This post was written in collaboration with Tiger Brokers Singapore. While we are financially compensated by them, we nonetheless strive to maintain our editorial integrity and review products with the same objective lens. We are committed to providing the best recommendations and advice in order for you to make personal financial decisions with confidence. You can view our Editorial Guidelines here.
Practically almost anything can be done on your mobile phone these days, be it banking, shopping, signing invoices, and even investing.
Just so you know, Singapore’s mobile penetration rate was 159.1% in 2019 — AKA we actually have more mobile phones than people in our country.
It makes perfect sense for retail investors like us to turn to mobile brokerage accounts. This saves us time and money and helps us multi-task during our daily commute, instead of the days of yore where trading could only be done by calling your broker. This also means that everyone can invest, since there is now less of a barrier to entry for first-time investors.
However, before you chop-chop-curry-pok jump on the bandwagon and open an account with a mobile brokerage, here are 5 things to consider before choosing this investment route:
1. Is your broker truly mobile?
For a service to have a truly mobile solution, it’s more than just using the mobile-optimised version of the website on your phone or creating an app that simply loads the website URL in a window.
Many of us use our mobile phone when we are on the go — this means we need the login process to be seamless, the menus to be easily visible, definitely speedy loading, and the agility to perform functions such as transferring cash or checking on stock prices without leaping through dozens of hoops.
Can you imagine squinting at your phone screen or trying to click the right dropdown menu if you’re just using a version of the broker’s website that’s better designed for desktop trading? If you’re constantly on the move, you’re in for a challenge.
It’s like trying to transfer money using your bank’s internet banking website on your phone instead of using an app like PayLah!, which can do the job in halved the time spent.
So if you are going to open an account with a brokerage firm that has a well-oiled trading solution for mobile phones, it’s definitely going to make your trading life much easier.
One such online trading platform is NASDAQ-listed company (TIGR) — Tiger Brokers Singapore, which has a dedicated one-stop mobile and online app, Tiger Trade. You can access the global financial markets and manage your own investment portfolio via Tiger Trade. It is this simple! Yay for convenience!
2. Do you get round-the-clock support?
It’s only natural for us mobile phone users to immediately reach out for our phone at various times — even during the wee hours of the morning, or when we are experiencing insomnia — to check the time, check our social media, read the news, and even manage our trades (sometimes, our day is so packed that we only get to our personal matters after 2am).
So, if your broker has a mobile app, it should be well aware of these consumption habits.
If I’m investing, I can’t afford to wait around — I may not have time later to call support for help, and the stock price might suddenly fluctuate. Timing is everything.
It’s nice that the Tiger Trade app offers various communication options such as feedback, a help centre and an online chat. Send a message and receive a prompt response, 24/7, even on public holidays, outside of working hours, and even weekends.
3. Are the prices on point?
Just like how I would expect to pay a premium for the services of a personal butler at a restaurant versus that of a vending machine style eatery, fintech solutions such as mobile brokerages are less expensive and more affordable for everyone.
If you think you’ll be getting a mindless robot that might make rubbish decisions, many fintech-driven investment solutions are actually still managed by a team of savvy humans who are experienced investors themselves. With the help of technology, they don’t need to help each and every individual on a 1-to-1 basis so fees can be much lower.
In comparison, calling your broker to make a trade on the phone used to cost $50 or more for a 1-way transaction. But with the presence of online brokerages, you will only pay $10 to $25 per trade; and mobile brokerages sweeten the deal further, going as low as USD$0.01 per share (minimum USD$1.99 per trade) for commission fees for trades in overseas markets.
Here are some latest commission fees that Tiger Brokers charges:
- Singapore stocks: 0.08%, no minimum charge (From now till 31 December 2020)
- Hong Kong stocks: 0.06%, with a minimum HKD$15 per trade
- Shanghai/Shenzhen-Hong Kong Stock Connect: 0.06%, with a minimum RMB15 per trade
4. Can I trade on different markets?
Why sign up for a brokerage when it will only limit your exposure? No matter how awesome the brokerage app may be, or how low the fees are, if it doesn’t allow you to trade the markets you are looking at, it’s a no-go. After all, you’re only here to invest.
Find a mobile brokerage app that connects you to the major stock markets around the world. Even if you’re just planning to trade on SGX for now, when you’re more experienced, you’ll eventually want worldwide exposure. It’s also much less of a hassle to have your chosen mobile brokerage grow with your needs than needing to switch halfway through.
5. Are there other comprehensive tools and resources available?
If your mobile brokerage app is really easy to use, but so bare bones that you need to manually search for the latest news updates, stock price history and so on, it’s not really a good all-in-one mobile solution.
Just like how stockbrokers have all the information at their fingertips, choose a mobile brokerage that offers relevant information, resources and tools to help you make better investment decisions.
For example, the Tiger Trade app has a news tab that serves up timely industry news about the markets. Even if you’re not planning to make any trade soon, being constantly updated about important stock market developments can beef up your investment knowledge, market sensing and help you make an informed trading decision down the road.
