Both known for their low commission fees and gamification of trading, Moomoo and Tiger Brokers have garnered quite a fanbase even though they’re fairly new in the Singapore market. The free share giveaways for new signups have also drawn in a crowd.
But between the two low-cost brokers, it’s hard to figure out which is the better trading platform. We’ll dive a bit deeper to find out which one comes out on top. Here’s what we’ll compare:
- Reliability and safety
- Ease of use
- User experience
- Fees and commissions
- Market access and real-time data
- Promotions and other incentives
- The overall winner
1. Reliability and Safety
Neither Tiger nor Moomoo have much of a track record in the local scene.
Add that to the risk of China’s regulatory crackdowns and it’s natural to wonder how safe the two brokers really are.
This may not put you completely at ease, but both Moomoo and Tiger Brokers hold Capital Markets Services Licences from MAS, which has strict requirements for recordkeeping and segregating client funds from the brokers’ own capital. That tells you that at the very least, MAS is satisfied with how they manage their books.
Moomoo uses a subsidiary of its parent company as its custodian (Futu SG) for client funds, while Tiger Brokers uses four different custodians depending on the markets that clients trade in.
Additionally, Moomoo and Tiger customers are protected by the Securities Investor Protection Corporation (SIPC). All US stocks purchased through the brokerages are covered up to US$500,000, which includes a US$250,000 limit for cash.
| Broker | Moomoo | Tiger |
|---|---|---|
| MAS-regulated | Yes | Yes |
| Stock holding type | Custodian model | Custodian model |
| SIPC member | Yes | Yes |
| Partners (Est. Net Worth) |
|
|
Winner for ‘Reliability and Safety’: Moomoo
…but only by a small margin. Both are approved by solid regulatory bodies that protect investors’ interest. But looking at the partners supporting each broker, Moomoo does have stronger partners with larger financial backing. This may provide more of a cushion if Moomoo runs into financial troubles.
2. Ease of Use
Opening an account at either Tiger Brokers or Moomoo is straightforward with Singpass MyInfo. Both have apps in Android and iOS as well.
If you wish to trade in the US markets, you’ll also have to fill in the W-8 BEN form to declare that you’re a non-US citizen. You won’t have to print anything to sign in ink, though: Tiger allows you to sign digitally, while Moomoo has you fill up a questionnaire and sign by typing your name at the bottom of the page.
There are no account opening fees or minimums to maintain for either broker. Even their funding methods are similar: Direct Debit Authorisation (DDA), bank transfers, or Wise transfers are permitted.
| Moomoo | Tiger Brokers | |
|---|---|---|
| Minimum Age | 18 and above | 18 and above |
| Registration | Singpass MyInfo or manual submission | Singpass MyInfo or manual submission |
| Trading Platforms | Desktop and mobile app | Desktop and mobile app |
| Operating System | Android and iOS | Android and iOS |
| Account Opening Fee | None | None |
| Funding Methods | Direct Debit Authorisation (DDA) Bank transfers Wise transfers | Direct Debit Authorisation (DDA) Bank transfers Wise transfers |
| Customer Service | Phone support Email support Live chat | Phone support Email support Live chat |
| Real-time Data | Level 2 market data with Bid/Ask prices | Level 2 market data with Bid/Ask prices |
Winner for ‘Ease of Use’: It’s a Tie
We found Tiger’s website more informative and easier to navigate, while Moomoo’s information seemed to be spread across two websites (moomoo.com and futusg.com). However, both brokers seemed decent at making their platforms accessible to everyone: there weren’t many hoops to jump through and registration was a breeze.
3. User Experience
Both digital brokers try to make their interfaces as comprehensive yet as easy to navigate as possible. Here’s what users are saying about the platforms:
| Broker | Pros | Cons |
|---|---|---|
| Moomoo |
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| Tiger Brokers |
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Winner for ‘User Experience’: It’s a Tie
According to user reviews, both apps were easy enough to navigate. Neither ads nor slow loading times sound appealing, though.
4. Fees and Commissions
Moomoo and Tiger are both known for low fees. How do they compare with each other?
