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💸 A S’porean man allegedly lost S$15,000 after he was unexpectedly hit with high transaction fees while using Tiger Brokers.
➡️
https://bit.ly/3PCewff
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What happened
In April this year, Kong had put in some orders via Tiger Brokers to sell 5 million shares of a stock priced at US$0.001 each, which adds up to a total trade value of US$5,000.
The next morning, after his trades went through, he opened his Tiger Brokers account and was shocked to find his account in a US$11,000 deficit.
Upon investigating, he realised he was charged a settlement fee of S$0.003 per share.
This fee was three times the value of the share price.
“What really shocked me was that I was actually put into debt from transaction fees. I didn't do short selling, nor use leverage in these trades. Nobody believed me that I was put in debt solely from transaction fees,” Kong said.
I, being poor, have only my dreams; I have spread my dreams under your feet; Tread softly because you tread on my dreams.
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(23-05-2022, 05:45 PM)sgbuffett Wrote: What happened
In April this year, Kong had put in some orders via Tiger Brokers to sell 5 million shares of a stock priced at US$0.001 each, which adds up to a total trade value of US$5,000.
The next morning, after his trades went through, he opened his Tiger Brokers account and was shocked to find his account in a US$11,000 deficit.
Upon investigating, he realised he was charged a settlement fee of S$0.003 per share.
This fee was three times the value of the share price.
“What really shocked me was that I was actually put into debt from transaction fees. I didn't do short selling, nor use leverage in these trades. Nobody believed me that I was put in debt solely from transaction fees,” Kong said.
The guy is really blur Tiger Broker has a per.share commission of 0.5cents...it is stated in their commission table.
That is why you cannot use it to trade stock under $1 ....
![[Image: UJTXZUR.jpg]](https://i.imgur.com/UJTXZUR.jpg)
I, being poor, have only my dreams; I have spread my dreams under your feet; Tread softly because you tread on my dreams.
(This post was last modified: 23-05-2022, 05:51 PM by
sgbuffett.)
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This story a bit strange. For any trading platform your bid ask and commission would be shown when you are about to press buy or sell so you can compute your gains and losses. Surely we look at net and not gross without the transaction fee mah...
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Tiger app don't show you the estimated brokerage of transaction before the order is submitted.
That's why kena, but a few apps like ib, Tiger all don't do that. Only SC trading show the estimated bokerage.
1. I have served the nation in a combat unit for 2.5 + 10 years. I had fulfilled my duty as a citizen, but has the country do it's part for me?
2. I don't know where the threat of CCP is, but I know the threat of CECA is already at my doorsteps
3. I had been called a CCP, JHK, Pinoy, but they never called me a CECA..
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(26-05-2022, 07:57 AM)ArielCasper Wrote: Tiger app don't show you the estimated brokerage of transaction before the order is submitted.
That's why kena, but a few apps like ib, Tiger all don't do that. Only SC trading show the estimated bokerage.
Aiya I have some trades in tiger... Now wondering if I will get a shock...
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(26-05-2022, 07:59 AM)Sticw Wrote: Aiya I have some trades in tiger... Now wondering if I will get a shock...
If stock you buy is google Microsoft above $100 the fee is almost nothing nothing.
.just 5 cents per share.
I, being poor, have only my dreams; I have spread my dreams under your feet; Tread softly because you tread on my dreams.
(This post was last modified: 26-05-2022, 08:02 AM by
sgbuffett.)
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(26-05-2022, 08:01 AM)sgbuffett Wrote: If stock you buy is google Microsoft above $100 the fee is almost nothing nothing.
.just 5 cents per share.
Below a dollar very expensive? But those can multi bag...
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Why trade stock with price of 0.01 cts
(This post was last modified: 26-05-2022, 08:06 AM by
Cmpunk.)
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With massive volume it's possible to earn if the commission is reasonable. It's truly penny penny play. It's also a great way to catch a indirect listing...
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the same as in spore.there is a minimum ,if u sell a stock of 2000 value the ciommission is > 10%
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(26-05-2022, 08:06 AM)Cmpunk Wrote: Why trade stock with price of 0.01 cts
Some people trade these type of stocks as the % gain is high per step up in price. Of course, loss will be higher too.
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