Moomoo and Tiger Brokers are some of the most popular online brokerage firms in Singapore. We review how they stack up against each other.
Moomoo 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 vs Tiger Brokers.
Tiger vs Moomoo: Overview
Moomoo 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 has the reputation of not charging a commission for US securities. You’ll also enjoy a welcome bonus which includes up to six months of unlimited commission-free trading. However, this offer excludes forex, mutual funds, cryptocurrency and bonds.
On the other hand, Tiger Brokers has a competitive advantage because it offers access to the Australia 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.
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Moomoo vs Tiger comparison
To understand how both platforms work, here is a comparison of Moomoo vs Tiger at a glance.
| Characteristics | Moomoo | Tiger Brokers |
| Formed | 2018 | 2014 |
| Account funding gateway | PayNow, bank transfers, MEPS, FAST, Credit and Debit cards | PayNow, bank transfers, MEPS, FAST, Credit and Debit cards |
| Advisory services | Not available | Not available |
| Mobile app | Android and iOS | Android and iOS |
| Minimum deposit | S$0 | S$0 |
| Minimum trade | Not required | Not required |
| Regulator | FINRA, MAS and SEC | ASIC, CMS, FINRA, FMA and MAS |
| Welcome bonus gift | 180 days unlimited commission | Commision-free trades and stock vouchers |
| Copy, Crypto, Forex, Fractional Share, cTraderMetaTrader 4, MetaTrader 5, Mutual Funds, and Social Trading | Not available | Not available |
| ETF Trading, Paper Trading, and Share Trading | Available | Available |
| Futures Trading, Options Trading and International Markets Trading | Not available | Available |
| OTCBB / Pink Sheets | Not available | Not available |
| Penny Share Trading | Available | Not available |
| Email support | Available | Available |
| Live chat support | Not available | Not available |
| Phone support | Not available | Available |
About Moomoo
Futu Holdings is the Hong Kong-based company behind Moomoo online brokerage firm. It was established in 2018 and has branches in Singapore, the US, and China. Initially, it was popular with US traders for the Chinese market, but is currently available to other investors in Singapore and China.
About Tiger Brokers
Tiger Brokers is a Chinese online brokerage company that was established in 2014. Currently, it’s available in markets such as Singapore, Australia, and New York. 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 | Tiger Brokers | |
| Tradable assets | ETFs, REITs and Shares | ETFs, Options, Futures, REITs, Shares and OTC |
| Tradable markets | HK, US and SG markets | ASX, NASDAQ, SGX, SZSE, HKEX, NYSE and SSE |
Moomoo 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, ADRs, 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 the 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 | Tiger Brokers | |
| Availability | US, Hong Kong and Singapore | Australia, Hong Kong, China, the US and Singapore |
Moomoo is available mostly in the US, Hong Kong, 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
| Moomoo | Tiger Brokers | |
| Broker Assisted Trades Fee | S$10 | N/A |
| Brokerage Fee | S$0.03 | S$0.01 |
| Domestic Wire Transfer Fee | S$25.00 | S$0.00 |
| ETF Trade Fee | S$0.03 | S$0.01 |
| Funds Withdrawal Fee (Partial and Full) | S$0.00 | S$0.00 |
| International Wire Transfer Fee, Mutual Fund Trade Fee, Options (Base Fee), Paper Confirmation Fee, Returned Wire Fee, Spread, Stock Certificate Delivery Fee and Stock Certificate Processing Fee | N/A | N/A |
| Options (Per Contract Fee) | N/A | S$0.65 |
| Stock Trade Fee | S$0.03 | S$0.01 |
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.
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 recent article 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 an US$11,000 deficit because of the high settlement fee that he was charged.
Prices in different markets
| Market | Moomoo | Tiger Brokers |
| SGX | S$2.49 per trade | Min S$2.88 per trade |
| HKEX | Min 18 HKD per trade | Min 15 HKD per trade |
| US | Min US$1.99 per trade | Min US$1.99 per trade |
Trading in the SGX market is more competitive for Moomoo because the fee is lower than Tiger Brokers. However, Tiger Brokers have an upper hand in the HKEX market where the fees are lower.
For the US market, both platforms have the same fees. 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.
Currencies available
| Moomoo | Tiger Broker |
| SGD, CNH HKD and USD | SGD, EUR, HKD, USD, NZD, JPY,CNH and GBP |
Cash exchanges are common in Tiger Brokers and Moomoo 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.
In this regard, Tiger Brokers has wider availability in many markets and hence there are multiple options for currency exchange. Even though Moomoo doesn’t levy extra fees, Tiger Brokers also has more favourable rates.
Account opening requirements
Both Moomoo 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. Despite the similarities, there are some differences between the two platforms. Whereas Moomoo 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.
| Moomoo | Tiger Brokers | |
| Age requirements | 18 years | 18 years |
| Payment gateway | PayNow, bank transfers, MEPS, FAST, Credit and Debit cards | PayNow, bank transfers, MEPS, FAST, Credit and Debit cards |
| Minimum funding | 0 | S$1 |
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 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’s and Tiger Brokers’ api allows access to futures markets and traditional stocks.
Depositing and withdrawing funds
Both Moomoo 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 offers sign up rewards for new users who open an account with Futu SG. To enjoy the offer, you must deposit S$2,700 in the first 30 days. The reward is in the form of an Apple share. In addition, you’ll get 180-day commission-free trading on SGX, the US, and HKEK markets.
On the other hand, Tiger Brokers offers you an Apple share when you deposit at least S$2,000. Also, you get five commission-free trades in 30 days as well as 60 commission-free trades in 180 days. Other perks include 500 Tiger Coins which must be claimed in 20 days.
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.
Futu Limited, which is Moomoo’s holding company, is a NASDAQ-registered broker licensed 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 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’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 will charge going forward.
Conclusion
Moomoo 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 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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