Tiger Brokers has a comprehensive online trading platform with low fees, live prices for the US and Singapore, and access to major markets around the world. With real-time stock quotes, multilingual customer service that operates 24/7, and a user-friendly mobile app, Tiger Brokers is a good platform for both new and seasoned investors.
|Summary of Tiger Broker's Online Brokerage|
|Lowest commission fees in Singapore|
|Cheapest commission fee for Hong Kong trading|
|Two types of accounts: Cash Account and Margin Account|
|Does not charge custody fees, deposit & withdrawal fees, currency exchange fees, inactivity fees and account maintenance fees|
Table of Contents
- What Makes Tiger Brokers Stand Out to Investors
- Investment Opportunities at Tiger Brokers
- Tiger Brokers Fees
- Tiger Brokers Investor Eligibility Requirements
What Makes Tiger Brokers Stand Out to Investors
Tiger Brokers stands out because of their low fees and all inclusive digital platform. Their commission costs of 0.03% overtakes Saxo Markets—who charges a commission fee of 0.08% with a minimum of S$5 per trade—as one of the cheapest providers in Singapore.
In addition to low costs, both experienced and inexperienced customers will find Tiger Broker's mobile and desktop applications easy to use for both Singaporean and foreign trading. This is due to their simple, clear cut illustration of real-time market data on the SGX, NASDAQ, NYSE and HKEX.
Investment Opportunities at Tiger Broker's
Tiger Brokers offers two types of accounts to invest with: a Cash Account and a Margin Account. The eligibility depends on your age for each. For example, if you are a student and over the age of 18, or are over the age of 65, you could qualify to open a Cash Account. This account allows users to trade stocks only with cash, where there is no limit on the number of frequency of T+0 trades (completing the trade transaction from start to payment and ownership changes). However, it neither permits margin trading nor short selling.
Margin Accounts are available for applicants 21-65 years of age. These accounts let you conduct margin trading, futures trading, and short selling, with intraday leverage up to 4 times and overnight leveraging up to 2 times. Similar to Cash Accounts, there is no limit on the number of frequency of T+0 trades. Since Margin Account trading tends to be riskier, new traders are advised to get a Cash Account prior to engaging with margin trading.
Furthermore, Tiger Brokers trading tools allow investors to trade in international markets. Though Tiger Brokers market access isn't as large as other brokers like Saxo or Interactive, it does provide access to popular markets including Hong Kong, the US, China and Australia. In fact, if you are interested in trading on the Hong Kong market, you will enjoy some of the lowest commission fees available.
Tiger Brokers is currently offering a great promotion for new clients until 15 Feb 2022. New customers will receive 500 Tiger Coins, 60 commission free trades (within 180 days) card, and 1 share of Apple (AAPL) once the account is funded with an initial deposit of S$2,000 or more.
|Registration||500 Tiger Coins||5 Commission-Free Trades for Futures within 30 Days|
|Account Opening||60 Commission-Free Trades within 180 Days (Applicable for U.S. stocks, H.K. stocks, Singapore stocks and Australian stocks)|
|First Deposit ≥ SGD 2,000||1 FREE Apple（NASDAQ: AAPL）share|
Additionally receive a reward of 5 commission free trades when you refer a friend to open an account, and an SGD 88 stock package when the referee deposit at least S$100 in their first single transfer. You can also get 1 scratch card for every 3 friends who open an account.
These promotions encourage investors to diversify their portfolio by trading internationally, rendering Tiger Brokers a good option for those who want to trade in the US or Hong Kong.
Tiger Broker Fees
Fees are important with any investing service you choose. As with other services, Tiger Brokers charges both a commission fee and platform fee per trade. As they charge some of the lowest fees on the market, Tiger Brokers is an ideal platform for those who want to trade with Singaporean and international markets. The following table illustrates the commission fees that Tiger Brokers charges for each market they allow access to.
|Tiger Brokers Fee||Min Commission||Industry Average Fee||Industry Average Commission|
|US||$0.01 per share||USD 1.99 per order||0.27%||USD 15-29|
|HK||0.06%||HKD 15||0.21%||HKD 100-200|
Tiger Broker's Markets Investor Eligibility Requirements
Tiger Brokers, like other investing platforms, require you to submit a few personal details in order to open an account. Because of the two types of accounts, there are different qualifications attached to each. For the Cash Account, you must be 18 years or older (as either a student or with a full-time job), or 65-75 years of age. If you are between 21-65 years old, you can open either a Cash Account or a Margin Account. For both, you must provide:
- Full Name Including Alias
- Current Residential Address
- Date of Birth
- Details of Tax Residency
- Passport or Identity Card Number
- Employer’s name and address
- Details of assets and income
- Investment objectives and experience
It is important to note that without a specific employer name or address, you will not be able to open an account with Tiger Brokers. When you have all the documents ready to submit, you can apply online with your SingPass MyInfo account and expect to hear a decision on your application within 1-3 days. Once accepted, you will receive an SMS text notification, and can directly transfer money from your bank account to the platform. Once that's completed, you will be able to start trading with one of the best online trading platforms in Singapore.