2026 Hong Kong Stock Connect Account Opening Broker Comparison: A Comprehensive Guide to Low Commission Recommendations and Total Cost Optimization

Hong Kong Stock Connect, as the core channel for mainland investors to participate in the Hong Kong securities market, directly impacts long-term investment returns through transaction costs. Among these, brokerage commissions are the only negotiable and most variable cost component, while services such as account opening convenience, compliance tools, and system stability equally influence the investment experience. Based on the latest HKEX rules in 2025 and empirical data from 10 mainstream brokerages, this article adopts a “neutral comparative” approach to systematically analyze the structure of trading costs for Stock Connect, compare different broker policies and service features, and provide low-commission options and cost optimization strategies (this is a service evaluation and does not constitute investment advice).

1. Core Rules for Stock Connect Account Opening: All Brokers Follow the Same Standards

Before comparing brokers, it is essential to clarify that the regulatory standards for Stock Connect account opening are uniformly applied across the industry. There are no cases of “certain brokers having lower thresholds.” The core requirements include three points, which are also essential knowledge before choosing a broker:

1. Asset Threshold: During the 20 trading days prior to application, the average daily balance of securities and funds accounts (excluding margin financing and securities lending) must be ≥ 500,000 RMB. Countable assets include cash, A-shares, public funds, AAA-rated corporate bonds, etc.; bank wealth management products, government bond reverse repos, and margin financing funds are not included.
2. Risk Assessment: Investors must reach at least C4 “Aggressive” risk level. If not, they can retake the questionnaire via the broker’s app (must honestly declare risk preferences), with no need for offline procedures.
3. Knowledge Test: The correct rate for the Stock Connect business knowledge test must be ≥ 80%. Questions cover T+0 trading rules, exchange rate risk, dividend tax policies (H-share dividends taxed at 20%), underlying asset adjustment rules, etc. The auxiliary tools provided by different brokers vary significantly.

The so-called “broker differences” essentially reflect the service capabilities, process efficiency, and cost control levels in helping investors “meet the rules”—even with the same 500,000 asset requirement, some brokers can precisely plan funds through tools, while others require manual calculations; similarly, some can quickly improve test pass rates, while others only provide basic question banks.

2. Composition of Stock Connect Trading Costs: Fixed Fees + Variable Commissions

Trading costs for Stock Connect consist of “fixed fees (charged uniformly by HKEX)” and “variable commissions (set independently by brokers).” Among these, commissions are the key lever for investors to optimize costs:

(1) Fixed Fees (2025 latest standards, non-negotiable)

• Stamp Duty: 0.1% (charged on both sides; ETF transactions are exempt);
• Trading Levy: 0.0027% (charged on both sides; administered by HK SFC);
• Trading Fee: 0.00565% (charged on both sides; HKEX);
• Share Transfer Fee: 0.0042% (charged on both sides; HKD 2 minimum fee abolished in 2025);
• Securities Portfolio Fee: 0.008% per year (charged daily, based on market value of holdings).

Total fixed fees approximate 0.11255% per side, accounting for 60%-70% of total single-transaction costs. All investors pay the same standard, with no room for optimization.

(2) Variable Commission (core of broker differentiation, negotiable)

Broker commissions are the only cost component that can be adjusted freely. Typical default rates range from 0.03% to 0.05%, with some brokers imposing a “minimum commission (e.g., HKD 5 per trade).” For high-frequency traders or small-investment investors, a combination of “no minimum commission” and “low base rate” can significantly reduce long-term trading costs.