Commission and Platform Fees
| Market | Product | Moomoo | Tiger Brokers | Who wins? |
|---|---|---|---|---|
| Singapore Stocks, ETFs and REITs | Commission Platform fee | 0.03% of order (min. S$0.99 per trade) 0.03% of order (min. S$1.50) | 0.03% of order (min. S$0.99 per trade) 0.03% of order (min. S$1 per trade) | Tied |
| US Stocks and ETFs | Commission Platform fee | US$0.0049 per share (min. US$0.99 per trade) US$0.005 per share (min. US$1 per trade) | US$0.005 per share (min. US$0.99 per trade + max 0.5% of order) US$0.005 per share (min. US$1 per trade + max 0.5% of order) | Tied |
| Hong Kong Stocks | Commission Platform fee | 0.03% of order (min. HK$3 per trade) HK$15 per trade | 0.03% of order (min. HK$7 per trade) 0.03% of order (min. HK$8 per order) | Tied |
| China A-Shares | Commission Platform fee | 0.03% of order (min. CNH3 per trade) CNH15 per trade | 0.03% of order (min.CNH7 per trade) 0.03% of order (min. CNH8 per trade) | Tied |
Both brokers have been adjusting their fees to become more competitive over time, so the gap isn’t significant here. We’d call this a tie.
Margin Trading Interest Rates
| Broker | Currencies | Interest Rates (per annum) |
|---|---|---|
| Moomoo | SGD USD HKD CNH | 4.8% 4.8% 6.8% 6.8% |
| Tiger Brokers | SGD USD HKD CNH AUD EUR GBP JPY | 3.389% to 4.389% 3% to 4% 4% to 5% 3% to 5% 3.057% to 4.057% 3% to 4% 3.053% to 4.053% 3% to 4% |
If you trade on margin, Tiger’s interest rates are far better than Moomoo’s. They also have more currencies available for trading. If you plan to buy stocks denominated in foreign currencies, Tiger is likely to provide better savings.
Other Fees
| Broker | Moomoo | Tiger |
|---|---|---|
| Minimum account fee | None | None |
| Account opening fee | None | None |
| Inactivity fee | None | None |
| Deposit fee | None | None |
| Withdrawal fee | None | None |
Except for slight variations in commission and platform fees, both brokers have done away with many miscellaneous costs.
Winner for ‘Fees and Commissions’: Tiger Brokers
…but only by a slight margin because of their lower margin interest rates (pun intended). If you only plan to use cash to trade though, both platforms have competitive fees.
5. Market Access
| Broker | Markets | Products |
|---|---|---|
| Moomoo | Singapore Hong Kong China USA | Stocks, ETFs, REITs, Futures Stocks, ETFs, Warrants, CBBCs A-shares Stocks, ETFs, Options, Futures |
| Tiger Brokers | Singapore Hong Kong China Australia USA | Stocks, ETFs, DLCs, REITs, Futures Stocks, ETFs, Options, Warrants, CBBCs A-shares Stocks Stocks, ETFs, Options, Futures |
Winner for ‘Market Access’: Tiger Brokers
Again, Tiger beats Moomoo with accessibility to more markets and a wider product range. However, the win is marginal since Tiger only has one more Australian market compared to Moomoo.
6. Incentives and Promotions
| Broker | Moomoo | Tiger |
|---|---|---|
| Account opening gift |
| Free SoFi Share |
| Registration gift | 180 days unlimited commission-free trading for the US, HK & SG stock market |
|
| First deposit reward | Deposit S$2,700 for at least 30 days:
(Valid until 13 April 2022) | Deposit S$2,000:
|
| Referral perks | One free NIO share for every successful referral until 31 March 2022 |
|
| Others | None |
|
Tiger throws in a lot more incentives to entice new and existing users to make more trades. Moomoo, on the other hand, is more to the point and offers rewards only to serious investors who are willing to make a deposit.
7. The Overall Winner
Despite having a smaller market cap, Tiger Brokers seems to be the stronger contender based on the above aspects. While Moomoo is decent, Tiger has many upsides that Moomoo doesn’t. Let’s break them down:
- Tiger has most features and functions that Moomoo has and brings it up a notch with better margin interest rates and foreign currency availability
- Tiger offers more products and markets to trade with
- Tiger offers more incentives and promotions to keep users excited about using its platform
- Tiger’s interface is cleaner and more user-friendly