Tiger Brokers vs Moomoo (Futu) – A Detailed Breakdown

Tiger Broker vs Moomoo Futu

Tiger Brokers took the stock trading scene in Singapore by storm after announcing their cheap commission rates in 2020.

However, they are not the only one as Moomoo has a similar platform that allows you to trade at low costs too!

So how do these low fee platforms compare with each other?

The difference between Tiger Brokers and Moomoo (Futu)

Both Tiger Brokers and Moomoo (or Futu) offer really cheap commissions when you are trading in the SGX, HKEX or US markets. Tiger Brokers has more advantages as they allow you to trade in the ASX and China markets, as well as offering more products like futures and options.

Here is an in-depth comparison between these 2 platforms:

Company

Tiger Brokers was founded in 2014 as UP Fintech. They initially started out in China, but they have expanded into Singapore, Australia and New York.

They were also listed on the NASDAQ in 2019 (TIGR).

Tiger Brokers has a huge backing from different companies, such as:

  1. Interactive Brokers
  2. Xiaomi

Moomoo trading is under Futu

Meanwhile, Moomoo is the trading platform of Futu Singapore, who is under the parent company Futu Holdings.

Futu Hodlings also started out in China, and has expanded to Hong Kong, the US and Singapore.

They were also listed on the NASDAQ in 2019 (FUTU) too.

The largest financial backer of Futu is Tencent, while Matrix and Sequoia are their other investors.

Type of Products Available

Both brokerages offer different kinds of products:

Tiger Brokers offers basic products for your trading needs

You are able to buy the standard products from the different exchanges using Tiger Broker’s platform. This includes:

  1. Stocks
  2. ETFs
  3. Mutual funds
  4. Futures
  5. Options

You are able to trade futures and options on Tiger Broker’s platform too.

Tiger Brokers Futures

You can also buy mutual funds with Fund Mall

Tiger Brokers has a Fund Mall, where you can buy mutual funds from it. However, the offering is much more limited compared to FSMOne’s.

Tiger Brokers Fund Managers

Moomoo has less options

Moomoo trading only allows you to trade in these products:

  1. Stocks
  2. ETFs
  3. REITs
  4. ADRs

These products can all be bought on Tiger Brokers too. As such, Moomoo has a lower variety of products that you can invest in.

Types of Exchanges Available

Here are the different exchanges that you are able to trade on using both platforms:

Tiger BrokersMoomoo
SGX
HKEX
US
ASX (Australia)
SZSE and SSE (China)

Tiger Brokers offers 2 more exchanges compared to Moomoo!

The exchange that most Singaporeans may be interested in is the London Stock Exchange (LSE). You are able to buy Irish-domiciled ETFs that help to reduce your taxes in 2 ways:

  1. Reduce your dividend withholding tax (30% to 15%)
  2. Reduce the estate taxes that you incur

Tiger Brokers has the LSE listed on their platform. However, you can’t trade equities that are listed on the LSE.

Tiger Brokers IWDA ETF

Fees

Fees are one of the most important factors that affect your returns. Tiger Brokers charges you a rather low trading commission fee.

However, Moomoo charges you both a commission and platform fee!

You’ll need to consider both costs when comparing against Tiger Brokers:

Tiger BrokersMoomoo
SGX0.08% * trade value 
No minimum 
(until 30 April 2021) 
Min $2.88 SGD/trade
(after 30 April 2021)
0.03% * trade value
Min $0.99/trade

PLUS 0.03% * trade value
Min SGD $1.50
(platform fee)
HKEX0.06% * trade value 
Min 15 HKD/trade
0.03* trade value
Min 3 HKD/trade

PLUS 15 HKD/order
(platform fee)
US0.01 USD/share 
Min 1.99 USD/trade
0.0049/share
Min USD 0.99/order

PLUS USD 0.005/share
Min USD 1/order
(platform fee)

Moomoo’s pricing is less transparent as they split up the trading commission and platform fee.

When you add both of them together, Moomoo’s fees are actually more expensive compared to Tiger Brokers!

However, you are able to receive 90 days of commission-free trading as your sign-up bonus.

Fees incurred for trading in respective exchanges

On top of the fees that you pay for each platform, you will be charged exchange-specific fees as well. These fees are the same across both brokerages.

For example, you will be charged an additional 0.04% by SGX for each trade that you make.

