Tiger Broker Review Singapore 2020

Tiger Broker Review Singapore 2020

Quick introduction before the Tiger Broker review: They started in 2014 in China and backed by Interactive Brokers and Xiaomi. Since 2019, Tiger Broker also listed in NASDAQ. 

Licensed broker under the Monetary Authority of Singapore (MAS), Tiger Broker is the new kid on the block. 

I’ve been waiting for a broker who can compete with all the old players here! was hoping for an interactive broker to offer the lite version in Singapore but perhaps it’s a strategic move that Tiger Broker is now in Singapore. 

Tiger Broker Review Singapore 2020

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Extra Cash up to $100
Free level 2 US stocks Data for 30 Days
Commission-free for 1 Order for US&HK Stocks

Tiger Broker Review: Fees 

Groundbreaking, the cheapest trading fees in Singapore! what’s the catch? it’s a custodian account instead of CDP for Singapore stocks. But this could be good news as well for a starting investor because you don’t have to go through the hassle to open the CDP account. 

Comparing with other broker’s fee (cash upfront) for trading in SGX, here are the details: 

BrokersMin. FeesFeesOwnership
DBS Vickers$10
(selling $25)
0.12%CDP
Phillips Securities
(POEMS)
$100.12%CDP
UOB KayHian$100.12%CDP
FSMOne.com$100.08%Custodian
Standard Chartered$100.2%Custodian
Tiger BrokersNone
$2.88 next year
0.08%Custodian

Not only for Singapore stock but the US fees is competitive at USD 1.99 There’s no custodian hold fee for both SGX or US stocks. 

Trading platform 

Tiger Brokers has the best trading platform in mobile so far compared to others that I’ve tried before: DBS, Standard Chartered, Poems, Interactive Brokers. 

the interface is not overwhelming, really user friendly and it’s fluid, the same as the desktop version. I also like the integrated news and certainly.

Sharing the stock price is very easy instead of doing a screenshot. the learning curve is not as high using the Interactive broker app.  

Some drawbacks so far and I hope that Tiger Broker will fix it soon: 

The mobile app is not fully in English, you’ll see Chinese characters in some section and you’ll get Chinese news at times. When sharing the news sometimes you’ll get a broken link as well. you can’t create any alert for SGX (As of 16th June 2020) 

No web trading platform. Not a deal-breaker but good to have, especially if you are not a trader and occasionally want to see a bigger screen for analysis instead from your phone

Overall Experience 

The opening account was a breeze about 15 minutes (you need more if you haven’t take a deposit is a little bit troublesome compare to DBS Vickers, you need to deposit the fund to Tiger Broker first before you can buy the stocks, similar to poems. 

There’s no fee to deposit but there’s a $5 fee for withdrawal. take note that if you withdraw USD to your multicurrency account there could be additional charge by your bank. 

The best experience is their chat support. I had an issue with login into the mobile app because I don’t receive an activation link in my email and it was resolved under 10 minutes. 

Waiting time, at 9 AM, waited for 2 minutes and in the afternoon waited about 10 minutes (13 people queuing).  

Opening account, support much a better experience compared to Standard Chartered, DBS Vickers, and Poems. 

Sign Up for Reward!

Extra Cash up to $100
Free level 2 US stocks Data for 30 Days
Commission-free for 1 Order for US&HK Stocks

Tiger Brokers, Yea or Nay?

Tiger Broker fee especially good if you are going to do DCA (Dollar Cost Averaging) every month and don’t mind that the stock is under custodian instead of CDP. 

I prefer that my stock is under CDP directly because you could attend the AGM (Annual General Meeting) and the feeling holding the stocks under your name as an owner. 

For US stocks, I was tempted to move to Tiger Brokers but decided to stay with Interactive Brokers because 

  1. They do not support London Exchange currently (apart from investing in the US stocks, I’m also investing in VUSD/VWRD in London Stock). 
  2. The bad relationship between the US and China at this moment, Tiger is listed in the NASDAQ and we don’t know how far the impact could be. 
  3. Tiger Broker was issued a warning in New Zealand 
  4. Keeping my investment in Interactive Brokers motivate me to hit my target 100K investment (you’ll get free trading fee once you reach this amount) 

Despite this, I’m planning to use Tiger Broker to do DCA (Dollar Cost Averaging) for SGX Reits / ES3 (STI EFT) or buy lump sump when the stock is in the bottom. 

As they are new and eager to get more customers, now it’s a good time to start investing through Tiger Broker if you are comfortable with them.

Referral: Register through this link to get:

  • Extra Cash up to $100
  • Free level 2 US stocks Data for 30 Days
  • Commission-free for 1 Order for US&HK Stocks

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