Moomoo vs Tiger Broker

Moomoo vs Tiger Broker: A Head-To-Head Comparison

Moomoo and Tiger Brokers are two of the best online brokerage platforms today. With desktop and mobile trading apps, and an easy sign-up process, these brokerage firms offer easy access to global trading. But which one is better?

Moomoo stands out because it offers commission-free trade for its US securities, plus its welcome bonus offers 180 days of unlimited commission-free trades. However, it doesn’t offer mutual funds, bonds, cryptocurrency, or forex.

Tiger Brokers, on the other hand, maintains its competitive edge by offering access to global shares in Australia and China. It also removed its deposit and withdrawal fees, inactivity fees, and account maintenance fees. The downside? It has a complex fee structure with 2 tiers – platform fees and commission fees.

 

Moomoo vs Tiger Broker: Which Platform is Best for You

With desktop and mobile trading apps, and an easy sign-up process, Moomoo, and Tiger Brokers offer easy access to global trading. But which one is better? Here’s a head-to-head comparison between two of the best online Singapore brokerage platforms today.

  Moomoo Tiger Broker
Type of Products Available Stocks

REITs

ETFs

Options

ADRs

Stocks

ETFs

Mutual funds

Futures

Options

Minimum Deposit S$0 S$0
Maintenance Fee US market: $0.005 per share, min $1 per order

 

SGX: 0.03% of transaction amount, min S$1.50

S$0
Number of Exchanges Available 3 countries 5 countries
Trading Commissions Lower for SGX

Same for US

Lower for HKEX

Same for US

Exchange Rate Comparable Comparable
Pre and Aftermarket Funding Present Present
Ease of Opening Account Similar Similar
Funding Account Speed A few hours A few hours
Custodian Account Did not disclose who their custodians are As of 8 July 2020, Tiger Brokers Singapore appointed DBS Bank as their custodian bank

 

About Moomoo and Tiger Broker

1. What Is Futu Moomoo Singapore?

Moomoo is Futu’s online brokerage platform.

Futu Holdings is the brokerage’s parent company with a headquarters in Hong Kong and is listed on NASDAQ. It was founded in Hong Kong in 2011 and is currently available in China, US, and Singapore.

Moomoo was originally targeted at US customers who wanted to trade on the Chinese market. Today, Moomoo is available to Singapore investors.

 

2. Who Are Tiger Brokers?

Founded in 2014, Tiger Brokers are a Chinese online securities brokerage startup, which is headquartered in Beijing. It is backed by Xiaomi Inc. and Interactive Brokers Group Inc. (IBKR) and listed on NASDAQ.

Tiger Brokers started in China but has now expanded to Australia, New York, and Singapore. Investors have access to stocks, ETFs, REITs, funds, and more on the Tiger Brokers’ online platform.

Today, there are 1.4 million account holders worldwide. Tiger Brokers promotes itself as a tech-focused company and they develop their own proprietary technology.

 

Tiger Brokers vs Moomoo: Types of Products Available

Moomoo is Quite New So Their Portfolio is Limited. 

You can trade the following on Moomoo:

  • Stocks
  • ETFs
  • REITs
  • ADRs
  • Options

Aside from single stocks, investors can also trade options (on US and HK stocks) and SGX-listed futures.

With Moomoo, you can trade options from USD $0.65 per contract with a minimum fee of $1.99 per transaction. Plus, they also have a platform fee of $0.30 per contract.

At the moment, Moomoo has a limited portfolio but they have plans to offer a wider range of financial products in the future.

 

Tiger Brokers Have A Comprehensive Suite of Trading Options

You can buy the following products using Tiger Broker’s platform:

  • Stocks
  • ETFs
  • REITs
  • CBBCs
  • Mutual funds
  •  Futures
  • Options

You can choose to trade using your desktop or mobile. On the platform, you can trade futures and options. Plus, you can use Fund Mall to purchase mutual funds.

           

Which Markets Can You Invest In?