This includes:

  1. Trading fee (0.0075% * transaction amount)
  2. Clearing fee (0.0325% * transaction amount)

Tiger Brokers has a more affordable pricing structure

When comparing both pricing structures, Tiger Brokers offers you cheaper fees if you want to trade in these 3 exchanges.

As such, it may be more cost-effective to invest using Tiger Brokers.

Exchange Rates

If you wish to trade in overseas stocks, you will have to exchange your SGD for a foreign currency.

This can be easily done in-app for Tiger Brokers,

Tiger Broker Exchange Rate

as well as Moomoo.

Moomoo Currency Exchange

Tiger Brokers has slightly better exchange rates

Here are the exchange rates between USD to SGD on Tiger Brokers,

Tiger Brokers USD to SGD vs Moomoo

as well as Moomoo which are taken around the same time.

Moomoo USD to SGD vs Tiger Broker

The rates for Tiger Brokers is slightly better compared to Moomoo!

However, the difference is only 0.0005. It will only make a significant difference if you are exchanging a large amount of money.

Pre and aftermarket trading

Both Tiger Brokers and Moomoo allow you to conduct pre and aftermarket trading on its platform. Here are the timings for the 3 periods in Singapore time (GMT +8).

Trading PeriodTiming (GMT +8)
Premarket1600-2130
Regular Trading2130-0400
Aftermarket0400-0800

To enable pre and aftermarket trading, you will need to enable the ‘Fill Outside RTH‘ option on the trading page.

Tiger Brokers Pre Market Trading

The same can be done for Moomoo when you fill outside RTH too.

Moomoo Fill Outside RTH

App and Platform Experience

The user experience on the brokerage platform may help you to decide on a broker. However, both of these brokers’ apps are very similar!

Here is how some of their pages look like:

#1 Watchlist

Tiger Broker vs Moomoo Watchlist

#2 Trading account

Tiger Brokers vs Moomoo Trading Account

#3 Stock information

Tiger Brokers vs Moomoo Stock Information

Both of these apps look really similar!

Tiger Brokers has an added advantage of having a desktop app, which Moomoo does not.

Tiger Trade Desktop App 1

To satisfy all of your trading needs, Tiger Brokers seems to have the more comprehensive package.

Ease of Opening Account

Both Tiger Brokers and Moomoo use MyInfo during the signup process.

MyInfo SignUp1

If you wish to trade in the US markets, you are required to sign a W-8 BEN form to declare that you are a non-US citizen.

For Tiger Brokers, you can sign the W-8 BEN form digitally.

Tiger Broker W 8BEN

For Moomoo, you did not have to sign the W-8 BEN form. However, you are required to fill up a questionnaire and sign at the bottom of the page.

Moomoo Sign At End Of Sign Up

The account opening process for both platforms is rather smooth. Your account should be opened within the day!

Deposits and Withdrawal

Both online brokerages are pre-funded accounts. This means that you will have to fund your account on either platform first before you can start trading.

No minimum sum to maintain

Both online brokerages do not have a minimum sum to maintain in your account. This is great if you only have a small sum to invest.

Tiger Brokers has direct debit for DBS / POSB customers

If you are a DBS or POSB customer, you can opt to have a direct debit from your bank account to Tiger Brokers.

Tiger Brokers Direct Debit Setup

Your funds will be credited into your Tiger Brokers account almost instantly.

However if you do not have a DBS or POSB account, you can still transfer your funds via FAST.

Tiger Brokers Deposit Funds 3

However, this process may take a few hours before your funds reach your Tiger account.

You can only use FAST transfers for Moomoo

For Moomoo, you can only do deposits via FAST.

Moomoo Deposit Funds

When I deposited my funds with them, it took a few hours before I received an email that Moomoo received my funds.

Moomoo FUTU Deposit Notice

Withdrawals may take a few business days

When you want to withdraw your funds from either platform, it may take a few business days before the funds reach your bank account.

The waiting time is around the same for either platform.

Type of Custodian Account

When you trade your assets on both brokerage firms, your assets will be under a custodian account.

Tiger Brokers has a 3rd party custodian account for you

Tiger Brokers uses 3rd party custodians to manage your assets for you.

Tiger Brokers Custodian

DBS bank manages your Singapore assets. Meanwhile, Interactive Brokers most likely is handling your assets from other countries.

This is part of the requirements of the Capital Markets License that Tiger Brokers has.

In the unfortunate event that Tiger Brokers closes down, your assets are still kept safe under these custodian accounts.

