Overview of Midas Securities
Established in 2017, Midas Securities has rapidly grown to become a trusted entity in the Hong Kong financial market. Headquartered in Hong Kong and operating under the regulatory framework of the Securities and Futures Commission, the firm has cemented its credibility among investors. Offering a plethora of products such as Hong Kong-listed stocks and bonds, Midas Securities aims to provide a comprehensive trading experience. The firm's commitment to technology is evident in its robust online and mobile trading platforms, ensuring that clients have access to real-time market data and seamless trading experiences anytime, anywhere.
Is Midas Securities Legit？
Midas Securities is regulated by the Securities and Futures Commission of Hong Kong. They hold a license for dealing in futures contracts, and their license number is BIK715. This regulatory oversight ensures that Midas Securities complies with the relevant laws and regulations governing their operations in the Hong Kong financial market.
Pros and Cons
Midas Securities has gained a strong reputation for its diverse product offerings and innovative trading platforms. However, like all institutions, there are both advantages and challenges associated with their services.
Products and Services
Midas Securities offers a range of products and services to cater to the needs of investors. In the securities segment, they provide trading services for Hong Kong-listed stocks and related products. This includes stocks of companies listed on the Hong Kong Stock Exchange, as well as derivative warrants, bull and bear certificates, and exchange-traded funds (ETFs). These offerings allow investors to participate in the Hong Kong stock market and gain exposure to various asset classes.
In the fixed income market, Midas Securities offers access to bonds, which are debt instruments issued by institutions, governments, or other debt-issuing entities. Bondholders effectively lend money to the issuer and, in return, receive periodic interest payments and the repayment of the bond's face value at maturity. The variety of bonds available in the market includes fixed-rate bonds, floating-rate bonds, zero-coupon bonds, and callable/extendable bonds. This enables investors to diversify their portfolios and potentially generate income from interest payments.
Midas Securities also provides asset management services tailored to individual investors' specific needs. They design investment portfolios that align with investors' risk preferences and financial goals. This personalized approach allows them to cater to a wide range of investors with varying risk appetites, helping clients make informed investment decisions and manage their wealth effectively.
How to Open an Account？
To open an account with Midas Securities, you need to follow a straightforward process by filling out the required forms and submitting the necessary documents. The account types can be categorized into Individual/Joint and Corporate accounts, each with its specific requirements.
For Individual/Joint Accounts:
1. Start by completing the account opening form, which is available for both Hong Kong and overseas customers.
2. Provide a copy of your identity card or passport. This is required for both Hong Kong and overseas customers.
3. If you're opening a joint account, you may need to fill out an additional joint account application form, if applicable.
4. Present proof of your address, which should be valid within the last three months. This is necessary for both Hong Kong and overseas customers.
5. If you're entering into a margin trading agreement, submit the relevant power of attorney.
6. Depending on your tax status, you might need to complete tax-related forms like W-8BEN or W-9.
7. For Hong Kong customers, a personal check of HKD 10,000 or more issued by a licensed bank in Hong Kong might be required.
8. If applicable, provide an employer's consent letter.
For Corporate Accounts:
1. Fill out the corporate account opening form, available for both Hong Kong and overseas customers.
2. Present a certified copy of the board resolution authorizing the account opening.
3. If you are entering into a margin trading agreement, complete the relevant power of attorney.
4. Provide a certified copy of the latest memorandum and articles of association outlining the company's structure and regulations.
5. Include certified copies of the most recent audited financial statements.
6. Submit a self-certification form for the entity and its controlling persons.
7. Present certified copies of identification (e.g., passports or identity cards) and address proofs (valid within the last three months) for authorized persons, directors, and beneficial owners.
8. Depending on tax status, complete tax-related forms like W-8BEN-E or W-9.
9. Include an organizational chart of the company.
10. Submit certified copies of the business registration certificate.
11. Provide a certified copy of the company's certificate of incorporation.
12. Include the most recent annual report (NAR1) if applicable.
13. If necessary, provide proof of the local registered agent's authority issued within the last six months.
14. Include a good standing certificate issued by the overseas company registration authority, if applicable.
15. Include a certified record of director appointments extracted from the official register of directors.
16. For corporate accounts, a company check of HKD 10,000 or more might be required.
It's important to note that the specific documentation requirements and procedures may vary depending on individual circumstances and regulatory changes. It's advisable to contact Midas Securities directly or visit their website for the most up-to-date and detailed account opening instructions.
