Is it worth shifting over to Moomoo from Tiger Brokers?

Saw that Moomoo has quite a few rewards for new sign up, like no commission fees for a year, which sounds very tempting. Wondering if it's worth shifting over? Or to have two separate brokerages? Side note, wondering if Moomoo is sustainable though... I know they are from Futu and backed by Tencent, but still no commissions for a whole year???

Tiger Brokers Moomoo Singapore

Discussion (21)

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11 May 2021

Hi, does buying SG Stocks from different brokerages ie. Poems/ Tiger or Moomoo be compiled and reflected on monthly SGX statement?

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Nicholas Beh

15 Mar 2021

Student Ambassador 2020/21 at Seedly

You can give Moomoo a shot! Their current promotion only requires you to deposit $2,700 to receive 3 months of commission-free trading, 1 free AAPL share and $30 in cash credit. You can withdraw the amount deposited once the share is credited.

However, it is to be noted that Moomoo still charges platform fees for your transactions. This is in constrast to true commission-free trading platforms like TD Ameritrade, which do not charge any platform fee as well. In selling my free AAPL share, I incurred the following charges:

Platform Usage Fee: 1.00 USD
SEC Fee: 0.01 USD
Trading Activity Fee: 0.01USD
GST: 0.07 USD
Total: 1.09 USD

Both Tiger and Moomoo use DBS so if you have a DBS MCA, you can move SGD, USD and HKD easily without fees between Tiger and Moomoo.

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Billy

13 Mar 2021

Development & Acquisitions Manager at Real Estate Private Equity

You may see the below comparisons for a USD1,000 trade:

Based on the current promo, you can save 50% in commissions if you trade via Moomoo. That is on top of a 30SGD cash voucher and free apple stock you would receive. But after adding in commissions of USD0.99 (should your free commission be up), it'll likely be on-par with Tiger in terms of commission costs.

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Thomas (My 15HWW)

12 Mar 2021

Blogger at my15hourworkweek.com

You can always sign up for both to try it out. Maybe make smaller trades (USD500 etc) on bothand see which platform you prefer. Then maybe just stick to one in the long term and use the other as a back-up?

Both are giving pretty attractive bundles, especially moomoo.
I have just written a comprehensive blog post on Moomoo (by Futu) so do check it out.

https://seedly.sg/opinions/9-reasons-to-sign-up...

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