Hong Kong and US Stock IPO Brokers Compared: Fees, Features, and What Actually Matters
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Choosing a broker for IPO subscriptions involves more than just comparing commission rates. The factors that actually affect your returns include how many IPOs the platform carries, what the margin financing rate is, how long your funds are locked up, and what it costs to sell after allocation.
This article compares five brokers commonly used for Hong Kong and US stock IPO subscriptions: Futu Securities, Tiger Brokers, Interactive Brokers (IBKR), Longbridge, and moomoo Australia. Each one handles IPO functionality, fee structures, and user experience differently. None of them is the best across every dimension.
We are not ranking these brokers. The right choice depends on how often you subscribe, your capital, and where you are located.
How We Compared
The comparison is based on these dimensions:
- IPO coverage: Support for HK IPOs and/or US IPOs
- Subscription fees: Cost per subscription application
- Margin financing rates: Interest cost of leveraged subscriptions
- Capital lockup period: How long funds are frozen from subscription to refund
- Trading costs: Commission and other fees when selling allocated shares
- Platform experience: How smooth the IPO subscription flow is within the app
- Regulation: Which regulatory body oversees the broker
Information comes from each platform's official website and fee disclosure pages, supplemented by hands-on experience. Rates may change — confirm with each platform before you act.
Core Comparison Table
| Futu Securities | Tiger Brokers | Interactive Brokers | Longbridge | moomoo Australia | |
|---|---|---|---|---|---|
| HK IPO | Yes | Yes | Yes | Yes | Yes |
| US IPO | Yes | Yes | Yes | Yes | Limited |
| HK Subscription Fee | HKD 50-100 | HKD 50-100 | No dedicated fee | Free | HKD 50-100 |
| US Subscription Fee | Free | Free | No dedicated fee | Free | Free |
| HK Margin Multiplier | Up to 10x | Up to 10x | Not available | Up to 20x | Up to 10x |
| Margin Annual Rate | ~3%-6% | ~3%-6% | N/A | ~2%-5% | ~3.5%-6% |
| Sell Commission (HK) | 0.03% (min HKD 3) | 0.06% (min HKD 15) | 0.08% (min HKD 18) | 0.03% (min HKD 3) | 0.03% (min HKD 3) |
| Platform Fee (HK) | HKD 15/trade | HKD 15/trade | None | HKD 15/trade | HKD 15/trade |
| Stamp Duty | 0.13% | 0.13% | 0.13% | 0.13% | 0.13% |
| HK Level 2 Data | Free | Paid (~HKD 40/mo) | Paid (~USD 10/mo) | Free | Free |
| Minimum Deposit | None | None | None | None | None |
| Regulation | HK SFC, AU ASIC | HK SFC | HK SFC, US SEC, etc. | HK SFC, SG MAS | AU ASIC |
Note: Rates shown are as of February 2026. Each broker may adjust fees periodically, and margin rates in particular fluctuate with market interest rate conditions. Always check the platform's official fee page before proceeding.
Broker-by-Broker Breakdown
Futu Securities (moomoo)
Futu has one of the largest retail user bases among internet brokers offering IPO subscriptions. Both Hong Kong and US IPOs are supported. The in-app IPO flow is intuitive — subscription, progress tracking, and grey market trading are all accessible from a single screen. Hong Kong IPO subscriptions support both cash and margin, with up to 10x leverage.
IPO experience: The subscription process takes about three taps. Grey market trading is a highlight — you can trade allocated shares the evening before official listing. Free Level 2 data for Hong Kong stocks helps when gauging grey market sentiment. The community section has a dedicated IPO discussion forum that some users find useful for directional reads.
Fees: Hong Kong IPO subscription charges HKD 50 to 100 per application (varies by IPO). US IPO subscriptions are free. Margin interest runs roughly 3% to 6% annualized. Sell commission is 0.03% (minimum HKD 3) plus HKD 15 platform fee per trade.
Weaknesses: Subscription fees are not trivial for small allocations. If you are subscribing for one lot at HKD 5,000, the fee alone represents 1% to 2% of your capital. Margin approval is not guaranteed, and high-demand IPOs sometimes run out of financing quota.
Best for: Active IPO subscribers who value platform polish and grey market access.
Tiger Brokers
Tiger's IPO offering is positioned similarly to Futu's, with differences in the details. Both Hong Kong and US IPOs are available, margin support goes up to 10x, and the app design is clean and straightforward.
