frugal

Tiger Brokers | First Impressions

There is a new kid in town! Tiger Trade, a mobile and online trading application by Tiger Brokers, launched access to the Singapore Exchange (SGX) on Tuesday. Tiger Trade counts US brokerage Interactive Brokers, Chinese tech giant Xiaomi, and renowned investor Jim Rogers among its investors and backers. A while ago, I did a review on FSMOne, the best broker in my opinion. Now, this new broker seems to beat FSMOne in its main selling point, but is it worth the switch? For new investors, is it even a good platform? These are my first impressions.

Background

Apparently, Tiger Brokers is quite a popular brokerage among Chinese people. When the fintech firm just launched, it got many people excited and they switched to a platform. It is as close to Robinhood as you can get for Singaporeans.

According to Business Times, about 25% of Tiger Trade’s users are based around the region and outside of Singapore. These users are leveraging on the platform’s online account-opening feature to trade US and Hong Kong equities through a mobile platform. They have been around for a while. Also, they are a licensed broker under the Monetary Authority of Singapore (MAS), so there is no need to worry about your money being eaten into a ponzi scheme. However, do take note that the typical custodian risks still apply.

Main selling point – Low costs

Tiger Brokers has really low costs. I’m talking like dirt-cheap commissions, that are put the existing brokers to shame.

Compared to the best broker in my opinion, this does not have the minimum charge that FSMOne enforces. That means, it will help investors will smaller capitals, as they cannot reach the minimum sum such that the minimum charge will be 0.08% of the investment amount. This can be beneficial and encourage more people to begin their investing journey.

As for the US Stocks, Tiger Brokers charges US$0.01 per share, with a minimum charge of US$1.99. That is still significantly cheaper than FSMOne’s minimum charge of USD$8.80. It definitely favours investors with small capital, such as me.

Opening an account

Opening an account is very straightforward. It took me 5 minutes to do it. Just click on this link (my referral link, I get a small reward), and fill up your info. You can even login with MyInfo for a fuss-free sign up process. If you don’t have a computer with you right now, just go to the App Store and download Tiger Trade. (iOS / Android)

After that, you can sign up for the app while entering my code (WWIMM7). You and I both get a kickback. It is really easy.

If you are wondering why there are so many referral codes being thrown around (mine included), it’s because Tiger Trade offers really enticing rewards for referring people. For registering your account, you get Level 2 Data for US Stocks (usually a paid feature), although I do not think it is that useful, but it does help in terms of convenience. For opening the account you will get your commissions waived off for 1 order of US/HK stocks.

As for the other rewards for referring friends, you can see the screenshot above. It’s basically free money.

Do take note that the “Prime Account” is for actual trading (real money), whereas the paper account is for simulation (fake money).

Desktop platform

Although not popular they have a desktop app, for both Windows and Mac users. You can download it from their site here.

From this screenshot, we can take a quick look at our watchlist on the left panel.

In the middle panel, they show a chart of the stock. It is very precise, in fact it is detailed up to every minute. They also show candlesticks as well as provide drawing tools for those interested in technical analysis. More importantly for me, they show the firm’s financials and fundamental cash flow at a quick glance. It is really like a yahoo finance and a tradingview.com being merged together with the feature of actually trading your stocks. For beginners, the platform may seem a little daunting, but not to worry. The paper account will help you in familiarising with the platform.

Although the desktop platform is great, personally, I am a greater fan of their mobile platform.

Mobile platform

Their mobile platform is really sleek and easy to use. After signing up and playing around with the settings, I could easily figure out what to do.

The mobile platform gives you a similar view of your watchlist, while providing news that can be relevant to interested investors. The matter of fact is that the mobile platform provides the same functionality as the desktop platform, just that it is much more intuitive and sleek to use.

Double tapping on the graph allows you to view the graph in landscape mode, allowing you to analyse the stock to a greater detail. Although the line-drawing feature is “coming soon”, I believe that it is sufficient for most investors. Furthermore, the financials that they provide is very convenient and usually sufficient to determine the value of a stock for most investors.

Personal take

Currently, I am not planning to invest in any stock as I foresee a pullback in the market after the recent bull run. I am also accumulating capital in my warchest, and hoping for a good opportunity to deploy in a growth stock. When I do so, I may use my Tiger Broker app to do so. It will be a good chance to try out the platform. 

For now, I believe that the platform can potentially beat FSMOne in terms of commissions. However, I would have to use it and actually trade with it to give you an actual review.

My referral link

Leave a Reply

Your email address will not be published. Required fields are marked *