Fees
Midas Securities charges various fees for their services, which include trading, agent services, stock deposit and withdrawal, fund deposit and withdrawal, interest rates, and account management. Here's a brief overview of their fee structure:
Trading Fees:
- Commission - Phone Trading: Up to 0.15% (minimum HK$68.00).
- Commission - Online Trading: Up to 0.08% (minimum HK$50.00).
- Stamp Duty: 0.13% (rounded up to HK$1.00 if less).
- Transaction Levy: 0.0027% (rounded up to HK$0.01 if less).
- Hong Kong Stock Exchange Trading Fee: 0.005% (rounded up to HK$0.01 if less).
- Central Clearing Fee (Settlement of Securities & Exchange System Usage Fee): 0.005% (minimum HK$3.00).
- Financial Reporting Authority Transaction Levy: 0.00015% (rounded up to HK$0.01 if less).
Agent Services:
- Custodian Fee: Free.
- Stock Transfer Fee: HK$1.50 per lot.
- Cash Dividend/Stock Dividend: 0.5% (minimum HK$20.00, maximum HK$300.00).
- Rights Subscription/Exercise of Warrants and Bull/Bear Certificates: HK$0.80 per lot, plus HK$100.00 handling fee.
- Additional Rights Subscription: HK$100.00.
- Cash Purchase/Open Offer/Takeover Privatization: HK$0.80 per lot (minimum HK$20.00).
- Share Transfer: HK$3.00 per lot (minimum HK$100.00).
- Proxy Collection of Dividends/Stock Dividends: HK$500.00 per case.
- Application for New Shares on Behalf of Clients: Margin Financing: HK$100.00 per case; Cash Subscription: Exempted.
Stock Deposit and Withdrawal:
- Deposit via Central Clearing (SI & ISI Deposit): Free.
- Withdrawal via Central Clearing (SI & ISI Withdrawal): 0.005% of the total value (minimum HK$20.00, maximum HK$300.00).
- Physical Share Withdrawal: HK$3.50 per lot (plus HK$50.00 handling fee).
- Physical Share Deposit: HK$5.00 per share or per transfer instrument.
Fund Deposit and Withdrawal:
- Deposit of Funds: Charged based on the actual bank fees.
- Money Withdrawal: Charged based on the actual bank fees.
- Return of Cheque: HK$150.00 per occurrence.
- Stop Payment of Cheque: HK$150.00 per occurrence.
Interest Rates:
- Custodian Balance: None.
- Securities Cash Custodian Debit Balance: Prime Rate + 6%.
- Margin Loans: Prime Rate + 3%.
- Additional Borrowing or Debt Beyond Portfolio Value: Prime Rate + 6.625%.
Account Management:
- E-Statements (Auto-Selection): Free.
- Printing Daily/Monthly Statements: HK$10.00 per copy.
- Reissuing E-Statements (over 3 months old): HK$10.00 per copy (for statements older than 3 months).
- Handling of Account Confirmation Letters: HK$200.00 per copy.
Please note that this fee schedule is for reference, and Midas Securities may change their fees at any time without prior notice. The effective date of this fee schedule is from July 11, 2022. For any services not listed in this table, you should inquire with the company directly for the applicable charges.
Deposit & Withdraw Methods
Midas Securities provides several convenient methods for both depositing and withdrawing funds.
Deposit Methods:
1. FPS (Faster Payment System): Customers can deposit funds using the Faster Payment System by entering the designated FPS ID, which is “4878666.” This method is limited to Hong Kong dollar transfers. The bank and account details for FPS transfers are as follows:
- Bank: Industrial and Commercial Bank of China (Asia) Limited.
- Payee: Midas Securities Limited – Client's A/C.
- Bank Account: 382-546-100671702.
2. Bank Transfer/Wiring: Clients can initiate bank transfers or wire funds to Midas Securities using the following bank details based on the currency of the transfer:
- For HKD (Hong Kong Dollars): Bank Name - Industrial and Commercial Bank of China (Asia) Limited, Bank Account - 072-864-502022722.
- For RMB (Chinese Yuan): Bank Name - Industrial and Commercial Bank of China (Asia) Limited, Bank Account - 072-864-560002988.
- For USD (U.S. Dollars): Bank Name - Industrial and Commercial Bank of China (Asia) Limited, Bank Account - 072-864-506008917.
- SWIFT Code: UBHKHKHHXXX.
