moomoo SG vs Tiger Brokers – Platform Comparison Guide (2024)

moomoo SG and Tiger Brokers are some of the most popular online brokerage firms in Singapore. We review how they stack up against each other. 

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moomoo SG and Tiger Brokers are big names when it comes to online brokerages in Singapore. These firms offer quick access to online trading thanks to the ease of sign-up and availability on desktop and mobile platforms. 

Despite their similarities, there are some differences between the two brokerage firms. Here’s a comprehensive review of moomoo SG vs Tiger Brokers.

Table of contents

• Tiger vs moomoo overview
• Tiger vs moomoo comparison
• Product offerings
• Available markets
• Fees (SG market)
• Charges in different markets
• Currencies available
• Account opening requirements
• Trading experience
• Depositing and withdrawing funds
• Welcome bonuses
• Safety considerations
• Which is the best option?
• Conclusion

Tiger vs moomoo SG: Overview

moomoo SG and Tiger Brokers are among the popular online brokerage firms in Singapore today. There are a lot of similarities and differences between these two platforms.

First off, moomoo SG has the reputation of not charging commissions for US securities. You'll also enjoy free access to market data and no withdrawal, inactivity, account maintenance, or deposit fees.  

On the other hand, Tiger Brokers offers more market access, in addition to the US, you can trade in the Australia, Hong Kong, Singapore, and China markets. Also, there are no withdrawal, inactivity, account maintenance or deposit fees. However, charges are a bit complex since they are divided into commission and platform fees.
 

Tiger vs moomoo SG comparison

To understand how both platforms work, here is a comparison of moomoo SG vs Tiger at a glance.

About moomoo SG 

moomoo SG is a trading platform that entered the Singapore market only in March 2021. It boasts competitive commission fees, particularly if you’re an investor looking to trade stocks in the U.S, Hong Kong, China, Japan, or Singapore markets. moomoo is also the first digital brokerage in Singapore that has full SGX membership, which includes trading and clearing memberships for securities and derivatives.

About Tiger Brokers

Tiger Brokers was established in 2014 and went public on NASDAQ in 2019. Currently, it's available in markets such as Singapore, Hong Kong, China, Australia, New Zealand, and the U.S. Investors can access multiple products such as funds, ETFs, shares, and REITs. 

Product offerings

To get started, we shall first compare the products offered by both platforms.

moomoo SG has been in the scene for a short time, however, it has several products available to investors. On the platform, you can trade stocks, ETFs, REITs, Funds, Derivatives, and Options. 

Besides these, you can trade SGX-listed futures and options on HK and US stocks. Even though the portfolio is limited in comparison with Tiger Brokers, the firm aims to increase its products in the future. 

In contrast, Tiger Brokers has a comprehensive selection of trading options including stocks, ETFs, REITs, CBBCs, mutual funds, futures, and options. You can additionally use the fund mall to buy mutual funds.

Available markets

moomoo SG is available in the US, Hong Kong, China, and Singapore markets. On the other hand, Tiger Brokers is available in Australia, Hong Kong, China, the US, and Singapore. 

Because of the wider availability, Tiger Brokers is preferred by investors wishing to test the global market. Therefore, if you are exploring investment opportunities abroad, this is an excellent option for you.

Fees (SG market)

Both platforms offer competitive brokerage fees, which include trading commission and platform fees. 

The trading commission is also known as the shares trading fee, which is charged upon selling or buying stocks. It also applies to other types of investments such as options and ETFs.

Platform fee is charged by brokerage firms when you use their service. From the table, it's evident that Tiger Brokers fees are more affordable than moomoo SG.

Quite often, the minimum fees that you'll pay depend on the prevailing market. 

On this note, do not be fooled by zero-commission free trades that might convince users that trading is absolutely free. Do beware of other fees like a per-share settlement fee that some brokerage accounts charge, especially those without a cap. This could potentially put you in a deficit if the price of each share is low.

A report by The Business Times highlighted a trader who sold his shares for a total of US$5,000, only to realise that he found himself in a US$11,000 deficit because of the high settlement fee that he was charged.

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Charges in different markets

For the US market, moomoo has a slightly lower trading activity fee compared to Tiger Brokers; the former doesn't charge a commission fee and charges a platform fee of US$0.99, whereas Tiger Brokers charge a minimum commission fee of US$0.99. 

When investing, you can choose a market that has lower fees. 

Other than platform and trading commission fees, there are other expenses that you will incur when trading. For example, the broker-assisted fee, options, and withdrawal fee. Again this depends on the online trading platform. As per the analysis, Tiger Broker has the advantage thanks to lower fees charged.

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Currencies available

Cash exchanges are common in Tiger Brokers and moomoo SG apps, especially when buying or selling foreign stocks. 

When you deposit funds in your accounts you'll need to exchange them for the corresponding currency of the market you're trading. Most of the time, the rate depends on the platform you are using. 

For moomoo case, you can also transfer funds via your Wise account, and the amount will depend on the exchange rates offered by Wise. In this regard, moomoo has wider availability in many markets and hence there are multiple options for currency exchange.  

Account opening requirements

Both moomoo SG and Tiger Brokers require new users to be at least 18 years old when opening an account. You’ll not be charged any fees during sign up nor will they ask for documents. 

In addition, the payment methods include PayNow, bank transfers, MEPS, FAST, credit and debit cards.

If you're a moomoo user but don't have a bank account in Singapore, you can also transfer funds from your overseas account via Wise (formerly TransferWise). You can fund your account either through Wise balance or bank transfer via Wise. Here's a step-by-step guide on how to do it. 

Despite the similarities, there are some differences between the two platforms. Whereas moomoo SG doesn't require you to have minimum funding, with Tiger Brokers, you require at least S$1 to get started.

