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 share, commission-free trades, 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.
In 2022, the brokerage launched Tiger Vault, their cash management solution which gives investors up to 2.4% yield. The cash is liquid and can be used to fund your Tiger Brokers investments over one business day. You can also opt for the Auto Sweep function, which automatically channels your idle cash into the Vault.
Tiger Brokers' early success has been buoyed by heightened investor interest surrounding trading and investing amidst COVID-19. In Q3 2020 compared to Q2 2020, Tiger Brokers announced a three-fold growth in account openings and a 540% increase in trading value.
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, 0.0075% trading fee, and 0.03% platform 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). However, note that you'll also need to pay a settlement fee of US$0.003 per share.
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.
#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 GoPro 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 28 February 2023.
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.
As mentioned, you'll also need to pay a platform fee of 0.03% per trade for SG stocks, and a settlement fee of US$0.003 per share when you sell your US stocks.
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.
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.
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 GoPro share (NASDAQ: GPRO) when you open a new account for the first time
- Five commission-free trades for options within 30 days
- 3-day, 20% yield coupon
- One month Ryde subscription
- Receive 0.88 HP fractional shares (NYSE: HPQ) and a chance to win a free stock worth between S$12 to S$320 when you fund at least S$1,000 into your account and make a minimum of five buy trades within the promotion period
- You'll also receive a free Apple share (NASDAQ: APPL) when you fund your newly-approved account with at least S$10,000 and execute 10 new buy trades during the promotion period. Note that this is valid for the first 888 eligible customers only
This promotion runs from 6 December 2022 to 28 February 2023.
If you already have a Tiger Brokers account, you can still refer your friends; you'll stand a chance to receive a free GoPro share (NASDAQ: GPRO) for each referee who successfully opens an account with Tiger Brokers for the first time via your referral link.
Likewise, you'll also stand to get 0.88 worth of HP fractional share (NYSE: HPQ) and a free stock worth between S$12 to S$320 for each referee who deposited at least S$1,000 into their account and makes five buy trades during the promotional period.
What's more, you can also get a free Apple share (NASDAQ: AAPL) when at least two of your referees deposit at least S$10,000 into their new accounts and make 10 buy trades during the promotional period.
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$1,000 is required in order for sign-up promotion||None||None||None, but min. deposit of S$2,700 is 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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