Moomoo vs Tiger Brokers— Which one is the better option?

Established in 2018 and 2014 respectively, Moomoo and Tiger Brokers are two of the most affordable and popular online brokerages for Singapore investors.

This article overviews the differences between the brokerages to help you decide which one is better for you.

Markets Offered by Moomoo vs Tiger Brokers

Both Moomoo and Tiger Brokers allow users to trade in the Singapore Exchange (SGX), the Hong Kong Exchange (HKEX), the US stock market (New York Stock Exchange, Nasdaq Stock Market, American Stock Exchange), and the Chinese stock market (Shanghai Stock Exchange).

Tiger Brokers, however, also offers trading on the Australian Exchange (ASX) and London Stock Exchange (LSE). While Moomoo announced on March 11, 2022 that it has officially entered the Australian market to provide premium fintech services to Australian investors, Moomoo is yet to add ASX as a tradable market.

Snapshot

Moomoo— Singapore, Hong Kong, USA, China

Tiger Brokers— Singapore, Hong Kong, USA, China, Australia, United Kingdom

Main takeaways

Tiger Brokers offers a wider range of markets than Moomoo.

Which one is better?

Tiger Brokers may be a better option than Moomoo for investors who are after a more globally diversified investment portfolio. It offers investors the convenience of being able to dip into 6 global markets from a single online account.

Tradable Asset Classes Offered by Moomoo vs Tiger Brokers

Moomoo users can buy and sell stocks, exchange-traded funds (ETFs), China A-shares, real estate investment trusts (REITs) in the Singapore market, American depositary receipts (ADRs), and US options. Hong Kong warrants and callable bull/bear contracts (CBBCs) are available, as are American and Singaporean futures.

Tiger Brokers offers a slightly wider range of investment products than Moomoo. These include long or short stocks for all markets, ETFs (US market), China A-shares, REITs (US market), CBBCs in the Hong Kong market, futures (index, metal, forex, equity, treasury, energy, agriculture, and Bitcoin), and options in the US market. Tiger Brokers also has a Fund Mall that offers investors a variety of mutual funds to purchase.

Snapshot

Moomoo— stocks, ETFs, REITs, ADRs, CBBCs, futures, options

Tiger Brokers— stocks, ETFs, REITs, ADRs, CBBCs, futures, options, mutual funds

Main takeaways

Tiger Brokers offers a wider range of asset classes than Moomoo.

Which one is better?

Seasoned investors may have clear preferences when it comes to the types of tradable products they wish to purchase.

New investors, however, may lack the background knowledge and expertise to target a specific type of asset, and at the end of the day, particular assets like ETFs and mutual funds do not differ greatly from one another.

If you are a new investor, opting for a more basic investment asset such as an ETF and calling it a day is likely to be the most straightforward strategy.

On the other hand, if you are more advanced and want to spread your investments across a diverse range of assets then Tiger Brokers would be the better option as it allows you to diversify your investment portfolios instantly with mutual funds.

Commissions and Fees Charged by Moomoo vs Tiger Brokers

In general, both Moomoo and Tiger Brokers offer very competitive transaction fees compared to other online brokers.

Both Moomoo and Tiger Brokers charge a trading commission fee— charged any time you trade on the platforms i.e. buy or sell a tradable product. Both brokers also charge a platform fee— a fee for using their service.

The fees vary depending on the specific market and type of product traded.

The brokers do not charge withdrawal fees, account maintenance, or inactivity fees.

US market Stocks and ETFs Fees Moomoo vs Tiger Brokers

Snapshot

Moomoo— at a minimum you will incur USD 1.99 per trade.

Tiger Brokers— at a minimum you will incur USD 1.99 per trade.

Main takeaways

For trades on the US stock market, Moomoo and Tiger Brokers fees add up to the same minimum price.

Which one is better?

If you are planning to conduct most of your trades on the US stock market, then Moomoo and Tiger Brokers prices are comparable, with Moomoo being slightly cheaper on small trades and Tiger Brokers being cheaper on large trades due to their maximum fees.

However, if you’re thinking of investing in the US markets, we recommend Syfe Trade as they offer free monthly trades and only US$1.49 per trade thereafter.

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Hong Kong and Chinese Market Stock Fees Moomoo vs Tiger Brokers

Snapshot

Moomoo— at a minimum you will incur HKD/CHN 18.00 per trade.

