Tiger Brokers has seen tremendous growth in account openings since joining the big boys in Singapore in 2020. Check out why they’ve made waves in the investment and trading community, plus how you can score a free Apple share, commission-free trades, Tiger Coins, and more.
It’s not every day that we see a new player enter the fray, especially when it comes to online brokerages. In March 2020, Tiger Brokers launched in Singapore and it’s safe to say that they’ve more than made their mark.
Tiger Brokers announced a three-fold growth in account openings in Q3 2020 compared to Q2 2020, as well as a 540% increase in trading value. Their early success has been buoyed by heightened investor interest surrounding trading and investing amidst COVID-19.
A year later, Tiger Brokers also saw the average first-timer account deposit increase from S$4,000 in Q2 and Q3 2021 to S$5,000 in Q4 2021.
Given its growth and competitive pricing, it’s safe to say that Tiger Brokers is one of the most popular brokerages in Singapore. So, is it for you?
What’s Tiger Brokers all about?
Tiger Brokers is an online brokerage platform that is backed by Xiaomi and listed on NASDAQ. They provide customers with easy access to global markets, including Singapore, USA, Hong Kong, China and Australia, at low commissions. Investors have access to stocks, ETFs, REITs, options, warrants, futures, funds and more on Tiger’s platform.
Here’s what you can find in this review of Tiger Brokers:
- Pros and cons of Tiger Brokers
- Reasons to use Tiger Brokers
- Who should use Tiger Brokers
- Pricing, charges and fees involved
- Sign-up promotions available
- How do you open and fund your Tiger Brokers account?
- Tiger Brokers vs IBKR vs TD Ameritrade
Overview of Tiger Brokers
- What you can invest in: Stocks, ETFs, options, warrants, CBBCs, REITs, futures, funds
- Minimum balance required: No min. balance or deposit required
- Fees for Singapore stocks: 0.03% commission fee, minimum S$0.99; 0.03% platform fee, minimum S$1
- Fees for US stocks: US$0.005 commission fee, minimum US$0.99 per trade; US$0.005 platform fee, minimum US$1 per trade
- Fees for HK stocks: 0.03% commission fee, minimum HK$7 per order; 0.03% platform fee, minimum HK$8 per trade
- Fees for AU stocks: 0.03% commission fee, minimum AU$2 per trade; 0.07% platform fee, minimum AU$2 per trade
- Fees for China A-shares: 0.03% commission fee, minimum CNH7 per trade; 0.03% platform fee, minimum CNH 8 per trade
Here are the pros and cons of using Tiger Brokers for your investment and trading needs.
|Pros of using Tiger Brokers||Cons of using Tiger Brokers|
|Competitive commission fees||Commission fee of US$0.99 per trade for US equities. Min. fee amount also applies for equity trades made on other markets.|
|Attractive sign-up perks and rewards for trading||High number of trade orders required to enjoy the perks of a Silver, Gold or Ace Trader|
|Wide range of products available for trading|
|Dedicated app with a wide range of tools at your disposal|
Why should you trade with Tiger Brokers?
#1 Competitive commission fees
Tiger Brokers offers competitive commission fees for trades across different markets. It is also practically fee-less in these aspects: no custody fees, deposit (or withdrawal) fees, currency exchange fees, inactivity fees or account maintenance fees to contend with!
A 0.03% commission fee and 0.03% trading fees are what you’ll incur if you trade Singapore stocks, ETFs or REITs. If you predominantly trade in the US markets, Tiger charges an affordable US$0.005 commission fee (min. US$0.99) and US$0.005 platform fee (min. US$1 per trade).
If you’re looking beyond the shores of Singapore and the popular US market, the charges for other markets aren’t too shabby either.
Check out the fees charged for the respective markets below.
On this note, do not be fooled by zero-commission free trades that might convince users that trading is absolutely free, as advertised by some online brokerage accounts. 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 with a US$11,000 deficit because of the high settlement fee that he was charged.
#2 Attractive sign-up perks and rewards for trading
Get rewarded with commission-free trades, access to market data and stock vouchers when you sign up for a new Tiger Brokers account. More specifically, new Tiger Brokers users can now receive a free Grab share, 365 days of commission-free trading for HK, China, and Singapore stocks, and 180 days of unlimited trades for U.S stocks. Promotion is until 12 October 2022.
Social butterflies can also treat themselves to more commission-free trades and stock vouchers for every successful referral made. More details below.
#3 Wide range of products available for trading
An online brokerage platform, Tiger Brokers allows you to trade stocks from markets including Singapore, USA, Hong Kong, Australia and China. Tiger Brokers also offers more than just stock trading, providing access to trade ETFs, options, warrants, futures, funds and more on their platform.
#4 Dedicated app with a plethora of tools at your disposal
Tiger Brokers has an app for both mobile and desktop, iOS or Android. A visual treat, the Tiger Brokers app is interactive and customisable.
Tiger Brokers also provides their customers with tools including valuation analysis, earnings calendar, a newsroom and the latest research to help your investment strategies. You can also filter popular ETFs and customise filters for your own stock screening purposes.
For whom is Tiger Brokers best for?
If you’re looking for an online brokerage that allows you to trade both Singapore and US markets at competitive commission rates, Tiger Brokers could just be your king of the jungle. With their generous sign-up promotions, Tiger Brokers attracts both new traders as well as traders that execute a large number of orders.
