In this video, I’ll compare the 3 low cost trading apps: Tiger Brokers, moomoo and Interactive Brokers to find out which is the best broker to use, eg fees, security, customer support, sign up promotion, stability etc. Then I’ll mention what I like about each of these brokers, and give you a quick summary as to which you should use.
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0:00 – Intro
1:05 – Fees comparison
SG market, Moomoo has the lowest fees at 0.03% of transaction amount, minimum SGD 2.49. US market, IBKR is the cheapest at USD 0.0035 per share, with minimum USD 0.35. For HK, it depends on your transaction amount.
For option fees, IBKR wins with USD 0.25 – 0.65 per contract and minimum USD 1.
For currency conversion, Moomoo and Tiger Brokers do not charge any fee. But IBKR gave the best exchange rate. So if you are exchanging a large amount, IBKR will win. For a small amount, Tiger Brokers wins.
Moomoo has unlimited free trades within 180 days of account opening. Tiger Brokers gives 60 free trades within 180 days of account opening, while IBKR doesn’t have anything.
2:40 – Security
IBKR has the longest history at 43 years old, have about UDS 9 billion in consolidated equity capital, regulated, and has SIPC insurance. Moomoo was started in 2018 by Futu Singapore Pte Ltd, a subsidiary of Futu Holdings Ltd, founded in Hong Kong in 2011. It’s backed by well known investors, regulated by MAS and has SIPC insurance. Tiger Brokers was founded in 2014, backed by IBKR, regulated by MAS and keeps assets with custodians.
4:24 – New users promotion
Moomoo and Tiger Brokers have user promotions upon signing up. While IBKR requires you to keep your money in the account for 1 year to qualify for the reward.
6:05 – Customer support
Moomoo’s customer support is the best, while IBKR and Tiger Brokers customer support reportedly were hard to reach.
6:54 – Stability
Tiger Brokers and Moomoo don’t have any issues. I felt IBKR’s website is quite buggy, but their mobile app is quite stable.
7:46 – Option trading
IBKR supports all the complex option strategies. Tiger Brokers only supports cash covered put. Moomoo supports cash covered put by default, if you want to enable covered call, you can contact their customer support.
8:39 – What I like about each platforms
IBKR has access to lots of markets, have a lot of order types and supports fractional shares.
Tiger Brokers and Moomoo show you live prices, have level 2 market data for US stocks, and have community feature. They also have on going events and free gifts.
12:23 – Which platform to use?
If you need access to London Stock Exchange and the lowest fees, use IBKR.
If you like free stuff, and enjoy the community feature, Tiger Brokers and Moomoo are just as good.