Tiger Brokers has seen tremendous growth in account openings since joining the big boys in Singapore in 2020. Check out what they’re all about and why they’ve made waves in the investment and trading community.
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 per cent 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:
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: 0.08 per cent, min. $2.88 currently waived
- Fees for US stocks: USD$0.01 (S$0.013), with min. USD$1.99 per trade. You can find the fees charged for trades on other markets here.
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$1.99 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!
0.08 per cent 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 USD$0.01, with a minimum of USD$1.99 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.
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. Social butterflies can also treat themselves to more 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 per cent 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 $10 stock vouchers, birthday gifts 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.
Fees charged for stocks and ETFs:
- Singapore stocks: 0.08 per cent commission fee per trade, min. $2.88 per trade currently waived
- US stocks: USD$0.01 with min. USD$1.99 per trade
- Hong Kong stocks: 0.06 per cent per trade, min. HKD$15 (S$2.60) HKD per trade
- China A-shares: 0.06 per cent per trade, min. CNH$15 (S$3.10) per trade
- Australian stocks: 0.10 per cent per trade, min. AUD$8 (S$8.20) 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 markets, such as trading fee, settlement fee and more.
How is this fee charged? You’ll incur this fee when you execute your trade.
You can find the fees charged for products such as options, warrants, futures and more here.
What are the promotions available for Tiger Brokers?
Tiger Brokers offers promotions that are second to none.
Tiger Brokers promotion: New Tiger Brokers account members enjoy the following perks:
- Five commission-free trades
- Free Level 2 market data for US stocks
- Stock vouchers of up to $100
Tiger Brokers’ Chinese New Year Angbao promotion: For both new and existing Tiger Brokers’ users, from Jan 26 to Feb 28, 2021, earn yourself angbaos with stock vouchers of up to $88! Ang Pows are available on a first-come, first-served basis, while stocks last so sign up soon to earn yourself their special angbao.
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
|Tiger Brokers||Interactive Brokers (IBKR)||TD Ameritrade|
|Commission fee||SGX stocks: 0.08 per cent, min. $2.88 per order is currently waived US stocks: USD$0.01, min. USD$1.99 per trade||SGX stocks: 0.08 per cent of trade value, min. $2.50 per order US stocks: USD$0.005 per share, min. USD$1 per order||$0 (for US exchange-listed stocks, ETFs and option trades)|
|Maintenance fee||None||Up to USD$10 per month (less commission paid that month)||None|
Five commission-free trades, stock vouchers and free market data for US stocks.
SingSaver promotion: First 50 new accounts get $10 cash via PayNow upon account application. Valid till Jan 31, 2021.
|N.A.||Zero commission for US exchange-listed stocks, ETFs and option trades only|
IBKR and TD Ameritrade offer lower commissions, particularly for US stocks. However, Tiger Brokers remain competitively priced while dangling enticing promotions for new customers.
This article was first published in SingSaver.com.sg.