Tiger Brokers – What Does This New Brokerage Offer? (Review)

Tiger Brokers Review
This article contains affiliate links. You can read more about affiliate links in my Editorial Guidelines.

Investing in stocks used to be rather inaccessible if you only had a small sum.

The fees were just too expensive and it’ll just eat into your returns.

However, the FinTech revolution has changed that. New services like robo-advisors and low cost brokerage firms have since emerged.

Here’s how Tiger Brokers, one of the newest brokerage firms, can help to start your investing journey.

What is Tiger Brokers?

Tiger Brokers is an online brokerage that was founded by Wu Tianhua in 2014. The company was founded with the aim to allow Chinese investors to trade in the US, HK and Chinese markets.

Being one of the newest brokerage firms, Tiger Brokers is able to take advantage of the latest technologies. As such, they are able to provide a seamless experience when conducting trades, and at a lower cost as well.

Focusing on a mobile-first experience, Tiger Brokers was launched in Singapore in early 2020 to appeal to mobile-savvy millennials. The Singapore arm of Tiger Brokers is headed by Eng Thiam Choon.

The platform has since added the SGX and the ASX to its offerings. You are now able to trade in markets across 5 different countries!

What are Tiger Brokers’ main features?

Here are the main features of Tiger Brokers:

6 different markets available

Tiger Brokers offer you 6 different markets that you can trade in.

This includes:

  1. Singapore (SGX)
  2. US (4 different exchanges)
  3. Hong Kong (HKEX)
  4. China (SZSE and SSE)
  5. Australia (ASX)
  6. Futures

You are able to perform options trading as well.

You can view all of the markets in the ‘Quotes‘ tab.

Tiger Brokers Market Types

It may not be the most extensive list of markets. However, Tiger Brokers does provide you with the more popular options.

5 types of US exchanges to trade in

Here are the 5 US exchanges that you can trade:

  1. New York Stock Exchange (NYSE)
  2. Nasdaq Stock Market (NASDAQ)
  3. American Stock Exchange (AMEX)
  4. Pink Sheet Exchange (PK)
  5. Over-The-Counter (OTC)

You are unable to trade in the London Stock Exchange (LSE)

You are able to view market data on the London Stock Exchange (LSE) using the app. However, Tiger Brokers does not allow you to make any trades in the LSE.

As such, you are unable to buy the IWDA ETF, which is one of the more popular ETFs on the LSE.

Tiger Brokers IWDA ETF

3 different accounts

When you open an account with Tiger Brokers, there are 3 accounts that you’ll have:

#1 Live Account

The Prime Account is where you will do all of your actual trading.

Here are some things that you can see in the ‘Trade‘ tab:

  1. The total value of your assets
  2. Your Profit or Loss amount
  3. The value of your stocks and cash available
  4. Your holdings and daily orders
Tiger Broker Prime Account 1

This is the ‘central hub’ where you can perform any functions related to trading.

Do remember to deposit funds into your account first before starting to trade!

If you wish to perform margin trading, there is an option for you to upgrade your account to a Margin Account.

Tiger Broker Upgrade To Margin Account 1

A margin account allows you to perform:

  1. Margin trading
  2. Short selling

There is no limit on the number or frequency of your T+0 trades.

Margin trading has lots of risks. If you are a beginner investor, I would not recommend you to create this account.

#2 Paper Account

If you are unsure about trading with real money, you can use the Paper Account instead.

Tiger Brokers Paper Account Try Out

This is a demo account that allows you to familiarise yourself with how Tiger Brokers work.

You will be given $10,000 USD and one Apple stock to start your virtual trading.

Tiger Broker Paper Account 1

However, you are only able to trade US and HK stocks using your Paper Account!

You can easily switch between your Paper Account and your Prime Account.

Tiger Broker Switch Between Prime and Paper Account 1

The 2 accounts do look rather similar. As such I would suggest to double check which account you’re using before making any trades!

