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Sharesies vs Tiger Brokers - What share investment platform is best for you?

Our comparison of Sharesies and Tiger Brokers looks at the features, fee structures, key similarities and differences, and frequently asked questions about both platforms and investing in general.
Updated 12 October 2023

Important: Sharesies Fee Change
  • On 21 December 2022, Sharesies announced a fee change that affected most customers. In short, the average investor's brokerage fee increased from around 0.50% to 1.90%, as did foreign exchange fees.  
  • The response was negative, as outlined in this Reddit forum and MoneyKing article. More complaints appeared on the Sharesies Facebook page.
  • Please be aware that for most New Zealanders who invest around $500-$5,000, the new fees significantly increase on every transaction, making Sharesies less attractive despite its well-known standing around New Zealand.
  • However, we are pleased to see Sharesies offering share purchase monthly plans (like subscriptions) that reduce the cost of investing for anyone wanting to make regular contributions. As this is arguably the ethos of Sharesies, we are pleased to see this feature added.
  • Our comparison of Sharesies and Tiger Brokers (NZ) reflects the latest fee pricing.
A Summary of Our Comparison:
  • DIY investing has become a common pastime. However, with this increase in trading volume has come a significant number of players in the share trading market. Both local and international start-ups have entered the market to try and compete for New Zealand's investing community. However, with many different options, it can be hard to understand which share trading platforms are best.
  • One of the most popular share platforms for New Zealanders is Sharesies. On the other hand, Tiger Brokers is a relatively new entrant to the New Zealand market and has been extremely active with marketing and outreach to push their new and improved platform.
  • So, which platform is better? This guide compares and contrasts Sharesies and Tiger Brokers to understand the benefits and drawbacks of each. We walk through the top facts you need to know and the most frequently asked questions that New Zealanders have regarding Tiger Brokers and Sharesies.
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Know This: It's important to note that while this guide compares Tiger Brokers and Sharesies, the comparisons and analysis have been kept to a relatively high level. For more in-depth information about legal or fee structures, we've included hyperlinks to their respective websites that provide a more detailed review.

Our guide covers:
Disclaimer: MoneyHub is not a Financial Adviser, and this comparison guide has been published to explain the investment fundamentals and outlines the pros and cons of Sharesies and Tiger Brokers (NZ) as investment platforms.

Sign-up bonus: In discussions with Tiger Brokers (NZ), their team has advised that there is a NZ$30 cash bonus with any new account opening, and an extra NZ$50 cash bonus in your account with a cumulative net deposit of at least NZ$2,000 within seven days of the first deposit, alongside other benefits.
Read our comprehensive Sharesies Review

Best for:
  • Investors at the start of their investment journey
  • Investors looking for small regular investing and the option to invest in managed funds
  • Low-value investing (e.g. below $500)
  • Children wanting to increase their financial literacy
Read our comprehensive Tiger Brokers (NZ) Review

Best for:
  • New Zealanders looking for high-value investments
  • Advanced investors who need a wider range of offshore investment products
  • High-volume investors and traders
  • Options and futures traders 

Tiger Brokers (NZ) is our Favourite Low-Cost Shares Platform in our 2023 Editor's Choice Awards:

  • ​Tiger Brokers (NZ) is a low-cost broker. Currently, the broker offers the lowest commissions, 0.35% FX fees and free level-2 data on US-listed shares and ETFs. For US shares, it's a lower-cost alternative to Hatch, Sharesies, Stake and Interactive Brokers.
  • The company offers access to US, Hong Kong, Singaporean and Australian stock markets and China A-Shares. Altogether, over 7,000 shares are listed on the platform.
  • Exclusive sign-up benefits: In discussions with Tiger Brokers (NZ), their team has advised us that anyone signing up via MoneyHub will receive the following:
  1. Zero transaction fees (e.g. brokerage fees) four times for US and ASX shares every month, for life.
  2. Zero currency exchange fees for the first NZ$2,000 of currency exchanged every month, for life (NZD to/from USD and AUD)
  3. A NZ$30 cash bonus with any new account opening, and an extra NZ$50 cash bonus in your account with a cumulative net deposit of at least NZ$2,000 within seven days of the first deposit.
  • Our view is simple: With all other platforms charging fees (Stake, Hatch, Sharesies, Superhero etc.) for FX and/or share brokerage/transaction, Tiger Brokers' offer is unrivalled in New Zealand.
  • Competition Promotion: Open an account and deposit at least NZD 2,000 within 7 days of your first deposit to go into the draw to win an iPhone 15. The winner will be drawn on the 25th of October 2023. 