The Tiger Trade app also has a “Calendar” tab. Use it to stay abreast of upcoming major stock market events (i.e. major announcements, and the release of important economic data).
Before you sign up for a mobile brokerage account…
Just do a final check that the platform you’re using is licensed and regulated by the Monetary Authority of Singapore. If you’re looking at Tiger Brokers and its handy Tiger Trade app, we’ve already done the necessary checks. And yes, that means you’re in safe hands.
Just to recap, Tiger Brokers (Singapore):
– Offers one of the lowest commission rates, from as low as US$1.99 per trade
– Has a user-friendly one-stop mobile app, Tiger Trade, with access to global markets and resources/tools
– 24/7 support available
– Speedy, seamless and simple account opening process – offering a hassle-free way to access the global financial markets
Opening an account is also seamless and quick, and SingPass users can use MyInfo to open an account with Tiger Brokers for a much quicker onboarding process.
|From now until 31 December 2020, Tiger Brokers is offering Singapore stocks at 0.08% per trade with no minimum charges (terms and conditions apply).|
Tiger Brokers Singapore treats all of its clients as privilege clients, with no tiers to segregate them. For those looking for convenience and accessibility to the global financial markets, Tiger Brokers might just be the right broker for you. For more information, please click here.
About Tiger Brokers (Singapore) Pte Ltd.
Tiger Brokers Singapore Pte Ltd (Tiger Brokers Singapore) is a brokerage firm operating with a Capital Markets Services (CMS) Licence from the Monetary Authority of Singapore (MAS). Its trading platform, Tiger Trade, offers commission rates for as low as S$2.80 (US$1.99) per trade, complimentary real-time stock quotes, dedicated multilingual customer service during trading hours, and 24/7 finance news updates. The company launched the mobile version of Tiger Trade in February 2020 — accessible on Google Play Store and the Apple App Store — offering mobile-savvy generation of retail investors similar trading opportunities as their online users, such as Equities, Exchange-Traded Funds (ETFs), Futures and Stock Options on their mobile phones. Both online and mobile app users have access to the Singapore, U.S. and Hong Kong stock markets such as the New York Stock Exchange (NYSE), NASDAQ, the Hong Kong Stock Exchange (HKEX) and the Singapore Stock Exchange (SGX).
Tiger Brokers Singapore is the Singapore entity of UP Fintech Holding Limited, known as “Tiger Brokers” in Asia, a leading online brokerage firm focusing on global investors. Founded in 2014, Tiger Brokers became #1 in U.S. equity trading by volume among trading platforms catered to Global Chinese investors in less than two years. Tiger Brokers was awarded “2017 Fintech 250” by CB Insights and shortlisted for “China Leading Fintech 50” for two years in a row by KPMG China. The company was listed on NASDAQ under “TIGR” in 2019 and has offices in China, United States, Australia, New Zealand and Singapore. Tiger Brokers has over 743,300 customers worldwide currently, with a total trading volume of more than US$44.1 billion in Q1 2020. The company is backed by well-known investors such as Xiaomi, as well as investment guru Jim Rogers.
This article has not been reviewed by the Monetary Authority of Singapore.
Any views shared with Prospective Clients (“Prospects”) are suggestive in nature and on a sample basis only. The article may also be predicated on assumptions that are made by Tiger Brokers (Singapore) Pte Ltd about the Prospects’ investment objectives and risk profile. Our suggestive and sample views extended to Prospects are not to be considered as recommendations made by the Company. Suggestions provided are also based on information that may be shared by the Prospects, the accuracy and comprehensiveness of which Tiger Brokers in not in a position to verify.
Tiger Brokers (Singapore) Pte Ltd (herein “Tiger Brokers”) may, to the extent permitted by law, participate or invest in other transactions with the issuer of the products referred to herein, perform services or solicit business from such issuers, and/or have a position or effect transactions in the securities or options thereof. The information herein is for recipient’s information only and not an offer to sell or a solicitation to buy. Any date or price information is indicative only and may be changed without prior notice. All opinions expressed and facts referred to herein are subject to change without notice. The information herein was obtained and derived from sources that we believe are reliable, but while reasonable care has been taken to ensure that stated facts are accurate and opinions are fair and reasonable, Tiger Brokers does not represent that it is accurate or complete and it should not be relied upon as such. The information expressed herein is current and does not constitute an offer, recommendation or solicitation, nor does it constitute any prediction of likely future stock performance. Investment involves risk. The price of investment instruments can and do fluctuate, and any individual instrument may experience upward or downward movements, and under certain circumstances may even become valueless. Past performance is not a guarantee of future results. In preparing this information, we did not take into account the investment objectives, financial situation or particular needs of any person or affiliated companies. Before making an investment decision, you should speak to a financial adviser to consider whether this information is appropriate to your needs, objectives and circumstances. Tiger Brokers assumes no fiduciary responsibility or liability for any consequences financial or otherwise arising from trading in securities if opinions and information in this document may be relied upon.