Established in 1992 and 2014 respectively, Saxo Bank (also known as Saxo) and Tiger Brokers are 2 of the best online brokerages in Singapore.
This article overviews the differences between the brokerages to help you decide which one is better for you.
Markets Offered by Saxo vs. Tiger Brokers
Both Saxo and Tiger Brokers allow users to trade in the following markets:
- Singapore Exchange (SGX)
- Hong Kong Exchange (HKEX)
- US stock market (New York Stock Exchange, Nasdaq Stock Market, American Stock Exchange)
- China stock market (Shanghai Stock Exchange)
- Australian Exchange (ASX)
- UK stock market (LSE)
Saxo however, offers a wide range of additional markets in 18 more countries. These include the following:
- Malaysian stock market (Bursa Malaysia)
- Swiss stock market (SWX)
- Japanese stock market
- Canadian market (Toronto Stock Exchange)
- BME Spanish exchanges
- Deutsche Börse (Frankfurt Stock Exchange, Germany)
- Milan stock exchange (Italy’s only stock exchange)
- NASDAQ Stockholm (Swedish exchange)
- NASDAQ Helsinki (Finnish exchange)
- NASDAQ Copenhagen (Danish exchange)
- Dutch exchange via Euronext
- Belgian exchange via Euronext
- Portugal exchange via Euronext
- French exchange via Euronext
- Irish exchange via Euronext
- Prague stock exchange
- Austrian exchange
- Polish exchange
- Johannesburg stock exchange (South Africa)
Snapshot
Saxo— Singapore, Hong Kong, USA, China, Australia, UK, Malaysia, Switzerland, Japan, Canada, Spain, Germany, Italy, Sweden, Finland, Denmark, Holland, Belgium, Portugal, France, Ireland, Czech Republic, Austria, Poland, South Africa
Tiger Brokers— Singapore, Hong Kong, USA, China, Australia, UK
Main takeaways
Saxo offers a much wider range of markets than Tiger Brokers.
Which one is better?
Saxo is a better option than Tiger Brokers for investors who are after a more globally diversified investment portfolio as it includes several additional markets like the Tokyo Stock Exchange, one of the world’s largest marketplaces for securities and featuring top companies like Honda, Toyota, and Sony.
Tradable Asset Classes Offered by Saxo vs Tiger Brokers
Saxo users can trade the following:
- Stocks
- Exchange-traded funds (ETFs)
- Government and corporate bonds
- Cryptocurrency
- Forex and forex options
- Listed options (across equities, energy, metals)
- Futures (equities, energy, metals, agriculture and more)
- Contract for Differences (CFDs)
- Mutual funds
- Managed portfolios
Tiger Brokers offers the following:
- Long or short stocks for all markets
- ETFs
- China A-shares
- Mutual funds
- Real estate investment trusts (REITs)
- Callable bull/bear contract (CBBCs)
- Futures (index, metal, forex, equity, treasury, energy, agriculture, and Bitcoin)
- Options
Snapshot
Saxo— stocks, ETFs, futures, options, crypto, mutual funds, CFDs, Forex, managed portfolios
Tiger Brokers— stocks, ETFs, REITs, ADRs, CBBCs, mutual funds, futures, options
Main takeaways
Saxo offers a wider range of asset classes than Tiger Brokers.
Which one is better?
If you are a new investor and you wish to opt for more basic investment assets such as ETFs, mutual funds, and shares then both Saxo or Tiger Brokers would have you covered.
If you are a seasoned investor, you may be interested in more complex high-risk but high-yielding products such as CFDs and cryptocurrency.
In this case Saxo may be a better fit for you as it offers a much wider range of investment products.
In fact, if cryptocurrency is what you’re looking for, perhaps using a cryptocurrency exchange would be better.
Commissions and Fees Charged by Saxo vs Tiger Brokers
In general, Tiger Brokers offers more competitive transaction fees compared to other online brokers.
