Tiger Brokers Review 2024: Are They Good?

Tiger Brokers Overviews

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Tiger Brokers is somewhat of a "different" broker compared to traditional international online brokerages. Having been in operation since 2014, they have asserted themselves at the forefront of the specific trading that they offer. In this review, we outline and detail the pros and cons of this broker and compare them to some others to see how diverse and reputable they are

Facts About Tiger Brokers

Pros and Cons

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Is Tiger Brokers Safe? Broker Regulations

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Tiger Brokers operates in various regions under various entities, such as US Tiger Securities, Wealth LLC, Tiger Brokers (AU), Tiger Fintech (NZ), TradeUP Securities, Tiger Brokers, and Tiger Brokers (HK). All these entities that operate throughout the globe should be regulated and registered with a conduct authority because this is how reputable brokers operate. Also, these authorities ensure that the broker is not dealing in fraudulent or criminal activities.

Basically, this means that clients can feel much safer when they know that multiple authorities regulate the broker, they are within the regions they operate in. Funny enough, this is the only international broker we have come across (so far) registered with the Securities and Exchange Commission in the US. Here is a list of all the entities and governing authorities that oversee “Tiger Brokers” across the globe;

• US Tiger Securities, Inc. is a broker-dealer registered with the US Securities and Exchange Commission (SEC) (No.: 8-65324)
• They are a member of the Financial Industry Regulatory Authority (FINRA) (CRD: 120583)
• Wealthn LLC is a registered investment advisor with the SEC (No.: 801-114105) and is regulated by the SEC.
• They are a member of the Securities Investor Protection Corporation (SIPC).
• Tiger Brokers (AU) Pty Limited, ABN 12 007 268 386, is licensed and regulated by Australian Securities and Investment Commission (ASIC), Australian Financial Services Licence no. 300767 (AFSL).
• Tiger Fintech (NZ) Limited (NZCN: 8187510) is a client money and property service provider under the Financial Markets Conduct Act 2013.
• TradeUP Securities, Inc. is a licensed entity registered with the SEC (No.: 8-36754), a member of the FINRA (CRD: 18483)
• They are a member of the SIPC (as above), a member of the Depository Trust Company (DTC), and the National Securities Clearing Corporation (NSCC).
• Tiger Brokers (NZ) Limited (NZCN: 5838590) is a client money and property service provider under the Financial Markets Conduct Act 2013.
• Tiger Brokers (HK) Global Limited (Central No. BMU940) is a licensed corporation of the Securities and Futures Commission of Hong Kong holding Type 1 (“Dealing in Securities”)

Take note that there are a few different domains where you can find “Tiger Brokers.”. For example, they have a “.sg,” “.au,” and a “.com.” domain that pertain to the different entities in those specific regions.

It should be noted that the license Tiger Brokers holds for Singapore means that you will not be allowed to trade if you are not a resident there. This is why we are reviewing the “itigerup.com” site. If you are based in Malaysia, you will need to register here.

Trying to determine whether or not a broker is reputable is typically not that difficult. You can usually find many customers reviews with large brokers such as this. However, when searching, we did not come across that many, or rather, there were not enough reviews to make a conclusion. The only customer reviews we could find on TrustPilot were for Tiger Brokers (Singapore), and there were only 60 reviews.

Additionally, the only award that they hold is one that they received in 2021 by Fortune Times, and it was for “Asia’s Most Innovative Company.”. This broker has been in operation since 2014, and other brokers that have been operating for longer and less time have accumulated multiple awards. This does not mean that the broker is terrible; it is just something to be aware of.

What Can I Trade with Tiger Brokers?

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Tiger Brokers is a little different than many other brokers that trade in CFDs. They, in fact, trade in ETFs, Options, Futures, Equities, and funds.

These types of assets are traded on the Nasdaq, the Ney York Stock Exchange, and the Hong Kong Stock Exchange. They then also let you Trade A-Shares through the Shanghai-Hong Kong Stock Exchange and the Shenzhen-Hong Kong Stock Exchange.

Typically, we would list the asset class and go over the instruments you would be able to trade, but Tiger Brokers does not give a list of these. This is probably due to the fact that because you are able to trade all these types of assets, most of them would be included, and there would be too many to list.

