CASH Financial Services Group (“CFSG”; SEHK: 510), the holding company of CASH Wealth Management Limited and Celestial Securities Limited, has been providing wealth management, securities and futures brokerage services since 1972. CFSG is one of few full-licensed Hong Kong financial services institutions currently holding SFC Type 1, 2, 4 and 9 licenses. Providing comprehensive financial and wealth management services, CFSG is also a licensed money lender in Hong Kong, a licensed insurance broker registered by the Hong Kong Insurance Authority, a licensed trust or company service provider, and a principal intermediary registered by the Hong Kong Mandatory Provident Fund Authority.
What is CFSG？
CASH Financial Services Group (CFSG), established in 1972 and headquartered in China Hong Kong, has been a provider of wealth management, securities, and futures brokerage services for nearly five decades. CFSG stands out as one of the few full-licensed financial services institutions in Hong Kong, holding SFC Type 1, 2, 4, and 9 licenses. The company offers a range of tradable securities and services, including securities trading, funds, money market funds, bonds, futures & options, prime brokerage services, and Hong Kong stock investment advisory.
Regulation
CFSG is presently licensed and regulated by the China Hong Kong Securities and Futures Commission (SFC) in Hong Kong, holding license numbers AAF532 and AHQ356.
Pros & Cons
CFSG, regulated by the SFC in Hong Kong, offers a robust platform for investors seeking diverse trading options. While the brokerage does not support forex trading, it compensates with a variety of other investment opportunities, including access to IPOs. With multiple trading platforms available, investors have the flexibility to choose the interface that best suits their needs. However, CFSG could improve by providing clearer information on payment methods, addressing a current drawback. Additionally, the brokerage lacks educational content, which could be beneficial for investors looking to enhance their trading knowledge and skills.
Tradable Securities and Services
CFSG offers a diverse array of trading options for investors.
In terms of securities, clients can engage in global stock trading across various markets, including HK Stocks, US Stocks, SH/SZ Stock Connect, Singapore Stocks, and China B Shares. This extensive selection allows investors to diversify their portfolios and capitalize on international market opportunities.
For fund investments, CFSG provides access to over 13,000 funds in collaboration with renowned financial institutions.
Additionally, CFSG offers opportunities in money market funds, bonds, and futures & options. With over 2,400 bonds available for trading, clients have access to a diverse bond market.
Moreover, CFSG provides prime brokerage services, catering to the needs of institutional clients with advanced trading solutions and comprehensive support.
Lastly, CFSG offers HK stock investment advisory services, providing clients with expert guidance and insights to navigate the complexities of the Hong Kong stock market effectively.
Commissions & Fees
HK Stocks
CFSG offers two fee structures for trading Hong Kong stocks, tailored to meet different investor preferences.
Under the Commission-Free U-Plan, investors enjoy zero fees across the board. There are no commission fees, platform fees, or custody fees associated with this plan, providing a cost-effective solution for trading Hong Kong stocks.
Alternatively, the New Account Trading Plan offers a competitive fee structure. Investors are charged a commission fee of 0.08%, with no hidden fees. Additionally, the plan allows for a margin ratio of up to 70%, providing flexibility for investors looking to maximize their trading potential.
US stocks
CFSG imposes various fees for trading US stocks, ensuring transparency and effective cost management. For electronic trading, a commission of 0.10% of the transaction value is charged, with a minimum of US$28.00. Phone trading incurs a minimum commission of 0.25% of the transaction value, also with a minimum of US$28.00. For US Restricted Securities, the commission is negotiable. Additionally, stamp duty, trading fees, and transaction levies do not apply to US stocks. However, an Envelope Settlement Service (ESS) fee may be applicable for selected stocks of DTCC, amounting to USD200.00 per daily transaction.
SH/SZ Stock Connect
CFSG charges several fees for trading through the SH/SZ Stock Connect, ensuring transparency and comprehensive cost management. The commission is set at 0.25% of the transaction value, with a minimum charge of CNY ￥100.00 per transaction. Additionally, there is a handling fee of 0.00341% of the transaction value per side, a management fee of 0.002% per side, and a transfer fee which varies: 0.001% of the transaction value per side via ChinaClear and 0.002% per side via HKSCC. Furthermore, a stamp duty of 0.05% is applied to the transaction value on the seller. A portfolio fee is also charged, calculated as the daily stock portfolio value multiplied by 0.008% and then divided by 365, accrued daily and collected monthly.
Singapore Stocks
CFSG charges specific fees for trading Singapore stocks, which include clearing fees, SGX trading fees, and commissions. The clearing fee for shares is 0.0325% of the transaction value, while for structured warrants, it is 0.05% with a maximum of SG$200, US$110, or HK$860 per transaction. The SGX trading fee is 0.0075% of the transaction value. Additionally, CFSG imposes a commission of at least 0.40% of the transaction value, with a minimum charge of US$33.00 or SG$58.00.
China B Shares
For Shanghai B Shares, the commission for electronic trading is 0.3% of the transaction value, with a minimum charge of US$25.00. For phone trading, the commission is also 0.3% of the transaction value, but with a higher minimum charge of US$30.00.
