Are you looking for the next broker to invest with?
One option could be to invest with Tigerbrokers. This is a new brokerage platform that offers access to the ASX, US and HK markets. The currency conversion fees are built in when converting from AUS to US making it an easier step in the process. There are however some features that I would like to see rolled out which are discussed in the article. I note that this is not a promotion for Tigerbrokers rather a review of one of the options that are available to investors in the market.
This brokerage platforms has some pros and cons that I am going to review below:
Tigerbroker Pros:
- Worldwide investing platform
- $0 brokerage promotion investing in ASX, US and ETF’s (Read the T&C’s on the Tigerbrokers website)
- Stock vouchers available to refer friends
Tigerbroker Cons:
- More complex user interface
- Less features than bigger trading apps
- Trading commission and additional fees may apply after promotional period for new users
- Cannot buy fractional shares
I found the process to setup and activate an account relatively straight forward. I was initially concerned about security given that the platform was not as well known as some of the newer platforms. I was able to setup an account within the same day. The depositing of funds was a straight forward and quick process transferring from the bank to the prime account. One disadvantage I have found has been that you cannot buy fractional shares. This is an issue if you are wanting to buy shares on the ASX for a minimum parcel of below $500. One alternative to this is Superhero which I use to trade smaller parcels of shares. In comparison Superhero can have a $5 brokerage however it also allows you to trade in the market with smaller parcels. To find out more about Superhero see the comparison of brokers. Alternatively, you can head straight to the Superhero homepage if you are wanting further information.
Tigerbrokers Summary
This is a relatively new trading platform as it has been around since 2014 but only recently entered the Australian market. As it is a newer entrant to the market some of the features are still being rolled out. I would like to see the inclusion of fractional shares for greater flexibility in trading. Overall is another option for retail investors wanting to try investing in the different markets. If you would like to learn more about Tigerbrokers head over to the website. The Wage Investor refer a friend code is PWB2QM should you wish to earn a stock voucher. There are many different trading platforms that you can choose from with some of their competitors being Selfwealth, Superhero and Commsec to name a few. A comparison of these different brokers can be reviewed in the following article on online brokers. This is general and factual in nature and not to be considered as financial advice. Therefore if you are considering investing with a platform you should do your own research first.
