General Information
Tiger Brokers is a financial service provider operating in multiple countries, including Singapore, New Zealand, and the United States. They offer trading services for various market instruments, including stocks, ETFs, options, futures, and OTC products. The company provides three types of account options: Margin Account, Cash Account, and Cash Account Upgrading to Margin Account, each catering to different trading needs and eligibility criteria.
Tiger Brokers' trading platform, Tiger Trade, is available on both mobile and desktop devices, providing accessibility and a user-friendly interface. The platform offers real-time market data, research tools, order placement, execution, and account management capabilities. Leverage is available for margin trading and short selling, allowing traders to amplify their trading positions, although it carries an increased level of risk.
The company also offers institutional services to accommodate different types of clients and third-party service providers, catering to various company types, funds, family trusts, and acting as an introducing broker for other platforms and institutions.
Tiger Brokers provides customer support through multiple channels, including phone calls, online chat, WhatsApp, email, Telegram, and a dedicated phone number for reporting fraud. However, it is important to note that there are warning signs and potential risks associated with Tiger Brokers, as there are indications of suspicious activity and the risk of being a clone broker. Thorough due diligence and caution are recommended before engaging with any financial service provider.
Pros and Cons
Tiger Brokers offers a range of market instruments across multiple global markets, allowing traders to access stocks, ETFs, options, futures, and more. The trading platform, TIGER TRADE, provides a user-friendly interface with real-time market data and research tools, making it suitable for both beginner and experienced traders. Leverage is available for margin trading, although it's important to understand the associated risks. Tiger Brokers also offers institutional services, catering to the specific requirements of institutions and third-party service providers. However, there are some concerns surrounding the regulatory status of Tiger Brokers, as there are warnings suggesting suspicious activity and the possibility of being a clone. It is crucial for individuals to exercise caution and conduct thorough research before engaging with this broker.
Is Tiger Brokers Legit？
Based on the provided information, Tiger Brokers (NZ) Limited, which operates in New Zealand, is listed as a licensed institution on the Financial Service Providers Register (FSPR) with license number 473106. It is regulated by the regulatory agency in New Zealand. However, there is a warning stating that this broker has no valid regulation and is suspected to be a clone. The information suggests that there may be risks associated with this broker.
Similarly, US Tiger Securities Inc, which operates in the United States, is listed as a licensed institution regulated by the National Futures Association (NFA) with license number 0328552. However, the information warns that the NFA regulation claimed by this broker is suspected to be a clone, indicating potential risks.
In summary, based on the provided information, Tiger Brokers is listed as regulated in New Zealand and the United States. However, there are warnings indicating suspicious activity and the possibility of being a clone. It is important to exercise caution and conduct thorough research before engaging with any financial service provider.
Market Instruments
Tiger Brokers' trading platform, Tiger Trade, offers a range of market instruments for trading. Here is a breakdown of the available products across different markets:
1. U.S. MARKET: In the U.S. market, Tiger Trade provides access to a variety of products, including stocks, ETFs (Exchange-Traded Funds), stock options, futures, and OTC (Over-the-Counter) products.
2. HONG KONG MARKET:For the Hong Kong market, Tiger Trade offers trading in stocks, warrants, stock options, CBBCs (Callable Bull/Bear Contracts), and futures. Traders can access a diverse range of investment opportunities in Hong Kong-listed securities.
3. SINGAPORE MARKET: In the Singapore market, Tiger Trade enables trading in stocks and ETFs. Traders can participate in the Singapore stock market and invest in a wide range of securities.
4. AUSTRALIA MARKET: Tiger Trade provides access to the Australian market, allowing traders to invest in Australian stocks. This includes companies listed on the Australian Securities Exchange (ASX).
5. CHINA MARKET: Tiger Brokers offers trading opportunities for Chinese stocks. This includes A-shares listed on the Hong Kong Stock Exchange (HKEX), with the exception of ChiNext stocks (code starting with 300) and STAR stocks (code starting with 688). Traders can explore investment options in Chinese companies through the Tiger Trade platform.