IPO experience: The subscription entry point is clear, with one-tap subscription support. Grey market trading is available but less active than Futu's. Research tools provide basic IPO data — deal size, sector, sponsors — enough for a quick assessment.
Fees: Hong Kong subscription fees are comparable to Futu at HKD 50 to 100. US IPOs are free. Sell commission is slightly higher at 0.06% (minimum HKD 15), plus the HKD 15 platform fee. For smaller trades, this adds up.
Weaknesses: Hong Kong Level 2 data requires a paid subscription (approximately HKD 40/month), which matters during subscription periods when you want to gauge demand. Brand recognition outside mainland China and Southeast Asia is lower. Customer support response times are average.
Best for: Users who already trade on Tiger for other purposes and want to add IPO participation without managing another account.
Interactive Brokers (IBKR)
Interactive Brokers operates at a different level. As one of the largest online brokers globally, it covers 150+ markets with professional-grade tools. But Hong Kong IPO subscription is not its specialty.
IPO experience: IBKR does support Hong Kong IPO subscriptions, but the access point is not as intuitive as Futu's or Tiger's. You need to search for IPOs manually in Client Portal or TWS. There is no dedicated "IPO" module, and no grey market trading. The critical difference: IBKR does not offer margin financing for Hong Kong IPO subscriptions. Cash only. US IPO participation requires meeting certain account eligibility criteria.
Fees: No dedicated subscription fee. Sell commission is 0.08% (minimum HKD 18) with no platform fee. For larger trades, the absence of a fixed platform fee actually makes IBKR more cost-efficient per dollar traded.
Weaknesses: No margin for HK IPOs, no grey market, no streamlined IPO interface. Account opening is more complex. The learning curve is steep, and support leans institutional in tone.
Best for: Experienced investors who already use IBKR for global multi-market trading and want to participate in the occasional Hong Kong IPO. If you are opening an account specifically for IPO subscriptions, there are better options.
Longbridge
Longbridge has been growing rapidly over the past two years, and IPO subscription is a core part of its value proposition. Hong Kong IPO subscriptions have zero subscription fees, margin multiplier goes up to 20x for select hot IPOs, and financing rates are typically lower than Futu and Tiger.
IPO experience: The app has a dedicated IPO channel with well-organized information — subscription dates, deal size, sponsors, and grey market prices are all present. Margin approval is relatively fast. Grey market trading is supported.
Fees: Zero subscription fee is the most differentiating factor. Margin interest runs roughly 2% to 5% annualized, about 1 to 2 percentage points lower than competitors. Sell commission is 0.03% (minimum HKD 3), matching Futu. Level 2 data is free.
Weaknesses: Longbridge's user base is smaller than Futu's and Tiger's, so grey market liquidity is thinner. Account approval may take longer in certain regions. The brand is newer, and long-term stability is still being established.
Best for: Frequent IPO subscribers (3+ times per month) who are cost-sensitive and want access to higher margin multipliers.
moomoo Australia
moomoo Australia is Futu's Australia-licensed offering. The core platform is identical to Futu Hong Kong, with some region-specific differences in IPO coverage and features.
IPO experience: Hong Kong IPO functionality mirrors Futu Hong Kong — same flow, same features. US IPO coverage is more limited; not all US listings are available. Grey market trading is supported for Hong Kong stocks.
Fees: Hong Kong subscription fees, commissions, and platform fees align with Futu Hong Kong. The Australia edition offers some local perks, such as fee-free AUD deposits and competitive exchange rates for currency conversion.
Weaknesses: Some features launch later than the Hong Kong version, and certain IPOs may not sync. The community is less active than Futu Hong Kong's. US IPO coverage needs improvement.
Best for: Australia-based investors, particularly those already familiar with the moomoo platform, who want to participate in Hong Kong IPOs. If you are in Australia, moomoo Australia (invite code: MCZ59APM) may have new user deposit rewards available.
