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Brokers / Tiger Brokers
BROKER RIGOR REPORT · VERIFIED 11 OCT 2026

Tiger Brokers: what the sources say

83
Evidence 88%

Key facts

The questions, with sources

QuestionWhat the sources saySource
Main entity
Tiger Brokers (Singapore) Pte. Ltd. (Reg. No. 201810449W) for Singapore clients; other entities per country, Singapore
Listed parent
yes: UP Fintech Holding Ltd (Nasdaq: TIGR)
Regulation
Major regulator. MAS (Singapore): Tiger Brokers (Singapore) Pte. Ltd., Capital Markets Services Licence, UEN 201810449W, per Tiger licence page; CMS licence received 2019-07-19 per company 6-K (https://ir.itigerup.com/node/6551/html). MAS Financial Institutions Directory entry not opened (search did not return it); SEC / FINRA / SIPC (United States): US Tiger Securities, Inc. (SEC 8-65324, FINRA CRD 120583, SIPC member); TradeUP Securities, Inc. (SEC 8-36754, FINRA CRD 18483, SIPC, DTC and NSCC member). BrokerCheck pages not opened; SFC (Hong Kong): Tiger Brokers (HK) Global Limited, CE No. BMU940, Types 1, 2, 4, 5, 9. Tiger's licence page links to the SFC register entry https://apps.sfc.hk/publicregWeb/corp/BMU940/details (link not opened); ASIC (Australia): Tiger Brokers (AU) Pty Limited, ABN 12 007 268 386, AFSL 300767; ASIC professional registers search page linked by Tiger, not opened; New Zealand (registration only) (New Zealand): Tiger Brokers (NZ) Limited (NZCN 5838590) and Tiger Fintech (NZ) Limited (NZCN 8187510) are client money and property service providers under the Financial Markets Conduct Act 2013, not licensed by a NZ regulator, per Tiger
Compensation scheme
not verified
Client assets separated
Yes. Tiger Security & Custody page (Singapore): 'clients' moneys and assets are segregated from TBSPL's moneys and assets'; client money in segregated trust accounts, client assets in custodian accounts; US trades cleared by TradeUP Securities with shares held at DTC; HK via CCASS; SG via sub-account under TBSPL's nominee account with CDP; funds custodian AllFund Singapore Branch. Tiger licence page: daily reconciliation of client money and securities. Broker's own statements, not independently verified; the earlier third-party DBS-custodian claim is not on Tiger's pages
Public financials
Yes. Parent UP Fintech Holding Ltd is Nasdaq-listed (TIGR) and files Form 20-F with the SEC; FY2025 20-F located on EDGAR (financial figures not extracted from the parts read)
Who can open an account
Entity-based; Singapore entity authorised only in Singapore per Tiger; entities for HK, Australia, NZ, US. UP Fintech 20-F FY2025: 'substantially all of our brokerage operations are in New Zealand or Singapore'. Full country list not verified
Markets
Third party (Singapore): US (NYSE, Nasdaq, AMEX, OTC), SGX, HKEX, ASX, China A-shares via Stock Connect; no Japan, UK or Europe. Tiger custody page covers US, HK and SG markets plus mutual funds
ETFs / fractional shares
ETFs: yes. Fractional shares: yes.
US stock commission
Re-read 2026-10-11: commission USD 0.005/share (min USD 0.99, max 0.5%) plus platform fee USD 0.005/share (min USD 1, max 0.5%); fractional trades under 1 share: commission waived, platform fee 1% capped at USD 1. Pass-through: settlement USD 0.003/share, SEC fee (sells), FINRA TAF (sells; page says reduced to zero from 2026-10-01), CAT fee, ADR fees. GST 9% applies to Tiger's fees. The page shows no separate 'Cash Boost' or promotional US table; note (6) says fees may not apply to clients of some partner platforms
Cost to buy 1,000 USD
0.199%. Assumes share price above about USD 5 so minimums apply: commission min USD 0.99 + platform fee min USD 1 = USD 1.99 on 1000 USD = 0.199% (before 9% GST); commission alone 0.099%. From Tiger's official Singapore commissions page
Currency conversion
Tiger Auto FX help page: 'no fees or charges for enabling or using the Auto FX Feature'; conversions at the prevailing market rate 'including any applicable foreign exchange spread or charges', amount of spread not stated. Fee schedule page linked but not read
Inactivity / account / withdrawal
Not mentioned on official commissions page; Official page: custody fee SGD 2 per quarter, waived, applies to SGX counters only; no custody fee stated for US holdings; Not stated on official commissions page; third party (SingSaver) says none

"Not verified" means we could not confirm it from a source we could read. Check the entity and rules for your own country. Education only, not investment advice.

Score

How the points add up

  • Regulation 20 of 20. Licensed by a major financial regulator (see the broker page for the register entry)
  • Client protection 8 of 8. Compensation scheme not verified (unscored); Client assets held separately from the broker's own (stated in its documents)
  • Transparency 10 of 10. Annual financial statements are public (listed parent or published report)
  • Security record 9 of 15. Worst incident in the last five years scored: 9 of 15
  • Compliance record 21 of 25. 2 regulator or court action(s) in the window; reports from press only are shown but not scored
  • Costs 5 of 10. Buying 1,000 USD of a US stock or ETF: 0.199% commission at the published base tier (FX and spread not included)

Points earned of points available. A criterion we could not verify is left out and lowers the evidence share. See how we score.

