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TRADING PLATFORMS · CHINA

Mainland China brokers: a limited comparison

A domestic CNY comparison for eligible mainland residents, covering five locally identified securities firms. All five partial scores tie: alphabetical order expresses no preference. Negotiated tariffs do not establish a national cost winner. Hong Kong and foreign-resident offers are different.

Fees checked on each broker's price list on .

Provisional editorial comparison, not a total-cost ranking. These partial scores cover published fees and features. Spread, depth, slippage and effective execution costs have not been measured comparably and are not silently assumed to be zero. Read the execution review and unresolved research before choosing a broker.

Partial scores at a glance

#BrokerPartial scoreCommissions (35/85)Currency exchange (not scored)ETF offer (25/85)Other advantages and costs (25/85)
1China Galaxy Securities (中国银河证券股份有限公司)5.65N/A75
2CITIC Securities (中信证券股份有限公司)5.65N/A75
3GF Securities (广发证券股份有限公司)5.65N/A75
4Guosen Securities (国信证券股份有限公司)5.65N/A75
5Huatai Securities (华泰证券股份有限公司)5.65N/A75

Spreads and execution: the missing part of a fee table

The bid is what you can sell for; the ask is what you can buy for. Their difference is the quoted spread. It varies with the instrument, time, available quantity and market. A low commission does not establish a low total cost. No synchronized executable quotes or comparable fills were collected for these brokers: the table below is a documentary review, not a measured spread league table.

BrokerExecution evidence and limitsComparable realized spread
China Galaxy Securities (中国银河证券股份有限公司)No synchronized order-book or realized-fill sample is available. Compare the same security, venue, time, size and order type, including spread and slippage; limit orders constrain price but do not guarantee fills. A QDII premium to fund value differs from bid/ask spread. Neither zero quoted commission nor the same exchange establishes equal realized cost.Not measured
CITIC Securities (中信证券股份有限公司)No synchronized order-book or realized-fill sample is available. Compare the same security, venue, time, size and order type, including spread and slippage; limit orders constrain price but do not guarantee fills. A QDII premium to fund value differs from bid/ask spread. Neither zero quoted commission nor the same exchange establishes equal realized cost.Not measured
GF Securities (广发证券股份有限公司)No synchronized order-book or realized-fill sample is available. Compare the same security, venue, time, size and order type, including spread and slippage; limit orders constrain price but do not guarantee fills. A QDII premium to fund value differs from bid/ask spread. Neither zero quoted commission nor the same exchange establishes equal realized cost.Not measured
Guosen Securities (国信证券股份有限公司)No synchronized order-book or realized-fill sample is available. Compare the same security, venue, time, size and order type, including spread and slippage; limit orders constrain price but do not guarantee fills. A QDII premium to fund value differs from bid/ask spread. Neither zero quoted commission nor the same exchange establishes equal realized cost.Not measured
Huatai Securities (华泰证券股份有限公司)No synchronized order-book or realized-fill sample is available. Compare the same security, venue, time, size and order type, including spread and slippage; limit orders constrain price but do not guarantee fills. A QDII premium to fund value differs from bid/ask spread. Neither zero quoted commission nor the same exchange establishes equal realized cost.Not measured

When a lower commission costs more

Illustration only, not observed broker prices: for a EUR 1,000 immediate market purchase, route A with a EUR 1 commission and a 0.60% full quoted spread costs approximately EUR 4.00 relative to the midpoint. Route B with a EUR 3 commission and a 0.04% spread costs EUR 3.20. This assumes execution at the ask, enough depth, no market movement, no price improvement, no FX and no other costs. A EUR 1 commission saving is cancelled by a EUR 1 worse same-side execution price on this order (0.10%).

For one side, the illustration uses commission + half the quoted spread × order value + additional slippage beyond that quote + FX + other transaction charges. An immediate round trip at unchanged quotes incurs approximately the full spread. If actual execution shortfall is measured against a reference midpoint, do not add the quoted spread again. A limit order controls the worst acceptable price but may not fill.

A rigorous comparison needs the same ISIN/share class, order size, currency, side, timestamp, market depth, route and order type, including active underlying-market hours. Compare actual fills, rejected or unfilled orders, conversion rates, exchange and settlement fees. Add holding-period custody/subscription fees, transfer/dividend charges and applicable taxes separately; ETF TER and tracking difference are product costs, not a broker's spread.

Sources: SEC Investor.gov: order execution and price improvement. Broker-specific execution sources appear with each broker below. These general principles do not imply identical regulations across countries.

