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 everyday 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.
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: 0.04% per trade
- Fees for US stocks: US$0.005 per share, with min. US$0.99 per trade.
- Fees for HK stocks: 0.03% per trade, with min. of HK$7
- Fees for AU stocks: 0.03% per trade, with min. of AU$2
- Fees for China A-shares: 0.03% per trade, with min. of CNH7
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||Min. fee of US$0.99 per trade for US equities. Min. fee amount also applies for equity trades made on other markets, with the exception of Singapore stocks.|
|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!
0.04% commission fee with no minimum commission is what you’ll incur if you trade Singapore stocks, ETFs or REITs. If you predominantly trade the US markets, Tiger charges an affordable US$0.005, with a minimum of US$0.99 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 in an 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 Apple share, 500 Tiger Coins, 60 commission-free stock trades, and five commission-free futures trades. More details below.
Social butterflies can also treat themselves to more commission-free trades and stock vouchers for every successful referral made.
The more trades you make, the more rewards you enjoy. Ace Traders that execute more than 200 orders over the past three months enjoy eight different privileges, including up to 30% off commissions, five commission-free trades for SGX stocks, a free Bank of America Corp share and more.
If 200 orders is too high a bar, you can still become a Silver or Gold Trader to enjoy S$10 stock vouchers, birthday gifts, discounts off US stocks, of commission-free trades, discounted commission fees and more.
#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: 0.04% commission fee 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
- Australian 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: 0.04% platform fee 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 commission-free trades for U.S. stocks, NYSE AcroBook and 30 Days Reuters Video Card
- One free Grab share
- S$5 stock and voucher (must make an initial deposit of S$2,000 at least or its equivalent in another currency)
- A chance to draw one free stock valued between S$8 to S$1,200 + S$5 stock voucher (must make an initial deposit of at least S$2,000 or more, or its equivalent in another currency)
This promotion runs from 8 April 2022 to 1 July 2022. However, you’d want to act soon because there’s always a chance of the promotion ending prematurely because there are a limited number of shares (just like a previous promotion when Tiger Brokers offered a free Disney share).
If you already have a Tiger Brokers account, you can still refer your friends; you’ll stand a chance to receive a GoPro share when opens an account with Tiger Brokers.
Moreover, you’ll receive a S$10 stock voucher for each friend who has deposited at least S$100 in their first single transfer from 8 April 2022. Additionally, you can also enjoy lifetime commission-free trade for US stocks after your friend has deposited at least S$100 into their newly approved account.
You’ll also stand a chance to win Tesla, Twitter, and AMC shares, if you refer two friends to make a deposit of at least S$100.
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 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: 0.08% (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||Up to USD$10 per month (less commission paid that month)||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.
Start managing and saving money like a pro with SingSaver’s weekly financial roundups! We dole out easy-to-follow money-saving tips, the latest financial trends and the hottest promotions every week, right into your inbox. This is one mailer you don’t want to miss.
Sign up today to receive our exclusive free investing guide for beginners!
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.