Take a look at the table below for a quick look at the different exchanges that you can trade on both platforms:

  Moomoo Tiger Brokers
SGX ✔  ✔ 
HKEK       
US       
ASX (Australia)    
SZSE and SSE (China)   

 

As you can see, Tiger Brokers offers two more markets – Australia and China. This makes it attractive to investors who want to trade in global markets. And while it offers access to ASX stocks, it also allows investors to trade in the US and Hongkong markets,  plus on China. This is perfect for those who are on the lookout for investment properties overseas.

 

But what about the London Stock Exchange (LSE)?

Singaporean investors may be interested in the London Stock Exchange (LSE). With LSE, you can purchase Irish-domiciled ETFs which helps reduce your taxes by:

  • Reducing your dividend withholding tax (30% to 15%)
  •  Lower the estate taxes that you incur

LSE is listed on the Tiger Brokers platform. However, trading LSE-listed equities are not offered at the moment.

 

Commissions and Fees

In terms of brokerage fees, Moomoo and Tiger Brokers platforms offer very competitive rates. There are two types of fees you need to take into account:

  • Trading commission: This is also called a stock trading fee. It is charged when you sell or purchase stocks. You will also be charged with fees for buying or selling other investments, such as ETFs or options.
  • Platform fee: This is the fee that many online brokerage platforms charge to investors for using their platform/service.
Market Type of Fee Moomoo Tiger Brokers
SGX Commission Fee 0.03% *trade value

Min S$0.99/trade

0.04% * trade value
Platform Fee + 0.03% * trade value

Min SGD $1.50

+ 0.04% * trade value

 

No minimum

(until 31 Dec 2021)

 

Min $2.88 SGD/trade

(after 31 Dec 2021)

HKEX Commission Fee 0.03* trade value

Min 3 HKD/trade

0.03% * trade value
Platform Fee + 15 HKD/order + 0.03% * trade value

Min 15 HKD/trade

US Commission Fee USD 0.0049/share

Min USD $0.99/order

0.01 USD/share

(commission

+ platform fee)

 

Min 1.99 USD/trade

Platform Fee + USD 0.005/share

Min USD $1/order

 

At a glance, here are the total minimum fees you’ll incur depending on the market:

Market Moomoo Tiger Brokers
SGX Min S$2.49 per trade No minimum until 31 Dec 2021

Min S$2.88/trade

after 31 Dec 2021

HKEK Min 18 HKD/trade Min 15 HKD/trade
US Min USD $1.99/trade Min USD $1.99/trade

 

As you can see, trading on SGX, the minimum fee for both Moomoo and Tiger Brokers is attractive and comparable to what their competitors are charging. However, Tiger Brokers have an added edge since it is currently imposing no minimum order until 31 December 2021.

But between Moomoo and Tiger Brokers,  which one has lower fees after the promotions have ended?

Market Which one is cheaper?
SGX Moomoo
HKEK Tiger Brokers
US Have similar minimum fees

 

When choosing between Moomoo and Tiger Brokers,  you need to decide which market you’ll be investing in more. For instance, if you prefer to trade SGX, then Moomoo will be cheaper.

Gold Bitcoin

Fees Incurred For Trading In Respective Exchanges

On top of the trading commission and platform fees, you’ll also need to pay exchange-specific fees. For instance, if you choose to trade in the SGX market, then you’ll have to pay for:

  • Trading fee: 0.0075% of the traded value
  • Clearing fee: 0.0325% of the traded value

These fees are the same across brokerage platforms.

 

Currency Exchange Rates

You can exchange cash currencies in both Moomoo and Tiger Brokers’ app. This is especially helpful when trading in overseas stocks.

After depositing SGD funds, you may exchange the cash into foreign currency and invest in the corresponding market. However, the currency exchange rate may vary depending on the brokerage platform.

Tiger Brokers supports trading in multiple markets using one account and they do not charge financing interest rates. Moomoo also doesn’t charge additional fees apart from the quoted exchange rate.

 

Moomoo Tiger Brokers
SGD, USD, HKD, CNH SGD, USD, HKD, CNH, NZD, EUR, GBP, JPY

 

However, Tiger Brokers have slightly better exchange rates. The difference was only 0.0005 at the time of testing.

 

Is Pre and Aftermarket Trading Possible?