However, we will touch on what these types of assets are so that you understand them more clearly. It would help to remember that CFD trading is the trading of the exchange difference in the price of an instrument and not the instrument itself.

Options trading gives you the right to buy or sell the right to trade of an asset (but you do not have an obligation to) in relation to where the underlying market is moving.

Futures trading is similar to CFDs in that you can trade assets like commodities, indices, currencies, and bonds, but unlike CFDs, they have an expiration date. Futures trade on exchanges, while CFDs are OTC (over-the-counter) transactions that are between you and your broker.

ETFFs are part of the UCITS investment funds, which are regulated and traded across the globe. They, in fact, track the performance of an index. However, unlike CFDs, where you will deal with the price movement, if you purchase an ETF, you are, in fact, buying a tiny fraction of the companies that the index tracks.

Lastly, equities (shares) are when you purchase or sell actual shares in a company, and you will not be able to short-sell here (unlike the case for CFDs).

Thus, you can see the difference in Tiger Brokers compared to other international online brokers where most of their assets are traded in CFDs, so (usually) they are able to give you a breakdown of the instruments available to clients.

How to Trade with Tiger Brokers?

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If you are looking to sign up with Tiger Brokers, then two options will be available in terms of trading platforms. They use proprietary software bother for a desktop and mobile experience.

If you have looked through our other reviews (and we suggest you do to find a broker that suits you), you will notice that about 95% of brokers use MetaTrader (either 4 or 5) for their trading platforms. MetaTrader is great for trading CFDs, is the industry standard, and is available on most platforms, including Windows, Mac, Android, and through a Web terminal.

In the case of Tiger Brokers, they use their own particular trading software which is built around the aspect of trading the assets we listed above. Remember that (for the most part) most trading platforms will look and feel very similar and offer the tools, charts, and indicators. The one thing to point out is that they don’t give much information in terms of the platform’s functions and features, and downloading it does not allow you access unless you have an account.

They then have their mobile trading app, which is similar in design to their desktop platform and allows for trading assets through one account (which we will discuss later) and one-tap trading. The typical features of a mobile trading app include seeing the assets and their charts and being able to trade. But they also have an active online community that is built into the app. Something other mobile trading apps from other brokers don’t typically have.

Thus it is important to note that these two pieces of software are actually “the same” and that the mobile version has just been adapted for smart devices. Thus the Tiger Brokers trading software is available on all platforms except in a web terminal format.

How Can I Open Tiger Brokers Account? A Simple Tutorial

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To open up an account with Tiger Brokers (the global brand), you will first need to head to the correct website, which you can find here. You will then need to head to the top of the page, move to the right, and click on the “sign up” button.

Take note that you should be automatically directed to your correct region, which will be visible above the “sign up” button. If the region is incorrect, you will need to set this. Simply click on the region and then on the “switch” button. You will then be prompted with a list of the multiple countries that will be available to you.

Depending on your region, you may not be able to signup with this broker, so this is something to be aware of. After you click the “sign up” button, you will be directed to a signup page where you will need to fill in your Email and set your login password. You are also able to signup via social media through Facebook, Twitter, Apple, or WeChat. Lastly, you also have the option to sign up via phone if you prefer that method.

After you have filled in the requirements, you will be taken to a screen where you will need to fill in your country information, including your nationality, region of birth, region of current residence, and region of tax residence.

 

You will then proceed to the verification step, where you will need to upload some form of identity documentation like your ID or passport.

 

On the next page, you will also need to fill in your residential address and date of birth, along with your gender and cell number, to receive a verification code. Here you will also input some personal information like your name and last name.

 

 

Next, you will need to fill in all the regulatory information and your employment details that are asked of you by ticking a check box; make sure that you fill this section out correctly.

Following that, you will be prompted to choose one of two accounts when you are redirected to the next page. It is important to note that although there are two account types, one account is a margin account, and we will not be dealing with that (we will detail why in the account types section). As such, you will need to select the cash account.

The signup process is quite extensive with Tiger Brokers compared to other brokers, and it is not over yet. The next page in the registration process consists of asset information, where you will need to detail your investment plans and strategies.

 

The next step is the customer account review, where you will need to fill out more information pertaining to your education and work experience.

