Trading can be a little confusing at first, especially for beginners. This is the reason why we recommend starting with beginner-friendly trading platforms before diving straight into bigger platforms with advanced tools.
If you’re looking for trading platforms, you may have come across Tiger Brokers on your search. If you’re still not sure what it entails, our guide covers the most essential things you should know about Tiger Brokers before jumping the gun.
Overview of Tiger Brokers
Tiger Brokers is an online trading platform offering access to global markets and currencies via mobile and desktop platforms.
It takes pride in the fact that it has the lowest commission fees available in the market today. This makes them a relatively good option for beginner and seasoned traders alike who would like to expand their wealth.
The platform allows you to trade equities among Singapore, U.S., Hong Kong, Australia, Canada stock markets. Some financial products that you can trade include stocks, ETFs, futures, options, mutual funds, REITs, warrants, and CBBCs.
On top of this, it features a bunch of features including real-time stock quotes, transferring funds, financial information on company stocks, global news, and more.
To understand all of this better, we’ll dive right into the most important considerations when looking for a trading platform and how Tiger Brokers fits into that.
Low commission fees
Low commission fees is an important consideration for beginner traders since commission fees can take up a huge part of your trading profits if not careful.
Thankfully, this won’t be much of a problem with Tiger Brokers, considering that they truly have one of the lowest commission fees around.
For instance, commission fees for US stocks is set at $0.005 per share. This is considerably low compared to other platforms like POEMS for instance, where the commission fee is currently set at $25 per online trade.
It’s just a bummer that platform fees also take up part of your profits, which varies per market. In other words, you have to cover both platform and commission fees when making trades.
We argue that a clean and easy-to-use user interface is one of the first things that beginners should consider when looking for a trading platform. This will make adapting much easier and faster until you can transition to more advanced tools.
We’re glad to see how easy it is to navigate through the platform, which beginners will surely appreciate. On top of that, it’s also available in iOS and Android mobile platforms, allowing you to trade on the go.
Good customer service
Like most things, it’s incredibly important to have a good customer service team ready to help you with technical issues. And because there’s money involved, you’ll want to make sure that your hard-earned savings and profits won’t go to waste.
As for Tiger Brokers, we noticed that it can be a hit or miss.
In some cases, their customer service team can help you resolve issues within minutes. Sometimes, it can take longer than usual.
The lack of customer support during weekends can be a major drawback for some, especially if you have urgent questions on your trades and holdings. So that’s something to consider before creating an account.