Tiger Brokers introduces ‘’lifetime’ no-fee trading to customers in Singapore

abdelaziz Fathi

Commission-free trading appears to be the trend that isn’t going away, and Tiger Brokers (Singapore) is the latest company to join the race to the bottom. To stay competitive, the Xiaomi-backed online trading platform is ‘permanently’ slashing its brokerage fees on US stocks to zero.

Tiger Brokers

Tiger Brokers said in a corporate statement that it’s rolling out an “inaugural lifetime zero commissions campaign for unlimited trades” on US stocks. Citing its own data, the brokerage reveals that the average daily trading value of US Securities amounted to $102 million per day on its platform.

Since launch in February 2020, the platform has hit several milestones, having onboarded the SGX and then the Australian Securities Exchange last year. With an annual growth rate of 250% and trading volumes of more than $404.3 billion as of December 2021, the online trading platform currently has over 1.8 million customers.

Tiger Brokers, which is backed by Interactive Brokers, Chinese tech giant Xiaomi and renowned investor Jim Rogers, also noticed that 87% of its customer base are active traders of US stocks. Overall, its Q4 volumes registered the third consecutive quarter of over 100% year-over-year growth in funded accounts in Singapore.

The zero-fee craze continues

By offering free trades on its platforms, the NASDAQ-listed firm says its clients can better capitalise on small price movements in the market and unlock cost savings with more efficient trading.

Eng Thiam Choon, CEO of Tiger Brokers (Singapore) said: “Approximately 87% of our account holders currently trade US securities, and we have been seeing increased investor interest in US markets amid increased volatility globally. Through this campaign, we hope to lower the barriers to investing and make it easier and more efficient for Singapore investors to access global markets through our platform.”

In addition to the SGX, Tiger Brokers offers investors access to five other global exchanges: The New York Stock Exchange, NASDAQ, the Hong Kong Exchange, the Shanghai/Shenzhen-Hong Kong Stock Connect and the Australian Securities Exchange.

Although whether the brokers’ offering was actually free is less straight forward than it sounds, but most retail apps and platforms have caught up with a wave of fee-eliminating announcements over the past two years. However, the stock-trading business model of those financial giants resembles Robinhood’s model, which makes money from interest on customer accounts, securities lending, and a small amount from payment for order flow.

 

Read this next

Industry News

Limitless Opportunities Await at iFX EXPO International 2024!

The countdown is on until iFX EXPO International 2024 officially gets underway. Explore the wealth of networking opportunities and business potential on offer in Limassol, Cyprus.

Market News

Elon Musk Drives NVDA Price to a New High

On Tuesday, Nvidia’s stock price hit an all-time high, exceeding $1,130, marking a nearly 7% rise from Monday’s closing price.

Retail FX

Cerus Markets launches MT5 with exclusive Crypto vs TradFi offering

“The introduction of MT5 is a significant milestone for Cerus Markets and our valued clients. We are constantly seeking ways to enrich our platform and empower our traders with more advanced tools and opportunities. MT5 aligns perfectly with our mission to bridge the gap between cryptocurrency and traditional financial markets.”

Fintech

Ouinex taps Netdania to build institutional-grade crypto trading platform

Ouinex intends to always bring the best of TradFi electronic trading infrastructure to Web3 including innovative universal cross-margining capabilities so that users can trade TradeFi instruments by using their crypto holdings as margin.

Retail FX

BDSwiss Elevates Traders’ Experience with Advanced Trading Tools

In the fast-paced world of financial markets, having access to advanced trading tools and educational resources is crucial for traders aiming to stay ahead of the curve.

Market News

Gold & Silver rally, made in China

Gold prices correlate with the US bond market, and the US Dollar influences the Gold/Silver ratio. Chinese market premiums for Gold and Silver suggest continued uptrends. Inflation-adjusted peaks indicate current prices are not overly expensive, implying potential for further gains.

Market News

Japan’s Monetary Policy and FX Intervention: Key Takeaways from the G20 Meeting

At the G20, BoJ President Kanda and Finance Minister Suzuki emphasized stable exchange rates and cautious FX intervention, signaling imminent action. Softer US inflation data and potential BoJ rate hikes are impacting USD/JPY

blockdag

Top 3 Cryptos of 2024: BlockDAG’s $1 Prediction, Immutable’s Remarkable Price Increase, and Solana’s Promising Future

Explore pivotal changes in the cryptocurrency market through our analysis of Solana, Immutable, and BlockDAG. Explore how BlockDAG raised $34.7M in its presale with advanced technologies.

Fintech

UK bank Kroo bans crypto transactions, warns account closure

London-based digital bank Kroo has imposed a ban on cryptocurrency transactions, another blow for crypto traders ‎who recently saw a sizable number of banks deciding not to ‎finance the wobbly asset class.‎

<