Additionally, Tiger Brokers supports trading futures contracts, REITs (Real Estate Investment Trusts), and DLCs (Daily Leverage Certificates) in certain markets.
Account Types
Tiger Brokers offers three types of account options:
1. Margin Account: The Margin Account allows margin trading and short selling with leverage of up to 4 times. Traders can access and trade all the available products on Tiger Brokers' platform. There are no limitations on the number or frequency of T+0 trades, which refers to same-day trading.
2. Cash Account: The Cash Account is the basic account type. It enables trading with available cash funds only. Margin trading and short selling are not available in this account type. Certain products such as futures and options that require financing cannot be traded using a Cash Account. Similar to the Margin Account, there are no restrictions on the number or frequency of T+0 trades.
3. Cash Account Upgrading to Margin Account: Customers who have a Cash Account and meet specific criteria can choose to upgrade to a Margin Account based on their needs. To upgrade, users can follow the process through the Tiger Trade mobile app by navigating to Trade > Account > Upgrade to Margin Account.
There are specific age requirements for different account types. Individuals under 18 years old are not eligible to open an account with Tiger Brokers. Those aged 18 to under 21 and 21 to under 75 (students, interns, and unemployed individuals not working full-time) can open a Cash Account. Individuals aged 21 to under 75 who are employed full-time, self-employed, or retired have the option to open either a Margin Account or a Cash Account. Customers aged 75 and over are not eligible to open an account with Tiger Brokers.
How to Open an Account ？
To open an account with Tiger Trade, you can follow these general steps:
1. Download the Tiger Trade app on your mobile device or visit Tiger's website.
2. Click on the “Open Account” option, either within the app or on the website.
3. Follow the instructions provided to open a Tiger Account.
4. Prepare the necessary account opening documents, which typically include a valid identity document (such as a passport or ID card) and proof of residential address.
5. Login to the Tiger Trade app and click on “Open Account Now” to start the account opening procedure.
6. Enter your personal information as required in the provided fields.
7. Provide details related to your country of nationality, country of birth, country of residence, tax residency, and tax identification number (TIN) if applicable.
8. Choose the appropriate account opening method. This may include options such as using SingPass (Singapore Personal Access), filling in the information manually, or importing information from SingPass-MyInfo for a faster account opening experience.
9. Complete the necessary steps and provide any additional information or documents as requested.
10. Submit your account opening application and wait for the approval process to be completed.
Leverage
Tiger Brokers offers leverage to its clients, allowing them to amplify their trading positions. Leverage is a financial tool that enables traders to control a larger position in the market using a smaller amount of capital. With leverage, traders can potentially increase their profits, but it also carries an increased level of risk.
Tiger Brokers provides leverage up to a maximum ratio of 4:1 for margin trading and short selling in their Margin Account. This means that traders can trade with up to four times the amount of their available capital. However, it's important to note that leverage can magnify both gains and losses, so careful risk management and understanding of leverage are essential.
Trading Platform Available
Tiger Brokers provides a trading platform called TIGER TRADE, which is available for both mobile and desktop devices. Here are some key features and capabilities of the TIGER TRADE platform:
1. Accessibility: The TIGER TRADE app can be downloaded and installed on mobile devices, allowing traders to access their accounts and trade on the go. Additionally, there is a desktop version of the platform for those who prefer trading from their computers.
2. User-Friendly Interface: The platform offers a user-friendly interface designed to provide a smooth and intuitive trading experience. It is designed to be easy to navigate and understand, making it suitable for both beginner and experienced traders.
3. Market Data and Research Tools: TIGER TRADE provides real-time market data, including quotes, charts, and news updates, allowing traders to stay informed about the latest market trends. The platform may also offer research tools and analysis features to assist traders in making informed trading decisions.
4. Order Placement and Execution: Traders using TIGER TRADE can place various types of orders, such as market orders, limit orders, and stop orders, to execute their trades. The platform is designed to facilitate efficient order placement and execution processes.