The provisional ranking

  1. China Galaxy Securities (中国银河证券股份有限公司)

    5.6/10

    Profile: Mainland account users comparing a written ordinary tariff with optional advisory plans

    Commissions
    5
    Currency exchange (not scored)
    N/A
    ETF offer
    7
    Other advantages and costs
    5

    Why it ranks here. A locally identified mainland entity with public disclosure distinguishing optional services from ordinary commission; no measured cost advantage established.

    Watch out. Obtain the contractual commission and ETF minimum. Optional advisory charges can be additive. The 2023 reduction notice does not establish a present universal 0.03% rate. All five editorial scores tie; the alphabetical first row is not a national cost winner.

    All fees and features
    Stocks & ETFs
    Ordinary national cash stock/ETF rate not verified. The official optional smart-tool plan can add CNY 8.8 per trade; it is not the ordinary mandatory commission. Do not substitute its advisory fee for a brokerage tariff.
    Options
    Not assessed: cash A-shares and onshore exchange ETFs only; derivatives require separate permissions.
    International shares
    No unrestricted US/UCITS access established. Eligible QDII products provide fund exposure, not a foreign brokerage account. Southbound Stock Connect needs separate approval and the CNY 500,000 / 20-day asset condition plus other requirements.
    Currency exchange
    Not evaluated for domestic CNY orders. FX commission is not assumed zero. SAFE's USD 50,000 annual convenience quota does not authorize prohibited offshore securities investment; fund currency exposure remains.
    ETF range
    Domestic exchange-listed ETF access is the comparison scope; exact instrument permissions and current broker-specific count not verified. This earns the same partial editorial score for all five, not a claim that every ETF is available.
    Fractional shares
    No fractional ETF dealing established; exchange/instrument order-unit rules apply. Do not infer fractional exchange shares from low-minimum off-exchange funds.
    Minimum
    Published app privacy disclosure covers identity, phone, bank account and risk assessment. Eligibility for every foreign resident and a universal opening minimum are not verified.
    Account and transfer fees
    Ordinary custody, inactivity, transfer and market-data charges not fully verified. Optional smart-tool/advisory service prices are separate and are not assumed mandatory.
    Tax-advantaged accounts
    Ordinary taxable cash account baseline. No universal ISA/TFSA/NISA-equivalent ETF wrapper established. Domestic secondary ETF trades are exempt from transaction stamp duty; A-share stamp duty is a separate seller charge. Other taxes and fund charges depend on circumstances.
    Protection
    Entity identified in CSRC's September 2026 Chongqing branch roster. Mainland rules separate client assets and require bank custody of settlement funds. No universal compensation amount or insurance against market losses is claimed.

    Sources: chinastock.com.cn: purchaseannc · chinastock.com.cn: detail.jsp · chinastock.com.cn: selfinfo · csrc.gov.cn: content.shtml · safe.gov.cn: d099ca05b479c82f28d0b5e16cd57.pdf · sse.com.cn: gptz · sse.com.cn: question · szse.cn: t20090213 537356 · csrc.gov.cn: content.shtml

  2. CITIC Securities (中信证券股份有限公司)

    5.6/10

    Profile: Comparing a specific branch mobile offer with the contractual rate

    Commissions
    5
    Currency exchange (not scored)
    N/A
    ETF offer
    7
    Other advantages and costs
    5

    Why it ranks here. The recovered branch notice supplies an explicit default rate and the national table explains how to check the actual account rate. This does not establish the cheapest national execution.

    Watch out. Do not nationalize a branch rate or mistake the 0.30% ceiling for the ordinary negotiated tariff. The national disclosure includes some regulatory charges within commission; avoid double counting. All five editorial scores tie; the alphabetical first row is not a national cost winner.