 

 

Next is the agreements and disclosures page, where you will have access to all the documents pertaining to consent, risk disclosure, subscriber agreement, and more. We suggest reading through all the documents here thoroughly because the image below only shows three of them when there are many more to account for.

Up next is a page you will be redirected to that will allow you, with your mouse, to sign your signature on the page.

 

This is the last step in your account creation, and after that, you will be redirected to the client dashboard, where you can oversee your account.

Tiger Brokers Charts and Analysis

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Brokers will usually put time and effort into trading resources and educational material so that beginner traders and investors can find their footing and learn about the financial markets and trading. In terms of Tiger brokers, there are only two sections which they have, and that is applicable to this type of information, and they include;

• Community
• Stock college

The community comprises of a forum where you can find information on any market-related news and market sentiment. From fundamental analysis to technical analysis, this is the place where you will probably find what you are looking for. Note that this forum is not part of the Tiger Brokers website but is a community of Tiger Broker traders on the Laoho8 platform. Also, all posts are in Chinese, so if you speak any other language, you will need to translate the page.

Then there is the “stock college” section, which again uses laoho8 as its platform to deliver the content. Here you will find many articles and videos explaining the stock market, from an introductory course in ETF investing to playing with Hong Kong Stocks. Remember that this section is also in Chinese and will need to be translated. However, you will not be able to do this with the videos.

We would recommend this section, but due to the fact that it is only available in Chinese (even though it is a language that is widely used), it will not be available to individuals who do not understand the language.

Remember that other brokers will offer various forms of resources and trading education, and with regards to Tiger Brokers, we feel that for what they are, they cover the basic aspects of what is needed but focus on specific regional content that does not apply to all traders and investors.

Tiger Brokers Account Types

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Tiger broker technically has two account types, but the one account type is what is known as a “margin” account. A margin account is a type of trading account where the broker will lend the trader (you) capital and use the account as collateral to purchase assets.

These types of accounts let you have increased purchasing power but also will open you up to severe losses. As a new trader looking for a broker (even one that covers the assets of this broker), it is best just to go with a “standard” account and only deal with “special” accounts when you know what they are for, how to use them, and you have a ton of experience trading securities.

Moreover, Tiger Brokers does not give information pertaining to this account, so we do not feel the need to go into detail on it.

The only other account they offer is the “cash” account, and this account will apply to anyone wanting to open a “standard” account with the broker. Again, Tiger brokers do not provide information on these accounts, such as commission fees or anything of the sort. However, if you understand the underlying assets that they offer, then you will understand the exchanges will set the prices of the instruments.

Additionally, because this broker offers such a large array of asset classes and instruments, the information regarding it would be overwhelming. Remember that you should only trade futures, options, and ETFs if you understand what they entail and how they work.

Stocks, in this regard, are simpler to understand, and most people will know that when you purchase shares, you purchase them for the market price and hope that they go up so you can sell them for a profit.

Remember that this account will allow you to purchase specific assets like futures, options, stocks, and ETFs, so there is no applicable spread, hedging, or scalping that you can do. These are classifications that would deal mainly with CFD trading.

Do I Have Negative Balance Protection with This Broker?

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Tiger Brokers (as you should now understand) does not deal in assets and CFDs like other brokers and, as such, does not offer negative balance protection. Remember that when purchasing shares, you are buying actual stock in the company, and if the share price goes into the negative, so too will your account balance.

If you are worried about this broker’s policy, then it would be best to visit their risk management section, where they go over the details of margin trading. For the purpose of this article and this section, it is beyond its scope.

Other than this, there is no other information that the broker provides, and you would be best suited to understand how futures, options, ETFs, and equities trading works before opening an account and investing.

Tiger Brokers Deposits and Withdrawals

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Other international brokers offer many methods by which you can deposit and withdraw funds, but this is not the case with this broker. There are two important factors that you should know with regard to funding your account when it comes to this broker, and they are;

• Tiger currently does not accept any funds transferred from other’s bank accounts, third-party payment platforms (excluding Wise’s link in Tiger), joint bank accounts, cheques, and cash. Please use the bank account with the same name as your Tiger account to initiate the deposit.
• Tiger supports various types of deposits in multiple regions. You can visit the Tiger deposit page and initiate a deposit to Tiger through DDA(recommended, If you have a DBS/POSB bank account), ordinary bank transfer, or Wise’s Link in Tiger. The following is a general bank account transfer process.

