Is Tigers Brokers Safe and Reliable to Use? Title says it all.
Is Tigers Brokers Safe and Reliable to Use? Shopback Deal
NotReallyaMoneySaver on 15/04/2023 - 15:50
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PROBABLY YES - You haven't said what you intend to use them for.
If just for taking advantage of signup or referral promo etc, then most likely yes. Many people (including me) took advantage of the free Apple share (~$200) promo that was quite some time ago and had to deposit $2k or something for 30 days to get it.
If for day trading etc with small amounts, then also most likely yes. They have an Australian financial license which involves a lot of compliance activity.
If for long term investing and/or for larger amounts - then there is more risk. Whilst they are likely fine as your shares are legally held in custody for you, they are not CHESS sponsored (individually held in your name) so it does add risk, especially if they close down etc.
ALSO: Signing up to any entity adds risk of your information getting leaked etc in a data breach. Whilst having a financial license lowers this risk, the risk would be increased with Tiger ultimately being owned by an overseas company.
As mentioned above, they're not CHESS sponsored for ASX stocks unlike Stake, Selfwealth , etc. which does.
But if you're using it for international markets - US/HK stocks , then no difference to others.
NO - Not Chess Sponsored - Don't risk it
https://www.tigerbrokers.com.au/help/detail/58698107