Curious how long does it take for the entire timeline of account creation to cash withdrawal to get the free share from Tiger Brokers? Read on.
Brokers are sparing no expenses in attracting new signups by giving out free shares and more. I only decided to sign up after my friend verified that the original funds and encashed rewards can be withdrawn out.
This is just a post regarding the timeline from account creation to withdrawal. If you would like to know more about what these trading platforms offer, this is not the post for you.
This post is for those who just want to create an account, get the free share, sell it and withdraw everything. I will cover the timeline for all the various steps to get the free share from Tiger Brokers.
If you sign up using my link (referral link), I will send you 50% of the proceeds of selling the referral rewards via PayNow. Do send me an email at consumelesslife@gmail.com once you sign up using my link and complete the fund deposit. Please note that if I do not receive the rewards, I will not be able to send any funds to you.
Disclaimer: This is not an endorsement of the platform. This is a blog to showcase how to get the signup rewards from setting up an account. Your experience getting the rewards might vary. Placing and keeping your funds on these trading platforms has its risks.
Disclosure: This blog entry contains referral links and/or codes. This means that I get a commission if you decide to sign up through my links or use my codes, at no cost to you. This helps pay for my running costs. Please read my affiliate and referral disclosure for more information.
Rewards Involved
At the time of writing this post, the rewards are as follows. Please check the latest rewards here (referral link).
1 Free AAPL Share Worth US$150 / S$200
To be honest, this is the only one that I care about. According to the terms and conditions, you should receive the free share within 10 business days.
These are the criteria for receiving the AAPL share
- Deposit S$2,000 or equivalent in the INITIAL DEPOSIT within the promo period
- New Tiger Brokers customer
They did not mention it in the terms and conditions but I assume the following should be standard.
- Singaporean / PR / Residents with Singapore residential address
- 18 years old and above
- Singapore bank account in own name
Take Note: The full S$2,000 or equivalent has to be deposited in the INITIAL DEPOSIT. If you decide to do a test transaction, you are immediately disqualified. This is unlike moomoo where you just have to deposit a total of S$2,700 and equivalent.
Stock Vouchers And Scratch Cards
If you have friends or people in your influence circle unlike me, you can refer them to create an account and deposit S$2,000 or equivalent in the INITIAL DEPOSIT within the promo period.
If you would like to support the blog, you can sign up using my link here (referral link).
You will get a stock voucher of S$88 split into 5 months for every referral.
Additionally, you get a scratch card for every 3 people you refer. This is capped at 1,000 scratch cards.
The prizes that one can win in the scratch card are
- 1 Netflix share
- USD 1 voucher for an Apple share
- 20% off for a Facebook share
- 50% off for an AMD share
- Stock Voucher of SGD 10
- Stock Voucher of HKD 50
- 1 Commission-free Trade for U.S. Stock
- 1 Commission-free Trade for Futures
Realistically, most of the prizes will be the commission-free trade option so don’t expect too much.
You also get an additional 5 days of free commission trading per referral.
Take Note: One stock voucher can only be linked to one order. This means that you will not be able to combine the vouchers.
Miscellaneous
You also get these when you sign up but you shouldn’t be too concerned if you are just selling the free share and withdrawing everything.
- 60 commission-free trades within 180 days
- 5 commission-free trades for futures within 30 days
- 500 Tiger coins
I would like you to focus your attention on commission-free trades. Sounds good right? What is embedded in the terms and conditions is that there are still platform and external fees that you have to pay to Tiger Brokers so your trades are not free.
This is one of the tactics companies attract sign-ups by telling you that you will get something for free, but actually, it is not. Read more about the marketing tactics companies employ here.
Timeline To Get Free Share From Tiger Brokers
Edited 1/9/2021: The rewards have already changed and my experience below is based on the old reward system in May 2021 when they were giving out free SBUX. Now in September 2021, it has changed to AAPL. Please check here (referral link) for the updated rewards.
It took XX days from account creation to complete withdrawal of funds. Here is the timeline that I have gone through.
Account Creation – 8 May 2021 – D1
The process is straightforward. If you sign up using Myinfo with SingPass, you will not have to fill up any forms. After applying, my account was approved in about 15 minutes.
I had trouble logging in with SingPass on the app so I had to sign up using my mobile browser.
You can sign up here (referral link).
Deposit – 8 May 2021 – D1
You can either deposit funds using a
- Direct Debit Authorization (DDA) link
- Bank transfer
The DDA deposit method needs you to set it up but it can be all done in-app and it takes less than 2 minutes. You also do not have to be worried that you key in the wrong bank account. The money is deposited into the account in a few minutes. This is relatively slow as moomoo’s deposit was almost immediate.
