Tiger Brokers Dodgy Declined Cashback, I Wouldn't Trust Them

watwatwat on 16/08/2023 - 22:37
Last edited 16/08/2023 - 22:38

I wanted to share a story about how Tiger Brokers declined my cashback for signing up. Their offer was:

Cashback will not track to your Cashrewards account until a minimum $65 initial deposit is made after signing up to Tiger Brokers within 90 days.

I signed up, I deposited $0.01 to make sure I was transferring to the correct account and that the deposit was received, then I transferred over $50 a day later. After months of chasing, they eventually ruled that my "initial" deposit was not over $50 (because it was $0.01) and thus I am entitled to $0, no matter how much I deposit in the first 90 days.

Very weird technicality to avoid paying out rewards.

Also with their sign up bonuses, they also play tricks like you only withdraw other bonus cash after you make 10 trades. Then you can only withdraw after 10 trades of minimum $3 usd.

Anyway, Tiger Brokers is a dodgy Chinese broker that doesn't pay out promotions on technicalities, puts secret restrictions on money that shows up in your account (such as sign up bonuses)………………… no way in hell would I trust them with large sums of actual money. Imagine putting your life savings in with these people. There is zero upside to doing this when you can put your money with a proper established non-Chinese broker for low fees, anyway.

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Comments

  • Trying2SaveABuck on 16/08/2023 - 22:49
    +2

    yes -i signed up for the 100 bucks bonus in click freezy on top of the other sign up bonses they had i tried to withdraw the cash the app didnt let me so i tried to buy a few stocks with the app i wouldnt let me [im assuming there is threshold] i need to meet to purchase stocks i only got like 150 in the account.

    regardless pretty shit app, not cheap enough to be competitive with the other options but not quality enough to compete with the premier brokers….kind of blah service all around

    • brad1-8tsi on 17/08/2023 - 21:27

      tried to buy a few stocks with the app i wouldnt let me [im assuming there is threshold] i need to meet to purchase stocks

      The majority of brokers have a minimum amount of shares on initial purchase of $500.

  • ULT on 16/08/2023 - 23:13
    +2

    currently it says on the Shopback app (assuming you used Shopback as your cashback provider);
    To Ensure Tiger Brokers Cashback and Promo Code Eligibility.

    "Ensure the total net deposit is minimum AUD 50 at any point of time during the first 30 days after the initial deposit. See below for the definition of total net deposit" and *Total net deposit = total accumulated deposit minus total accumulated withdrawal amount within the first 30 days after the initial deposit. Withdrawing trading profits does not count in the calculation of the total net deposit. and "Do not drop your total net deposit* below AUD 50 at any point of time during the first 30 days after the initial deposit."

    so based on this alone you should be eligible since your total net deposit is >$50 dollars regardless of initial deposit since that should be calculated as the total NET deposit. and if you didnt go below 50 in the first 30 days AFTER hitting the net deposit threshold, you should be all good. you would have time stamps with the deposit and should be chasing this up with SHOPBACK for it? Shopback is the one that would be chasing Tiger Brokers for their commissions and may pay you out as goodwill (only if you have solid proof and satisfy the deposit conditions. even then its up to their discretion)

    Also in terms of the sign up bonuses, would be a massive shame if you are forced to trade other shares in order to liquidate bonus shares, hopefully others have experience with tiger brokers and can comment?

    ANYWAY, I have a pending cashback with Tiger Brokers due next month so if i remember I may come back to this thread and tell you if it approved, and whether I could sell my bonus fractional shares (without trading) or not. To stay competitive they would have to be similar with their sign up bonuses and conditions by their competitors like Webull, Moomoo etc and none of them forced me to trade beforehand to be able to sell off bonus shares, so I would hope Tiger Brokers is the same in that regard.

    • watwatwat on 16/08/2023 - 23:48
      +1

      Sorry, it was cashrewards: https://www.cashrewards.com.au/store/tiger-brokers

      "Ensure the total net deposit is minimum AUD 50 at any point of time during the first 30 days after the initial deposit"

      That would imply it is a separate condition.

      ie.

