As for creating an account with tiger brokers ,you can refer to here!
In this learning/trading investing post,i am going to show how to
fund your tiger brokers account!
For Singaporean investors, we would just simply do a bank transfer
to the tiger broker account number
So,why choose tiger brokers as a brokerage?
Pros
- Good customer service, when my account wasn't funded after about an hour, I give tiger brokers a call and my account fund was immediately updated after 5min.
- Tiger is probably the cheapest brokerage available for Singaporean resident out there to invest in SG stock(refer to fees table below)
- Unlike interactive broker, it does not have a monthly activity fees of $10
- New broker,may not be reputable and established as existing Singaporean brokers such as dbs vickers
- Must transfer money to your custodian bank account assign to you and they will update your account balance(Updating of balance in the account generally takes from 30 min to an hour not immediately
- For purchasing of US share,Interactive brokers commission is still cheaper and TD Ameritrade commission is free
Onto the step by step guide on how to fund your brokerage account for tiger brokers!
1) Transfer money into your tiger brokers Account
How much to transfer?
Well, it depends on how much your budget to purchase those stock and whether you have enough in your bank
Currently, the Brokerage charges for tiger broker(Singapore market) are as follows:
Source:Tiger Brokers Singapore
And as for US market:
Source:Tiger Brokers Singapore
Hence, the minimum amount one should invest to maximize
the brokerage fee is actually any amount they wish to invest or trade in stock (with 0.08% commission, it
allow you to dollar cost average into Singapore stock, e.g. DBS)
***Note: You can invest in any amount you like, in my
personal case I use either $3000 or $5000 or $7000
So you have decided the
amount? What's next?
Transfer the money, of
course!
2)Transfer your money to
fund your tiger brokerage account
Log in to your tiger
broker account. Tap on me(White circle),then tap on Account Summary(orange
circle)
Source:Tiger Brokers Singapore
Tap on fund deposit
Source:Tiger Brokers Singapore
You will be brought to
this page,tap on Deposit with SGD
Source:Tiger Brokers Singapore
Tap on Singapore Bank Accounts
Source:Tiger Brokers Singapore
You will be brought to this page, scroll down and select the bank you wish to transfer the money from (in my case, I select DBS bank)
Source:Tiger Brokers Singapore
Tap on View Payment Information
Source:Tiger Brokers Singapore
Then tap on View Wire Transfer operation example
Source:Tiger Brokers Singapore
Log in to your DBS I banking account and select transfer money
Source:Tiger Brokers Singapore
Tap on one time transfer and tap on transfer to other DBS /POSB
Source:Tiger Brokers Singapore
Enter Recipent name and Enter Account No and Tap Next(The beneficiary name and The bank account number ,you have previously copy)
Source:Tiger Brokers Singapore
If the recipient name is more than 20 char, just leave it as tiger brokers sg
Enter the amount you wish to transfer (E.g. $0.01) and then tap next.
Source:Tiger Brokers Singapore
Then screenshot the page below to provide as proof of deposit
Source:Tiger Brokers Singapore
Go back to tiger brokers app and tap on "funds remitted, inform tiger to check"
Source:Tiger Brokers Singapore
Select the remittance currency, enter the remittance amount and the remittance bank account number that you have used to transfer. Scroll down and tap on upload pictures. After that,Tap on Submit Deposit Notification.
Source:Tiger Brokers Singapore
And you are done! Do
follow up with the customer service if your account is not funded within the
next 1hr
Hope this guide helps!