My beginner's guide to setting up Tiger Brokers

I've been seeing a number of articles recommending Tiger Brokers the past 2 months. I'm not investment savvy, but I don't want to miss out a good deal given that there's a National day promo going on. 

I only set up my account yesterday night and could start trading today. However, despite the fast speed, I must say it got really confusing at the start.

Hence, here's my attempt to create a beginner's guide to setting up your Tiger Brokers based on my experience.

Steps via mix of desktop + mobile version (my method)

Using desktop for online account opening

1. I first signed up for my account on the desktop using a referral link (click here for mine or key in my code SBSL8) as I find it easier to type on my computer. Btw, you can use your mobile throughout. This is just my method :) 

Using the referral link, you will get the rewards shown in the picture above, especially the stock voucher to offset your stock purchases. For info, I've gotten $70 voucher as I deposited $10,001 (read more at step 3 and 6)

Using App for subsequent set-up

2. Upon setting up my online account, I moved on to download the Tiger Broker app. From there, login to your account and continue your set-up via app.

Watch this video on setting up your account. I signed up via Singpass so there's less steps to follow than shown in the video

3. Once you have set up, it's time to deposit funds. I used my DBS ibanking app and it worked smoothly. You will need to transfer an amount you wish (I top-up $10,001 to enjoy $70 stock voucher) to the stated Tiger Brokers DBS account. This video guided me well. Do remember to screenshot the transaction and upload it!

My experience - although the video showed the instructions in English, what I saw were Chinese instructions. I was still able to make my payment, but I was initially worried if I'd gone to the wrong page.

4. After worrying for a few minutes minute, upon transferring my $10,001 and informing Tiger of my payment, I received this sms:

Dear Customer,We have received your funds and activated the Trading Account . You may start trading on the Tiger Trade platform.Thank you for choosing Tiger Brokers.

Wah, that was fast.. 

5. This was where I received a notification about the $70 stock voucher deposited. That was fast too! I understand that I will receive the amount into my account within 10 days of my first purchase.

<updated stock voucher rewards on 30 Sep 2020>

Withdrawal of cash

6. Because I'm not a very trusting person and I was curious how the withdrawal of money works, I immediately withdraw $5k to test the system. And it turns out, the cash transaction was nearly instantaneous! 

Here's how:

• Head to "Account Summary" after you click "Me" at the right bottom of the app. 
• Click on "Withdrawal"
• You will be prompted to enter the details for the Receiving Bank Account
• For Withdrawal reason , I indicated "experience the withdrawal process". I was rather bemused by that 😅

For first time withdrawal, I had to send an email to Tiger Brokers giving proof via a Statement of Account of my receiving bank account (I used DBS). I thought I had to wait some time before my $5k was cashed out after my email, but I was really surprised that the money came in within 10 minutes.

Here's the tip - if I had known the withdrawal process was this fast, I would have topped up $30,001 to get the $100 stock voucher! Do note that the stock voucher is only given for the FIRST top-up. 

So if you want to maximise your reward, you may consider topping up $30,001 and withdraw it thereafter!

I've also downloaded the PC/MAC version of Tiger Brokers here to play around both app and desktop version. 

If this guide helped you, kindly use my referral link, code (SBSL8) or scan the QR code to sign up😊

I'll be sharing about my trading experiences next!