO Cash On Hold will be returned to you instantly.
Fully Allotted: Your application has been allotted successfully. Allotted IPO shares and excess funds(if any) have already been credited to your account. You will also see the transaction details in your upcoming statement.
Partially Allotted: Allotted IPO shares and excess funds have already been credited to your account. You will also see the transaction details in your upcoming statement.
Not Allotted: Your application is unsuccessful. Cash refund has been credited to your account.
9 After I have made an application, can I amend or cancel the application?
If you would like to amend the application, you can cancel the original application and resubmit a new one within the application period. (Bear in mind that you can only submit one application for each IPO!) Amending the application within this period will not incur an additional charge.
You can also cancel your application in-app within our application period.
10 When will the allotment results be out?
You can find the determined offer price, allotment results and the basis of allocation on the issuer’s website and on the HKExnews website on the date as specified in the prospectus.
11 Can I submit more than one application for the same IPO?
No, you cannot make more than one application for the same IPO within the SoFi App.
12 Can I apply for an IPO with margin financing?
Sorry, we currently do not offer IPO margin financing. We plan to roll this out in the future.
If you have a margin account with us, you can apply for IPO with your buying power generated by the marginable assets in your account.
13 Who can apply for IPO?
Everyone can use the eIPO function in the SoFi App. However, each IPO may have different requirements on applicant eligibility, you are reminded to read the prospectus carefully before applying for an IPO.
14 If I don't have enough HKD in my account, can I apply with another currency?
Yes, as long as you have sufficient buying power in your account. We will help conduct FX conversion from the other currency to HKD on the next business day after the application deadline while interest may occur.
15 SoFi Hong Kong eIPO Guide
Click here for the SoFi App eIPO Guide
Account opening and management
1 Who can open an account?
2 How do I open an account?
You can open an account with SoFi Hong Kong from your smartphone. Download one of our apps from the App Store or Google Play. You will see the “Sign up” option on the app start screen. The mobile application takes 5-10 minutes to complete. We require a copy of your passport or Hong Kong permanent ID, proof of residential address within the last 3 months (utility bill, mobile phone statement, bank statement) and proof of bank account in your name maintained with a licensed bank in Hong Kong (bank statement, ATM card, bank book). You can take a photo and upload the documents directly from the app’s sign up process.
3 What is e-signature?
Once you have completed the application, simply sign the screen with your finger. As per the Securities and Futures Commission of Hong Kong’s requirements, e-signature applications require a HK$10,000 initial deposit.
4 How do I transfer my initial deposit?
As per the Securities and Futures Commission of Hong Kong’s requirements, e-signature applications are required to transfer an initial deposit of a minimum of HK$10,000 from your registered Hong Kong licensed bank account(s) to us for the purpose of identity verification.
Make a transfer to our bank accounts at HSBC or Bank of China. We only accept transfers in HKD, USD and CNY.
Save Details: The amount, your bank account number, date of transfer, and our account number must be clearly visible.
Company PAYEE name: SoFi Securities (Hong Kong) Limited
Remove brackets around the words “Hong Kong” if your bank doesn’t support special characters in the Payee name.
E.g: SoFi Securities Hong Kong Limited
- No cash deposit (banknotes) at ATM or at a bank branch is accepted
- Do not accept transfer from a third party account
- Do not accept transfer from a joint account
- Do not recommend ATM/FPS transfer as your account number on the receipt may be masked. ATM/FPS transfer will require an additional screenshot on the e-banking record as a supplement document
- We only accept bank-to-bank transfer
- We don’t support Money Transfer Operator(MTO) – such as TransferWise, InstaReM or OFX
- (New) – Your bank account is not yet registered at SoFi, we do not accept eDDA as an initial deposit method.
5 How do I submit my completed application?
You can submit your application from the SoFi Hong Kong app. As per the Securities and Futures Commission of Hong Kong’s requirements, you are required to transfer an initial deposit of a minimum of HK$10,000 from your registered Hong Kong licensed bank account(s) to us for the purpose of identity verification.
Alternatively, call us at 2693-8888 for further enquiry.
6 How long does it take to activate my account?
After receiving the email from us that says ‘Your SoFi Hong Kong account has been opened’, you’ll be able to log in and use our SoFi Hong Kong app by 8pm that day and start funding your account.