This 3rd party custodian account arrangement is similar to what robo-advisors use as well.

Moomoo does not say who their custodians are

Unlike Tiger Brokers, Moomoo is less transparent with its custodians.

Moomoo (under FUTU) is also licensed with the MAS with the Capital Markets License as well.

As such, they still should follow similar practices of keeping your assets separate from theirs.

In the unfortunate event that Moomoo closes down, FUTU is unable to touch your assets.

Both accounts do not allow CDP linkage

Since both Tiger Brokers and Moomoo are custodian accounts, they are unable to be linked to your CDP account.

If you wish to transfer your shares from a CDP-linked broker to either broker, you would have to do a manual share transfer by contacting support.

Verdict

Here is a head-to-head comparison of Tiger Brokers and Moomoo:

Tiger BrokersMoomoo
Type of   
Products Available
Stocks
ETFs
Mutual funds
Futures
Options
Stocks  
ETFs
Number of
Exchanges Available
5 countries3 countries
Trading
Commissions
LowerHigher (including
platform fees)
Exchange RateComparableComparable
Pre and
Aftermarket Funding
PresentPresent
App and
Platform Experience
SimilarNo desktop application
Ease of 
Opening Account
SimilarSimilar
Funding Account SpeedA few hoursA few hours
Custodian Account3rd party (e.g. DBS)Did not mention

So which broker should you choose?

Choose Tiger Brokers for the cheaper commissions

The costs of trading with Tiger Brokers is one of the lowest in Singapore. While it can’t compete with commission-free platforms, its costs are really low.

Furthermore, it provides you with access to ASX and the Chinese exchanges, which Moomoo does not.

It also offers a wider variety of products compared to Moomoo as well!

Overall, Tiger Brokers seems to be the more stable and reputable platform.

Choose Moomoo for the great deals

I am not really convinced about trading with Moomoo. The main reason is that they are not as transparent about their pricing and their security.

Although the commissions seem cheaper, you’ll need to factor in the platform fees too. The costs of trading are actually higher for Moomoo!

Nevertheless, Moomoo is offering lots of aggressive promotions, such as:

  1. Commission-free trading for 90 days (3 months)
  2. $30 SGD cash coupon
  3. Level 2 market data
Moomoo Referral Bonus

With these promotions, it does make the cost of trading with Moomoo really low! You can consider using this platform for the first 3 months to see if it’s suitable for you.

Conclusion

Both platforms offer a great way to trade in stocks and ETFs, especially with their low commissions.

Hopefully with these low-cost brokers entering the trading scene, it may push other brokers to lower their fees too!

Moomoo Referral (Free Apple Stock and $30 Cash Coupon)

If you are interested in signing up for a Moomoo account, you can use my referral link.

Here are some of the rewards you can receive:

  1. Free Apple stock (x1)
  2. Commission-free trading for 90 days (SGX, HKEX and US markets)
  3. Cash coupon ($30 SGD)
  4. Level 2 market data for US stocks

To receive these bonuses, here are the steps you’ll need to do:

#1 Sign up for a Moomoo account

You’ll need to use my referral link to sign up for a Moomoo account.

Moomoo Sign Up For An Account

#2 Deposit at least $2,700 SGD into your Moomoo account

After signing up, you’ll need to transfer any of these amounts into your Moomoo account:

  1. $2,700 SGD
  2. $2,000 USD
  3. HKD 16,000

You do not need to make any trades. You are able to deposit the funds and then withdraw them afterwards!

#3 Receive your free Apple stock

After Moomoo has received your deposit, you will receive a free Apple stock in your account!

Moomoo Receive Deposit Referral Bonus

You’ll need to wait for 5 days before you can trade your stock.

Moomoo Apple Stock Unclaimed

You can choose to sell your Apple stock if you wish to, and withdraw the proceeds.

Tiger Brokers Referral (Commission-Free Trades, Tesla Discount Coupon 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 2021. You can view and claim your rewards by going to ‘Me → Promotions & Rewards‘.

Tiger Brokers Rewards Center

Here are 3 bonuses that you can receive:

#1 Registration Reward

When you register for a Tiger Brokers 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.

#2 Account Opening Reward

After successfully opening your account, you will receive a 10% discount coupon to purchase 1 share of Tesla.

Tiger Brokers Tesla Share Discount Coupon

As such, you will only need to pay 90% of the price that you bought your Tesla share!

#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!


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