uSMART Securities Hong Kong Review 2026: Worth It for HK and US Stocks?
Contents
TL;DR
uSMART Securities is an SFC-licensed Hong Kong broker (licence BJA907) backed by a strategic investment from Chow Tai Fook Enterprises. It offers perpetual zero-commission US stock trading, HK IPO margin financing at up to 20x leverage with interest rates as low as roughly 1.6%, and a suite of AI-powered screening tools. Main downsides: HK stock commission is not zero (Longbridge beats it), the user community is smaller than moomoo or Tiger, and the app interface is less polished. A solid pick for investors who want strong IPO financing terms and free US trading from a well-backed, locally regulated platform.
uSMART in the HK Brokerage Landscape
uSMART occupies a distinctive space among Hong Kong's online brokers. It does not have the brand recognition of moomoo or Tiger -- both backed by NASDAQ-listed parent companies -- nor the zero-commission headline of Longbridge. What uSMART does have is something none of those competitors can match: strategic backing from Chow Tai Fook Enterprises, one of Hong Kong's most established conglomerates, and an unusually aggressive IPO margin financing offering that goes up to 20x leverage.
For investors whose primary strategy involves HK IPO subscriptions with margin amplification, or who want permanently free US stock trading without promotional strings attached, uSMART deserves a closer look than its relatively low profile might suggest.
How We Evaluated uSMART
We assessed uSMART across six key dimensions:
- Regulatory standing and backing -- SFC licensing, investor protection, and the significance of the Chow Tai Fook relationship
- Fee structure -- HK and US stock commissions, platform fees, IPO fees, and hidden costs
- IPO capabilities -- margin financing ratios, grey market access, and the actual IPO workflow
- Multi-market access -- breadth of tradeable markets and asset classes
- Platform quality -- mobile app usability, AI tools, and overall user experience compared to competitors
- Genuine downsides -- areas where uSMART falls short of alternatives
Key Features
SFC Regulated + Chow Tai Fook Strategic Investment
uSMART Securities (Hong Kong) Limited holds a Type 1 licence (Dealing in Securities) from the Hong Kong Securities and Futures Commission, licence number BJA907. Client securities are held in segregated accounts through CCASS, and the SFC's Investor Compensation Fund provides coverage up to HK$500,000 per investor in the event of broker default.
What sets uSMART apart from most fintech brokers is its backer. Chow Tai Fook Enterprises -- the private investment arm of the Cheng family, which controls the Chow Tai Fook jewellery empire and New World Development -- made a strategic investment in uSMART's parent company. This is not a minor angel round; Chow Tai Fook Enterprises is one of Hong Kong's largest family-controlled conglomerates with assets across real estate, infrastructure, telecommunications, and financial services.
In practical terms, this backing provides a credibility signal that differs from moomoo and Tiger's NASDAQ-listing approach. uSMART is not publicly listed, but it has deep-pocketed Hong Kong institutional support -- a different kind of stability indicator.
Zero Commission on US Stocks (Perpetual, Not Promotional)
uSMART offers zero-commission trading on US-listed stocks as a permanent structural feature, not a time-limited promotion. This is comparable to what Longbridge offers on both HK and US stocks, and matches moomoo's and Tiger's US stock pricing. The key distinction: uSMART explicitly markets this as a perpetual policy rather than a promotional rate that could be revised.
In our testing, US stock orders executed at $0 commission with no hidden per-share fees. Standard SEC and FINRA regulatory fees still apply (these are fractions of a cent per share and unavoidable across all brokers).
For investors who primarily trade US equities, uSMART's zero-commission structure is genuinely competitive with any broker in the Hong Kong market.
HK IPO Margin Financing (Up to 20x Leverage)
This is uSMART's signature feature and arguably the strongest IPO financing offer among Hong Kong's online brokers. The platform provides:
- Margin financing up to 20x for qualifying HK IPO subscriptions -- meaning you can subscribe for roughly 20 times your available cash, with uSMART lending the balance
- Interest rates as low as approximately 1.6% on IPO financing, which is competitive compared to typical broker rates of 2-4%
- 15x leverage is more commonly available across a wider range of IPOs; 20x is reserved for selected high-demand offerings
To put this in context: if you have HK$50,000 in cash and use 20x leverage, you could subscribe for up to HK$1,000,000 worth of IPO shares. The interest cost is calculated on the borrowed amount for the subscription period (typically 5-7 business days), so at roughly 1.6% annualised, a week of financing on HK$950,000 borrowed would cost around HK$250-300.