7 Is there any account opening fee?
100% Free. It is fully transparent and you pay nothing to open your account at SoFi Hong Kong.
8 How do I reset my password?
You can reset your password online. Go to the login screen and click “Forgot password”. A link will be immediately emailed to you. Simply follow the link provided on email to reset your password.
9 How do I change my personal account information?
You can download and complete this form, fill in the relevant sections and email, fax or mail it back to us. The changes normally take one business day to reflect in your account. You can change or add to your address, contact number, email, registered bank account and preferred statement language.
For residential address changes, you are required to provide a copy of proof of address (utility bill, mobile phone statement, bank statement) within the last 3 months.
10 How and when do I receive my statements?
You will receive a monthly statement with a record of your monthly transactions and balance. If you conduct one or more trades in any given day you will also receive a statement at the end of that day. Statements are sent to you via email and you may request paper copies. If you do not receive your statement please check your email spam folder. You can also contact us on +852 2693 8888 or firstname.lastname@example.org.
11 What currencies can I use to fund my account?
You can fund your account with HKD, RMB or USD. You can convert your currencies online. Instructions that are received by 11am will be completed the same day.
12 Is an initial deposit required to be a customer?
As per the Securities and Futures Commission of Hong Kong’s requirements, you are required to transfer an initial deposit of a minimum of HK$10,000 from your registered Hong Kong licensed bank account(s) to us for the purpose of identity verification.
Furthermore, you do not have to hold a minimum balance to be a customer.
13 Is your platform stable?
Our products and services are built for performance by maximizing speed and stability. We build our software on Google and Microsoft frameworks and use a micro-services architecture also used by companies such as Facebook, Netflix and Uber. Our products run on Amazon Web Services infrastructure. We monitor our systems in real-time.
14 Is my account and information secure?
SoFi Securities (Hong Kong) Limited is a licensed corporation in Hong Kong and regulated by the Securities and Futures Commission of Hong Kong. Your cash is held in segregated custodial corporate accounts with HSBC and Bank of China and your US and Hong Kong stocks are held in custody with the Depository Trust & Clearing Company (DTCC) and the Hong Kong Securities Clearing Company Limited (“HKSCC”) respectively. We use bank level security and data encryption to protect you. We regularly perform third party penetration testing to ensure our apps and your information is secured with the most advanced security software and practices.
15 How do I transfer stock to my account from another brokerage?
You can download and complete this form and we will interface with the other brokerage to either transfer stock in or out of your account. The process typically takes 1-3 business days for Hong Kong stocks and 7-10 business days for U.S. stocks.
16 What is a W-8BEN form?
Under the U.S. Foreign Account Tax Compliance Act (FATCA), SoFi Securities (Hong Kong) Limited is required to collect and retain certain tax status information about you. You are required to provide a filled and signed W-8BEN form as documentation to determine your tax status as a U.S. person or a non-U.S. person during account opening.
Generally, the form will remain valid for a period starting on the date the form is signed and ending on the last day of the third succeeding calendar year, unless a change in circumstances makes any information on the form incorrect. For example, a Form W-8BEN signed on September 30, 2014, remains valid through December 31, 2017. You can re-submit a new W-8BEN form via SoFi Hong Kong app when they are about to expire or you can download a physical form from our website anytime if there is any change of the information.
Be advised that failure to provide this information will force us to mark your account as recalcitrant, which may be subject to suspension and/or tax withholding on all withhold-able payments, as prescribed by pertinent law and regulation.
17 Why is there a negative balance in my account?
There are two main reasons for negative balance to appear in your account. First, when placing a market order, the actual amount needed to purchase your order might be higher than the indicative price shown on the app, hence the potential negative balance.
Another possible reason is that if a trade is placed from a different currency, e.g. buying US stocks with HKD balances, the difference in the currency exchange rates between the time of order placement vs fund conversion (normally on the next business day) will result in a negative balance.
You are advised to settle the negative balance as soon as possible, before we forced settle the amount. Interest may be incurred.
Deposit and withdrawal
1 How do I deposit funds into my account?
You can make deposits into your account through eDDA, internet and phone banking, ATM, bank branch, telegraphic transfer or overseas telegraphic transfer.