Moomoo and Tiger Brokers both allow pre and aftermarket trading on their platform. Take a look at the table below to see the schedules for the 3 periods in Singapore time (GMT +8).

Trading Period Timing (GMT +8)
Premarket 16:00-21:30
Regular Trading 21:30-04:00
Aftermarket 04:00-08:00

 

How Easy Is It To Open An Account?

Account Opening Moomoo[R1]  Tiger Brokers[R2] 
Minimum Age Requirement 18 years old 18 years old
Account Opening Fee S$0 S$0
Payment Method FAST, PayNow, MEPS, internet bank transfer, or credit/debit card FAST, PayNow, MEPS, internet bank transfer, or credit/debit card
Document Requirements None when applying with SingPass via MyInfo None when applying with SingPass via MyInfo
Online Application via MyInfo      
No Min. Funding Requirement  
Minimum Funding None S$1

 

For Moomoo and Tiger Brokers, you can use MyInfo during the signup process. If you plan to trade in the US markets, you will need to sign a W-8 BEN form. This form will declare that you are a non-US citizen.

In Tiger Brokers, you’ll be able to sign the W-8 BEN form digitally. On the other hand, when opening a Moomoo Futu SG securities account, you’ll need to fill up a questionnaire where you’ll be required to sign digitally at the bottom of the page.

Besides this, opening an account on both platforms is easy. You can sign up for Moomoo or Tiger Brokers online in under five minutes. Click here to read more on how to open a brokerage account. 

 

Trading Platform Experience

So what about the app and platform experience?

Both Moomoo and Tiger Brokers have interactive and customizable apps. Both are available on mobile and desktop, with iOS and Android versions available. Moomoo’s trading app also has an Open API version.

1. Tiger Brokers Singapore Trading Platform

  • User-Friendly Interface: Tiger Brokers’ platform is easy to navigate with simple pages and investing tools. From the user interface, you’ll find:
    • Watchlist
    • Prime Account
    • Stock Information
    • News
    • Discover – this is where you’ll find a stock screener where you can find stocks to invest in
  • Real-time Stock Data: Tiger Brokers also offer market data and access to real-time Level 1 SG stock market data- for free! This information is important in understanding the current trends as well as in analyzing prices.

It also offers real-time market data for the following:

  • Level 2 New York Stock Exchange (NYSE)
  • Level 2+ data in the OTC Markets

 

2. Moomoo Futu SG Securities Account Platform

  • User-Friendly Interface: Moomoo’s interface also has organized pages and investing tools, including:
    • Watchlist
    • Prime Account
    • Stock Information
    • Paper Trading
    • Charting tools with 50+ technical indicators

The interface also allows you to customize the screen by dividing it into 3 parts – assets or tickers, charts, capital flows, and financial data. This multi-view feature and analytical tools will help you make decisions quickly and easily. You will have all the information you need at a glance.

  • Real-Time Stock Data: Moomoo also offers NASDAQ Level 2 US market data for free. Most brokerage firms charge a fee for this information.

 

Deposit and Withdrawal

Both online brokerages are pre-funded accounts. This means you’ll need to deposit money first before you can start trading.

Additionally, both Moomoo and Tiger Brokers send notifications via email for every transfer and withdrawal to your account. Any suspicious transactions will be immediately flagged for further investigation.

 

Minimum Maintaining Balance

Both Moomoo and Tiger Brokers don’t have a minimum maintaining balance. This is attractive for those who want to dip their toes into stock investing by investing a small sum.

 

Account Opening Bonus

  • Moomoo Signup Rewards

Moomoo offers a welcome gift when you sign up with Futu SG before 2 October 2021. To be eligible, you must deposit S$2,700 within 30 days. You will then receive a free Apple Share.

On top of that, you will also have 180-day commission-free trades for SGX, HKEK, and US markets.

  • Tiger Brokers Signup Rewards 

You will receive 1 free Apple Share for your SINGLE Initial Deposit/Transfer of S$2,000. Plus, you can also enjoy 5 commission-free trades for Futures within 30 days and 60 commission-free trades within 180 days. On top of that, you’ll also get 500 Tiger Coins. Make sure to claim the rewards within 20 days.

 

Is Tiger Brokers Safe To Use?

