Tiger Brokers Review: Is it the Cheapest Online Brokerage in Singapore?

Tiger Brokers Review: Is it the Cheapest Online Brokerage in Singapore?

Tiger Brokers is the cheapest online broker on the market

Good for

  • Those seeking the lowest commission fees in Singapore
  • Investors looking for a cheap way to trade on the HKSE
  • New investors looking for an easy-to-use platform

Bad for

  • Those looking to trade in markets beyond SG, US, HK, China & AU
  • CFD traders

Editor's Rating

5.0/5.0

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
Promotions: New customers enjoy 5 commission-free trades for stocks denominated in USD and HKD, a free 30-day period of Level 2 market data for US markets, and trading vouchers for deposits of S$2,000 and over

Table of Contents

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 0.08% and minimum of S$0 per trade (until the end of 2020), overtakes Saxo Markets—who charges a commission fee of 0.08% a minimum of S$10 per trade—as the cheapest provider 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 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 December 31st, 2020. New customers will receive 5 commission-free trades for stocks denominated in USD or HKD and free access to market data on the US for thirty days. In addition to these, investors who make an initial deposit of over S$2,000 will also receive stock vouchers listed in the table below. 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.

Amount Deposited or TransferredStock Voucher Amount
S$2,000-S$5,000S$30
S$5,000-S$10,000S$50
S$10,000-S$30,000S$70
S$30,000 and aboveS$100

Tiger Broker Fees

Fees are important with any investing service you choose. As with other services, Tiger Brokers charges both a commission fee and flat 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.


Market
Tiger Brokers FeeMin CommissionIndustry Average FeeIndustry Average Commission
Singapore0.08%Free*0.22%S$25
US$0.01USD 1.990.27%USD $15-$29
HK0.06%HKD 150.21%HKD $100-$200
China0.06%RMB 15N/AN/A
Australia0.10%AUD 8N/AN/A
FuturesUSD$0.99-USD$2.99
* Free until Dec 31, 2020; thereafter, it will cost S$2.88

Tiger Broker's Markets Investor Eligibility Requirements

Consider this if you want to trade any securities while minimising trading costs

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
  • Citizenship
  • 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.

Anya Wasserman

Anya is a Research Analyst for ValueChampion who focuses on personal loans and investments in Singapore. Previously, she assisted global consultancies, hedge funds and private equities with primary research at a high-growth fin-tech based in London. A graduate of the University of Oxford and King's College London, Anya is currently interested in applying quantitative research to help consumers make better financial decisions.

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