Tiger Brokers Select The Right Account Before Trading

#3 Fund Mall Account

Besides being able to trade on the markets, you can purchase mutual funds as well on Tiger Brokers.

Tiger Brokers Mutual Funds

After choosing the fund that you wish to purchase, you are given 2 options to do so.

Tiger Brokers Select Fund
1. Subscribe to the fund

You can choose the amount of units you wish to purchase.

Tiger Broker Subscribe To Fund

Do take note of the subscription fee!

2. Purchase a regular savings plan (RSP)

Tiger Brokers only offers a regular savings plan for funds as of now.

You can choose the amount you wish to purchase and the frequency.

Tiger Brokers Funds Regular Savings Plan

No fractional shares

Unlike some brokerages, Tiger Brokers does not allow you to purchase fractional shares.

A fractional share is a portion of one full share.

For example, if a share costs $100 and you can only invest $10, you will only receive 0.1 units of that share.

Tiger Brokers only allows you to purchase the minimum unit size. This depends on the market that you wish to invest in.

For example, the Singapore Exchange (SGX) has a minimum unit size of 100.

Tiger Broker Minimum Unit For SGX

This means that you can only buy 100 units of that stock, and subsequent multiples of 100 units. Here are the lot sizes for each market:

MarketMinimum Unit Size
US1
HKMin 100 shares
(depends on stock price)
Singapore5-100
(depending on product)
China100
Australia1

You are unable to make full use of the entire amount that you have in your Prime Account.

This is something you’ll need to take note of as some of your spare cash may just be lying around.

Reasonable exchange rate

Tiger Brokers allows you to exchange currencies in the app itself.

Tiger Broker Exchange Rate

The good thing is that Tiger Brokers does not charge you any fees for making a currency exchange!

Here are the 5 different currencies that you can trade:

  1. USD
  2. HKD
  3. CNH (Chinese Yuan)
  4. AUD
  5. SGD
  6. NZD
Tiger Brokers Currency Exchange

Tiger Brokers has a currency spread of 0.3-0.5%. This gives a pretty competitive exchange rate compared to other brokers.

Dividend crediting

Some of the stocks that you own may issue dividends. These dividends will be credited straight to your Prime Account.

Depending on the market that you’re trading in, you may incur a dividend withholding tax.

MarketDividend Tax
US10-30%
Australia10%
HK, SG, China0%

This tax will be deducted before the dividends are credited to your account. After receiving your dividends, you can choose to either:

  1. Reinvest your dividends
  2. Withdraw them to your bank account

Leverage

If you do not have enough funds to invest, you may borrow from Tiger Brokers as leverage.

Tiger Broker Finance Loan

However, the leverage charges are quite high.

Tiger Broker Leverage Loan

You may accidentally go into leverage if you do not have enough funds in that certain currency.

As such, I would advise you to exchange your SGD to the currency of the market first before you start trading.

Tiger Brokers only supports cash currently

One disadvantage is that Tiger Brokers only allows you to invest your cash. You are unable to invest either your CPF or SRS funds with this broker.

This is such a waste as the trading commissions are really low! Hopefully they will be able to add this feature in the future.

How do I deposit and withdraw my funds from Tiger Brokers?

Tiger Brokers has a rather easy process to deposit and withdraw funds from your Prime Account.

#1 Depositing funds

To start trading with Tiger Brokers, you’ll ned to deposit funds into your Prime Account. There is no minimum amount that you are required to deposit into your Prime Account.

Deposit fees

Tiger Brokers may charge you a fee for depositing funds into your Prime Account. Here are the fees that they will charge:

Tiger Broker Deposit Fees
Source: Tiger Brokers

The safest will be to deposit SGD from a Singapore bank account. That way, you will not incur any fees when you deposit your funds.

After choosing your bank account, here’s a step-by-step guide to depositing funds:

#1 Go to ‘Trade → Deposit

Tiger Brokers Deposit Funds 1

#2 Choose the currency you wish to deposit

Tiger Brokers Deposit Funds 2

#3 Transfer the money to Tiger Brokers’ account

Tiger Brokers Deposit Funds 3

You will need to transfer your funds to Tiger Brokers’ DBS account.

