Moomoo vs Tiger Brokers: Which is the Better Broker?

Priscilla Lee
Updated:

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:

  1. Reliability and safety
  2. Ease of use
  3. User experience
  4. Fees and commissions
  5. Market access and real-time data
  6. Promotions and other incentives
  7. 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.

BrokerMoomooTiger
MAS-regulatedYesYes
Stock holding typeCustodian modelCustodian model
SIPC memberYesYes
Partners
(Est. Net Worth)
  • Tencent Holdings (US$773.8B)
  • Sequoia Capital (over US$100B)
  • Matrix Partners (unknown)
  • Xiaomi (US$84.5B)
  • ZhenFund (unknown)
  • Interactive Brokers (US$27.6B)
  • Jim Rogers (US$320M)

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.

MoomooTiger Brokers
Minimum Age18 and above18 and above
RegistrationSingpass MyInfo or manual submissionSingpass MyInfo or manual submission
Trading PlatformsDesktop and mobile appDesktop and mobile app
Operating SystemAndroid and iOSAndroid and iOS
Account Opening FeeNoneNone
Funding MethodsDirect Debit Authorisation (DDA)
Bank transfers
Wise transfers
Direct Debit Authorisation (DDA)
Bank transfers
Wise transfers
Customer ServicePhone support
Email support
Live chat
Phone support
Email support
Live chat
Real-time DataLevel 2 market data with Bid/Ask pricesLevel 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:

BrokerProsCons
Moomoo
  • Good interface with lots of analytical tools
  • Informative and trade execution is fast
  • Annoying 3-second ads in the app
  • Interface is cluttered with information
  • Applicable fees are not shown immediately but the next day
Tiger Brokers
  • Allows short-selling of more stocks than Moomoo
  • Good rewards and promotions
  • Good app for trading on the go with deposit and withdrawal functions made easy
  • App becomes slow to respond when there are many stocks in the watchlist
  • New version of app is slow to load
  • Long wait for fund withdrawals
  • Slow customer support

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

MarketProductMoomooTiger BrokersWho 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 StocksCommission



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-SharesCommission



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

BrokerCurrenciesInterest Rates (per annum)
MoomooSGD
USD
HKD
CNH
4.8%
4.8%
6.8%
6.8%
Tiger BrokersSGD
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%
* Accurate as of 26 March 2022

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

BrokerMoomooTiger
Minimum account feeNoneNone
Account opening feeNoneNone
Inactivity feeNoneNone
Deposit feeNoneNone
Withdrawal feeNoneNone

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

BrokerMarketsProducts
MoomooSingapore
Hong Kong
China
USA
Stocks, ETFs, REITs, Futures
Stocks, ETFs, Warrants, CBBCs
A-shares
Stocks, ETFs, Options, Futures
Tiger BrokersSingapore
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

BrokerMoomooTiger
Account opening gift
  • Level 2 Market Data for the US stock market
  • Level 1 Market Data for the SG stock market
  • Level 1 Market Data for the China A-Shares market
Free SoFi Share
Registration gift180 days unlimited commission-free trading for the US, HK & SG stock market
  • 100 Tiger Coins
  • 60 Commission-Free Trades in 365 Days (Applicable for U.S. stocks, H.K. stocks, Singapore stocks and Australian stocks)
  • 5 Commission-Free Trades for Futures in 30 Days
  • 30 days free Reuters market research videos
  • S$5 stock voucher
  • NYSE AcraBook for real-time market data
First deposit rewardDeposit S$2,700 for at least 30 days:
  • Free SE.US (Shopee) Share
  • Cashback (worth S$30)
  • Level 2 Real-time market data
  • (Valid until 13 April 2022)
Deposit S$2,000:
  • Chance to win one free Tesla Share
  • A Tiger Gift Box for first 30 customers from 24 Feb 2022
Referral perks One free NIO share for every successful referral until 31 March 2022
  • One free GoPro share per successful referral
  • Chance to win free Tesla & Apple shares for every 2 friends referred
  • Receive SG$10 stock voucher for each referee who deposits at least S$100
OthersNone
  • Chance to earn Tiger Coins to redeem rewards such as stock vouchers
  • Free commission when you trade selected futures for the month

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