The higher leverage increases your chance of receiving an allotment in oversubscribed IPOs, which is the primary reason IPO-focused investors use margin financing. However, it also amplifies losses if the IPO prices below subscription cost -- this is genuine risk, not just a disclaimer.
Grey Market (ζη€) Trading
uSMART supports grey market trading for HK IPOs. The grey market window typically opens around 4:15pm on the day before official HKEX listing and runs until approximately 6:30pm, allowing investors to buy and sell IPO shares before the official opening price is established.
Grey market access on uSMART works similarly to moomoo, Tiger, and Longbridge -- you can place limit orders during the grey market window, and execution depends on available liquidity. For popular IPOs, grey market trading is active; for smaller offerings, spreads can be wide and volume thin.
Multi-Market Access (HK + US + A-Shares + ETFs + Bonds + Funds)
From a single uSMART account, investors can access:
- Hong Kong stocks listed on HKEX
- US stocks listed on NYSE and NASDAQ
- A-shares via Shanghai and Shenzhen Stock Connect
- ETFs across HK and US markets
- Bonds -- a relatively unusual offering among fintech brokers
- Funds -- including money market funds for idle cash management
The bond and fund access is a meaningful differentiator. Most competitors (moomoo, Tiger, Longbridge) focus primarily on equities and ETFs; uSMART's inclusion of fixed-income products and funds gives it broader asset class coverage for investors who want more than just stock trading.
AI-Powered Smart Tools
uSMART has invested heavily in AI-driven features that other HK brokers have not replicated to the same degree:
- Smart Screening -- AI-assisted stock screening that goes beyond traditional filter-based approaches, incorporating pattern recognition and anomaly detection
- Smart Rating -- Proprietary scoring system that aggregates fundamental and technical signals into a single rating for individual stocks
- Smart Notification -- Customisable alerts that use AI to identify unusual trading patterns, volume spikes, or news events relevant to your watchlist
- Smart Order -- Intelligent order routing and execution suggestions based on market conditions
In our testing, the AI tools were interesting but not revolutionary. The Smart Rating system provides a useful quick-reference score, though experienced investors will still want to do their own analysis. The Smart Notification feature was genuinely helpful for catching unusual volume movements that we might have otherwise missed.
These tools are more sophisticated than what Tiger currently offers and roughly comparable to some of moomoo's advanced screening capabilities, though moomoo's overall research ecosystem is deeper.
Fractional Share Trading (From USD $1)
uSMART supports fractional share trading on US stocks, with a minimum investment of just USD $1. This is particularly useful for high-priced stocks like Berkshire Hathaway Class A, Amazon, or Google where buying a full share requires significant capital.
Not all competing brokers offer fractional shares -- Interactive Brokers does, but moomoo and Tiger have limited or no fractional share support in their HK operations.
90-Day HK Stock Commission Waiver (New Users)
New uSMART account holders receive a 90-day waiver on HK stock commission charges. During this period, you effectively trade HK stocks at zero commission (platform fees still apply). After 90 days, the standard commission rate of 0.03% (minimum HK$3) applies.
This is a meaningful onboarding benefit -- 90 days gives new users enough time to evaluate the platform without commission drag. However, it is a temporary advantage; Longbridge offers permanent zero-commission on HK stocks.
Fee Comparison: uSMART vs Competitors
| Fee Type | uSMART | moomoo | Tiger | Longbridge | IBKR |
|---|---|---|---|---|---|
| HK Stock Commission | 0.03% (min HK$3) | 0.03% (min HK$3) | 0.06% (min HK$15) | $0 | 0.08% (min HK$18) |
| HK High-Freq Plan | HK$1/order | N/A | N/A | N/A | N/A |
| Platform Fee (HK) | HK$15/order | HK$15/order | HK$15/order | HK$15/order | Included |
| US Stock Commission | $0 (perpetual) | $0.0049/share | $0.0039/share | $0 | $0.005/share |
| IPO Application Fee | HK$80 | Free | Free | Free | No IPO |
| Grey Market | Supported | Supported | Supported | Supported | Not supported |
| Fractional Shares (US) | Yes (from $1) | Limited | No | No | Yes |
| Minimum Deposit | None | None | None | None | None |
Real cost on HK stocks: On a HK$50,000 trade, uSMART costs roughly HK$15 commission + HK$15 platform fee = HK$30 total. Longbridge costs HK$15 (platform fee only). moomoo costs approximately HK$15 commission + HK$15 platform fee = HK$30. Tiger costs HK$30 commission + HK$15 platform fee = HK$45. IBKR costs around HK$40 commission with no separate platform fee. Exchange levies apply equally across all brokers.