You are only able to deposit funds from bank accounts that are under your own name.

It is possible for you to transfer your funds via PayNow by using Tiger Brokers’ UEN.

#4 Inform Tiger Brokers about your funds transfer

To speed up the deposit process, you will need to fill up this form below.

Tiger Brokers Deposit Funds 4

Tiger Brokers will then acknowledge that they have received your deposit request.

Tiger Brokers Deposit Funds 5

#6 Receive a notification on your successful deposit

When your funds have been deposited into your Prime Account, you will receive a notification via the app and email.

Tiger Brokers Deposit Funds 6

I deposited my funds on a Tuesday afternoon. Within 2 hours, my funds were deposited into my Prime Account.

#2 Withdrawing funds

You can choose to withdraw funds from your Prime Account too.

Withdrawal fees

Based on the bank account and currency you are withdrawing to, you may incur some withdrawal fees. Here are the fees that Tiger Brokers charges:

Tiger Brokers Withdrawal Fees
Source: Tiger Brokers

The safest would be to withdraw your funds to a DBS / POSB account!

Here’s a guide to withdrawing your funds:

#1 Go to ‘Trade → More’

Tiger Broker Withdraw Funds 1

#2 Add a receiving bank account

If you are withdrawing funds for the first time, you will need to add the details of the bank account that you’d like to withdraw to.

Tiger Broker Withdraw Funds 2

#3 Select your withdrawal amount and reason

Tiger Broker Withdraw Funds 3

#4 Email your bank statement to Tiger Brokers

If this is the first time you are withdrawing funds, you will need to provide proof that this account belongs to you.

Tiger Broker Withdraw Funds 4

After sending my first withdrawal request, the funds were transferred to my account the next day.

Tiger Broker Withdrawal

How do I make a trade with Tiger Brokers?

Before making any trades, you will need to first install the Tiger Authenticator app.

Tiger Authenticator App

This adds an extra layer of security before you make any buy / sell orders.

After you install this app, here’s a step-by-step guide on making trades using Tiger Brokers:

#1 Go to ‘Trade → Trade

Tiger Brokers Making A Trade

#2 Enter your OTP from the Tiger Authenticator app

Tiger Authenticator Enter OTP

#3 Select the stock you wish to trade

Tiger Brokers Making A Trade 2

#4 Select the number of units you wish to trade

For this example, I purchased 100 units of Sheng Siong.

Disclaimer: This does not constitute as investment advice

Tiger Brokers Making A Trade 3

Tiger Brokers does not show you the fees you incur before you place the order. However, you are able to view the estimated fees by tapping on the icon beside the ‘Place Buy Order‘ as circled above.

Tiger Broker View Fees Incurred

For SGX-listed stocks, the commissions will be 0.12% of your trade value. The minimum of SGD$2.88 has been waived until 31 December 2020.

#5 Review order

You can review the order that you’ve made.

Tiger Broker Review Order

The holdings will be credited once the order goes through. If you do not have enough money to make the trade, you will get this error message:

Tiger Brokers Not Enough Money In Account

There are 3 things you will need to do to prevent incurring leverage:

  1. Exchange your other funds to the stock’s currency
  2. Deposit more funds
  3. Upgrade to a Margin Account

Pre-market trading

Tiger Brokers allows you to perform pre-market and aftermarket trading in the US markets. Here are the US market trading times in SGT (GMT +8):

Trading PeriodTiming
Premarket1600-2130
Regular Trading2130-0400
Aftermarket0400-0800

You are able to buy and sell your stocks before the actual US markets open at 2130 (GMT +8).

To take part in pre- and aftermarket trading, you can tap ‘Allow’ on the ‘Fill outside RTH’ field.

Tiger Brokers Pre Market Trading

RTH stands for regular trading hours.