5. Account Management: The platform allows traders to manage their trading accounts, including monitoring their portfolio, checking account balances, reviewing transaction history, and accessing other account-related information.
Deposit & Withdrawal
Tiger Trade provides several options for depositing and withdrawing funds. One of the options available is through Wise, an online remittance platform. By using Wise's Link in Tiger Trade, you can transfer local currency from your bank account outside of Singapore and directly credit USD/SGD into your Tiger account. The advantages of depositing funds through Wise include lower transaction fees compared to cross-border bank transfers and faster processing times.
To initiate a deposit through Wise's Link in Tiger Trade App, you can go to “Trade > Deposit > Wise” in the app. Link your Wise account with your Tiger account and create a money transfer instruction. Follow the prompts on the page to initiate the transfer from your bank account. It's important to note that you should initiate the deposit from the Tiger Trade App or Tiger's official website and not directly from the Wise App.
The currencies supported for deposit using Wise include Malaysian Ringgit (MYR), Indonesian Rupiah (IDR), Australian Dollar (AUD), British Pound (GBP), Canadian Dollar (CAD), and Euro (EUR). The final destination currencies for the deposit are United States Dollar (USD) and Singapore Dollar (SGD). It's recommended to use bank accounts outside of Singapore to deposit funds via Wise. If you have a bank account in Singapore with foreign currencies, you should use bank transfer instead of Wise.
For withdrawals, Tiger Trade provides information on the withdrawable amount, which includes withdrawable cash and the maximum withdrawable amount with a loan. The maximum withdrawable amount is determined based on your account assets and may involve financing, which could accrue interest.
Tiger Brokers supports various deposit options, including DDA Fast Deposit and Bank Transfer. The accepted currencies for deposit are SGD, USD, HKD, AUD, and EUR. It's important to note that while Tiger and Tiger Collection Bank (DBS) do not charge fees for deposits and withdrawals, your remittance bank or intermediary bank may apply their own charges. It's recommended to consult your remittance bank for specific costs associated with your transactions.
Institutional Service
Tiger Brokers offers institutional services to accommodate different types of clients and third-party service providers. They provide an account structure and a trading platform that caters to the specific requirements of institutions. Additionally, Tiger Brokers offers comprehensive account management capabilities.
For institutional clients, Tiger Brokers supports trading solutions for various company types, including ordinary and listed companies registered in locations such as Cayman Island, Hong Kong, and Singapore. They also serve limited liability companies registered in jurisdictions like Cayman Island, BVI, Samoa, Hong Kong, Singapore, and Malaysia. Licensed companies from Hong Kong, Cayman Island, and Singapore can avail themselves of Tiger Brokers' services.
Tiger Brokers also offers solutions for funds, including ELP Funds and SP Funds registered in Cayman Island, as well as VCC (Variable Capital Company) funds in Singapore. They cater to family trusts registered in BVI, Hong Kong, and Singapore.
Furthermore, Tiger Brokers serves as an introducing broker, providing market data clearing, and statement/report services in multiple global markets. This enables them to support other platforms and institutions as a third-party service provider. The main client types for these services include quantitative platforms, algorithm execution platforms, and market data service providers.
Through their institutional services, Tiger Brokers aims to provide comprehensive trading solutions and open platform services to meet the diverse needs of institutional clients, third-party service providers, and various market participants.
Customer Support
Tiger Brokers provides various channels for customer support. You can reach their client service team through phone calls during weekdays from 08:30 am to 18:30 pm. There is also an online chat service available on weekdays from 08:30 am to 05:00 am (next day) for real-time assistance. Additionally, you can contact them via WhatsApp at +65 6331 2277.
For specific inquiries or reporting fraud, you can use the dedicated phone number +65 6331 2271. They also provide customer support through email at service@tigerbrokers.com.sg. If you prefer using Telegram, you can connect with them through their official Telegram channel.
Tiger Brokers offers media partnerships, and for any media-related inquiries, you can reach out to them via email at media@tigerbrokers.com.sg or press@tigerbrokers.com.