Both Saxo 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.
That being said, Saxo’s pricing is a little more complex that Tiger Brokers. Saxo charges fees based on 3 pricing tiers.
When users first open an account with Saxo, they are placed into a tier based on their initial funding. After that, they are automatically moved to the tier that best reflects their trading volume.
Users with higher trading volumes move up to higher tiers and can enjoy cheaper commission and platform fees. The Saxo fees presented in this section are representative of the lowest and most expensive tier.
US market Stocks and ETFs Fees: Saxo vs Tiger Brokers
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Snapshot
Saxo— at a minimum you will incur USD 7.00 per trade.
Tiger Brokers— at a minimum you will incur USD 1.99 per trade.
Main takeaways
For trades on the US stock market, Tiger Brokers’ fees are significantly cheaper than those for Saxo— more than 50% cheaper to be precise.
Which one is better?
If you are planning to conduct most of your trades on the US stock market, then Tiger Brokers is by far the cheaper option.
But if you’re looking for the lowest fees (and free trades) in the US markets, Syfe Trade is your answer!
Hong Kong and Chinese Market Stock Fees: Saxo vs Tiger Brokers
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Snapshot
Saxo— at a minimum you will incur HKD 100.00 or CNH 40 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 much cheaper rates than Saxo
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: Saxo vs Tiger Brokers
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Snapshot
Saxo— at a minimum you will incur SGD 25.00 per trade.
Tiger Brokers— at a minimum you will incur SGD 2.88 per trade.
Main takeaways
For trades on the Singapore stock market, Tiger Brokers offers significantly cheaper trade fees than Saxo.
Which one is better?
If you are planning to conduct most of your trades on the Singapore stock market, then Tiger Brokers may be a better option for you.
Australian Market Stocks: Saxo vs Tiger Brokers
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Snapshot
Saxo— at a minimum you will incur AUD 8.00 per trade.
Tiger Brokers— at a minimum you will incur AUD 6.49 per trade.
Main takeaways
For trades on the Australian stock market, Tiger Brokers offers significantly cheaper trade fees than Saxo.
Which one is better?
If you are planning to conduct most of your trades on the Australian stock market, then Tiger Brokers may be a better option for you.
Promotions and Extras Saxo 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.
Saxo offers users the opportunity to take part in its referral program, participants can earn up to US$250 in cash.
Snapshot
Saxo— Promotions are available and subject to change.
Tiger Brokers— Promotions are available and subject to change.
Main takeaways
Both Saxo 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 Saxo or Tiger Brokers.
It is highly advised to check their official websites for the most up to date information before you sign-up.
Funding and Withdrawal Options Saxo vs Tiger Brokers
Sign-up is fast and easy for both Saxo and Tiger Brokers. However, Saxo requires a minimum deposit of up to US$2,000 to get started.
This amount is dependent on your country of residence.
Both platforms will require you to deposit into your account before you can begin making trading transactions, but they do not require a minimum sum to maintain an active account.
Both Saxo 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, Tiger Brokers offers the option of setting up direct deposit payments if you have an account with DBS Bank or POSB. With this option, funds usually arrive in your broker account within minutes.
Wire transfer from a personal bank account is also possible with both Saxo 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 your broker account.
If you are based in another country and do not have a Singapore bank account, you can link your broker account to the money transfer app Wise to make a deposit.
Saxo also offers (1) Funds transfer via card payment, (2) PayNow a service offered by participating banks that allows transfers of funds between Singapore banks using a mobile number, and (3) MEPS, a fast way to transfer funds between non-FAST participating banks in Singapore.
For both platforms, it will take a few days for funds to show up in your bank after withdrawing.
Snapshot
Saxo— FAST, Wire, Wise, Revolut, PayNow, MEPS, Credit/Debit Card
Tiger Brokers— FAST, Wire, Wise, DBS and POSB,
Main takeaways
Both Saxo 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?