Address for Telegraphic Transfer –
2 How do I withdraw money from my account?
You can submit a withdrawal instruction online or download and complete this form and email, fax or mail it to us. You can request to transfer the money to your registered bank account.
3 When will my deposit show up in my account?
We have 2 cut-off times for deposit instructions: 11am and 4pm on weekdays, Monday to Friday. We are not currently able to process fund deposits on weekends and public holidays.
If you submit your deposit request and upload transaction proof correctly in-app by 11am, the deposit will usually be available by 3pm that day. If you submit your request between 11am – 4pm, you’ll be able to see the fund balance at around 8pm the same day.
eDDA – Under normal circumstances, funds will be available for trading immediately. The deposit history is also available on “Balance” >> “Cash Instruction History” in-app.
4 When will my withdrawal show up in my bank account?
Our cut-off time for withdrawal instructions: 11am on weekdays, Monday to Friday. We are not currently able to process fund withdrawals on weekends and public holidays.
If you submit your withdrawal request in-app by 11am, the amount will usually show up in your bank (HSBC/BOC HK) account after 8pm the same day. For non HSBC/BOC HK accounts, there may be up to 1 business day of processing time.
5 Why is my deposit rejected?
We currently do not accept cash note deposit and third-party transfers. We will also not process any deposits coming from non-registered bank accounts. Please register your bank accounts via the app before transferring funds.
When uploading your transfer proof/receipt from a registered bank account, please make sure that the following information is shown:
- Transferring from [your registered bank account number]
- To [our bank account number]
- Transfer amount
- Date of completion
If any of the above information is missing, we may not be able to process your request due to compliance concerns.
- eDDA has not been enabled
- eDDA has already been canceled by the bank or by you
- Insufficient HKD amount in your bank
- Amount exceeds your eDDA Transaction Limit
- Amount exceeds your eDDA Daily Transaction Limit
6 How do I upload my receipt to the app?
- Transferring from [your registered bank account number]
- To our bank account number
- Transfer amount
- Date of completion
7 Why should I deposit a non-rounded amount?
It’ll be faster to identify your deposit this way and also make our lives easier! Thank you!
8 When can I make a withdrawal?
If you haven’t trade recently, you can make a withdrawal whenever your ‘Cash Balance’ is positive.
If you make a sell trade from HK or US market, it’ll take 2 business days (T+2) to settle. This amount will be shown as ‘Net Unsettled’ on the ‘Balance’ page in the app (Menu -> Balance -> Downward arrow under ‘Buying power’).
On the third business day (T+3), you will be able to see it as ‘Cash Balance’ and you can submit a withdrawal request to transfer funds back into your registered bank account. Cut-off times and transfer processing time apply for fund withdrawals.
Please note that if you execute more trades within the (T+3) period after you make the first sell trade, the unsettled balance maybe accumulated.
9 Why can’t I withdraw all the funds displayed under ‘buying power’ ?
When you make a sell trade from HK or US market, it’ll take 2 business days (T+2) to settle. This amount will be shown as ‘Net Unsettled’ under ‘Buying power’ (click downward arrow to show the whole breakdown of your funds).
On the third business day (T+3), you will be able to see it as ‘Cash Balance’ and you can submit a withdrawal request to transfer funds back into your registered bank account. You will have to wait until this day to withdraw the amount. Cut-off times and transfer processing time apply for fund withdrawals.
10 What if I don't notify SoFi Hong Kong after making a deposit?
If you do not submit a fund deposit request on our app after transferring funds into our bank accounts, we might not be able to identify your deposit, funds might not be credited into your brokerage account.
Please let us know if this happens – we will try our best to help.
11 When will FX conversion happen?
12 Are there any charges for fund withdrawal?
There is no extra cost from us, if your fund withdrawal is transferred to your HK HSBC/BOC (HK) account. However, if the withdrawal is transferred to any other banks or via cheque withdrawal, we will charge HK$15/US$2 from your withdrawal instruction or at cost fee (min US$35) if the withdrawal is transferred to any overseas banks.
Please refer to our Fees and Charges Table for more details.
13 How can I transfer my stock into SoFi Hong Kong from another broker?
Three simple steps to transfer stock into SoFi Hong Kong
- Simply fill in the Stock Instruction Form in SoFi Hong Kong App. You can find it under the “Transfer Stocks to SoF” tab on [Settings] and [Balance] page.