Real-World Fee Calculation
Fee tables can be misleading without a concrete example. Here is what the numbers actually look like:
Scenario: Hong Kong IPO, offer price HKD 10/share, lot size 1,000 shares, subscribing for 1 lot (HKD 10,000), using 5x margin, selling on listing day at a 10% gain.
| Cost Item | Futu | Tiger | IBKR | Longbridge |
|---|---|---|---|---|
| Subscription fee | HKD 50 | HKD 50 | 0 | 0 |
| Margin interest (5 days, ~4% ann.) | ~HKD 22 | ~HKD 22 | N/A (no margin) | ~HKD 14 |
| Sell commission | HKD 3.3 | HKD 15 | HKD 18 | HKD 3.3 |
| Platform fee | HKD 15 | HKD 15 | 0 | HKD 15 |
| Stamp duty (0.13%) | HKD 14.3 | HKD 14.3 | HKD 14.3 | HKD 14.3 |
| Total cost | ~HKD 105 | ~HKD 116 | ~HKD 32 (cash only) | ~HKD 47 |
| Gross profit (10% gain) | HKD 1,000 | HKD 1,000 | HKD 1,000 | HKD 1,000 |
| Net profit | ~HKD 895 | ~HKD 884 | ~HKD 968 | ~HKD 953 |
Key takeaways:
- Longbridge's cost advantage comes from zero subscription fees and lower margin rates. The difference compounds with frequent participation.
- IBKR has the lowest absolute fees but does not offer margin for HK IPOs. If your capital is limited, this caps your subscription capacity.
- For small single-lot subscriptions (under HKD 5,000), fixed fees like subscription charges represent a disproportionate share of costs. Zero-fee brokers have a clear edge here.
US IPO Differences
US IPOs work fundamentally differently from Hong Kong IPOs. They are heavily skewed toward institutional allocation, and retail investors get very limited access. Most brokers require certain account conditions to participate.
| Futu | Tiger | IBKR | Longbridge | |
|---|---|---|---|---|
| US IPO Eligibility | No hard minimum | No hard minimum | Account conditions apply | No hard minimum |
| US IPO Coverage | Major listings | Major listings | Broader coverage | Major listings |
| US Subscription Fee | Free | Free | No dedicated fee | Free |
US IPO allocation rates for retail investors are extremely low (often below 1%). Treat this as a bonus opportunity rather than a primary strategy.
Decision Framework
Rather than debating which broker is "best," match your situation to the right platform:
High-frequency subscriber (3+ times/month), fee-sensitive: Longbridge. Zero subscription fees and lower margin rates add up over time.
Values platform experience, community, and grey market liquidity: Futu. Largest user base among internet brokers, most active grey market, all-in-one platform.
Already using Tiger for daily trading: Stay with Tiger. The slight fee premium is offset by avoiding the overhead of managing another account.
Global multi-market trader, occasional IPO subscriber: IBKR. One account covering 150+ markets. IPO is not its strength, but it works.
Australia-based investor: moomoo Australia. Local license, convenient AUD funding, same platform as Futu.
Frequently Asked Questions
Can I open accounts with multiple brokers for IPO subscription?
Yes, and many experienced subscribers do exactly this. Applying for one lot of the same IPO on different platforms effectively increases your allocation probability. Just make sure each account has enough funds to cover the subscription.
Is margin subscription risky?
Margin itself is not inherently dangerous, but it amplifies exposure. A 5% drop on listing day with 10x margin means a 50% loss on your capital, plus interest. Beginners should start with low leverage (2-3x) or cash subscriptions until they have a track record.
Why can I not see a particular IPO on my broker?
Smaller IPOs may only be distributed through certain brokers, depending on underwriter relationships. If you are tracking a specific listing, check multiple broker apps in advance.
Which is more worthwhile — HK or US IPO subscription?
For retail investors, Hong Kong IPOs offer significantly higher participation rates and allocation probabilities than US IPOs. US IPO subscription works as a supplement but should not be your main strategy.
Related reading on LowRiskTradeSmart:
- HK IPO Guide: Groups, Allocation Rates, and Strategy
- HK IPO Beginner Guide: Step-by-Step Walkthrough
Disclaimer
This article is for informational purposes only and does not constitute financial advice or an investment recommendation. Broker fee structures, IPO coverage, and margin terms are subject to change. Please confirm current details on each platform's official website before proceeding. Margin (leveraged) IPO subscription carries the risk of amplified losses — assess your own risk tolerance before using leverage. All investments carry risk; evaluate any decision carefully based on your own circumstances.
The moomoo Australia link in this article is a promotional link. LowRiskTradeSmart may receive a referral commission through this link. This does not affect our objective assessment of any platform.
Fee data last verified February 2026.