Record

Security incidents

  • 2025-07 Cybersecurity incident at US Tiger Securities, Inc.: an unauthorised third party copied and encrypted files in a virtual back-office environment shared with affiliate TradeUP Securities; company letter dates the copying to 2025-07-08/09 (Maine AG filing lists 2025-07-03), discovered 2025-07-10; review completed 2026-04-17; 26,985 persons affected per Maine AG filing (31 Maine residents; 56 Rhode Island residents per letter); data elements not specified in the filings; company states TradeUP production environment was segmented and not intruded and customer-facing trading was not affected Customer funds lost: not verified. Outcome: Written notices sent 2026-05-15; 24 months Experian IdentityWorks credit monitoring and one year identity restoration offered; additional safeguards stated. Official state attorney-general filings (Maine AG, California AG sample letter). Press/aggregator: https://threatcluster.io/article/4923ca1d source
Record

Regulator and court actions

  • 2021-03-17 US District Court, Southern District of New York: Putative securities class action against UP Fintech, officers/directors and IPO underwriters alleging Securities Act Sections 11 and 15 violations (omission of January-March 2019 trading volume and commission data in the IPO registration statement) Outcome: Dismissed by Judge Furman: omitted data not a disclosable trend and not material (press; before 2021-10-11 window, flagged) source older than 5 years
  • 2023-06-29 New Zealand Financial Markets Authority / Auckland High Court: Tiger Brokers (NZ) Limited admitted four AML/CFT Act 2009 breaches: customer due diligence, ending relationships where CDD could not be completed, suspicious activity reporting, record keeping (records not readily convertible into English). FMA had issued a formal warning in 2020 and filed High Court proceedings in December 2022 Outcome: Auckland High Court ordered a $900,000 pecuniary penalty (jointly proposed by the parties; currency not stated on the FMA pages, presumably NZD). Official FMA case page and media release source
  • 2026-05-22 China Securities Regulatory Commission (Beijing Securities Regulatory Bureau): Prior penalty notice to Tiger (老虎证券 / UP Fintech group): proposed fines of about CNY 308.1 million and confiscation of about CNY 103.1 million (total about CNY 411.2 million) for unlicensed cross-border securities business and related fund and futures activities for mainland investors; warning and CNY 1.25 million fine proposed on the CEO (as named in the notice per press) Outcome: Proposed, not final per press (The Paper; Xinhua 2026-05-22 confirms action against Tiger, Futu and Lakeshore without per-firm amounts; Caixin). CSRC's own announcement page not found in search results. UP Fintech 20-F FY2025 states it 'received notices from the CSRC' and refers to the 'CSRC 1230 Notice'. Caixin: https://www.caixinglobal.com/2026-05-25/china-proposes-338-million-in-penalties-against-futu-up-fintech-102447381.html source

Actions reported by press only are shown and not scored.

Not scored

Other reports

  • 2026-07-27 Law-firm press releases (Rosen Law Firm, others) announce 'investigations' of possible securities claims on behalf of UP Fintech (TIGR) investors; no filed complaint or court record found source

Reports that are not security incidents or regulator actions against the broker, shown for completeness and not scored.

Summary

Key facts in five lines

  • Tiger Brokers (Singapore) holds a MAS capital markets services licence (UEN 201810449W); the group lists two SEC/FINRA/SIPC-member US entities, an SFC-licensed HK entity (BMU940) and an ASIC-licensed Australian entity (AFSL 300767) [source 8].
  • Tiger states Singapore client money is held in segregated trust accounts and client assets in custodian accounts, with US shares held at DTC via TradeUP Securities; SIPC limits are not stated [source 9].
  • Singapore US-stock pricing: commission USD 0.005 per share (min USD 0.99) plus platform fee (min USD 1), both capped at 0.5%, plus 9% GST [source 1].
  • US Tiger Securities notified 26,985 persons in May 2026 of a July 2025 cybersecurity incident in a back-office environment, offering 24 months of credit monitoring [sources 10, 11].
  • The NZ FMA obtained a $900,000 High Court penalty against Tiger Brokers (NZ) for AML/CFT breaches in June 2023; the CSRC proposed about CNY 411.2 million in penalties in May 2026 (not final, press) [sources 5, 12].
Questions

Questions about Tiger Brokers

Is Tiger Brokers safe?

We do not give a yes or no. We record its regulation (MAS, SEC / FINRA / SIPC), whether an investor compensation scheme applies, and what we found about incidents and regulator actions. Read the sections above, and check which entity holds your account.

Does Tiger Brokers charge commission on US stocks?

Re-read 2026-10-11: commission USD 0.005/share (min USD 0.99, max 0.5%) plus platform fee USD 0.005/share (min USD 1, max 0.5%); fractional trades under 1 share: commission waived, platform fee 1% capped at USD 1. Pass-through: settlement USD 0.003/share, SEC fee (sells), FINRA TAF (sells; page says reduced to zero from 2026-10-01), CAT fee, ADR fees. GST 9% applies to Tiger's fees. The page shows no separate 'Cash Boost' or promotional US table; note (6) says fees may not apply to clients of some partner platforms

Sources

Where this comes from

Not verified: No regulator register entry (MAS directory, FINRA BrokerCheck, SFC, ASIC) was opened: licence numbers are from Tiger's own licence page; the SFC register link given by Tiger was not followed. Whether the Singapore pricing tier is base or promotional is not labelled on the page (it is the only US table shown). FX spread amount, withdrawal and inactivity fees not stated on official pages. SIPC coverage limit and its applicability to Singapore clients not stated by Tiger; no Singapore compensation scheme found on Tiger pages. NZ penalty currency not stated on FMA pages (presumably NZD). The breach's exact data elements are blank in the Maine filing and templated in the California letter; occurrence date differs between the two filings. CSRC May 2026 penalties remain press-sourced; CSRC's own page not found. UP Fintech 20-F read only in part; revenue/net income not extracted. A Rosen Law Firm 'investigation' solicitation (July 2026) was seen in search results but is not a filed action and is not listed.

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