- Inform the firm currently holding your stocks (the counterparty) your transfer-out instruction.
- Wait 3-5 business days (subject to the counterparty’s processing time) for your instruction to complete.
Important points to note:
- It is important that your account name with the counterparty matches your account name at SoFi Hong Kong.
- SoFi Hong Kong does not accept transfer of delisted and suspended stocks, Over-the-Counter (OTC), and Depository Trust Company (DTC) ineligible stocks.
- Upon completion, your stocks will be reflected on the [Portfolio] page of the SoFi Hong Kong app and account statements accordingly.
14 Do I have to pay any fees for transferring stocks in?
SoFi Hong Kong does not charge any fees for transferring your Hong Kong and US stocks to our platform.
1 What is Auto Invest?
Auto Invest is SoFi Hong Kong’s robo advisor.
Based on your financial goals and comfort level with risk, Auto Invest uses a clever algorithm to intelligently invest your money in a globally diversified portfolio of US listed Exchange Traded Funds (ETF) covering over 13,000 stocks in over 35 countries.
Your investments will track a model portfolio, which is a diversified group of assets designed to achieve an expected return with a corresponding risk.
2 What are the benefits of Auto Invest?
We build your portfolio of Exchange Traded Funds (ETF) from leading fund managers such as BlackRock and Vanguard. No need to worry about keeping an eye on all these investments because Auto Invest intelligently monitors your portfolio around the clock and will rebalance it based on market conditions.^
^Please refer to the risk disclosure under the Robo Advisory Agreement
3 Do I have to pay to use Auto Invest?
SoFi charges a monthly flat fee of HK$30 for you to enjoy the features within our trading app. We do not charge an additional portfolio fee on top for Auto Invest.
You will need to pay SEC Transaction Fees or Trading Activity Fees which are charged by the market when selling your stocks.
4 What is a risk profile?
Understanding your risk attitude and tolerance is an important step before you start investing by taking a short questionnaire. Your risk profile determines what types of portfolio you can invest in.
There are 5 portfolios available:
1) Conservative, 2) Moderately Conservative, 3) Moderate, 4) Moderately Aggressive and 5) Aggressive.
For instance, a “Moderate” risk profile can only invest in portfolios that are Moderate or below. You can always resubmit your answers through the “Reassess” button.
5 What is the minimum investment amount?
Your minimum contribution to start investing is US$100. You may reference the following transaction amounts below.
- Minimum Contribution: US$100
- Min Monthly Recurring (Optional): HK$100
- Min Subsequent Deposit: US$10
- Min Withdrawal: US$10*
*If your asset balance is below US$100, your min. withdrawal amount is your asset balance. If you decide to withdraw from Auto Invest, your funds will be transferred to your Direct Invest account.
6 Can I set up a monthly contribution?
Yes. When setting up your new investment, you have the option to input an amount for your monthly contribution.
If you wish to make monthly recurring contributions and hold a bank account with HSBC / BOC, we support Direct Debit instructions. The amount you set will be directly debited from your bank account on a monthly basis. We will aim to process your Direct Debit on the 15th of every month. If the 15th falls on a Hong Kong public holiday, Direct Debit will be processed the next working day.
If you are a HSBC customer, to set up Direct Debit:
- Go to your bank’s website
- Log in to your HSBC personal account, select My Bank > Auto Pay > Set Auto Pay
- Select your HSBC bank account which is registered with SoFi
- Select SoFi Securities (Hong Kong) Limited.
- Input your first 8-digit SoFi account ID
- Set frequency to Monthly.
- Input a maximum amount per transaction.
If you are a BOC customer, to set up Direct Debit:
- Go to your bank’s website
- Log in to your BOC online banking, select Payment > Direct Debit Authorisation
- Select the tab of merchant Proxy ID / Account Number, then select Merchant Account Number.
- Input the Merchant Account Number: 01274600010102. The Merchant Name is: SoFi Securities (Hong Kong) Limited.
- Input your first 8-digit SoFi account ID as Debtor Reference.
- Select HKD, and select Per Month as Payment Periodicity.
- Select your BOC bank account which is registered with SoFi.
Unfortunately, Direct Debit is not supported for other banks at the moment.