However, there are some things to note if you wish to do pre-market trading:

  1. There may be reduced liquidity
  2. There may be increased volatility

Pre-market trading is very risky, so I would not recommend it if you are a beginner investor!

What are the fees to trade with Tiger Brokers?

Here are the fees that Tiger Brokers charges:

Trading fees

You will incur a trading fee for every buy or sell order that you make. Here are the commissions that Tiger Brokers charges, based on the market that you’re buying in:

MarketFeeMinimum Fee
US0.01 USD/share1.99 USD/trade
HK0.06% * trade value15 HKD/trade
SG0.08% * trade valueNo minimum (until 31 Dec 2020)
2.88 SGD/trade (after 31 Dec 2020)
China0.06% * trade value15 CNH/trade
AUS0.1% * trade value8 AUD/trade

You may want to take note of the minimum fee! The fee can be pretty hefty, especially if you trade a small amount of units.

For example, you may buy one US stock for 50USD. Even though the fee is 0.01 USD/share, you will need to pay the minimum of 1.99USD.

You will be paying a commission of almost 4% of your trade amount!

Nevertheless, Tiger Brokers has one of the most affordable fees compared to other brokerages.

Additional fees charged by exchange

Other than the fees that Tiger Brokers charges, you will incur additional fees. This depends on which exchange you are making the trade.

For example, SGX will charge an additional 0.04% on your trade value.

You can find the full breakdown of the fees that you’ll incur on Tiger Brokers’ website.

Deposit and withdrawal fees

Tiger Brokers may charge you deposit and withdrawal fees.

This depends on:

  1. The currency you’re depositing or withdrawing
  2. The amount you’re depositing or withdrawing
  3. The account that you’re depositing into or withdrawing from

The safest would be to deposit or withdraw in SGD and use a Singapore bank account!

No custody, inactivity and account maintenance fees

Unlike other brokerages, Tiger Brokers does not have any other platform fees.

This includes:

  1. Custodial fees
  2. Inactivity fees
  3. Account maintenance fees

This is great especially if you are a buy and hold investor. You are not pressured to make any trades just so that you do not ned to incur any fees. As such, you will not really incur other fees besides the trading commissions.

Is Tiger Brokers a custodian or CDP account?

When you trade with Tiger Brokers, your shares will be under their custodian account. Tiger Brokers is not linked to your central depository (CDP) account. As such, you are unable to transfer your shares from CDP to Tiger Brokers and vice versa.

This makes Tiger Brokers very attractive as:

  1. The commission fees are much lower than buying stocks with your CDP account
  2. No custodian fees are charged by Tiger Brokers

The only drawback is that you are unable to attend the AGMs for any Singapore stocks that you own!

Is Tiger Brokers reliable and safe?

Being a new Chinese company, it is understandable that you might be wary of this company. However, here are some reasons why you can trust Tiger Brokers:

#1 Tiger Brokers is licensed by the MAS

Tiger Brokers has a Capital Markets Services (CMS) license issued by the Monetary Authority of Singapore (MAS).

Tiger Broker MAS Capital Markets License CMS

This CMS license requires Tiger Brokers to set up a custodian account for their clients’ funds. This ensures that Tiger Brokers’ funds are separate from your funds.

For Singapore stocks that you buy, they will be under a custodian account in DBS.

Even if Tiger Brokers closes down, they cannot touch your funds.

This is a similar model to how robo-advisors manage your funds.

#2 Tiger Brokers has a strong backing

Tiger Brokers is backed by 3 reputable names:

  1. Interactive Brokers
  2. Xiaomi
  3. Wall Street investment guru Jim Rogers
Tiger Brokers Backing

Having this support should give you some reassurance that Tiger Brokers is a reputable company.

#3 Tiger Brokers has substantial funding

Tiger Brokers has received considerable funding.

Tiger Brokers Crunchbase Funding

In their Series C financing, they managed to raise $80 million!

