Tiger Brokers has launched its 8.0 mobile app as part of its 8th anniversary celebrations.
Launched on July 1, the new app features a brand-new look with customisable features, and the brokerage hopes to promote investor education through its livestreamed series — Tiger Live.
The Tiger Brokers app has been improved with the user in mind, highlighting popular features like the news module, says Eng Thiam Choon, CEO of Tiger Brokers (Singapore). “Building our Tiger Brokers community and equipping them with the necessary tools and education to make better informed investment decisions will continue to be key for us going forward.”
According to the company, it now takes fewer steps for users to access core features. The brand-new homepage also allows users to view nearly all the app’s features on just one page.
Customers can also rearrange the app’s functions and prioritise features most important to them. Says Eng: “We have made a round of changes to the UX and UI design features on the 8.0 app which all have the user in mind. These allow our customers to focus on the features that matter most to them.”
The new look comes as the brokerage’s user count jumps 87.1% y-o-y. Tiger Brokers (also known as UP Fintech Holding) reached nearly 1.9 million account holders in the 1QFY2022 ended March.
The company, which released its quarterly results on June 10, also saw 30,150 newly funded accounts in the 1QFY2022. This brings the company’s total number of funded accounts to 703,500.
“We are pleased with the increase in the number of funded accounts reported at our 1QFY2022 results and we continue to see solid demand for our product despite an increasingly crowded market,” says Eng. “We remain committed to Tiger Brokers’ market expansion and growing our user base both internationally and in Singapore.”
Tiger Brokers is “strongly committed” to listening to its customers, says Eng, and the team will continue to develop its platform to accommodate changing needs. “Through our leadership in innovation, we are able to quickly adapt and improve our product offerings as well as evolve our platform in order to improve the day-to-day experience for our users. The changes we have made for the 8.0 app are a reflection of this continued commitment.”
To meet the needs of its most invested users, Tiger Brokers (Singapore) launched the Tiger Prestige Club in June with an intimate gala dinner at the Andaz Hotel. Membership to the club is by invitation only.
According to the company, Tiger Prestige members enjoy dedicated account support and networking opportunities at private events. “Even in the digital age, customers still value relationships and face-to-face interaction. Tiger Brokers (Singapore) wants to reward and retain its most loyal customers by providing them with curated information and lifestyle opportunities.”
Low fees, even zero commissions
Tiger Brokers (Singapore) announced on April 8 the launch of its inaugural “lifetime zero commissions campaign”, applicable to unlimited trades of US stocks. This offer has been extended to Singapore and Hong Kong stocks, as well as China A-shares.
For trading of US stocks and ETFs, the brokerage typically charges 0.5 US cents per share as commission, with a minimum of 99 US cents per order. There are also platform fees and a settlement fee capped at 7% of the trade value that will be charged by Tiger Brokers, along with US Securities and Exchange Commission fees and trading activity fees charged by other parties.
To remove commissions on US trades, users must refer one new user who deposits at least $100 into their own account. The first 10 referrals will also earn the user one GoPro share each, and Tiger Brokers (Singapore) will reward the user with $10 vouchers for each successful referral, with no limit.
This comes amid strong interest in US names among Tiger Brokers’ users — the annual growth rate for US-listed stocks stands at 250% over the past two years and some 87% of users on Tiger Brokers (Singapore) are invested in US securities.
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“Be it lower rates or zero commissions, Tiger Brokers continues to democratise access to investing through our use of technology to generate better value that we can pass on to customers,” says the company.
Apart from the New York Stock Exchange and NASDAQ, Tiger Trade lets users access four other global bourses; namely, the Singapore Exchange, the Stock Exchange of Hong Kong, the Shanghai/Shenzhen-Hong Kong Stock Connect and the Australian Securities Exchange.
Since its launch in February 2020, Tiger Brokers (Singapore) has targeted young retail investors. Generation Z investors, or those born between 1996 and 2010, account for 28% of Tiger Brokers (Singapore)’s customer base.
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