    All fees and features
    Stocks & ETFs
    National disclosure: stock/ETF commission ceiling 0.30%, CNY 5 minimum; this is not the actual rate of every client. Shanghai Dongfang Road branch mobile-opening default: 0.03% for stocks/funds in its 4 March 2026 notice; branch/channel-specific, with applicable minimum.
    Options
    Not assessed: cash A-shares and onshore exchange ETFs only; derivatives require separate permissions.
    International shares
    No unrestricted US/UCITS access established. Eligible QDII products provide fund exposure, not a foreign brokerage account. Southbound Stock Connect needs separate approval and the CNY 500,000 / 20-day asset condition plus other requirements.
    Currency exchange
    Not evaluated for domestic CNY orders. FX commission is not assumed zero. SAFE's USD 50,000 annual convenience quota does not authorize prohibited offshore securities investment; fund currency exposure remains.
    ETF range
    Domestic exchange-listed ETF access is the comparison scope; exact instrument permissions and current broker-specific count not verified. This earns the same partial editorial score for all five, not a claim that every ETF is available.
    Fractional shares
    No fractional ETF dealing established; exchange/instrument order-unit rules apply. Do not infer fractional exchange shares from low-minimum off-exchange funds.
    Minimum
    The recovered Zhejiang mobile page requires own valid second-generation resident ID, phone and own debit card. This does not establish eligibility of every foreign resident. No universal opening-deposit minimum verified.
    Account and transfer fees
    National disclosure lists securities account-opening fees and cancellation/transfer provisions. It does not justify assuming all account and optional service charges zero; confirm the selected account contract.
    Tax-advantaged accounts
    Ordinary taxable cash account baseline. No universal ISA/TFSA/NISA-equivalent ETF wrapper established. Domestic secondary ETF trades are exempt from transaction stamp duty; A-share stamp duty is a separate seller charge. Other taxes and fund charges depend on circumstances.
    Protection
    Entity identified in CSRC's September 2026 Chongqing branch roster. Mainland rules separate client assets and require bank custody of settlement funds. No universal compensation amount or insurance against market losses is claimed.

    Sources: ecitic.com: p020260410509051480660.pdf · ecitic.com: t20250516 1198129 · ecitic.com: index · csrc.gov.cn: content.shtml · safe.gov.cn: d099ca05b479c82f28d0b5e16cd57.pdf · sse.com.cn: gptz · sse.com.cn: question · szse.cn: t20090213 537356 · csrc.gov.cn: content.shtml

  3. GF Securities (广发证券股份有限公司)

    5.6/10

    Profile: Investors requesting the current written fee package rather than relying on a channel headline

    Commissions
    5
    Currency exchange (not scored)
    N/A
    ETF offer
    7
    Other advantages and costs
    5

    Why it ranks here. The entity and official disclosure channel are identified, but negotiated fees and the current ETF tariff remain material gaps; no cheaper-cost inference is made.

    Watch out. The 2023 reduction applies relative to existing client tariffs, not a new universal rate. Undated acquisition-channel packages may bundle advisory services and are excluded from the baseline. All five editorial scores tie; the alphabetical first row is not a national cost winner.

    All fees and features
    Stocks & ETFs
    Actual ordinary national stock/ETF tariff not resolved. Corporate disclosure links a dynamic transaction-fee table that could not be retrieved. Published channel service bundles are not treated as a universal current cash-trading price.
    Options
    Not assessed: cash A-shares and onshore exchange ETFs only; derivatives require separate permissions.
    International shares
    No unrestricted US/UCITS access established. Eligible QDII products provide fund exposure, not a foreign brokerage account. Southbound Stock Connect needs separate approval and the CNY 500,000 / 20-day asset condition plus other requirements.
    Currency exchange
    Not evaluated for domestic CNY orders. FX commission is not assumed zero. SAFE's USD 50,000 annual convenience quota does not authorize prohibited offshore securities investment; fund currency exposure remains.
    ETF range
    Domestic exchange-listed ETF access is the comparison scope; exact instrument permissions and current broker-specific count not verified. This earns the same partial editorial score for all five, not a claim that every ETF is available.
    Fractional shares
    No fractional ETF dealing established; exchange/instrument order-unit rules apply. Do not infer fractional exchange shares from low-minimum off-exchange funds.
    Minimum
    The recovered online acquisition page requests identification and a bank card. Current universal opening minimum and eligibility for every foreign resident are not verified.
    Account and transfer fees
    Custody, inactivity, outgoing-transfer, market-data and optional service fees not fully verified; unknown does not mean zero.
    Tax-advantaged accounts
    Ordinary taxable cash account baseline. No universal ISA/TFSA/NISA-equivalent ETF wrapper established. Domestic secondary ETF trades are exempt from transaction stamp duty; A-share stamp duty is a separate seller charge. Other taxes and fund charges depend on circumstances.
    Protection
    Entity identified in CSRC's September 2026 Chongqing branch roster. Mainland rules separate client assets and require bank custody of settlement funds. No universal compensation amount or insurance against market losses is claimed.

