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Tiger Brokers – a NASDAQ-listed brokerage firm, has recently launched its access into the Singapore Exchange (SGX). What this means is that investors can now buy and sell stocks listed on the SGX. This is in addition to being able to trade U.S., Australia, H.K., and China stocks.
Within the brokerage industry, Tiger Brokers is somewhat unique because it prides itself on being a mobile brokerage firm. It has a dedicated and comprehensive app, Tiger Trade – which is a one-stop mobile application that allows investors to access global markets and manage their investment portfolio using just their mobile phone.
Of course, the platform is also available on your desktop/laptop as well. Tiger Trade can be downloaded as an app on your phone, or installed as a software on your desktop/laptop, depending on your preference.
Tiger Brokers prides itself on being a low-cost platform, so naturally, investors would be curious about its brokerage commission fees to invest in various global stock exchanges.
U.S. Stocks & ETFs
While there are several local brokerage firms offering very low commission fees as well, most of them usually have a minimum fee of about $8 to $10. For Tiger Brokers, the minimum fee is much lower. For example, for Singapore stocks, the minimum commission fee is $0.99 per order while the platform fee is $1 per order, adding up to just a minimum of $1.99 per order
If you are excited (like us!) about the pricing and keen to open a Tiger Brokers account today, we got you covered in our step-by-step guide here.
PS: All screenshots below are taken from our MacBook. But the steps are similar even if you open your account via mobile phone.
Step 1: Sign up for an account
Sign up for an account here if you are using a laptop/desktop. Otherwise, the process can be done on your mobile phone. You will be required to confirm your nationality.
Step 2: Open account via Myinfo
If you are Singaporean, you will have the option of fast-tracking your sign up via MyInfo. We recommend for you to do so as it’s much more convenient. Obviously, we chose this option.
Step 3: Verify your employment details
MyInfo will automatically pull out the basic information that is requested (e.g. your address, date of birth, etc). You will still need to fill in your employment status for the registration.
Step 4: Fill in your years of investing experience
Besides opening a stock trading account, you can choose for additional account or access that you want, depending on your trading needs. This includes margin account, option trading access and future trading access. It is not necessary to have prior experience in stock investing before opening an account. However, it does provide the platform with some background knowledge on your prior experience.
Step 5: Declare your source of income and your assets
You will need to provide information on your assets, annual income and source of funds. These are standard questions.
Step 6: Declare your relevant qualification and experience
There is a customer account review step where Tiger Brokers will need to find out if you understand the risk of Specified Investment Products (SIPs). It is not a prerequisite to have any of these qualifications, but if you want access to SIPs, you will need to meet one of the four criteria below.
After this, you need to agree to some final compliance matters and your registration is completed.
Within minutes of submitting our application, we receive confirmation that our trading account was successfully opened. In summary, opening the trading account took us less than 10 minutes.
Based on our experience, this is way faster than most other brokerage platforms that we have used before. The absence of any paperwork – if you use MyInfo for your registration, is also a huge convenience for those who have a Singpass account.
You can then start funding your trading account, as you will need to pre-fund the account, before you are able to trade. You can choose to deposit in 3 currencies – SGD, USD or HKD.
Do bear in mind that you have to deposit your investment monies from a savings account under your name. Tiger Brokers does not accept third-party deposits (i.e. you transfer money from a savings account under your spouse name). We did so through a PayNow transfer.
Once that is done, your funds will take about 1-4 business days. For us, the funds were in within a day. Once the funds are in, you can begin your investment journey!
As you would expect from a FinTech brokerage firm, Tiger Brokers allows you to do everything you need to, from opening an account to making trades, entirely online. And even if you are always on the go, its mobile trading platform is specifically designed to make investing and trading at your fingertips as easily as possible, just like reading an article on DollarsAndSense.
Tiger Brokers is built for self-directed investors and traders. Besides investing directly into stocks, you can apply for margin trading and options trading as well. All these instruments come with higher risk and investors need to be aware of the trades that they are making.
Enjoy Special Tiger Brokers Sign-up Promotions That Include Free Shares, Tiger Coins & Commission-Free Trades
For those looking to open a Tiger Brokers account, you will be glad to know that in collaboration with Tiger Brokers, DollarsAndSense readers can enjoy special sign-up promotions that consist of some of the following benefits.
Upon registration: 0 Commission Trades for U.S. stocks for 180 days (unlimited); Market Research Videos (Reuters Video Card [30 Days]; Real-Time Market Data (NYSE AcraBook)
Once your account is open: 1 free Grab Share (NASDAQ: GRAB)
After making your first Deposit ≥ SGD 2,000: Receive 1 free share (via sure win draw) + stock voucher of SGD 5 (for Singapore stocks only)
If you are keen to open your Tiger Broker account today to enjoy this special promotion, register for your Tiger Broker trading account here today.
This article was first published on 12 August 2020 and we have updated it with the latest information.