Tiger Brokers— at a minimum you will incur HKD/CHN 15.00 per trade.

Main takeaways

For trades on the Hong Kong and Chinese stock market, Tiger Brokers offers cheaper trade fees than Moomoo.

Which one is better?

If you are planning to conduct most of your trades on the Hong Kong or Chinese stock market, then Tiger Brokers may be a better option for you.

Singapore Market Stocks, ETFs, and REITs Moomoo vs Tiger Brokers

Snapshot

Moomoo— at a minimum you will incur SGD 2.49 per trade.

Tiger Brokers— at a minimum you will incur SGD 2.88 per trade.

Main takeaways

For trades on the Singapore stock market, Moomoo offers cheaper trade fees than Tiger Brokers.

Which one is better?

If you are planning to conduct most of your trades on the Singapore stock market then Moomoo may be a better option for you.

Australian Market Stocks Tiger Brokers

Tiger Brokers offers Australian market assets. At a minimum, you will incur AUD 8.00 per trade.

Promotions and Extras Moomoo vs Tiger Brokers

Tiger Brokers also offers attractive sign-up promotions such as commission-free trades. Additionally, Tiger Brokers enrols investors in its Tiger Coin rewards program. Tiger Coins can be used to redeem rewards like free stock vouchers, commission-free trades and more, which can be used to offset commissions.

Moomoo offers new users the opportunity to win up to 5 free stocks worth between USD 3-3,500 each. It also offers commission-free trades.

That being said, the promotions offered by both platforms are always subject to change. It is therefore highly advised to check their official websites for the most up to date information before you sign-up.

Snapshot

Moomoo— Promotions are available and subject to change.

Tiger Brokers— Promotions are available and subject to change.

Main takeaways

Both Moomoo and Tiger Brokers may offer promotions.

Which one is better?

Promotions are of course temporary and should not be the main deciding factor for whether you choose Moomoo or Tiger Brokers. However, it can be a useful tiebreaker if you otherwise don’t have a strong preference between the two platforms.

Funding and Withdrawal Options Moomoo vs Tiger Brokers

The funding and withdrawal options for both Moomoo and Tiger Brokers are similar. Sign-up is fast and easy.

Neither platform requires a minimum deposit amount to get started or a minimum balance that needs to be maintained to remain active on the platform. However, both platforms will require you to deposit into your account before you can begin making trading transactions.

Both Moomoo and Tiger Brokers offer funds deposits with Fast And Secure Transfers (FAST), an electronic funds transfer service that allows users to transfer SGD from one Singaporean bank to another.

In addition, both platforms offer the option of setting up direct deposit payments if you have an account with DBS or POSB Bank. With this option, funds usually arrive in the broker account within minutes.

My experience with Moomoo is that it arrived within 15 minutes while Tiger Brokers took around an hour or two.

However, this wasn’t done on the same day and timing, and it was only a large single deposit. So actual time may vary.

Wire transfer from a personal bank account is also possible with both Moomoo and Tiger Brokers. Each platform provides detailed instructions on how to fill out the payment reference form correctly. It may take up to 1-3 days for the funds to arrive in the broker account.

If you are based in another country and do not have a Singapore bank account, you can link your Moomoo or Tiger Brokers account to the money transfer app Wise to make a deposit.

For both platforms, it will take a few days for funds to show up in your bank after withdrawing, and both provide free withdrawals.

Snapshot

Moomoo— FAST, DBS and POSB Bank, Wise

Tiger Brokers— FAST, DBS and POSB Bank, Wise

Main takeaways

Both Moomoo and Tiger Brokers offer a wide range of deposit and withdrawal options. The time it takes to process deposits and withdrawals is the same for both platforms.

Which one is better?

Tiger Brokers and Moomoo payment options are virtually the same.

Safety Moomoo vs Tiger Brokers

Tiger Brokers and Moomoo both offer a high level of security for your assets. Tiger Brokers is registered with several US financial security corporations including the Financial Industry Regulatory Authority (FINRA), the Depository Trust Company (DTC), the US Securities and Exchange Commission (SEC), and the Securities Investor Protection Corporation (SIPC).

Tiger Brokers is also licensed under the Monetary Authority of Singapore (MAS) and Hong Kong Securities and Futures Commission.