    Sources: gf.com.cn: f7212d216517001a7ac652 · gf.com.cn: e84594bb9562001330c866 · gf.com.cn: openaccpromomgr · csrc.gov.cn: content.shtml · safe.gov.cn: d099ca05b479c82f28d0b5e16cd57.pdf · sse.com.cn: gptz · sse.com.cn: question · szse.cn: t20090213 537356 · csrc.gov.cn: content.shtml

  4. Guosen Securities (国信证券股份有限公司)

    5.6/10

    Profile: Investors checking the contracted rate and explicit published ETF minimum

    Commissions
    5
    Currency exchange (not scored)
    N/A
    ETF offer
    7
    Other advantages and costs
    5

    Why it ranks here. The published ceiling/minimum and local identity are documented. No national cost or spread advantage is inferred from this maximum.

    Watch out. Do not compare its ceiling as an actual price against another broker's branch discount. Confirm which regulatory and transfer fees are included and whether any contractual ETF exceptions apply. All five editorial scores tie; the alphabetical first row is not a national cost winner.

    All fees and features
    Stocks & ETFs
    Recovered disclosure: stock/ETF commission no more than 0.30%, CNY 5 minimum. This is a ceiling with downward flexibility, not an observed ordinary customer tariff. Obtain the actual account rate.
    Options
    Not assessed: cash A-shares and onshore exchange ETFs only; derivatives require separate permissions.
    International shares
    No unrestricted US/UCITS access established. Eligible QDII products provide fund exposure, not a foreign brokerage account. Southbound Stock Connect needs separate approval and the CNY 500,000 / 20-day asset condition plus other requirements.
    Currency exchange
    Not evaluated for domestic CNY orders. FX commission is not assumed zero. SAFE's USD 50,000 annual convenience quota does not authorize prohibited offshore securities investment; fund currency exposure remains.
    ETF range
    Domestic exchange-listed ETF access is the comparison scope; exact instrument permissions and current broker-specific count not verified. This earns the same partial editorial score for all five, not a claim that every ETF is available.
    Fractional shares
    No fractional ETF dealing established; exchange/instrument order-unit rules apply. Do not infer fractional exchange shares from low-minimum off-exchange funds.
    Minimum
    Official flow requests own phone, identity document, photo/ID verification, signed agreement and linked bank card. Universal opening deposit and eligibility of every foreign resident not verified.
    Account and transfer fees
    Full custody, inactivity, transfer and data schedule not verified. A one-month Level 2 offer on the opening page is promotional and earns no permanent fee advantage.
    Tax-advantaged accounts
    Ordinary taxable cash account baseline. No universal ISA/TFSA/NISA-equivalent ETF wrapper established. Domestic secondary ETF trades are exempt from transaction stamp duty; A-share stamp duty is a separate seller charge. Other taxes and fund charges depend on circumstances.
    Protection
    Entity identified in CSRC's September 2026 Chongqing branch roster. Mainland rules separate client assets and require bank custody of settlement funds. No universal compensation amount or insurance against market losses is claimed.

    Sources: guosen.com.cn: public inform fwgs · guosen.com.cn: openaccount · csrc.gov.cn: content.shtml · safe.gov.cn: d099ca05b479c82f28d0b5e16cd57.pdf · sse.com.cn: gptz · sse.com.cn: question · szse.cn: t20090213 537356 · csrc.gov.cn: content.shtml

  5. Huatai Securities (华泰证券股份有限公司)

    5.6/10

    Profile: Mainland account users checking a current tariff instead of the retired website

    Commissions
    5
    Currency exchange (not scored)
    N/A
    ETF offer
    7
    Other advantages and costs
    5

    Why it ranks here. A current regulated local identity and documented mainland opening route are identified; an obsolete fee headline is excluded rather than scored as a current saving.

    Watch out. Huatai mainland is distinct from Huatai Hong Kong / Zhangle Global. Do not import Hong Kong commissions, product access, promotions or investor protection. All five editorial scores tie; the alphabetical first row is not a national cost winner.

