facebookShould I use one main brokerage or multiple brokerage (Eg. Tiger only vs tiger and Moomoo)? - Seedly

Should I use one main brokerage or multiple brokerage (Eg. Tiger only vs tiger and Moomoo)?

Also if using more than one brokerage do I use each brokerage to hold different stocks or all the same stocks?

Discussion (2)

What are your thoughts?

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Updated May 2022

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I would recommend opening multiple brokerage accounts in the event that some brokerages implement restrictions as seen using the week of GME short squeeze. I personally experienced that and had to scramble to open and fund a new account in order to manage my positions.

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thefrugalstudent

21 Apr 2021

Founder at thefrugalstudent.com

Hi Yusei,

I don't really see a strong need to use multiple brokers unless they give you access to different stock exchanges (ie Tiger for US, SC Online for LSE) or you are particularly concerned about brokerage risk.

For Tiger and Moomoo, Tiger has access to more countries (AU) and their fees are fairly similar. In that regard, if you already have holdings in 1 broker, I'd say it'll be fine to just stick with that broker. I think it's better to keep it simple by consolidating your investments as much as possible!

Hope this helps & all the best!

Regards,

thefrugalstudent

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