The US stock advantage: uSMART's perpetual $0 US commission is genuinely cheaper than moomoo ($0.0049/share) and Tiger ($0.0039/share). On a 100-share trade of a $50 stock, moomoo charges $0.49 and Tiger charges $0.39, while uSMART charges nothing. Over a year of regular US trading, this adds up.
The IPO cost caveat: uSMART charges HK$80 per IPO application, while moomoo, Tiger, and Longbridge charge nothing. If you apply for 10 IPOs per year, that is HK$800 in application fees alone. For active IPO investors, this is a real cost that partially offsets the margin financing advantage.
uSMART's High-Frequency plan: For active HK stock traders, uSMART offers a High-Frequency commission plan at just HK$1 per order. This is remarkably cheap -- cheaper than any competitor's standard commission -- but requires opting into the specific plan and may have volume conditions.
How uSMART Compares
uSMART vs moomoo
uSMART's relative strengths:
- Perpetual zero US commission (moomoo charges per-share fees)
- IPO margin financing up to 20x at roughly 1.6% interest (moomoo typically offers 10x at higher rates)
- Chow Tai Fook backing provides a Hong Kong institutional credibility layer
- AI-powered tools (Smart Rating, Smart Notification) are distinctive features
- Fractional share trading from $1
moomoo's relative strengths:
- Free Level 2 data for HK and US markets
- Larger and more active user community with in-app social features
- Better overall research tools and screening capabilities
- NASDAQ-listed parent (Futu Holdings, FUTU) with public financial disclosures
- No IPO application fee (uSMART charges HK$80)
- Paper trading / virtual portfolio for practice
- For Australian investors, moomoo's AFSL-licensed Australian entity is a material regulatory advantage
uSMART vs Tiger Brokers
uSMART's relative strengths:
- Lower HK commission (0.03% vs Tiger's 0.06%)
- Zero US commission (Tiger charges $0.0039/share)
- Superior IPO margin financing terms (20x vs Tiger's typical 10x)
- AI tools and fractional shares
Tiger's relative strengths:
- NASDAQ-listed parent company (UP Fintech, TIGR)
- Cleaner, more polished mobile app interface
- Longer track record and larger user base in Hong Kong
- No IPO application fee
- More generous promotional offers for new users
uSMART vs Longbridge
uSMART's relative strengths:
- IPO margin financing up to 20x (Longbridge offers lower leverage ratios)
- Bond and fund access (Longbridge focuses primarily on equities)
- AI-powered tools and Smart Rating system
- Fractional share trading
Longbridge's relative strengths:
- Lifetime zero commission on both HK and US stocks (uSMART charges 0.03% on HK after 90 days)
- No IPO application fee (uSMART charges HK$80)
- Simpler, more transparent fee structure overall
Downsides Worth Knowing
HK Stock Commission Is Not Zero
After the 90-day welcome period expires, uSMART charges 0.03% (minimum HK$3) on HK stock trades. This matches moomoo's rate but is more expensive than Longbridge's permanent $0 commission. For investors who primarily trade HK stocks, Longbridge remains the cost leader.
Smaller User Community Than moomoo or Tiger
uSMART's user base in Hong Kong is noticeably smaller than moomoo's or Tiger's. This translates to a less active in-app community, fewer user-generated discussions about specific stocks, and less social proof. If community features and crowd sentiment indicators matter to your investment process, moomoo's ecosystem is substantially deeper.
App Interface Is Less Polished
In our testing, uSMART's mobile app was functional and the AI tools were interesting, but the overall interface polish -- navigation smoothness, visual design, information hierarchy -- lagged behind moomoo and even Tiger. The app has improved significantly over the past year, but there is still a noticeable gap in user experience refinement.
For charting and technical analysis specifically, most serious investors will want to supplement uSMART with TradingView -- the free plan provides multi-timeframe candlestick charts, 100+ technical indicators, and cross-market watchlists that uSMART's native charting does not fully match.
No NASDAQ Listing (Less International Transparency)
Unlike moomoo (Futu, NASDAQ: FUTU) and Tiger (UP Fintech, NASDAQ: TIGR), uSMART is not publicly listed. While the Chow Tai Fook backing provides Hong Kong institutional credibility, it does not come with the same level of regular public financial disclosure that SEC-mandated quarterly reports provide. For investors who value that kind of transparency, this is a trade-off.