For Shenzhen B Shares, the commission for electronic trading is 0.3% of the transaction value, with a minimum charge of HK$100.00. When trading via phone, the commission remains 0.3% of the transaction value, but the minimum charge increases to HK$200.00.
Futures & options
CFSG charges several fees for futures and options trading. These include a commission fee per contract per side, as well as exchange fees and an SFC levy, both also charged per contract per side. Additionally, there are initial margin and maintenance margin requirements, which vary based on the specific futures and options being traded.
Funds
CFSG charges specific fees for fund transactions. The subscription fee for funds can be up to 6% of the subscription price. If investors wish to switch between funds, a switch fee of up to 1% of the subscription price is applied. Additionally, individual fund houses may impose a redemption fee, the details of which can be found in the respective fund prospectus.
Bonds
CFSG imposes specific fees for bond transactions. The subscription commission for bonds is up to 1% of the investment amount per transaction. Similarly, for redemption in the secondary market, a fee of up to 1% of the investment amount per transaction is charged.
Promotions
CFSG introduces a promotion targeting new securities clients, featuring personal financial consultancy services. This initiative connects clients with a professional wealth management team adept at understanding investment needs and tailoring services to suit individual and family requirements.
In addition, CFSG highlights the Alpha i Mobile Trading Application, a platform infused with artificial intelligence, offering a seamless trading experience.
Moreover, CFSG encourages clients to opt for e-Statements, promoting convenience and efficiency. By registering for e-Statements, clients gain access to past statements anytime and anywhere, eliminating the need to manage physical copies. This initiative also reduces reliance on postal services, ensuring timely delivery of statements directly to clients' email inboxes.
Platforms
CFSG offers distinct trading platforms for stocks and futures, tailored to meet the specific needs of traders in these markets.
For stocks, the mobile trading application Alpha i provides access to Hong Kong stocks, US stocks, and SH/SZ-HK stock connect. It features online account opening, HK Lv2 streaming quotes, a watchlist, financial news, HK stock trading, IPO, and fund deposit & withdrawal. The web trading platform, CFSG Online Stock Trading Platform, covers the same markets and offers HK stock quotes, IPO, fund deposit & withdrawal, internal fund transfer, currency exchange, stock deposit & withdrawal, change of contact and bank info, and monthly statements. The desktop version, Alpha i for PC, supports HK Lv2 streaming quotes, US Lv1 streaming quotes, a watchlist, financial news, and HK & US stock trading.
For futures, the mobile trading applications include CASH Futures Trader and SPTrader Pro, both providing quotes and trading capabilities for Hong Kong futures. The CFSG Online Future Trading Platform, accessible via the web, offers HK future quotes, trading, fund deposit & withdrawal, internal fund transfer, currency exchange, change of contact and bank info, and monthly statements. The desktop version, SPTrader, supports quotes and trading for HK futures, as well as fund deposit and withdrawal.
Customer Service
CFSG provides customer support across various financial services, ensuring clients can easily reach out for assistance. For Securities and Futures Investment, clients in Hong Kong can contact (852) 2663-8888, while those in the Mainland of China can call (86) 400-6088-498. Insurance, MPF, and Wealth Management services share the same contact numbers: (852) 2139-2323 in Hong Kong and (86) 400-6088-498 in the Mainland of China. For Asset Management inquiries, the contact number in Hong Kong is (852) 2287-8848, and in the Mainland of China, it is (86) 400-6088-498. Additionally, clients can reach general support via email at hotline@cfsg.com.hk or through WhatsApp at (852) 9889-1968.
Conclusion
Overall, CFSG, regulated by the SFC in Hong Kong, offers diverse trading options but lacks forex support. While it provides access to IPOs and multiple trading platforms, clearer payment information and educational content would enhance the user experience.
FAQs
Q: Is CFSG a safe and reliable brokerage？
A: CFSG is a regulated brokerage, offering investor protection in case of brokerage failure. They also implement security measures like two-factor authentication. However, traders should remain vigilant when trading online.
Q: Does CFSG offer commission-free trading？
A: CFSG's Commission-Free U-Plan provides zero fees across the board. There are no commission fees, platform fees, or custody fees associated with this plan, offering a cost-effective solution for trading Hong Kong stocks.
Q: What kind of trading platform does CFSG offer？
A: CFSG provides a user-friendly platform accessible through a mobile app, web browser, and downloadable desktop app. The platforms/apps include Alpha i, CFSG Online Stock Trading Platform, CASH Futures Trader, and SPTrader Pro.
Q: Is CFSG suitable for beginners？
A: CFSG's user-friendly interface can be helpful for beginners. However, it lacks educational resources, which may limit its suitability for novice traders.
Risk Warning
Trading online involves significant risks and may result in the complete loss of invested capital, making it unsuitable for all traders or investors. It's essential to thoroughly understand these risks before participating in any trading activities. Additionally, the content of this review may change over time to reflect updates in the company's services and policies. Given that the review's creation date is pertinent, as information may become outdated, readers are advised to verify the latest details directly with the company before making any investment decisions. Ultimately, the reader bears sole responsibility for any actions taken based on the information provided in this document.
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