For online applications for the US market, you must have a W-8BEN form which is a declaration that you are not a US citizen. 

Trading experience

Both platforms have user-friendly apps that are easy to customise. You can access the apps on iOS, Android, and the desktop. Tiger Brokers’ platform has multiple tools and pagers which you will find on its interface including watchlist, prime account, stock information, news, and discovery. 

You'll also have access to real-time stock data for free. The information helps you to analyse current trends and prices. 

On the other hand, moomoo SG has its own set of investment tools such as watchlist, prime account, stock information, paper trading, and charting tools. 

You can also customise the screen into three sections including tickets, capital, and data. You'll have access to real-time stock data as well.  

Additionally, both moomoo SG’s and Tiger Brokers’ api allow access to futures markets and traditional stocks.

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Depositing and withdrawing funds

Both moomoo SG and Tiger Brokers are pre-funded platforms that require you to deposit funds before trading. 

Each platform allows users to activate the email alerts in the case of transfers and withdrawals. In addition, you'll receive notifications if a suspicious transaction is detected. 

Welcome bonuses

moomoo SG is currently offering various sign-up rewards for new users who open an account from 1 April 2024 to 1 July 2024:

Reward 1:

Upon successful opening of a moomoo SG securities account, you’ll enjoy:

• Lifetime commission-free trading for the U.S market
• One year free commission-free trades for SG market (stocks, ETFs, and REITs)
• Commission-free trades on US options for up to 100 contracts every month, effective till 31 August 2024
• Commission-free trades for US treasuries and SGS bonds, effective till 30 June 2024
• Free access to real-time Lvl 2 Market Data for the U.S stock market
• Free access to real-time Lvl 2 Market Data for the SG stock market, effective till 31 December 2024
• Free access to real-time Lvl 1 Market Data for Hong Kong market
• Free access to real-time Lvl 1 Market Data for China A Shares market
• moomoo Cash Plus 6.8% p.a. guaranteed returns of up to S$447, valid for 30 days

Reward 2

If you deposit a cumulative amount of at least S$3,000 (or equivalent currencies) before 1 July 2024, perform three cumulative buy trades before 8 July 2024, and maintain your assets for 30 days, you will receive the following: 

• • One stock bundle consisting of Tesla (TSLA), Nvidia (NVDA), Apple (APPL), Sea (SE), and NIO (NIO) fractional shares worth around S$70.  

Reward 3

Deposit a cumulative amount of at least S$10,000 (or equivalent currencies) before 1 July 2024, maintain it for 90 days and perform eight cumulative buy trades before 8 July 2024 to receive three stock bundles of Apple, Nvidia, Tesla, and Sea and NIO fractional shares worth S$210. 

Reward 4

Deposit a cumulative amount of at least S$100,000 (or equivalent currencies) before 1 July 2024 and maintain it for 90 days to receive one Apple share worth S$243.

Note that rewards are stackable.

On the other hand, Tiger Brokers is also running a welcome promo from 15 April 2024 to 15 July 2024:

Open An Account

Sign up and open an account with Tiger Brokers (Singapore) Pte Ltd ("TBSPL") during the promotional period to receive a US$6 voucher

(This bonus package is valid for first-time account opening only.)

Fund and Trade

• Fund your newly approved account with any amount and claim three months SGX LV2 advanced quotes (worth S$60). This is only available to Singaporeans and users based in Singapore. 

• Fund your newly approved account with S$1,000 and complete three new BUY trades during the promotion period to receive to receive one sure-win lucky draw entry, where you will win one free stock worth US$20 to US$600.

• Fund your newly approved account with S$5,000 and complete five new BUY trades during the promotion period to receive to receive three sure-win lucky draw entries, where you will win three free stocks, each worth US$20 to US$600. 

• Fund your newly approved account with S$10,000 and complete five new BUY trades during the promotion period to receive to receive six sure-win lucky draw entries, where you will win six free stocks, each worth US$20 to US$600. 

Bonus Tier

Safety considerations

Both platforms have put security measures in place to ensure members' investments are safe. 

Tiger Brokers’ investors include big names like Chinese-tech giant Xiaomi and Interactive Brokers. The firm has complied with MAS security requirements and is a holder of Singapore's Capital Market Services Licence. 

Moreover, when accessing your account, you'll be required to use the 2FA authentication feature that guarantees more security. In addition, you'll receive email alerts of transfers and withdrawals.

Moomoo Financial Singapore Pte. Ltd. (“moomoo SG”) is a capital markets services licence holder regulated by the Monetary Authority of Singapore. It's a stable company that has complied with all regulations to offer a platform where members can trade safely. Like Tiger Brokers, you'll receive an alert in case of a deposit, withdrawal, and transfer.

Which is the best option?

Both Tiger Brokers and moomoo SG are excellent platforms for trading. They provide you with a user-friendly interface, competitive pricing, easy account set up, and analytic tools. Besides all that, both have generous bonuses for new users. 

The best choice depends on your preferences. For example, if you want a platform that allows you to invest in global markets, Tiger Brokers would be an ideal choice since it offers access to other markets such as Australia and China. 

On the other hand, moomoo SG’s fees are attractive if you are looking for a cheaper platform to trade. However, the no-minimum commission is a promotion and investors will be observing how much moomoo SG will charge going forward. 

Conclusion

moomoo SG and Tiger Brokers are some of the best online brokerage platforms in Singapore. They are affordable and available on PCs and mobile apps. They are also available in different markets, which gives you a wider choice when making investment decisions. Armed with this guide, you can evaluate whether Tiger Brokers or moomoo SG is the better platform for you. 

Looking to buy or sell shares and securities in different markets? Check out our comparison of online brokerage firms and apply for an account for additional rewards. 

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