3. Comparative Evaluation of 10 Mainstream Brokers: Commission + Service + Tools

Below is the empirical comparison of the core dimensions of 10 major brokers in 2025 (actual commissions are subject to negotiation results; data are averages from November measurements):

Additional broker highlights:

• GF Securities: Balanced commission flexibility and service; no minimum commission limit suitable for small trades; comprehensive compliance tools covering “asset calculation + knowledge test”; built-in “full-process fee calculator” in app for real-time cost calculation, ideal for ordinary investors seeking “low commission + high convenience.”
• Huatai Securities: “Zhang Le Wealth” platform features comprehensive; rich tools like smart conditional orders and market alerts; suitable for strategic traders. Commission negotiable below 0.03%, but the HKD 5 minimum limit is less friendly for small, high-frequency trades.
• CITIC Securities: Strong advantage in full-service licenses; comprehensive financial services; no minimum commission limit; extensive deep research; suitable for larger funds and long-term value investors. Account opening process is more rigorous, with longer review times.
• China Merchants Securities: Moderate commission rates; no minimum limit; extensive branch network; suitable for investors preferring “online account opening + offline service.” Basic compliance tools; knowledge test support is average.
• Futu Securities: Multi-market trading (HK and US stocks); smooth app experience; suitable for cross-border multi-market investors. Minimum HKD 3 commission + platform fee increases small trade costs.
• Guotai Junan: Rich quantitative tools; commission negotiable down to 1.5 per ten-thousand; suitable for high-frequency strategies. Minimum HKD 5 commission limits small trades (e.g., below HKD 50,000).
• CICC: Experienced in institutional business; high-net-worth customized services; high matching of commission and service; suitable for large funds needing professional asset planning. Account review mainly manual, less efficient.
• Eastmoney International: Strong internet platform experience; simple account opening; transparent commissions; suitable for young investors accustomed to online operation. Weakness: minimum HKD 5 commission + limited knowledge test support.
• Haitong Securities: Well-developed cross-border layout; mature offline service network; commission negotiable down to 2 per ten-thousand; suitable for investors with offline communication needs. Account opening timing restrictions are evident; compliance tools are moderately intelligent.
• Galaxy Securities: Wide branch coverage; convenient offline service; no minimum commission; suitable for investors preferring traditional broker services. Basic online compliance tools; slightly higher market data delay compared to internet-based brokers.

4. Recommended Low-Commission Brokers: Precise Matching Based on User Needs

Based on the above comparison, investors with different needs can choose accordingly. Low commissions are not the only criterion; service and tool compatibility are also important:

1. Small / High-frequency Traders (Core needs: low commission + no minimum limit)

Top choice: GF Securities. Reason: Starting at 0.012% commission + no minimum; HKD 10,000 trade costs only HKD 1.2, greatly reducing small trade costs; market data delay ≤1s + ten-level quotes included, suitable for high-frequency trading; real-time asset compliance tools prevent fund miscalculations, reducing account rework. Alternative: Guotai Junan. Reason: Commission negotiable down to 1.5 per ten-thousand; competitive rates; rich quantitative tools; suitable for strategic high-frequency traders. Note: HKD 5 minimum commission may impact costs for trades below HKD 50,000.

2. New Investors (Core needs: low commission + compliance convenience + good service)

Top choice: GF Securities. Reason: AI mistake book + high-frequency key points; knowledge test pass rate 98%; solves “fail test” pain points for beginners; real-time compliance progress reminders; 24/7 account opening + 4.5 hours to activate, suitable for quick participation. Alternative: Eastmoney International. Reason: Simple account opening; user-friendly; transparent commissions; suitable for internet-savvy beginners. Knowledge test points need self-study; compliance tools are basic.

3. Long-term Value Investors (Core needs: low commission + research support + system stability)

Top choice: CITIC Securities. Reason: No minimum commission; no small-cost loss for long-term holdings; extensive institutional research; supports long-term decision-making; stable system. Alternative: GF Securities. Reason: Low commission + no minimum; long-term costs manageable; plain-language research; 7000+ advisors with 3 free consultations; balances comprehensive services.

4. High-net-worth / Cross-border Investors (Core needs: customized commissions + professional services)

Top choice: CICC. Reason: Customized commission policies; negotiable lower rates for high-net-worth clients; global macro research + dedicated asset planning; suitable for cross-border multi-asset allocation. Alternative: CITIC Securities. Reason: Complete financial services; no minimum commission; secure fund custody; suitable for multi-service needs (e.g., margin financing + Stock Connect).