      1. "Initial" deposit has to be over $50.
      2. That initial deposit has to stay over $50 net.

      Anyway, I never withdrew during the 30 day window.

      Cashrewards didn't have an interest in pursuing the vendor and pushing them to do it as a gesture of goodwill.

      I think they should be considering ending their relationship with Tiger Brokers, if they are going to be dodgy like this.

      I chased Cashrewards repeatedly for months, who kept closing my ticket and having the cashback tracking disappear or show as canceled.

      • ULT on 16/08/2023 - 23:55
        +1

        fair enough, yeah i went with Shopback for this one because their T & C's were clear. Cashrewards usually have goodwill, i would try again and explain the situation, may get a good agent that will help out. Good luck with Cashrewards, I use them too and they have been good, but I did not use them for Tiger Brokers so can't vouch for them on that one.

    • ULT on 16/09/2023 - 06:30

      thought I would update here since I have remembered about this post and said I would revisit after pending cashback was resolved. Just received confirmed and withdrawed cashback from Tiger Brokers through Shopback, to be clear I did fulfill the deposit condition immediately and did not do a test deposit first. Secondly this was with SHOPBACK, not Cashrewards which were the cashback option chosen by OP, so their post issues still stand.

  • echelon6 on 16/08/2023 - 23:40
    -5

    did you have to mention they were Chinese? was that relevant?

    • watwatwat on 16/08/2023 - 23:56
      +6

      Yes, it absolutely is relevant when you are investing in capital markets.

      Don't worry, my analysis is purely relating to financial security, I was not factoring in their torture and imprisonment of innocent people in Xinjiang.

  • Crow K on 17/08/2023 - 09:49
    +6

    Sounds like you had your own safety-conscious reason for not following the steps (that is, sign up with a $50(or $65?) initial deposit) and now you're upset you didn't get the bonus that required you to follow the steps?

    They used the word "initial" for a reason (likely they had a deal with Tiger that they would get them a bunch of people signing up with $X size deposits, and based the revenue sharing agreement off that). Ain't nobody got time to monitor your account over the next month or so and argue whether Cashrewards also persuaded you to make those deposits too.

    If it makes you better to say they're being dodgy and so forth and why would anyone ever etc, go off I guess

    • watwatwat on 17/08/2023 - 12:49
      +1

      Never in my life have I experienced this.

      Usually it is deposit minimum $50 in the period, inclusive of multiple transactions.

      Anyway, they use a dishonest method and they also don't waive it as a gesture of goodwill, and they drag it out for months. It is what it is. Just sharing for awareness.

      • Crow K on 17/08/2023 - 12:59
        +1

        I can understand how you're disappointed.

        I think it would be helpful if you put your lived experience and "usually I reckon this is the vibe of how it should work" aside and had a think about the reality of the situation, but if you're convinced you followed all the steps exactly as they were written and then one or two corporations willfully cheated you, I'm not going to stop you.

        Better luck with the next promotion, etc.

        • watwatwat on 17/08/2023 - 13:21

          had a think about the reality of the situation

          Yes, they run a stupid promotion that encourages people to send a large amount of money to an unknown account number and risk losing it all if they re-type a number.

          lived experience

          Thank you L Ron Hubbard, I will reflect on this.

          • Crow K on 17/08/2023 - 13:26

            @watwatwat:

            Yes, they run a stupid promotion that encourages people to send a large amount of money to an unknown account number and risk losing it all if they re-type a number

            Yeah, that's a normal take. Just for fun, do you think a lot of people also made this normal 'mistake' and had the same problem? Have you been hearing a lot of people going "wtf Tiger/Cashback, none of this makes any sense????? why do you keep saying "initial deposit" in the wording, what even is that".

            I will reflect on this

            (LA Noire doubt reaction.jpeg)

            • watwatwat on 17/08/2023 - 13:56

              @Crow K: Sir, just like you have made zero submissions to ozbargain, your posts in the forum also appear to be valueless.

              For this reason, I will now block you. Farewell, sweet prince.