Take Note: The default limit is like S$200,000. Remember to lower the limits of the DDA link so prevent any unauthorized withdrawals by Tiger Brokers. I lowered mine to S$50 after my initial deposit.
You can take a look at this link on how to do it.
Free Share From Tiger Brokers Received – 14 May 2021 – D7
The referral promotion appears one day after depositing the funds but as you can see they will put it under processing.
I only received the SBUX share 6 days after I deposited the funds on 14 May 2021.
I signed up using my friend’s referral link. After checking with my friend, he said he received his stock voucher on 8 May 2021, the same day I deposited the funds.
Free Shares From Tiger Brokers Sold – 14 May 2021 – D7
I queued SBUX at US$111 before the market opened and it got filled immediately once the market opened.
Also, I only got a net of US$108.87 from the sale.
There are fees of US$2.13 from that sale.
Commission and platform fees – US$1.99
Unknown – US$0.14
I have no idea what is the US$0.14 fee for as is it unaccounted for. For the fees, Tiger Brokers is relatively less transparent than moomoo where we can account for the exact amount of fees and also the exact breakdown.
Currency Conversion Start Date – 14 May 2021 – D7
I am able to immediately convert the proceeds to SGD, unlike moomoo where I had to wait about 2 days.
Currency Conversion Completion Date – 14 May 2021 – D7
However, Tiger Brokers only allowed the exchange of whole numbers which means that I will have US$0.87 cents stuck in Tiger Brokers.
This means that I can only convert US$108 out of the US$108.87 of the proceeds.
I manage to get S$143.58 from the conversion at an exchange rate of about 1.329. There is only a 0.6% difference between the spot rate of 1.338 so they did not excessively profit off the spread.
After the fast conversion, I am unable to withdraw the proceeds from selling the Starbucks share. When I saw the typo, I just want to get my money out of Tiger Brokers ASAP.
According to the terms, we are only able to withdraw the proceeds 2 days after the sale.
I have also read that we need to perform 10 trades before we can withdraw the proceeds from selling the free stocks. I am going to test this out as I have heard from my friend that the 10 trades are not required.
Withdrawal Date – 18 May 2021 – D11
2 days after I sold the SBUX, I saw that the full withdrawable amount was now available.
This shows that the 10 trades is not required for the withdrawal of the proceeds. If you are unable to withdraw before doing 10 trades, just perform 10 trades of one share of a lowly priced share to meet this criterion
If you notice, there is a S$0.01 difference between my cash of S$2,144.58 (S$2,001 deposit + S$143.58 SBUX proceeds) and the withdrawable amount of S$2,144.57. After I submitted the request, the S$0.01 appeared as withdrawable.
When I wanted to withdraw the full amount, they asked for a password which stumped me. I do not remember setting up any password at all during the sign-up process. I went to reset my password and then submitted my request for withdrawal of the full amount.
On a side note, I noticed that an additional US$0.99 was available on Day 10. I have no idea where this US$1 came from. I converted it to SGD and will withdraw it in time to come.
Money Received in Bank – 18 May 2021 – D11
I received the same amount I withdrew without incurring any fees. The deposit wasn’t immediate but I saw the deposit come in at night.
Take Note: Disable the DDA link with your bank account via iBanking once the money is in your account.
TL, DR
The entire timeline for the free share from Tiger Brokers takes 11 days. The overall process is quite straightforward but take note that there are some dates of processing in between certain steps. I did the mapping of the days of the different steps so you do not have to keep checking the app.
In order to withdraw the proceeds from selling the free stock, the 10 trades as mentioned in the terms and conditions is NOT REQUIRED. If you are unable to withdraw before doing 10 trades, just perform 10 trades of one share of a lowly priced share to meet this criterion.
The experience of using Tiger Brokers is not as smooth as moomoo.
After funding your account, remember to go into your iBanking account to adjust the GIRO payment limits. After withdrawing your funds, remember to cancel the Direct Debit Authorization (DDA) link between Tiger Brokers and your bank account to prevent any unauthorized withdrawals.
You can support my blog here by signing up via my link here (referral link).
If you sign up using my link, I will send you 50% of the proceeds of selling the referral rewards via PayNow.
Please note that I will only be able to share the rewards after I get paid by Tiger Brokers. With my relatively low readership, I might not be even to cash out my first 500 USD so be prepared for that lol. Please drop me an email if you are unsure how it works.
If you do not wish to wait, I can donate it to a charity of my choice when I manage to cash out.
Details Needed From You
Once signed up, please email me at consumelesslife@gmail.com with
- Phone number used to sign up to Tiger Brokers
- Phone number linked to Paynow
- Email address used to sign up to Tiger Brokers
If I do not receive an email from you within 90 days, I will donate your portion to charity.
I also wrote about the timeline for getting the free share from moomoo by FUTU here.
