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Many small investors want to enter the stock market but are limited by funds. How to buy fractional shares has become a popular topic. Instead of waiting for a large sum of money, it’s better to start with flexible fractional trading. This article provides a detailed analysis of the timing, fee calculation, and practical trading tips for fractional shares to help you invest wisely.

Overview of Risks and Advantages of Fractional Share Trading

Why should small investors pay attention to fractional shares?

The introduction of fractional share trading breaks the traditional “minimum one full share” restriction, allowing investors to enter without needing 1000 shares (1 lot). The minimum unit of fractional shares is 1 share, with a maximum of 999 shares, which is undoubtedly good news for investors with limited capital.

However, fractional share trading is not perfect. The biggest concern is lower liquidity; less popular stocks have lower trading volume, which may require multiple orders to complete a trade. Additionally, transaction fees cannot be ignored—fractional buy/sell transactions usually have a minimum fee (about NT$20). If the transaction amount is too small, the fee proportion becomes significant.

How to buy fractional shares: comprehensive trading time analysis

Intraday trading vs after-hours trading

Since October 2020, Taiwan Stock Exchange allows investors to buy and sell fractional shares during intraday hours, changing the previous limitation to only after-hours trading. Now you have two windows:

Intraday trading hours (09:00-13:30)

• Order method: Only via electronic platform (broker app)
• Matching method: First match at 09:10, then every minute during continuous auction
• Order priority: Price priority, then time priority at the same price
• Important reminder: Unfilled orders during intraday will not automatically carry over to after-hours; you need to re-enter the order

After-hours trading (13:40-14:30)

• Order method: Electronic or phone manual orders
• Matching method: One continuous auction at 14:30
• Order priority: Price priority, then random order at the same price
• Note: Unfilled orders are automatically canceled and do not carry over to the next day

How to choose trading sessions?

Investors eager to enter the market should prefer intraday trading for faster market responsiveness; if aiming to increase the chance of execution, after-hours trading is more advantageous because each match follows the “maximum execution principle.”

Cost analysis of fractional share trading

Fee calculation method

How to buy fractional shares: The fee calculation is exactly the same as for full shares, at 0.1425% of the transaction amount. However, different brokers set different minimum fees, and electronic orders often enjoy discounts.

For example, buying 200 shares of TSMC (closing price NT$1065):

Basic fee = 200 × 1065 × 0.1425% = NT$303.53

If the broker offers a 50% discount: Actual fee = NT$303.53 × 50% = NT$151.77

Mainstream broker fee comparison

Recommendation: For a single purchase, it’s best to invest over NT$10,000 to effectively reduce the proportion of transaction fees.

How to buy fractional shares: practical trading tips

“Converting small to large” strategy

If you hold unpopular stocks (e.g., Shin Jin 1582), intraday trading may be difficult to execute smoothly. At this point, you can adopt the “convert small to large” strategy—for example, buy 300 shares and combine with your existing 700 shares to make a full lot of 1000 shares, then exit through more liquid full-share trading. This approach not only makes it easier to execute but also avoids liquidity issues with fractional shares.

Optimizing listing strategies to improve success rate

During after-hours trading, since there is only one matching opportunity, strategic listing can significantly increase the probability of execution:

• When eager to buy: Place an order at the limit-up price, prioritizing execution under the maximum transaction principle
• When eager to sell: Place an order at the limit-down price, enjoying the same priority

Seize the golden window for execution

Information on fractional share prices of less popular stocks is updated in real-time. Investors can observe large buy or sell orders that are unfilled, and choose to place orders in the opposite direction at the right timing to increase the chance of execution.

Rights and protections for fractional share investors

Fractional share holders enjoy full shareholder rights:

• Dividends: Fractional shares can receive dividends proportionally; unclaimed dividends are paid out as cash
• Rights issues: During rights offerings, fractional shares participate in distributions, then the exchange consolidates and sells them
• Trading flexibility: Fractional shares can be freely bought and sold, but cannot be entrusted for buying (only for selling)

Beyond fractional shares: are there other small-investment options?

If concerned about liquidity and fees of fractional shares, CFD (Contract for Difference) offers another route:

CFD is a financial derivative where investors only need to pay a margin (about 5%) to participate in stock price movements without owning the actual stock. For example, with Google stock, if the margin is 5%, buying 5 shares that normally cost $2000 requires only $100 via CFD.

However, CFD is suitable for short-term trading; overnight positions incur interest costs and are not suitable for long-term holding. Compared to this, fractional shares remain the preferred choice for long-term small-scale investing.

Opening an account and entry tips

The account opening process is simple: just provide ID, a second ID (health insurance card or driver’s license), and a bank account. After opening, select “fractional share trading” mode in the broker app, and set the order quantity between 0-999 shares—no different from full share trading.

Final investment advice on buying fractional shares

How to buy fractional shares has become an essential skill for small investors in Taiwan. This trading method lowers the entry barrier, allowing investors with limited funds to participate in the stock market. But success depends not only on “knowing how to buy” but also on:

1. Understanding your risk tolerance — choose suitable stocks and strategies
2. Mastering fundamental analysis — avoid blindly following trends
3. Calculating fee costs — ensure profits from a trade can cover costs
4. Flexibly using trading sessions — choose intraday or after-hours based on market conditions

As fractional share trading becomes more popular, rational investing and continuous learning are the keys to long-term profitability.