Elly Wan, Head of Business Development in Tiger Brokers New Zealand, provides six key reasons for taking up mobile investing.
Smartphones have had a massive bearing on our lives – and it is little surprise that Kiwis are turning to mobile brokerage accounts in their investment portfolios.
Mobile accounts save time and money and help us multi-task during our busy daily working lives, instead of the days when trading could only be done by calling a broker. It also means more people can invest, since there is less of a barrier to entry for first-time or small investors.
However, before opening an account with a mobile brokerage, here are some things to consider before choosing this investment route:
1. Is your broker truly mobile?
A truly mobile solution is more than just using the mobile-optimised version of the website on your phone or creating an app that simply loads the website URL in a window. Many of us use our mobile phones when we are on the go — so we need the login process to be seamless, the menus to be easily visible, speedy loading and the agility to perform functions such as transferring cash or checking on stock prices without leaping through dozens of hoops. You need a brokerage firm with a well-oiled trading solution for mobile phones, such as Tiger Brokers' mobile trading platform, Tiger Trade app.
2. Do you get round-the-clock support?
It's only natural for mobile phone users to reach for our phone at various times — even during the wee hours of the morning or when we are experiencing insomnia — to check the time, check our social media, read the news and manage our trades. So, if your broker has a mobile app, it should be well aware of these consumption habits.
Investors can't always afford to wait around - the stock price might suddenly fluctuate. Timing is everything. Look for the broker's various communication options, such as a help centre and a local and global call centre.
3. Are the prices on point?
Fintech solutions such as mobile brokerages are more affordable for everyone. Many fintech-driven investment solutions are actually managed by a team of savvy humans, experienced investors themselves. With the help of technology, they don't need to help each and every individual on a one-to-one basis, so fees can be much lower.
In comparison, calling your broker to place an order over the phone can cost $50 or more per transaction. With online brokers, you might pay way less per trade. Some mobile brokerages (such as Tiger Brokers New Zealand) sweeten the deal further, going as low as zero commission for some trades in overseas markets.
4. Can you trade on different markets?
Why sign up for a brokerage firm that has very limited overseas markets available? No matter how awesome the brokerage app may be, or how low the fees are, if it doesn't allow you to trade in the markets you are looking at, you might want to reconsider that broker.
Find a mobile brokerage app that connects you to major stock markets around the world. Even if you're just planning to trade on ASX for now, when you're more experienced, you might eventually want worldwide exposure. It's also much less of a hassle to have your chosen mobile brokerage grow with your needs than needing to switch halfway through.
5. Are there other comprehensive tools and resources available?
If your mobile brokerage app is really easy to use but so bare bones you need to manually search for latest news updates, stock price history and so on, it's not really a good all-in-one mobile solution. Choose a mobile brokerage that offers relevant information, resources and tools to help you make better investment decisions.
6. Is the platform you're using regulated in New Zealand?
If so, that means you are in safer hands.
It will come as little surprise that Tiger Brokers covers all these above points:
- Tiger Brokers New Zealand offers one of the lowest commission rates in the market, with no commission on US stock trade at present.
- Tiger Brokers has a user-friendly, one-stop mobile app, Tiger Trade, with access to global markets, resources and tools.
- Tiger Brokers' customer support is available 24/7.†
- There is a speedy, seamless, and simple account opening process – an easy way to access the global financial markets and access more than 7,000 listed equities on the New York Stock Exchange (NYSE), NASDAQ, the Australian Stock Exchange, Shanghai/Shenzhen-Hong Kong Stock Connect, the Hong Kong Stock Exchange (HKEX) and the Singapore Stock Exchange (SGX).<br/>
- Tiger Brokers New Zealand offers competitive in-app currency exchange rate.
Tiger Brokers New Zealand treats all of its clients equally, with no tiers to segregate them. For more information: www.tigerbrokers.nz or download the Tiger Trade app from the Apple App Store or Google Play Store, or access it from your desktop.
About Tiger Brokers
Tiger Brokers (NZ) Limited, a New Zealand-registered financial service provider, is the local entity of UP Fintech Holding Limited, known as "Tiger Brokers" (NASDAQ: TIGR), a leading online brokerage firm. The company is committed to serving the best interests of stock investors and being a gateway to build their global portfolios. It offers a feature-rich online trading app designed for self-directed investors to access the thriving stock markets of US, China and Hong Kong, Singapore, and Australia. In 2017, the company was awarded "2017 Fintech 250" by CB Insights and shortlisted for "China Leading Fintech 50" for two years in a row by KPMG China.
The commission-free offer US stocks trades is valid until the 28 February 2021, and might be extended by Tiger Brokers at its sole discretion. This offer only applies to orders on US listed stocks and placed via Tiger Trade app. Additional fees might incur on trades placed directly via Tiger Brokers dealing desk. Tiger Brokers offers customer support via email, webchat, and telephone. Not all services are offered 24/7 in all languages. None of the information contained in this news release constitutes an offer (or solicitation of an offer) to buy or sell any currency, product or financial instrument, to make any investment, or to participate in any particular trading strategy. The information is not intended to be and does not constitute financial advice, investment advice, trading advice or any other advice or recommendation of any sort offered or endorsed by Tiger Brokers. Tiger Brokers also does not warrant that such information is accurate, up to date or applicable to the circumstances of any particular case. Any expression of opinion (which may be subject to change without notice) is personal to the author and the author makes no guarantee of any sort regarding accuracy or completeness of any information or analysis supplied. The authors and Tiger Brokers are not responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained here. The contents of this news release should not be construed as an express or implied promise, guarantee or implication by Tiger Brokers that clients will profit or that losses in connection therewith can or will be limited, from reliance on any information set out here.