FUTU Inc, the incorporation that runs Moomoo is registered with SIPC (with up to USD 500,000 in compensation available for investors in the case of financial failure) and FINRA. FUTU Inc. is also licensed under the MAS.

Both Moomoo and Tiger Brokers segregate their client’s assets from their own capital by housing client capital in custodian accounts. Assets are subject to periodical strict regulatory review to ensure they comply with anti-risk regulatory requirements.

Currently, DBS Bank is the custodian for Tiger Brokers. Unfortunately, FUTU Inc. does not disclose who its custodians are.

Both Moomoo and Tiger Brokers send users notifications after every account transaction. With Tiger Brokers, users can sign-up for 2-step authentication. This requires users to input a temporary password that was emailed or texted to them, in addition to their regular password.

Snapshot

Moomoo— SIPC, FINRA, Capital Markets Licence, assets stored in custody accounts.

Tiger Brokers— SIPC, FINRA, SEC, DTC, Capital Markets Licence, assets stored in custody accounts.

Main takeaways

Both offer a high level of security for your assets, but Tiger Brokers offers more transparency.

Which one is better?

If you value a high level of transparency regarding where your assets are being held, Tiger Brokers is a better option for you than Moomoo.

Tiger Brokers has been around longer than Moomoo and supports a user base of over 1.7 million account holders. This may make it a better option for investors that prefer to invest with larger and more established brokers.

Moomoo is backed by FUTU Holdings, whose largest investor is Tencent, while Tiger Brokers is backed by Interactive Brokers.

However, both are equally safe as both are licensed by the MAS (which is the main safety factor you should consider).

Also worth noting, both started operations in Singapore around the same time, with Moomoo being slightly newer.

Usability of Platforms Moomoo vs Tiger Brokers

Both platforms offer user-friendly and customisable app interfaces with several sophisticated features like one-click trading, stock options trading, and in-depth analytics to help users make informed trading decisions.

Both apps include a watchlist, prime account page, and stock information page. In addition, Tiger Brokers provides news, discovery, and free real-time New York Stock Exchange market data page. Moomoo also provides a paper trading, charting technical indicator, and free real-time Nasdaq Stock Market data page.

Both Moomoo and Tiger Broker offer their apps on desktop and Android or IOS. Design characteristics such as the general layout, content and colour schemes are similar between the two apps.

Main takeaways

Both Moomoo and Tiger Brokers offer user-friendly and resourceful apps.

Which one is better?

Because Moomoo and Tiger Brokers have similar platform interfaces. If you are a new investor, chances are you won’t use any of the more advanced features until you gain more investing experience anyways.

Customer Support Moomoo vs Tiger Brokers

Tiger Brokers offers customer service on Telegram, email, Facebook, live chat on the app and phone. Customer support is available weekdays from 9am to 5pm AEST.

Tiger Brokers, however, has received mixed reviews about the timeliness and effectiveness of customer support.

Moomoo offers email and social media customer support, these have received positive ratings and users have noted that customer service usually responds within one day. On trading days, 24-hour support is available. The downside is Moomoo does not offer phone support.

Snapshot

Moomoo— social media and email only.

Tiger Brokers— social media, email, phone, live chat and more.

Main takeaways

Tiger Brokers offers a much wider variety of customer support options than Moomoo.

Which one is better?

If you prefer to interact with a human over the phone or expect immediate replies to your customer request queries, then you are likely to find Tiger Broker’s customer service experience more pleasant.

However, we prefer better quality support over more support channels, so we believe Moomoo wins here.

Conclusion

Personally, we prefer Moomoo as we only do basic trading on stocks and ETFs, and trade mainly in the US and Singapore markets (with the occasional Chinese markets).

We also prefer the quality of support, especially when it’s our hard-earnt money on the line.

Nevertheless, we have both accounts on both Moomoo and Tiger Brokers.

Why?

Because both have their strengths and weaknesses.

We make trades on different platforms based on which is cheaper and keep the stocks in the respective accounts.

Also, as all brokerage accounts are exposed to risks despite being regulated, we prefer to keep our money on different platforms just for peace of mind.

Yes, both are insured, but having them separated means you have liquidity from part of your assets should one broker go bust.

I hope this comparison has helped you in deciding which broker is better for you!

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