7 What if I want to stop making direct debit deposits?
You have full control. You need to switch off your monthly direct debit setting at least 3 business days before the 15th of the month.
In order to do so:
- Under Auto Invest, select your investment portfolio
- Under “Monthly Contribution”, tap onto your current US$ amount.
- Toggle “Activate Monthly Direct Debit” to off.
- Hit “Save” at the bottom of the page.
If you wish to resume making monthly contributions, you need to re-activate direct debit following the steps above while toggling “Activate Monthly Direct Debit” to on.
8 Can I change the amount of my direct debit deposit?
Yes. No later than 3 business days before the 15th of each month, you need to edit the amount of your “Monthly Contribution”.
In order to do so:
- Under Auto Invest, select your investment portfolio
- Under “Monthly Contribution”, tap onto your current US$ amount.
- Ensure “Activate Monthly Direct Debit” is toggled on.
- Enter an amount into either the “USD” or “HKD” field.
- Hit “Save” at the bottom of the page.
9 What is the minimum sell amount?
Please note your minimum portfolio value (amount after partial withdrawal) should not be lower than US$100. For instance, if your account has less than US$110, you will need to withdraw all your funds. If your account has more than or equal to US$110, you may sell parts of your funds with a minimum order amount of US$10 as long as the remaining amount is US$100.
10 How can I deposit money into Auto Invest?
Auto Invest transactions are all in USD only. Your order is accepted when you have sufficient USD balance in your Direct Invest account. We will transfer the USD available in Direct Invest to Auto Invest automatically. If you have set up a direct debit, we will debit the amount from your linked bank account in HKD and deposit into your Auto Invest account after converting to USD on the transaction date.
11 What is rebalancing?
If your portfolio deviates from the model portfolio under certain scenarios, Auto Invest will trigger auto-rebalancing to optimise your portfolio. For example, the model portfolio allocates 10% of your invested amount to ETF A. When price moves and makes the actual allocation drop to 5% or below or rise to 15% or above, Auto Invest will automatically rebalance for you. If price goes up, Auto Invest will sell part of your ETF A and buy other ETFs in the model portfolio to bring your investment back to the optimal allocation.
Please refer to the section REBALANCE under the Robo Advisory Agreement for more details.
12 Can I cancel my order?
You can cancel your order by calling our customer service hotline before 23:59 on the execution date.
13 Where can I find Auto Invest within the app?
Easily switch between Auto Invest and Direct Invest interfaces by tapping “Auto Invest” or “Direct Invest” at the top of the app.
14 What is the cut-off time for same-day Auto Invest deposits or withdrawal instructions?
4pm HKT. Any instructions received after 4pm will be processed on the next working day.
Fees and Charges
1 What is Platform Fee?
The platform fee is a monthly account maintenance fee charged to SoFi members for using our services. Our HK$30 platform fee will enable SoFi members to enjoy unlimited HK$0 commission trades whilst covering our operating costs to enhance members’ investing experience.
2 When will you start charging the platform fee?
The platform fee will be effective in October 2021 and the October platform fee will be charged to your account on 1st November 2021.
3 If I don’t trade this month, do I still have to pay?
Yes, the platform fee will be charged each month. But if you hold under HK$30 worth of net assets with us, the platform fee will be waived for the month.
4 Are other banks or brokers cheaper?
HK$30 is less than the cost for a single trade at most banks and brokers. While some of our competitors may not have account maintenance fees, they have transaction fees and other hidden fees that eat into your gains and amplify your losses.
In SoFi, you can enjoy unlimited 0 commission HK / US trades with a monthly platform fee as low as HK$30. What’s more? There are plenty of exciting innovative features such as Social and Auto Invest coming soon!
*Please refer to Fees and Charges Table for more details
5 Will I be charged if I don’t have any money in my account?
The platform fee will apply if you have at least HK$30 worth of net assets (Cash + Stock) with us. The platform fee will be deducted from your brokerage account.
If there is insufficient Hong Kong dollars, your account will be in negative balance and may start to accrue interest. If you have any other currencies in your brokerage account, we will automatically convert them to cover your negative balance on the next business day.
6 I just opened my account today, do I need to pay the platform fee immediately?
Don’t worry, you don’t need to pay this month. The platform fee will begin next month. To clarify, if your account is successfully opened on March 15th, the first payment (which will be the April platform fee) will be on May 1st.