If you like flexibility in transferring funds, Saxo is the superior option.
However, Tiger Brokers and Saxo payment options are very similar.
Why?
Most Singaporean banks allow for FAST and Wire transfers, and most Singaporeans have a DBS/POSB account.
So for the majority, this is pretty much all you need.
Safety and Custodians: Saxo vs Tiger Brokers
Tiger Brokers and Saxo 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 by the Monetary Authority of Singapore (MAS) and the Hong Kong Securities and Futures Commission.
Saxo Bank is a fully licensed European bank under the supervision of the Danish Financial Supervisory Authority (FSA). Saxo is also regulated under the Capital Markets Licence by MAS.
Both Saxo and Tiger Brokers segregate their client’s assets from their own capital by housing client capital in custodian accounts.
Saxo is a member of the Danish Guarantee Fund. In the event that Saxo Markets should suspend its payments or go into bankruptcy, client deposits are guaranteed by the fund with up to Euros 100,000.
Currently, third-party DBS Bank is the custodian for Tiger Brokers. Saxo Bank is the custodian for Saxo.
Snapshot
Saxo— Capital Markets Licence, assets stored in custodial accounts, Danish Guarantee Fund.
Tiger Brokers— SIPC, FINRA, SEC, DTC, Capital Markets Licence, assets stored in custodial accounts.
Main takeaways
Both offer a high level of security for your assets.
Which one is better?
Saxo has been around for 25+ years and has been available in Singapore since 2006, much longer than Tiger Brokers.
Saxo supports a user base of over 810,000 holders worldwide, holds over 95+ billion USD worth of client assets and executes an average of 188,000 trades daily. This may make it a better option for investors that prefer to invest with a more established broker.
However, both are Capital Markets License holders, which is the biggest factor for you to consider here.
Usability of Platforms: Saxo vs Tiger Brokers
Both platforms offer user-friendly and customisable app interfaces with several sophisticated features.
Saxo offers 3 different apps; SaxoInvestor for everyday investors, award-winning platform SaxoTraderGo for traders, and SaxoTraderPRO, a fully customisable and professional-grade platform for serious and seasoned traders.
The latter is available via app and desktop only while the first 2 are available on web browsers as well.
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.
Saxo platforms provide a most-traded page, technical analysis tools, extensive charting packages, and performance analyses.
Both Saxo and Tiger Broker offer their apps on desktops and Android or IOS.
Main takeaways
Both Saxo and Tiger Brokers offer user-friendly and resourceful apps. Saxo offers multiple apps to choose from.
Which one is better?
If you are a new investor, it is unlikely that you will use any of the advanced platform features until you gain more investing experience.
In this case, Saxo’s choice of different level platforms may not be beneficial for you.
If however, you are a seasoned investor and plan on utilising more complex insight tools, then Saxo may be the better option for you.
Customer Support: Saxo 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.
The responsiveness and effectiveness of customer service at Tiger Brokers, however, have received mixed reviews.
Saxo has an extremely informative suite of FAQ items on its official website. It also offers excellent customer service, supporting clients in more than 180 countries via phone or email.
Snapshot
Saxo— Phone and email only.
Tiger Brokers— social media, email, phone, live chat and more.
Main takeaways
Tiger Brokers offers a wider variety of customer support options than Saxo.
Which one is better?
If you prefer a variety of platforms on which to contact customer support, then you are likely to find Tiger Broker’s customer service experience more convenient.
Conclusion
So which is better?
This depends on your investment needs.
Want access to more asset classes and stock exchanges?
Go for Saxo Markets.
Want the cheapest fees?
Go for Tiger Brokers.
In fact, Tiger Brokers offers one of the lowest fees in the market.
We compare Tiger Brokers and moomoo here.
Personally, we prefer moomoo, but that’s because it meets our investment needs at the lowest prices.
We hope this comparison between Tiger Brokers and Saxo Markets helped you make a better decision!