Eventually, Tiger Brokers’ parent company, UP Fintech Holding Limited was listed on the NASDAQ (TIGR) in 2019.

With this substantial funding, it does show how investors are confident in this company!

What other features does Tiger Brokers have?

Tiger Brokers has a whole bunch of other features as well:

Stock profile

Tiger Brokers has an extensive profile page for each stock.

Here are 4 features you can view in each profile:

#1 Quote

Tiger Brokers Stock Profile 1

#2 Company News

Tiger Brokers Stock Profile 2.1

#3 Stock Analysis

Tiger Brokers Stock Profile 3

#4 Company Information

Tiger Brokers Stock Profile 4

This information is pretty overwhelming for me. However, I believe it will be really useful if you’re a frequent trader and can view the various metrics.

News alerts

You will receive news alerts from time to time. Due to migration issues, some of the notifications may appear in Chinese.

Tiger Brokers News Notifications

IPO Subscription

Tiger Brokers allows you to participate in initial public offering (IPO) subscriptions. You are only able to participate in US and HK stock IPOs.

Tiger Brokers IPO Offering

Ant IPO

The Ant IPO has been one of the most anticipated IPOs in history. Being listed in Hong Kong, you are able to participate in the IPO via Tiger Brokers. However, if you are a retail investor, you will need to invest a minimum of SGD$200,000!

If you’d like to find out more about the processes involved, you can view Tiger Brokers’ website that provides you information about US and HK IPO subscriptions.

Stock Screener

Tiger Brokers has a stock screener with some parameters that you can choose from. However, it is rather hard for you to find the screener. Here’s how you can find and use it.

#1 Go to ‘Discover → Customise Filters’

Tiger Broker Stock Screener 1

#2 Select your parameters

Tiger Broker Stock Screener 2

Unfortunately, you are only able to screen either US or China stocks.

#3 View the results of your screen

Tiger Broker Stock Screener 3

The screener has rather limited parameters to choose from. If you’d like a more comprehensive screener, you can consider using the one from StocksCafe.

Extensive Stock Analysis

You can choose to view technical analysis of stocks too. Tiger Brokers provides extensive analysis in their ‘Discover‘ tab.

Tiger Brokers Discover Tab

There are lots of features that will help you out if you’re a frequent trader!

If you’d like to backtest your strategy, you can consider trying out the PyInvesting platform as well.

Ace Trader promotion

If you are a frequent trader, you may want to consider this Ace Trader promotion. From now till 22nd July 2021, you are able to receive certain benefits if you frequently trade on Tiger Brokers.

Depending on the number of trades you make within the past 3 months, here are some privileges you will receive:

Tiger Brokers Ace Trader Promotion

This are pretty attractive benefits if you do frequent trading!

Desktop app

Tiger Brokers has a desktop app that you can download from their website.

Tiger Trade Desktop App Download
Source: Tiger Brokers

It provides you with all the same features as the mobile app.

Tiger Trade Desktop App 1

I feel that it might be a better platform to use if you’re a frequent trader. There are tons of information that you can obtain just by glancing at one screen.

Tiger Trade Desktop App 2

Overall, the app is really neat and polished, and I had a good experience using it.

Website only allows you to edit your profile

Tiger Brokers allows you to login to their website too. However, you are only able to change your account details on their website.

Tiger Brokers Web Platform

How does Tiger Brokers compare with other brokerages?

Here is how Tiger Brokers compares against other brokerages you can sign up for.

FSMOne

FSMOne offers a wide variety of products such as regular savings plans, cash management and managed portfolios. However, you can only invest in SGX, HKEX and the US markets. Furthermore, FSMOne charges a higher minimum trade commission compared to Tiger Brokers.

You can read my analysis of how FSMOne compares to Tiger Brokers to help you decide on the better brokerage for you.

