Moomoo vs Tiger Brokers and review

Moomoo and Tiger Brokers have gained popularity in the Singapore market, despite being relatively new, due to their low commission fees and trading gamification features. Free share giveaways for new users have also attracted a large crowd.

However, choosing between these two low-cost brokers can be challenging. Therefore, we will delve deeper to determine which platform offers the best trading experience.

1. Reliability and Safety

Both Tiger and Moomoo lack extensive track records in the local market.

When combined with the risks associated with potential regulatory crackdowns in China, it’s natural to question the true safety of these two brokers.

While this may not fully assuage your concerns, it’s worth noting that both Moomoo and Tiger Brokers hold Capital Markets Services Licenses issued by the Monetary Authority of Singapore (MAS). The MAS has stringent requirements for recordkeeping and the segregation of client funds from the brokers’ own capital. This suggests, at the very least, that the MAS is satisfied with their financial management practices.

Moomoo open account             Tiger open account

Moomoo utilizes a subsidiary of its parent company as its custodian (Futu moomoo) for client funds. Conversely, Tiger Brokers employs four different custodians depending on the markets in which clients trade.

Furthermore, both Moomoo and Tiger customers are protected by the Securities Investor Protection Corporation (SIPC). All US stocks purchased through these brokerages are insured up to US$500,000, including a US$250,000 limit for cash.

Broker Moomoo

open account

Tiger

open account

MAS-regulated Yes
Stock holding type Custodian model
SIPC member Yes
Partners Tencent Holdings (US$800B+) Xiaomi (US$90B)
Sequoia Capital (over US$100B+) ZhenFund (unknown)
Matrix Partners (unknown) Interactive Brokers (US$30B)

2. User-Friendliness

Opening an account at either Tiger Brokers or Moomoo is a straightforward process with Singpass MyInfo. Both platforms offer apps for Android and iOS users.

If you wish to trade in US markets, you will need to complete the W-8 BEN form to declare that you are a non-US citizen. However, you won’t need to print and sign anything: Tiger allows digital signatures, while Moomoo requires you to fill out a questionnaire and sign by typing your name at the bottom of the page.

There are no account opening fees or minimum balance requirements for either broker. The funding methods are also similar, allowing Direct Debit Authorisation (DDA), bank transfers, or Wise transfers.

3. Fees and Commissions

Moomoo and Tiger are both known for low or free fees.

Market Product Moomoo Tiger Brokers
Singapore Stocks, ETFs Commission 0.03% of order (min. S$0.99 per trade) 0.03% of order (min. S$0.99 per trade)
Platform fee 0.03% of order (min. S$1.50) 0.03% of order (min. S$1 per trade)
US Stocks Commission US$0.0049 per share (min. US$0.99 per trade) US$0.005 per share (min. US$0.99 per trade + max 0.5% of order)
Platform fee US$0.005 per share (min. US$1 per trade) US$0.005 per share (min. US$1 per trade + max 0.5% of order)
Hong Kong Stocks Commission 0.03% of order (min. HK$3 per trade) 0.03% of order (min. HK$7 per trade)
Platform fee HK$15 per trade 0.03% of order (min. HK$8 per order)
China A-Shares Commission 0.03% of order (min. CNH3 per trade) 0.03% of order (min.CNH7 per trade)
Platform fee CNH15 per trade 0.03% of order (min. CNH8 per trade)

Other:

Broker Moomoo Tiger
Minimum account fee None
Account opening fee
Inactivity fee
Deposit fee
Withdrawal fee

Moomoo and Tiger Brokers are two well-known online brokerage firms in Singapore today. There are several similarities and differences between these two platforms.

To start, Moomoo is known for not charging commissions for US securities. You also get free access to market data, and there are no withdrawal, inactivity, account maintenance, or deposit fees.On the other hand, Tiger Brokers offers more market access. Besides the US, you can trade in the Australia, Hong Kong, Singapore, and China markets. Similar to Moomoo , there are no withdrawal, inactivity, account maintenance, or deposit fees. However, fees can be a bit complex as they are divided into commission and platform fees.

Moomoo open account             Tiger open account

So which broker is best for you?

Both Tiger Brokers and Moomoo are top-notch platforms for trading, offering user-friendly interfaces, competitive pricing, easy account setup, and analytical tools. Plus, both platforms offer generous bonuses for new users.

Your choice ultimately depends on your preferences. If you want a platform that gives you access to global markets, Tiger Brokers is an excellent option as it provides access to markets like Australia and China.

On the other hand, Moomoo fees are appealing if you’re looking for a cheaper trading platform. However, the no-minimum commission is a promotional offer, so investors will be watching how Moomoo  charges going forward.

moomoo

moomoo

In conclusion, Moomoo and Tiger Brokers are two of the best online brokerage platforms in Singapore. They’re affordable and available on PCs and mobile apps. Plus, they’re accessible in various markets, giving you more options when making investment decisions. With this guide, you can evaluate which platform—Tiger Brokers or Moomoo —is best for you.

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評論4

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