It is not common for a new player to join the fight, especially when it comes to online brokers. Tiger Brokers launched in Singapore in March 2020 and it’s safe to say that they have made more than one name for themselves.
Tiger Brokers announced a triple growth in account openings in the third quarter of 2020 compared to the second quarter of 2020, as well as a 540 percent increase in trading value. Their early success was helped by increased investor interest in trading and investing amid Covid-19.
What is Tiger Brokers all about?
Tiger Brokers is an online broker platform supported by Xiaomi and listed on NASDAQ. They offer customers easy access to global markets such as Singapore, USA, Hong Kong, China and Australia for low commissions. Investors have access to stocks, ETFs, REITs, options, warrants, futures, funds and more on the Tiger platform.
Here’s what you can find in this Tiger Brokers review:
Tiger Brokers Overview
Product overview:
- What you can invest: stocks, ETFs, options, warrants, CBBCs, REITs, futures, funds
- Minimum balance required: No minimum balance or deposit required
- Fees for stocks from Singapore: 0.08 percent, min. Currently $ 2.88 is waived
- Fees for US stocks: USD $ 0.01 (S $ 0.013), with a minimum of USD $ 1.99 per trade. The fees for trades on other markets can be found here.
Here are the pros and cons of using Tiger Brokers for your investing and trading needs.
| Benefits of Using Tiger Brokers | Cons of Using Tiger Brokers |
| Competitive commission fees | Minimum. Fee of $ 1.99 per trade on US stocks. Minimum. The fee amount also applies to stock trading in other markets with the exception of Singapore stocks. |
| Attractive sign-up benefits and rewards for trading | High number of trade orders required to enjoy the benefits of a silver, gold or ace trader |
| Wide range of products for trade | |
| Dedicated app with a variety of tools available |
Why should you trade with Tiger Brokers?
1. Competitive commission fees
Tiger Brokers offers competitive commission fees on trades in various markets. It’s practically royalty-free in these aspects too: no custody fees, deposit (or withdrawal) fees, exchange rate fees, inactivity fees, or account management fees to deal with!
When trading stocks, ETFs or REITs in Singapore, there is a commission fee of 0.08 percent with no minimum commission. If you trade predominantly in the US markets, Tiger charges an affordable $ 0.01 with a minimum of $ 1.99 per trade.
If you look beyond the Singapore coast and the popular U.S. market, the fees for other markets aren’t overly shabby either.
Check the fees for each market below.
2. Attractive sign-up benefits and rewards for trading
When you sign up for a new Tiger Brokers account, you’ll be rewarded with commission-free trades, access to market data and stock coupons. Social butterflies can also treat themselves to more stock vouchers for every successful transfer.
The more trades you make, the more rewards you will enjoy. Ace traders who have filled more than 200 orders in the past three months enjoy eight different privileges, including up to 30 percent off commissions, five commission-free trades for SGX stock, one free Bank of America Corp stock, and more.
If 200 orders are too high, you can still become a silver or gold dealer for $ 10 stock coupons, birthday gifts for commission-free deals, discounted commission fees, and more.
3. Wide range of products for trade
Tiger Brokers is an online broker platform that allows you to trade stocks from markets such as Singapore, USA, Hong Kong, Australia and China. Tiger Brokers also does more than just stock trading, providing access to trading ETFs, options, warrants, futures, funds and more on their platform.
4. Dedicated app with a variety of tools available
Tiger Brokers offers an app for mobile devices and desktops, iOS or Android. The Tiger Brokers App is a visual delight and interactive and customizable.
Tiger Brokers also provides tools such as valuation analysis, earnings calendars, a newsroom, and the latest research to aid their investment strategies for clients. You can also filter popular ETFs and customize filters for your own stock screening purposes.
Who is Tiger Brokers Best For?
If you are looking for an online broker to trade with in both Singapore and the US on competitive commission rates, Tiger Brokers might be your king of the jungle. With their generous sign-up promotions, Tiger Brokers attracts both new traders and traders who carry out a large number of orders.
Frequent traders are rewarded with the privileges of a silver, gold or ace trader.
While Tiger Brokers’ commission fees are competitive, customers trading in small sizes should keep the minimum commission fee in mind.
What fees should you watch out for?
Tiger Brokers does not charge any retention fees, deposit or withdrawal fees, exchange rate fees, inactivity fees, or account management fees. However, your trade will not be executed for free.
Fees for stocks and ETFs:
- Stocks from Singapore: 0.08 percent commission per trade, at least USD 2.88 per trade is currently waived
- US stocks: USD $ 0.01 with a minimum of USD $ 1.99 per trade
- Hong Kong stocks: 0.06 percent per trade, min.HKD $ 15 (S $ 2.60) HKD per trade
- China A shares: 0.06 percent per trade, min.CNH $ 15 (S $ 3.10) per trade
- Australian stocks: 0.10 percent per trade, min. AUD $ 8 (S $ 8.20) per trade
What does this fee include? This is the fee Tiger Brokers charges for executing the trade. The fees charged by the individual markets such as trading fee, settlement fee and more are not included.
How is this fee charged? This fee is incurred when you execute your trade.
The fees for products such as options, warrants, futures and more can be found here.
What specials are there for Tiger Brokers?
Tiger Brokers offers promotions that are second to none.
Tiger Brokers Promotion: New Tiger Brokers Account Members enjoy the following benefits:
- Five commission-free trades
- Free level 2 market data for US stocks
- Stock vouchers up to $ 100
Tiger Brokers’ Angbao Chinese New Year Promotion: Earn Angbaos with share coupons of up to $ 88 for new and existing Tiger Brokers users from January 26th to February 28th, 2021! Ang Pows are available while stocks last, subject to availability. So register soon to earn that special Angbao.
Existing Tiger Brokers users can also read the Promotions & Rewards or Popular Events sections of the app for initial information on the latest offers and promotions. Tiger Brokers account holders are also encouraged to refer friends for 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 a margin account.
Pro tip: Use SingPass to speed up your application process!
To fund your account, you need to make a transfer. You can send in SGD, USD or HKD and your Tiger account can hold money in multiple currencies at the same time.
After you have deposited the funds, you need to click on the “Funded Transfer” button. Inform Tiger to check ‘in the app. Your 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 versus IBKR versus TD Ameritrade
| Tiger Brokers | Interactive Broker (IBKR) | TD Ameritrade | |
| Commission fee | SGX shares: 0.08 percent, min. USD 2.88 per order is currently waived. US stocks: $ 0.01, min. $ 1.99 per trade | SGX shares: 0.08 percent of trade value, min. $ 2.50 per order US stocks: $ 0.005 per share, min. USD $ 1 per order | $ 0 (for US publicly traded stocks, ETFs, and options deals) |
| Minimum deposit | None | None | None |
| Maintenance fee | None | Up to USD 10 per month (minus commission paid that month) | None |
| promotion |
Five commission-free trades, stock coupons, and market data for US stocks. SingSaver promotion: The first 50 new accounts receive 10 USD in cash on account application via PayNow. Valid until January 31, 2021. |
N / A | No commission only on listed US stocks, ETFs, and option trades |
IBKR and TD Ameritrade offer lower commissions, especially on US stocks. However, Tiger Brokers remain available at competitive prices and offer enticing promotions for new customers.
