Brokers Invest Reviews

Tiger Brokers vs moomoo – A Detailed Breakdown

Tiger Broker vs Moomoo Futu

Last updated on June 18th, 2021

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 (powered by FUTU) 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 (powered by Futu)

Both Tiger Brokers and Moomoo (powered by Futu) offer really cheap commissions when you are trading in the SGX, HKEX or US markets. Tiger Brokers offers access into 2 more markets (ASX and China), while Moomoo offers cheaper minimum commissions for SGX trades.

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 Singapore

Meanwhile, Moomoo is a trading platform that is powered by Futu. In Singapore, the products and services in Moomoo are offered by Futu Singapore.

Futu Singapore’s parent company is Futu Holdings.

Futu Holdings was founded in Hong Kong in 2011, and has now expanded their presence in China, US and Singapore.

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

Futu’s strategic investors include Tencent Holdings, Matrix Partners and Sequoia Capital.

Type of Products Available

Both brokerages offer different kinds of products:

Tiger Brokers has a rather standard offering of products

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 allows you to trade in these products:

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

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

The fees that you incur are one of the most important factors that affect your returns.

You’ll need to consider 2 types of fees that you’ll pay each broker:

  1. Trading commission
  2. Platform fee

Here are the fees that you’ll incur with both brokers:

Tiger BrokersMoomoo
SGX0.04% * trade value
(commission)

+ 0.04% * trade value
(platform fee)

No minimum 
(until 31 Dec 2021) 

Min $2.88 SGD/trade
(after 31 Dec 2021)
0.03% * trade value
Min $0.99/trade
(commission)

+ 0.03% * trade value
Min SGD $1.50
(platform fee)
HKEX0.03% * trade value
(commission)

+ 0.03% * trade value 
(platform fee)
Min 15 HKD/trade
0.03* trade value
Min 3 HKD/trade
(commission)

+ 15 HKD/order
(platform fee)
US0.01 USD/share
(commission
+ platform fee)

Min 1.99 USD/trade
USD 0.0049/share
Min USD 0.99/order
(commission)

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

The fees that you’ll incur with both brokers can seem really confusing, so here are the minimum fees that you’ll incur:

MarketTiger BrokersMoomoo
SGXNo minimum
(until 31 Dec 2021)
Min $2.88 SGD/trade
(after 31 Dec 2021)
Min $2.49
per trade
HKEXMin 15 HKD/tradeMin 18 HKD/trade
USMin 1.99 USD/tradeMin 1.99 USD/trade

You are able to receive 90 days of commission-free trading as your sign-up bonus for Moomoo.

After all of the promotions have ended, are is the comparison of the minimum commissions for both brokers:

MarketCheaper
Commission?
SGXMoomoo
HKEXTiger Brokers
USBoth are similar

Depending on which market you frequently trade in, one platform may offer a cheaper commission compared to the other.

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)

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 a desktop app,

Tiger Trade Desktop App 1

as well as Moomoo.

Moomoo Trading Desktop App

Moomoo’s desktop app does pack in a lot of features if you are a frequent trader. However, I do find that the features can be extremely overwhelming if you are a beginner investor.

It was quite hard to find the ‘Trade’ button which is rather small!

Personally, I prefer using Tiger Brokers’ app, as I feel that it is more user-friendly.

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 do 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 has a CMS License too

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

However, they do not disclose who their custodians are.

Nevertheless, 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
Margin
Stocks
REITs
ETFs
Options
Margin
Number of
Exchanges Available
5 countries3 countries
Trading
Commissions
Lower for HKEX
Same for US
Lower for SGX
Same for US
Exchange RateComparableComparable
Pre and
Aftermarket Funding
PresentPresent
PlatformsMobile and
Desktop
Mobile and
Desktop
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 access to more markets

Tiger Brokers offers you better options as you are able to purchase stocks from 2 additional countries:

  1. Australia
  2. China

As such, this gives you greater variety in the markets that you can trade in!

Tiger Brokers has slightly cheaper commissions for the HKEX compared to Moomoo.

It also has an attractive offer of no minimum commissions for SGX trades.

Tiger Brokers currently offers a wider variety of products such as mutual funds and futures. If you are looking for those trading options, then Tiger Brokers will be the platform that’s more suitable for you.

Choose Moomoo for cheaper SGX trades

When Tiger Brokers’ ‘no minimum commission’ promotion ends, Moomoo actually offers a cheaper commission when you make SGX trades ($2.49 vs $2.88).

Even though the difference is just $0.39, it can make a huge difference if you are making multiple trades!

In the long term, Moomoo will help to lower your costs if you are mainly trading in the SGX.

With their current ‘commission-free’ promotion for 90 days, it is a great time for you to use their platform and 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.

Even though these brokers have really low commission fees, I would like to caution you from making too many trades.

A broker makes its money when you trade more often on their platform. It is in their interest that you make as many trades as possible.

This is similar to how Robinhood works.

I personally feel that these brokers have made it really easy for you to invest, which may make you treat investing as gambling. This can be quite detrimental to your finances if you have just started your investing journey!

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

👉🏻 Referral Deals

If you are interested in signing up for any of the products mentioned above, you can check them out below!

moomoo Referral (Free AAPL, NIO Stock and Commission Free Trades for 180 Days)

If you are interested in signing up for a moomoo (powered by FUTU SG) account, you can use my referral link.

Here are some of the rewards you can receive (From May 1 to 30 June 2021):

  1. Free Apple stock (x1)
  2. Commission-free trading for 180 days (SGX, HKEX and US markets)
  3. Level 2 market data for US stocks and Level 1 market data for SGX

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 (powered by FUTU SG) account.

Moomoo Sign Up For An Account

#2 Deposit at least $2,700 SGD into your moomoo (powered by FUTU SG) account (free AAPL Share)

After signing up, you’ll need to transfer any of these amounts into your moomoo (powered by FUTU SG) account:

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

You will need to make the deposit within 30 days from opening your account for this promotion to be valid.

When you have made the deposit, the AAPL share will be credited into your account.

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

Moomoo Receive Deposit Referral Bonus

#3 Complete 5 successful trades (free NIO share)

If you want a free NIO share as well, you will need to make 5 successful trades on moomoo.

However, you will still need to make a deposit of at least SGD 2,700 into your trading account.

You can track the number of trades you’ve made by looking at your Trading Badge.

moomoo Stock Trading Badge

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

You can view more about this promotion on the FUTU SG website.

Tiger Brokers Referral (Free AMZN, AAPL, XIAOMI Shares and Commission-Free Trades)

If you sign up for a Tiger Brokers account using my referral link, you will be eligible for some rewards. 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 500 Tiger Coins.

Tiger Brokers Tiger Coins Promotion

These Tiger Coins can be used to redeem a variety of rewards, such as:

  1. Stock vouchers
  2. Commission-free trades
  3. Reuters videos
Tiger Brokers Tiger Coins Redeem

#2 Account Opening Reward

After successfully opening your account, you will receive 60 commission-free trades that you need to use within 180 days.

Tiger Brokers Commission Free Trade Promotion April 2021

These commission free trades can be used for:

  1. US stocks
  2. HK stocks
  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

If you fund at least $2,000 or $300,000 SGD into your Tiger Brokers account for your very first deposit, you will receive the following rewards:

First Deposit AmountReward(s)
SGD $2,0001 Free AAPL Share
+ 5 Free Xiaomi Shares
SGD $300,0001 Free AMZN Share 

The shares will be added into your account within 10 working days.

This offer is only available for the first 5,000 qualified clients and ends on 30th June.

You can view the terms and conditions of this promotion on Tiger Brokers’ website.


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