              • Crow K on 17/08/2023 - 13:59

                @watwatwat: You're not the first 'detective' to be frustrated by my not having a post creation history that could be pored through, perhaps held up to ridicule. And of course, clicking through my actual comment history for the good stuff would be an awful lot of work…

                Adios, amigo, and thanks for letting me know. No point blocking someone if you're not going to announce it!

            • Techie4066 on 17/08/2023 - 21:21
              +2

              @Crow K:

              Have you been hearing a lot of people going "wtf Tiger/Cashback, none of this makes any sense?????

              Well I'll be the second report of being caught out by their poorly devised set of requirements. You're welcome!

  • Daniel Plainview on 17/08/2023 - 10:46
    +2

    Is definitely annoying, can't disagree with you on that but to be fair this is why specific T&C's apply - is hard to blame them when they did specifically state what needed to be done and you chose not to.

  • Techie4066 on 17/08/2023 - 21:08
    +2

    Omg! This exact thing happened to me! I had no idea a $0.01 deposit immediately followed by a $50 deposit would void the cashback - I do this with every new account I make, such as bank accounts. I've been waiting since I signed up in May and have had $50 just sitting with Tiger Brokers. I enquired with Cashrewards about the rejection yesterday, as I'd just noticed it, I got a reply today with exactly this reason for the rejection. It's bs, especially considering you have 30 days (now 90 days on CR) from account opening to make that deposit. Dodgy as.

  • Reveen on 18/08/2023 - 00:33

    Since my cashback was rejected today I clicked on this thread and noticed the OP's nick which reflected my initial response so username checks out.

    Tiger are scummy, time to fight ShopBack.

  • Reveen on 18/08/2023 - 01:28

    Link to latest deal posted by their official rep: https://www.ozbargain.com.au/node/794483

    Neg away.

    • watwatwat on 18/08/2023 - 09:42

      Haha thanks for linking. I didn't know about this.

  • watwatwat on 18/08/2023 - 21:00

    As it turns out, Tiger Brokers have been rejecting lots of people's cashbacks: https://www.ozbargain.com.au/node/794483

    Well well well. So they err on the side of trickery and trying to run promotions and then weasel their way out of them.

  • AusBargains on 19/08/2023 - 13:52
    +2

    I got caught out too from this rule. I don't care that it's in the terms and conditions, a blatantly stupid condition like this that people can easily miss should be made front and center.

    Shopback is currently investigating my rejected cashback but it doesn't look good for Tiger Brokers.

  • watwatwat on 21/08/2023 - 17:59
    +2

    More details in comments in: https://www.ozbargain.com.au/node/794483

    They told me to contact them at their clientservices email address and then the email address bounces all messages.

    Then they said I can contact them to pursue a satisfactory solution, then I was told this is not possible.

    And on 2 separate occasions they tried to claim a point and say this is stated in their terms and conditions, then there is no mention of this in the t&c.

    They have some internal system with Chinese text and their response is lacking English grammar. I'm not sure where their reps are located.

    Need I say any more? You would be a complete fool to invest money with this company.

    I would say we are already fools for evening signing up at all.

  • Reveen on 01/09/2023 - 14:36

    They are even stalling ShopBack:

    In regards to the query you’ve submitted, just wanted to update you that we have submitted your request to our partner but have yet to receive a status update. As such, please allow us more time for the investigation process.

    We will update you as soon as we hear from them. We understand the wait can be frustrating, and we really do appreciate your patience.

    Thank you for your endless support and have a great day ahead!

  • Reveen on 23/11/2023 - 21:49

    Tiger Brokers stalled Shopback for six months but finally this:

    Hi Reveen,

    Upon receiving updates from the relevant team, the appeal on your rejected Cashback (Tiger Brokers) has been approved by the network and the Cashback has been credited to your ShopBack account.

    You may refer to Cashback Activity once you've logged in to your account to view the adjustment made.

    Truly apologize for any inconvenience caused and we thank you for being patient with us.

    Thank you for your kind support and do let us know if you have any further queries!

    Have a lovely day and take care! :)

  • Reveen on 09/02/2024 - 02:47

    @gotyourback What is the point of reactivating this rejected cashback when you leave it in a pending state forever and don't allow an inquiry to be submitted?

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