7 Fees and Charges Table
Lend and Earn
1 What is Lend and Earn?
Lend and Earn (also known as ‘Securities Lending Program’) for SoFi Hong Kong is the practice of lending your shares to other investors or firms on behalf of you. By lending shares in your SoFi account, you will obtain 100%** of the interest earned on the Money Market Fund collateral.
**SoFi Hong Kong will share the interest earned on the money market fund collateral to you. SoFi Hong Kong may in its sole discretion change the interest sharing percentage from time to time. The relevant information will be posted on the website.
2 What are the benefits of Lend and Earn?
Yield Extra Income – When your shares are on loan, you will receive collateral and earn interest based on the collateral amount and market rates.
Easy to Manage – Just sit back and enjoy extra income! Once you participate in Lend and Earn, we will manage the share lending process so you will be hassle-free.
Highly Flexible – You can sell your shares with no restrictions, no change at all.
3 What return will I get if I lend out my shares?
When your shares are loaned, collateral will be given to you in the form of cash or money market fund. SoFi Hong Kong will share with you all the interest earned on the money market fund collateral.
The return you can get will depend on the interest rate of the money market fund and the sharing percentage from SoFi Hong Kong, which may be subjected to changes from time to time. The return will be calculated and accrued daily and will be posted to your account on a monthly basis.
You can see the return on your statement once it’s posted.
4 How to participate in Lend and Earn?
For now, the Program is currently for invited members which is available for 4.0.23 or any newer app versions. To be part of Lend and Earn, we will need your consent. You can click [Accept] in the app pop up to give consent.
If you do not see the pop up invite in the app and would like to be part of it, please contact our Customer Service Team.
5 Why I participated in Lend and Earn but receive no income?
There’s no guarantee that all shares in your account will be loaned through Lend and Earn as there may not be a demand for certain shares.
The market rate fluctuates. If the market rate is too low you may not receive any income even if the shares are being lent. If the market value of the loaned shares is low, you may not receive any income either.
6 Can I sell some or all my shares, even if some of it is being lent?
Yes. You can sell your shares at any time with no restrictions, no change at all.
You will see the full quantity of your shares in the App. In the statements, we show you the quantity loaned.
7 What are the risks involved?
Please refer to part E of the Securities Lending Agent Agreement for more details of the risks involved. SoFi Hong Kong will try to reduce some of the risks, for example, by safekeeping the collateral you have in a third-party trust account.
8 How do I manage my participation in the Program?
If you are one of the invited members, you can click [Accept] in the app pop up to give consent. If you do not see the pop up and would like to be part of the Program, please contact our Customer Service Team.
9 Are the stocks in my Margin Account eligible for the Program?
Not yet, the shares in your Margin Account are currently not eligible for the Program. Only the shares in your cash account are eligible. This may change in the future as we plan to extend the Program to Margin Account.
10 Will my Fractional Shares be eligible for the Program?
Yes. Fractional Shares can also be lent.
11 Can I select which shares to lend ?
No. Once you participated in Lend and Earn, SoFi Hong Kong will manage the process and arrangement for share lending. You will not be able to choose what shares to lent.
12 Will I retain voting rights on loaned shares?
No. You will not have voting rights on loaned shares as they are transferred to the borrower.
13 Where is my collateral?
When your shares are loaned, collateral will be given to you by the borrower.
The collateral will be held in a trust account maintained by a financial institution outside Hong Kong. You will not be able to see the collateral in the app nor withdraw any of the collateral unless there is an occurrence of a default from the borrower.
The collateral will be given to you in the form of cash or money market fund and shall equal at least 100% of the market value of the loaned shares as per the closing price of the day before the last trading day.
1 What is SoFi Social?
SoFi Social is SoFi Hong Kong’s social-trading feature. With SoFi Social, you can view and follow other members’ portfolio to be inspired by their trades and see what they have bought and sold and vice versa.
From there, you can learn from other members, discover the investment trends, and see how far you’ve come in your investing journey.
2 What data will I disclose in the SoFi Social feature?
Your activities are shared anonymously using your avatar and nickname just like every other SoFi Hong Kong member. All personal details remain private.