Frequent traders will be rewarded handsomely with the privileges of being a Silver, Gold or Ace Trader.
While Tiger Brokers’ commission fees are competitive, customers that trade in small sizes should still take note of the minimum commission fee charged.
What charges or fees should you look out for?
Tiger Brokers does not charge custody fees, deposit or withdrawal fees, currency exchange fees, inactivity fees or account maintenance fees. However, your trade isn’t executed for free. Here are the commissions that are charged for stock and ETF trades.
- Singapore stocks: 0.03% with a min. S$0.99 per trade
- US stocks: US$0.005 with min. US$0.99 per trade
- Hong Kong stocks: 0.03% per trade, min. HK$7 per trade
- China A-shares: 0.03% per trade, min. CNH7 per trade
- Australia stocks: 0.03% per trade, min. AU$2 per trade
What does this fee include? This is the fee charged by Tiger Brokers for executing the trade. It does not include the fees charged by the individual stock markets, such as the trading fee, settlement fee and more. Keep in mind that Tiger Brokers charges a platform fee per trade, on top of the aforementioned commissions.
Platform fee charged for stocks and ETFs:
- Singapore stocks: 0.03% platform fee per trade with min. S$1 per trade
- US stocks: US$0.005 with min. US$1 per trade
- Hong Kong stocks: 0.03% per trade, min. HK$8 per trade
- China A-shares: 0.03% per trade, min. CNH8 per trade
- Australian stocks: 0.07% per trade, min. AU$6 per trade
How is this fee charged? You’ll incur this fee when you execute your trade.
Tiger Brokers has a fee schedule for more advanced assets like options and futures as well. But fret not, because these are largely similar, with commissions and platform fees being levied along with charges that each stock exchange has.
What are the promotions available for Tiger Brokers?
New Tiger Brokers users will receive:
- 180 days of unlimited trades for U.S. stocks, and 365 days of unlimited commission-free trades for HK, SG, and China A stocks
- One free Grab share (NASDAQ: GRAB) when you open a new account
- Receive S$88 on 31 Aug 2022 when you fund at least S$1,000 into your account and make at least five trades within the promotion period. You’ll also need to maintain your total assets to or above S$1,000 each day until 12 October 2022
This promotion runs from 14 July 2022 to 12 October 2022.
If you already have a Tiger Brokers account, you can still refer your friends; you’ll stand a chance to receive a free Grab share (NASDAQ: GRAB) when your referee opens an account with Tiger Brokers.
Moreover, You can enjoy commission-free trades for U.S stocks and S$88 for each successful referee who deposits a minimum of S$1,000 into their newly-approved account and makes at least five trades during the promotion period.
Existing Tiger Brokers users can also check out the ‘Promotions & Rewards’ or ‘Popular Events’ sections of the app to get first dibs on the latest deals and promotions. Tiger Brokers account holders are also encouraged to refer friends to earn even more rewards.
How do you open and fund your Tiger Brokers account?
On Tiger Brokers’ online application page, follow the steps to submit supporting documents such as your NRIC and proof of address. You can also choose between a cash or margin account.
Pro tip: Use SingPass to speed up your application process!
To fund your account, you will have to do a bank transfer. You can transfer in SGD, USD or HKD and your Tiger account can hold funds in multiple currencies at the same time.
After depositing the funds, you will have to click the button that says ‘Funds Remitted. Inform Tiger to Check’ on the app. Your fund deposit status will be updated via the Tiger Trade app. Once the funds have been deposited into your account, you’re good to go!
Tiger Brokers vs IBKR vs TD Ameritrade vs moomoo
|Tiger Brokers||Interactive Brokers (IBKR)||TD Ameritrade||moomoo|
|Commission fee||SGX stocks: 0.06% (including platform fee)|
US stocks: US$0.01, min. US$1.99 per trade (including platform fee)
|SGX stocks: 0.08% of trade value, min. S$2.50 per order |
US stocks: US$0.005 per share, min. US$1 per order
|$0 (for US exchange-listed stocks, ETFs and option trades)||SGX stocks: 0.03% of the transaction amount, min. S$0.99
US stocks: US$0.0049 per share, min. US$0.99 per order
|Minimum deposit||None, but min. S$2,000 required in order to receive free Starbucks share||None||None||None, but min. deposit of S$2,700 or US$2,000 or HK$16,000 required to be eligible for sign-up promotion|
|Maintenance fee||None||None||None||US market: US$0.005 per share, min US$1 per order|
SGX: 0.03% of transaction amount, min S$1.50
IBKR, TD Ameritrade and moomoo all offer lower commissions, particularly for US stocks. However, Tiger Brokers remain competitively priced while dangling enticing promotions for new customers.
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Read these next:
moomoo Review: Low Cost Trades And A Free AAPL Share
Interactive Brokers (IBKR) Review: Pros, Cons and Why They’re So Popular
Online Brokerage Comparison: IBKR vs Tiger Brokers vs TD Ameritrade
Best Brokerage Accounts To Start Your Investment Journey In Singapore
Investing In Exchange Traded Funds (ETFs): A Newbie’s Guide To Getting Started
By Ching Sue Mae
A flat white, an adventure-filled travel and a good workout is her fuel. This Manchester United fan enjoys sharing knowledge on personal finance while chasing the dream of financial independence.