3. Bank of Communications (Hong Kong) Limited: Clients can also deposit funds into Midas Securities' account at the Bank of Communications using the following bank account details:
- For HKD: Bank Account - 382-546-100671702.
- For RMB: Bank Account - 382-546-100671701.
- For USD: Bank Account - 382-546-100671701.
- SWIFT Code: COMMHKHKXXX.
4. Bank of China (Hong Kong) Limited: Another option for depositing funds is through Bank of China (Hong Kong) Limited using the following bank account details:
- For HKD: Bank Account - 012-699-0-008868-0.
- SWIFT Code: BKCHHKHHXXX.
5. Personal Cheque: Clients can use personal cheques made payable to “Midas Securities Limited - Clients A/C.” However, the funds from the cheque are only available for use after clearance.
For all deposit methods, clients should follow these steps:
1. Retain the bank receipt or proof of transfer.
2. Write your name and customer number on the bank receipt.
3. Deliver the bank receipt with your information using one of the provided methods, such as email, fax, WhatsApp, WeChat, or by contacting Midas Securities' settlement department.
It's essential to confirm the deposit notification by calling the settlement department before 4:00 PM on the same day of the deposit.
Withdrawal Methods:
Customers can withdraw funds from their Midas Securities accounts using the following methods:
1. Submission of Withdrawal Form: Clients are required to complete and sign a “Fund Withdrawal/Deposit Form” and submit it via email to settlement@midas.com.hk or fax to +852 2527 6965.
2. Contacting Customer Service: Clients can call the customer service hotline at +852 2527 6844 for assistance with fund withdrawals.
Please note that withdrawal requests must be submitted by 11:30 AM on each business day to be processed on the same day. Any requests received after this time will be processed on the following business day. Withdrawn funds are typically disbursed by check and deposited into the bank account registered with Midas Securities. Third-party bank accounts are not accepted for fund withdrawals.
Clients should be aware of the cutoff time for withdrawal requests, and if they require any assistance, they can contact the settlement department during office hours at +852 2527 6844.
Trading Platforms
Midas Securities offers an online trading platform that allows clients to execute their investment strategies conveniently from the comfort of their own devices. This online trading system provides access to a wide range of financial instruments, including stocks, bonds, and derivatives, allowing clients to diversify their portfolios and make informed investment decisions.
Additionally, Midas Securities caters to the growing mobile user base by providing dedicated mobile trading applications for both Android and iOS devices. These mobile apps empower clients to trade on the go, ensuring that they can monitor the markets, execute trades, and manage their investments anytime and anywhere, using their smartphones or tablets. This mobile accessibility offers flexibility and convenience to clients who prefer or require trading flexibility beyond traditional desktop platforms.
Customer Support
Midas Securities provides accessible customer support through various channels. Their headquarters are located at 18 Shipyard Lane, Wan Chai, Hong Kong. Clients can reach their support team via phone at +852-25276966 for direct assistance.
For modern communication, clients can use WhatsApp at +852-59149680 or connect via WeChat using the ID “midas_settlement” for inquiries and support.
Email is another option at cs@midas.com.hk, offering a written channel for communication and issue resolution.
These diverse contact options ensure clients can easily seek help or information from Midas Securities.
Conclusion
Midas Securities stands out as a leading financial institution in Hong Kong. With its robust regulatory backing and diverse product range, it offers investors both security and variety. The integration of technology, evident in its online and mobile platforms, emphasizes the firm's commitment to modern and efficient trading. However, potential clients should acquaint themselves with the detailed fee structure and ensure the services align with their trading needs.
FAQs
Q: Is Midas Securities regulated？
A: Yes, they operate under the oversight of the Securities and Futures Commission of Hong Kong.
Q: What products does Midas Securities offer？
A: They specialize in Hong Kong-listed stocks, derivative warrants, ETFs, and bonds.
Q: Can you describe the fee structure of Midas Securities for trading activities？
A: Midas Securities implements a range of fees for services including trading with varying rates for phone and online transactions, agent services with custodian fee being free of charge, and other fees related to stock and fund deposits and withdrawals, interest rates, and account management. For detailed information, you may refer to their official documentation or website.
Q: Can I trade using my mobile with Midas Securities？
A: Absolutely, they offer dedicated mobile trading applications for both Android and iOS devices.
Q: How can I contact the customer support of Midas Securities？
A: They can be reached via phone, WhatsApp, WeChat, and Email.