3 Can I opt out of Social?
You can change your Social Opt In in Preferences in Settings page any time if you don’t want to share such information.
Simply toggle on/off Social Opted Out in Settings page. We will process your request which will take maximum 24 hours to be effective.
4 Who gets on the Leaderboard?
The Leaderboard showcases top 20 members in the SoFi community which updates every day. They are ranked by scores based on profit, diversifying their portfolios and balancing Return vs Risk.
5 How often is SoFi Social updated?
While the Feed section is updated constantly during trading hours, the Leaderboard is updated daily. Due to data processing, performance, transactions and holdings information might delay. To view your real-time holdings, please go to Direct Invest.
6 What's the Feed feature in Social?
Feed shows you the trending stocks and the trading activity of other members. Feeds are updated constantly during trading hours.
eDDA (Electronic Direct Debit Authorization)
1 What is eDDA?
eDDA is a fast deposit method for HKD based on the HKMA’s FPS service. After the setup, you can top up your balance in the SoFi app instantly without uploading any proof of deposit, and funds will be available for trading immediately.
*Subject to the processing time of your bank(s)
2 How to set up eDDA?
You can set up eDDA without leaving the SoFi app.
- On Balance Page:
(a) “Manage Bank Accounts” – Choose your bank account – “Enable eDDA”
(b) “Deposit” – Choose “eDDA” as Deposit Method – “Enable eDDA”
- Verify your bank account information.
- Wait for your bank to process the authorization which is usually processed within 5 minutes.
3 How to Initiate an eDDA Instant Deposit?
After the setup, you can initiate an eDDA deposit.
Go to the “Deposit” page, choose “eDDA” as the deposit method, and your funds will be available for trading immediately
4 How long does it take to set up my eDDA direct debit?
eDDA processing time varies from bank to bank. It’s usually processed within 5 minutes. You can continue to deposit with another method during this period.
5 How long will it take for my funds to arrive in my SoFi account after I initiate an eDDA deposit?
Under normal circumstances, funds will be available for trading immediately.
After the fund has been successfully deposited, you will receive a push notification. The deposit history is also available on “Balance” >> “Cash Instruction History” in-app.
6 What currency is supported with eDDA?
Supported currency: HKD.
7 Are there any charges for eDDA setup and deposit?
SoFi members can enjoy eDDA service free of charge.
8 What is the minimum amount for eDDA deposit?
The minimum amount for eDDA is HKD1,000.
9 Which banks are supported in SoFi App?
We currently support HSBC and other major bank accounts such as BOC and Hang Seng Bank. We will be expanding to support more banks in the future.
10 Why would my eDDA setup fail?
eDDA setup failure could be caused by the reasons below.
1) Your bank or account type are invalid. Please ensure the account: – must be your own bank account;
– must be a bank supported by SoFi’s eDDA, i.e. HSBC, BOC and Hang Seng Bank;
– must be HKD currency account;
– must be personal account, cannot be joint or company account
2) Incorrect bank account information. Please ensure:
– your bank’s registered name is the same as SoFI’s record
– your bank’s registered identity document number is the same as SoFi’s record
– your bank’s registered phone number is the same as SoFI’s record
11 Why would my eDDA deposit instruction fail?
Your deposit instruction could have failed due to the reasons below:
– eDDA has not been enabled
– eDDA has already been canceled by the bank or by you
– Insufficient HKD amount in your bank
– Amount exceeds your eDDA Transaction Limit
– Amount exceeds your eDDA Daily Transaction Limit
12 After eDDA is enabled, will SoFi transfer money from my bank without my consent?
No, all eDDA deposit instructions must be initiated by you in the SoFi App. SoFi will only send requests to the bank according to your instructions.
13 What are the benefits of eDDA?
Safe: eDDA complies with the regulations of both the Hong Kong SFC and the HKMA.
Optimized: You can initiate an instant deposit instruction in the app without the hassle of uploading the transfer proof.
Free: eDDA setup and the deposit service in SoFi App are free of charge.
Instant: After initiating the deposit, funds will normally arrive within 5 minutes.
14 How to set up eDDA? (Walkthrough)
Click here for the eDDA set up Walkthrough
15 How to deposit funds with eDDA? (Walkthrough)
Click here for the eDDA deposit funds Walkthrough