Tiger Brokers is a new entry in the industry, but it is backed by high profile investors, such as Xiaomi – a Chinese tech giant, and a US-based brokerage Interactive Brokers. Most importantly, this brokerage firm complies with Singapore’s regulatory requirements set by the MAS.

  • Licensed by Monetary Authority of Singapore:
    They hold a Capital Markets Services License under the Securities and Futures Act (Cap. 289).
  • Custodian Account:
    Tiger Brokers store securities in custodian accounts. As of 8 July 2020, Tiger Brokers Singapore appointed DBS Bank as their custodian bank. Most importantly, they provide detailed information of your money and assets at the end of each trading day.
  • 2-Factor Authentication Feature:
    You can choose to enable the two-factor authentication feature. With this feature, you’ll be prompted to fill in your account password and a one-time password. This helps keep your account more secure.
  • Deposit and Withdrawal Notifications:
    The brokerage will send email notifications of every transfer and withdrawal to your account.

 

Is Moomoo Futu Singapore Safe To Use?

Moomoo is backed by parent company Futu Holding Limited – a NASDAQ-listed broker and wealth management platform.

  • Licensed by the Monetary Authority of Singapore:
  • FUTU SG is licensed by the MAS (License No. CMS101000). Moomoo complies with regulatory requirements set out by the MAS.
  • Funds Security:
  • Futu Holding Limited and FUTU Sg is a Securities Investor Protection Corporation (SIPC) member. As such, they provide SIPC coverage that provides protection of up to $500,000 for US securities when you trade via Moomoo.
  • Deposit and Withdrawal Notification:
  • Whether you transfer or withdraw funds, a notification will be sent to your email. This feature allows you to check your transactions and flag any suspicious transactions.

 

Which One Should You Choose?

Overall, both Moomoo and Tiger Brokers are very impressive. They offer what most investors are looking for: competitive pricing, user-friendly interface, data analytic tools, and convenient account set up. Additionally, both platforms are offering a generous welcome bonus.

So which one is for you?

 

Tiger Brokers Is Best For Investors Who Want To Trade On Global Markets

Choose Tiger Brokers if you want access to two additional global markets – Australia and China. This provides you with more variety. Plus, Tiger Brokers also have a competitive edge with their low commission fees, no hidden fees, and attractive promotions.

In fact, Tiger Brokers have a slightly cheaper commission for the HKEK market compared to Moomoo.

Lastly, Tiger Brokers offer a wider variety of products as well. With this platform, you can invest in mutual funds and features. So if you are thinking of trading options, then this platform is a good choice.

If you sign up with code FREESTOCK, you will receive free Apple stock worth $200, 60 commission-free trades, and 500 Tiger Coins which you can use to redeem stock vouchers. This promotion is valid between 9 August 2021 and 30 October 2021.

 

Moomoo is Best For Investors Seeking Cheaper SGX Trades

Once Tiger Brokers’ “no minimum commission fee” promotion ends for the Singapore stocks trades, Moomoo’s commission fees will be cheaper.

The difference may not seem much, but choosing lower commission fees will help reduce your costs in the long run. This is especially helpful if you trade mainly in the SGX.

Moomoo also does well in terms of commission-free trades, ETFs, and options trades.

Additionally, Moomoo is offering a welcome bonus of Free Apple stock and 180-day commission-free trades for SGX, HKEK, and US markets. That said, it is a good time to sign up to their platform and see if it suits you.

 

Conclusion

Key Takeaways:

  • Moomoo and Tiger Brokers are excellent online brokerage platforms. Both platforms have desktop and mobile trading apps and an easy sign-up process.
  • With Moomoo and Tiger Brokers, investors can trade in SGX, HKEK, and the US.
  • Tiger Brokers offer two more markets – Australia and China, making it attractive to investors who want to trade in global markets.
  • Moomoo and Tiger Brokers platforms offer very competitive rates. However, Tiger Brokers is currently imposing no minimum order until 31 December 2021.

Both of these brokerage platforms offer an easy way for you to start investing. With these platforms, you can trade in stocks and ETFs at low commission and platform fees. However, be careful when making too many trades.

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