    All fees and features
    Stocks & ETFs
    Current ordinary national stock/ETF tariff not resolved. The old website's 0.03% headline is not used: that page explicitly says it ceased operating on 30 May 2025 and refers visitors to the new site.
    Options
    Not assessed: cash A-shares and onshore exchange ETFs only; derivatives require separate permissions.
    International shares
    No unrestricted US/UCITS access established. Eligible QDII products provide fund exposure, not a foreign brokerage account. Southbound Stock Connect needs separate approval and the CNY 500,000 / 20-day asset condition plus other requirements.
    Currency exchange
    Not evaluated for domestic CNY orders. FX commission is not assumed zero. SAFE's USD 50,000 annual convenience quota does not authorize prohibited offshore securities investment; fund currency exposure remains.
    ETF range
    Domestic exchange-listed ETF access is the comparison scope; exact instrument permissions and current broker-specific count not verified. This earns the same partial editorial score for all five, not a claim that every ETF is available.
    Fractional shares
    No fractional ETF dealing established; exchange/instrument order-unit rules apply. Do not infer fractional exchange shares from low-minimum off-exchange funds.
    Minimum
    Official opening page requires own phone, valid second-generation mainland resident ID and own debit card with a supported third-party custodian bank. Universal opening minimum and foreign-resident eligibility not verified.
    Account and transfer fees
    Current custody, inactivity, transfer, data and optional service fees not fully verified; no zero-fee assumption.
    Tax-advantaged accounts
    Ordinary taxable cash account baseline. No universal ISA/TFSA/NISA-equivalent ETF wrapper established. Domestic secondary ETF trades are exempt from transaction stamp duty; A-share stamp duty is a separate seller charge. Other taxes and fund charges depend on circumstances.
    Protection
    Entity identified in CSRC's September 2026 Chongqing branch roster. Mainland rules separate client assets and require bank custody of settlement funds. No universal compensation amount or insurance against market losses is claimed.

    Sources: htsc.com.cn: openaccount · htsc.com.cn: index.jsp · htsc.com · csrc.gov.cn: content.shtml · csrc.gov.cn: content.shtml · safe.gov.cn: d099ca05b479c82f28d0b5e16cd57.pdf · sse.com.cn: gptz · sse.com.cn: question · szse.cn: t20090213 537356 · csrc.gov.cn: content.shtml

Also considered

What remains unverified

  • All five have the same partial editorial score; no national cost winner can be substantiated from negotiated commission ceilings or missing execution samples.
  • Current ordinary national tariff not recovered for China Galaxy, GF or Huatai; CITIC's 0.03% is branch/channel-specific and Guosen's 0.30% is a ceiling.
  • Exact ETF shelf and permissions, foreign-resident eligibility, actual contracted minimums and complete account/exit/data charges require confirmation; none of these gaps is treated as free.
  • CSRC Chongqing roster confirms listed local branches and legal names, not every national permission, current solvency or a blanket investor-protection guarantee.
  • No spread/slippage figures measured. QDII quotas, tracking, NAV premiums, liquidity and fund expenses require instrument-level checks. FX is N/A, not free.

Is my money protected?

The five legal names appear in the September 2026 CSRC Chongqing branch roster. This verifies local identities and regulated presence, not every national permission or future solvency. Client-asset segregation and bank custody of settlement funds differ from deposit insurance. No universal compensation amount or protection against market losses is asserted. Mainland residence alone does not establish online account eligibility.

How we score

The partial editorial score uses three scored criteria; FX is not assessed: commissions 35/85, etf offer 25/85, other advantages and costs 25/85. It is a weighted judgment about published fees, features and account conditions, not a measurement of total realized cost. Execution is reviewed separately and remains unmeasured; no missing spread is entered as zero and no execution advantage is awarded without comparable evidence. Cash interest and temporary promotions are excluded.

Limited provisional editorial comparison of five mainland legal entities for eligible adult mainland residents using CNY cash accounts for domestic A-shares and onshore exchange ETFs. All five are tied; alphabetical display order conveys no preference or cost winner. Negotiated tariffs and comparable realized spreads are unavailable. Editorial partial-information subscores: commissions 5, domestic ETF access 7, other conditions 5 uniformly; these are judgments, not measured total costs, safety ratings or proven equal tariffs. FX is not evaluated (null), not zero-cost: the domestic CNY scope provides no basis for ranking unrestricted conversion or offshore access. Relative weights commissions 35, ETFs 25, other conditions 25 are renormalized over 85; raw total 475/85 = 5.588235294, rounded to 5.6. Scores are not comparable to other countries. No CFDs, margin, promotional rates or cash interest. Identity matched to September 2026 CSRC Chongqing branch roster; this is not a complete national permission/solvency audit. Fees, spreads, slippage, fund expenses and QDII premiums remain separate. No measured execution ranking. The USD 50,000 annual FX convenience quota is not permission to buy foreign securities. Mainland residence alone does not ensure online onboarding, especially for foreign nationals.

Fee claims link to broker price lists, schedules or help pages checked on 18 October 2026. Missing or incomplete items remain visible. Scores are editorial judgments, not factual measurements; differences of a few tenths should not imply a precise or universal preference. No affiliate links: Plain Economy earns nothing from any broker on this page, and no broker has seen or paid for it.

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