MoneyHub’s Editor Christopher Walsh says:
"Tiger Brokers is focused on global investing, and at a time when some other platforms have raised their fees, Tiger Brokers is around half the cost of its nearest competitor for US stock trades. Tiger Brokers is the only global online player to have a local Auckland-based team and to be regulated in New Zealand. It focuses on delivering low fees to global market investors looking to build wealth using shares, futures and options. It continues to innovate and has recently launched auto-invest, fractional shares and its own TigerGPT investment chatbot."

Our Overview of Each Platform

Tiger Brokers
Tiger Brokers New Zealand was established in 2015 predominantly to cater to offshore clients, but now heavily targets the New Zealand retail mass market. The Tiger Trade app is Tiger Broker's New Zealand share trading platform that can be accessed on your phone or computer. In addition, Tiger Brokers offers a wide range of investments across multiple regions worldwide. Tiger Brokers allows New Zealanders to invest in stocks listed in the United States, Australian, Singapore, Hong Kong, and China stock markets, as well as financial derivatives like Options and Futures contracts.
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Tiger Brokers New Zealand is related to the international parent company of Tiger Brokers, known as Up Fintech Holdings. Up Fintech Holdings is publicly listed on NASDAQ under the stock ticker TIGR.
Sharesies
Sharesies is one of New Zealand's most popular share investing platforms. Sharesies have the mission of creating financial empowerment for their users, offering the same opportunities to those with $5 or $5 million. Sharesies allow all New Zealanders to invest in stocks listed in New Zealand, Australia and the United States for as little as $1 through their fractional share functionality.
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Sharesies was founded in New Zealand and is based out of Wellington. Sharesies is predominantly focused on growing its New Zealand user base. However, Sharesies has now expanded into Australia, competing with the likes of Superhero, Selfwealth and Pearler. Sharesies is a privately held company with over $50 million in venture capital funding from Icehouse Ventures, Amplo and others.

Tiger Brokers Platform, Features and Fee Structure

Tiger Brokers Products

  • Tiger Brokers provides investment products in many different markets, including stocks, exchange-traded funds (ETFs), US OTC stocks, options, futures, warrants, CBBCs and REITs.
  • It provides these products in global markets such as the United States (through the NYSE, NASDAQ, AMEX and CME as examples), Australia (through the ASX), Hong Kong (through the HKEx), Singapore (through the SGX) and China (through the Shanghai Stock Exchange and Shenzhen Stock Exchange via HKEx).
  • Important: Options and futures can be complicated and are usually only suitable for experienced traders who fully understand the inherent risks associated with trading these derivatives.
  • Additionally, Tiger Brokers provides advanced technical analysis, live streaming data, and in-depth market information so buyers can get the most up-to-date information for their trades, pre-market and post-market trading hours for the US market – meaning you can trade for up to 16 hours every day, and much more.
  • Sign-up bonus: In discussions with Tiger Brokers (NZ), their team has advised that there is a NZ$30 cash bonus with any new account opening, and an extra NZ$50 cash bonus in your account with a cumulative net deposit of at least NZ$2,000 within seven days of the first deposit, alongside other fee benefits.