90-Day HK Commission Waiver Eventually Expires
The zero-commission honeymoon on HK stocks lasts 90 days, then you are back to paying 0.03% per trade. This is not a dealbreaker -- it is the same rate as moomoo -- but investors who initially chose uSMART for the free HK trading may feel the shift. Longbridge does not have this problem because its zero commission is permanent.
Who Should Consider uSMART
Good fit:
- HK IPO investors who want maximum margin financing leverage (15-20x) at competitive interest rates
- US stock investors who want genuinely free perpetual commission and fractional share access
- Investors who value Hong Kong institutional backing (Chow Tai Fook) over NASDAQ-listed parent transparency
- Those interested in AI-powered stock screening and rating tools
- Investors who want bond and fund access alongside equities in one account
Less suitable:
- Cost-focused HK stock traders who want permanent zero commission (use Longbridge)
- Investors who rely heavily on community features and social sentiment (use moomoo)
- Those who prioritise the most polished app experience (moomoo or Tiger)
- Investors who want a NASDAQ-listed parent company for maximum financial transparency
- Frequent IPO applicants who find HK$80 per application too costly
FAQ
Is uSMART Securities safe to use?
uSMART Securities (Hong Kong) Limited holds an SFC Type 1 licence (BJA907) for dealing in securities. Client assets are held in segregated CCASS accounts, and the SFC Investor Compensation Fund covers up to HK$500,000 per investor. The platform is backed by a strategic investment from Chow Tai Fook Enterprises, one of Hong Kong's most established conglomerates. The regulatory framework is the same as that covering moomoo, Tiger, Longbridge, and other SFC-licensed brokers.
What is uSMART's IPO margin financing?
uSMART offers margin financing for HK IPO subscriptions at up to 20x leverage, meaning you can apply for roughly 20 times your available cash. Interest rates start from approximately 1.6% annualised, calculated only for the subscription period (typically 5-7 business days). The 20x ratio is available for selected high-demand IPOs; 15x is more commonly available. This is among the most aggressive IPO financing terms offered by any Hong Kong online broker.
How does uSMART compare to moomoo for HK stocks?
For HK stock trading specifically, uSMART and moomoo charge similar commission rates (both 0.03% minimum HK$3). uSMART's advantages are in IPO margin financing (up to 20x vs moomoo's typical 10x), perpetual zero US commission, and AI tools. moomoo's advantages are free Level 2 data, a larger community, better research tools overall, no IPO application fee, and a NASDAQ-listed parent. For IPO-heavy investors, uSMART may be the better choice; for all-round HK stock trading, moomoo has the edge.
Can I use uSMART from outside Hong Kong?
uSMART primarily serves Hong Kong residents and accepts account applications from selected overseas jurisdictions. Eligibility depends on your country of residence and identification documentation. The platform's core features -- IPO margin financing, grey market trading -- are oriented toward the Hong Kong market. If you are based outside Hong Kong, verify account eligibility directly with uSMART before proceeding, as regulatory restrictions vary by jurisdiction.
Is uSMART's zero US commission really free?
Yes, in our testing, US stock trades executed at $0 commission with no hidden per-share fees. Standard regulatory fees (SEC fee, FINRA TAF) still apply -- these are tiny amounts (fractions of a cent per share) that all US brokers are required to pass through. The zero-commission policy is marketed as perpetual, not promotional, which distinguishes it from time-limited offers some brokers use to attract new users.
What is the HK$80 IPO application fee?
uSMART charges HK$80 per IPO application, regardless of whether your application is successful. This fee is charged at the time of application submission. By comparison, moomoo, Tiger, and Longbridge do not charge IPO application fees. If you apply for many IPOs throughout the year, this cost can accumulate -- 10 applications would cost HK$800 in fees alone.
Related Reading
- Hong Kong Stock Broker Comparison
- Tiger Brokers HK Review 2026
- Longbridge Review: Zero-Commission Broker
- moomoo vs Interactive Brokers
- HK IPO Margin Financing Explained
Disclaimer
This article is for informational purposes only and does not constitute financial advice or a product recommendation. Fee schedules, promotional terms, and platform features change frequently -- verify all current information directly with uSMART Securities before opening an account. IPO margin financing involves significant risk; leveraged positions amplify both gains and losses. Investing in securities involves risk, including possible loss of principal. The authors receive no compensation from uSMART Securities.
Fee data last verified February 2026.