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.
|Type of Products Available||Stocks
|Maintenance Fee||US market: $0.005 per share, min $1 per order
SGX: 0.03% of transaction amount, min S$1.50
|Number of Exchanges Available||3 countries||5 countries|
|Trading Commissions||Lower for SGX
Same for US
|Lower for HKEX
Same for US
|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:
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:
- Mutual funds
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:
|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
|0.04% * trade value|
|Platform Fee||+ 0.03% * trade value
Min SGD $1.50
|+ 0.04% * trade value
(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
+ 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:
|SGX||Min S$2.49 per trade||No minimum until 31 Dec 2021
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?|
|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.
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.
|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)|
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||✔||✖|
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:
- Prime Account
- Stock Information
- 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:
- 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.
- 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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