Depositing funds will be done through the client area and is simple enough; there are three methods available to you that include;

• Wise
• DDA
• Bank account transfer

If you have DBS/POSB bank account, it is recommended to choose DDA for a deposit. For a detailed operation, please view DDA Fast Deposit. Please visit this link for a detailed breakdown of how to deposit funds.

The only way to withdraw through Tiger Brokers is to request a DBS/POSB, non-DBS/POSB, and international bank transfer. The process here is also long and complicated, but for further details on withdrawing from your account, you can visit this link and look at the table below.

 

Support Service for Customer

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There are only two ways to get hold of customer support when dealing with Tiger Brokers, and that is through their customer Email or via international phone call;

• +86 400 603 7555
• service@tigerbrokers.com

It should be noted that their customer service operating hours are weekdays, 9:30 to 5:00. Also, the telephone code is for China, so these business hours would apply to that time zone. This is something to keep in mind.

In terms of customer support, it is nice that they offer telephone support so you can speak to a support agent if you run into any trouble. However, other brokers offer online live chat services, and in this day and age (and with a broker of this size), it would be a relevant feature to have.

They do offer other channels of communication that do not deal with customer support, such as business inquiries, investor relations, complaints, and media inquiries;

• complaints@tigerbrokers.com
• ir@itiger.com (investor relations)
• BC@itiger.com (client business inquiry)
• institution@itiger.com (institutional business inquiry)
• press@tigerbrokers.com (media inquiry)

Prohibited Countries: Where Can I Not Trade with this Broker?

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Due to the fact that this broker is regulated by multiple authorities and is located in various different regions, there are not many countries in which this broker does not do business. In fact, it is the only broker (so far) that we have come across that is registered with the Securities and Exchanges Commission (SEC) in the US.

Typically brokers will not trade with countries that are sanctioned, such as North Korea, Israel, Russia, etc. However, we could not find any information (a list) on the countries in which this broker was not allowed to operate.

What we suggest you do if you would like to know if Tiger Brokers is allowed to operate in your region is to go to the “region setting” at the top of their website (we discussed this in the “open an account” section).

Click on the region and select “switch,” and a list of available regions will appear; if your place of residence is not on the list, then Tiger Brokers does not operate there.

Special Offers for Customers

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The special offers that brokers provide usually incentivize clients to sign up with them. In the case of Tiger Brokers, they do not offer any special promotions like signup bonuses, loyalty programs, IB programs, or anything like that.

However, it should be noted that the entity of Tiger Brokers that operates in Singapore does, in fact, have special promotions and offers such as giveaways, referral programs, welcome gifts, and special rewards for their clients. However, remember that the Tiger Brokers entity trading in Singapore is not allowed to accept clients outside of the country, so this will not apply to anyone else. As such, there is no point in going over these special offers.

Tiger Brokers Review Conclusion: Reputable Broker with Easy-to-use Platform

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We regard Tiger Brokers as a safe and reliable broker for many reasons. These include them being regulated by multiple internationally recognized financial authorities, including the SEC.

PIPPENGUIN

We regard Tiger Brokers as a safe and reliable broker for many reasons. These include them being regulated by multiple internationally recognized financial authorities, including the SEC. They have also been in operation since 2014 and have had no bad press resulting from any news.

You then have some pretty impressive statistics to draw from where the annual trading volume exceeds 4 billion USD that comes from almost 2 million account holders. If you are looking for a safe and reliable broker that does not trade in CFDs but rather the asset classes that we looked over, this broker may be for you.

Summary and Key Takeaways

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This broker does not deal in CFDs but rather ETFs, futures, options, and equities. They have one account whereby you can trade all these asset classes. They do also have a margin account, but this is too intricate to go over and should be avoided if you are new to trading.

The company has been in operation for almost a decade now, and they are still going strong with no negative reviews or publicity. Then even though the Tiger Brokers brand is a global one, the various entities in specific regions operate independently from one another, and some aspects of their services and features change.

FAQs

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