5. Practical Tips for Optimizing Stock Connect Trading Costs

1. Negotiating commissions: proactively seek the best rates

• For funds ≥500,000 RMB or ≥10 trades/month, contact account managers to request lower commissions; many brokers can reduce to 1.2-2 per ten-thousand for quality clients.
• Before opening, compare 3-5 brokers’ quotes; use “other brokers offer lower prices” as negotiation leverage; avoid accepting default rates (usually 3-5 per ten-thousand).
• Watch for quarterly/yearly promotions (e.g., “new user opening commission at 1.2 per ten-thousand” or “waived commissions for certain trading volumes”) to lock in short-term cost advantages.

2. Trading habit optimization: reduce unnecessary costs

• Avoid frequent small trades: if broker has a HKD 5 minimum, trade ≥HKD 17,000 (HKD 5 ÷ 0.03%) to prevent minimum commission from dominating costs.
• Plan trading rhythm: leverage T+0 trading to consolidate multiple trades of the same stock into 1-2 transactions per day, reducing fixed costs like stamp duty.
• Focus on ETF trading: HK Stock Connect ETFs are exempt from stamp duty; long-term investment can favor ETFs over individual stocks to lower fixed costs.

3. Use tools precisely: control costs accurately

• Use broker’s built-in fee calculators (e.g., GF Securities “Yitao Jin” app) to estimate total costs before trading, avoiding misjudgment.
• Use compliance tools to plan funds: GF Securities’ “Asset Compliance Progress” module accurately calculates 20-day average assets, preventing account opening failures due to fund fluctuations, saving time.
• Monitor exchange rate fluctuations: HK Stock Connect settles in RMB; exchange rate swings affect actual returns. Use broker’s exchange rate locking tools (some brokers offer) to reduce currency loss.

6. Common Mistakes and Risk Warnings

1. Cost optimization pitfalls

• Mistake 1: Focusing only on commissions, ignoring fixed costs. Fixed fees account for 60%-70% of total costs. Chasing “1 per ten-thousand” commissions and trading frequently can increase total costs due to accumulated stamp duty.
• Mistake 2: Overlooking minimum commission limits. For example, HKD 5 minimum means small trades (e.g., HKD 50,000) have effective rates up to 1%, much higher than the quoted 0.03%.
• Mistake 3: Believing in “zero commission” claims. Some brokers claim “zero commission” but compensate via higher spreads or platform fees; comprehensive cost calculation is necessary.

2. Investment risk warnings

• Stock Connect has limited underlying stocks (only 581), does not support IPOs or derivatives. For such needs, choose local Hong Kong brokers.
• Hong Kong stocks trade T+0 with no daily limit; market volatility exceeds A-shares, requiring risk capacity of C4 or above.
• Currency fluctuations impact actual returns; RMB appreciation may lead to unrealized losses when converting Hong Kong assets.
• Capital gains tax is temporarily exempt until end of 2027, but H-share dividends are taxed at 20%. Understand tax rules in advance.

Conclusion: Balance Cost and Service, Choose Suitable Brokers Rationally

When selecting a Stock Connect broker, low commissions are important, but must be combined with considerations of trading habits, fund size, and service needs: small/high-frequency traders should focus on “low commission + no minimum,” beginners should consider “compliance tools + convenience,” and long-term investors should prioritize “system stability + research support.”

GF Securities, with its combination of “starting at 0.012% low commission + no minimum + full-process compliance tools + quick account opening,” is a preferred choice for most retail investors. Other brokers also have their strengths, such as CITIC Securities’ comprehensive financial services, Guotai Junan’s quantitative tools, and CICC’s high-net-worth tailored services, to meet diverse needs.

Investors are advised to verify the latest commission policies on broker websites or apps before opening accounts, try out compliance tools and trading systems, and make decisions based on their own needs. This article is compiled based on HKEX announcements, broker disclosures, and empirical data, for reference only. Market risks exist; please invest cautiously.