Verdict

Tiger Brokers is the first trading account that I have opened, and here are the pros and cons:

ProsCons
Fast sign up processInformation can be overwhelming
for beginner investors
Deposits and withdrawals
are processed quickly
Trading may be
too easy
Access to many
popular markets
Issues with migration
of platform to English
Affordable and very competitive
trading commissions
Only able to invest cash,
and not CPF or SRS
Extensive stock informationUnable to trade in the
London Stock Exchange
Easy trading process
Attractive rewards
for frequent traders
Under strict regulation by MAS, making it
a rather safe firm to invest with

Tiger Brokers is a great brokerage service that gives you access to most of the popular markets. It may have some issues with the user interface, however the app is sleek and easy to use.

My main concern is that the trading process can be too easy. Moreover, there is so much information on the app that you may be tempted to check your stocks everyday. As such, it is very important to understand what you’re investing in, before you make the trade!

How do I create an account with Tiger Brokers? (Referral)

If you are interested in signing up for a Tiger Brokers account, you can use my referral link. This will give you some referral bonuses that you can view below.

The signup process is really fast, and you can create an account within 20 minutes. Here’s all key things that you’ll need to do:

#1 Set your login details

Tiger Broker Sign Up 1

#2 Use MyInfo to sign up

Tiger Broker MyInfo Sign Up 1

#3 Customer Account Review (CAR)

To pass the review, you will need to fulfil either of the 4 categories:

  1. Investment Experience
  2. Customer Qualification
  3. Work Experience
  4. SGX Online Education Programme
Tiger Broker CAR 1

If you do not fulfil any of the first 3 criteria, you will need to pass the SGX programme.

Tiger Broker CAR 2

#4 Fill up your W-8BEN Form

To trade in the US markets, you are required to fill up the W-8BEN form. This is a requirement by the IRS. Other brokerages may take a few business days to process your W-8BEN form.

However, the process is automated for Tiger Brokers. Most of the details have already been filled in for you. All you will need to do is to fill up some fields.

Tiger Broker W 8BEN

This allows you to start trading immediately once your account is approved!

#5 Submit your application

Your application will be reviewed.

Tiger Broker Sign Up Review

Once you’ve been approved, you will receive an SMS.

Tiger Broker Successful Account Opening SMS

You are now able to deposit your money and start trading!

What are the referral bonuses that I can receive? (Commission-free trades and stock vouchers)

If you signed up using my referral link, you are eligible for some rewards. These rewards will only be valid until 31 December 2020. You can view and claim your rewards by going to ‘Me → Promotions & Rewards‘.

Tiger Brokers Rewards Center

Here are 4 bonuses that you can receive:

#1 Registration Reward

When you register for a Tiger Brokers Account, you will receive Level 2 Data for US stocks for 30 days.

Tiger Brokers Registration Reward

I feel this information may be more useful if you’re a frequent trader.

#2 Account Opening Reward

When you successfully open your Prime Account, you will receive 5 commission-free trades!

Here are the 4 things that you can purchase:

  1. Any HK Stock
  2. Any US Stock
  3. Singapore Stocks
  4. Futures

You will still need to pay the commission first. The commission should be refunded to you on the next working day.

#3 Funding Reward

Depending on the size of your first initial deposit, you are eligible for these stock vouchers:

Initial DepositReceive A Stock Voucher Worth
≥ SGD$2,000SGD 30
≥ SGD$5,000SGD 50
≥ SGD$10,000SGD 70
≥ SGD$30,000SGD 100

A stock voucher allows you to offset your trade with the voucher’s value. You will first have to make the order, before receiving the rebate credited to you. If your transaction amount is less than the stock voucher’s value, you will only receive the transaction amount as a rebate.

This promotion only applies to your initial deposit. If you deposit less than $2k at first, you will not receive any stock voucher!

#4 Step-Up Rewards

You will receive these rewards based on the number of friends that you’ve successfully referred. Here are the stock vouchers that you can receive:

Number of People InvitedExtra Stock Voucher Receivable
5-8SGD10
9-11SGD20
12-14SGD30
15-24SGD40
25+SGD100

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