If you have concerns or queries related to personal data protection, you can contact their Data Protection Officer (DPO) through email at dpo@tigerbrokers.com.sg or via phone at +65 6331 2277.
For any complaints, suggestions, or compliments, you can email them at Feedbacks_sg@tigerbrokers.com.sg.
Their mailing address is provided as follows: 1 Raffles Place, #35-61 One Raffles Place Tower 2, Singapore 048616. However, it's important to note that there is currently no counter service available at the address.
Conclusion
In conclusion, Tiger Brokers offers a range of trading instruments and account types, providing opportunities for investors in various markets. However, it is important to note several disadvantages. There are suspicious claims of being a clone and potential regulatory issues, which raise concerns about the legitimacy and reliability of the broker. Additionally, the low scores in the license and risk management indexes further highlight the potential risks involved. On the other hand, Tiger Brokers provides a user-friendly trading platform, leverage options, and multiple deposit and withdrawal methods. The institutional services offered cater to different types of clients, and customer support channels are available for assistance. Nevertheless, due diligence and caution are recommended when considering engaging with Tiger Brokers, considering the potential risks associated with the broker.
FAQs
Q: Is Tiger Brokers a legitimate brokerage firm？
A: Based on the information provided, Tiger Brokers is listed as a regulated institution in New Zealand and the United States. However, there are warnings indicating suspicious activity and the possibility of being a clone, which suggests potential risks. It is important to exercise caution and conduct thorough research before engaging with any financial service provider.
Q: What markets can I trade on Tiger Brokers' platform？
A: Tiger Brokers' trading platform, Tiger Trade, offers access to a variety of markets. These include the U.S. market, Hong Kong market, Singapore market, Australia market, and China market. Each market provides opportunities to trade different products such as stocks, ETFs, stock options, futures, and more.
Q: What types of accounts does Tiger Brokers offer？
A: Tiger Brokers offers three types of account options: Margin Account, Cash Account, and Cash Account Upgrading to Margin Account. The Margin Account allows margin trading and short selling with leverage of up to 4 times. The Cash Account is a basic account type that enables trading with available cash funds only, without margin trading or short selling. Cash Account Upgrading to Margin Account is available for eligible customers who want to upgrade their Cash Account.
Q: How can I open an account with Tiger Brokers？
A: To open an account with Tiger Brokers, you can follow these general steps:
Download the Tiger Trade app on your mobile device or visit Tiger's website.
Click on the “Open Account” option, either within the app or on the website.
Follow the instructions provided to open a Tiger Account.
Prepare the necessary account opening documents, such as a valid identity document and proof of residential address.
Login to the Tiger Trade app and click on “Open Account Now” to start the account opening procedure.
Enter your personal information as required.
Provide details related to your nationality, residence, and tax information if applicable.
Choose the appropriate account opening method, such as using SingPass or manually filling in the information.
Complete the necessary steps and provide any additional information or documents as requested.
Submit your account opening application and wait for the approval process to be completed.
Q: Does Tiger Brokers offer leverage for trading？
A: Yes, Tiger Brokers offers leverage to its clients. With leverage, traders can control larger positions in the market using a smaller amount of capital. Tiger Brokers provides leverage up to a maximum ratio of 4:1 for margin trading and short selling in their Margin Account. However, it's important to understand that leverage can magnify both gains and losses, so careful risk management is essential.
Q: What are the options for depositing and withdrawing funds with Tiger Brokers？
A: Tiger Brokers provides various options for depositing and withdrawing funds. One option is through Wise, an online remittance platform. You can transfer local currency from your bank account outside of Singapore and directly credit USD/SGD into your Tiger account using Wise's Link in Tiger Trade. Wise offers lower transaction fees compared to cross-border bank transfers and faster processing times. Other options include DDA Fast Deposit and Bank Transfer. It's important to note that while Tiger Brokers and Tiger Collection Bank (DBS) do not charge fees for deposits and withdrawals, your remittance bank or intermediary bank may apply their own charges.
2024-06-14 10:48
2024-04-25 18:58