Tiger Brokers Features and User Interface

  • The Tiger Brokers platform (Tiger Trade) has a wide range of functionality that investors can take advantage of. The platform has a lot more functionality and customisation compared to Sharesies. At first glance, the interface can look complicated, but after a few uses of the app, the value of the additional features and functions is evident.
  • With seven order types available, including limit orders, market orders and stop-loss orders, detailed company information, technical analysis overlay for stocks and multi-chart layout, the Tiger Trade app is more comprehensive than the simplistic layout of the Sharesies app.
  • The Tiger Trade app also offers a live demo account (known as "paper trading") that is available to all registered users. This demo account is automatically loaded with US$100,000 and allows New Zealand investors to familiarise themselves with the trading platform before investing real money into the financial markets. The user interface on IOS and Android is sleek, user-friendly, and customisable.
  • Tiger Brokers also has a detailed 'Features' comparison page that lists out some of the most important differences that investors should be familiar with.

Tiger Brokers Fees

  • Tiger Brokers do not charge any fees to register, open an account and trade. Instead, Tiger Brokers charges a flat minimum amount per order (depending on the exchange you're buying/selling on) and either a percentage of the total trade value or a flat rate per share.
  • For US stocks and ETFs, there is a minimum $2 per order (flat fee to buy or sell up to 200 shares and USD 0.01 for every additional share after that per transaction) and pass-through fees apply.
  • When it comes to buying and selling stocks, Tiger Brokers is very cost-effective versus local competitors. Tiger Brokers has very competitive pricing compared to other competitors in the New Zealand brokerage platform space (such as Sharesies, Hatch, Stake and Jarden Direct). Tiger Brokers has a detailed 'How we compare' chart on their website, that details the fees that will be paid at different investment values, e.g. $100, $500, $1,000, etc.
  • For more details on the fees and commissions across all the markets associated with Tiger Brokers, check out their page on it here.

Sharesies Platform Products, Features and Fee Structure

Sharesies Products

  • Sharesies provides access to a variety of products on the New Zealand Stock Exchange (NZX), Unlisted New Zealand Managed Funds, Australian-listed (ASX) stocks and ETFs, as well as stocks and ETFs listed in the United States (through the NYSE, NASDAQ and CBOE for example). ​

Sharesies Features and User Interface

  • ​Sharesies have a flexible structure when it comes to investing, as the platform doesn't have a minimum required investment amount to purchase stocks. This flexibility is primarily driven by their ability to offer fractional shares (they're able to offer you ownership in stock by "slicing" up the stock into smaller portions).
  • Note that while you're the legal owner of the shares, Sharesies will retain "custody" of your shares, given the underlying mechanics of fractional shares. For more information on fractional shares and ownership structure, check out the Sharesies post here.
  • Having no minimum investment amounts is arguably helpful for beginner investors or those not initially intending to put a lot of money/capital into the financial markets. This lack of minimum amount creates a low barrier to entry for New Zealanders to get into investing and learn more about stocks and ETFs.
  • Regarding the user interface, Sharesies has a simple user interface that makes it easy to see how much money you've got with Sharesies, what you're invested in and which potential stocks you can invest in.

Sharesies Fees

  • Sharesies don't charge any annual fees to become and stay a member. Instead, Sharesies take a percentage cut of the total transaction volume (known as a "brokerage fee").
  • Sharesies has a different brokerage fee structure for each public stock exchange you purchase shares on. For example, additional transaction charges of 1.90% when buying shares on the New Zealand Stock Exchange (NZSE), United States Stock Exchanges and the Australian Stock Exchange. These fees are capped at NZ$25, US$5 and AU$15 per order respectively.
  • Monthly plans: Sharesies offers three monthly plans designed for regular investors seeking to save on fees and maintain their investing habits. Plans range from $3 to $15 per month, with each tier providing a higher limit of transaction fees covered for buy and sell orders, as well as auto-invest orders. Users can change or cancel their plans at any time, and once the coverage limit is reached, a 1.90% transaction fee applies until the plan renews.
  • For more information on the Sharesies fee structure (including monthly plans), you can get a detailed breakdown of their pricing here.

Key Similarities between Tiger Brokers and Sharesies

Both platforms have no minimum investment amounts.

Both Sharesies and Tiger Brokers have no minimum investing amounts when stock investing. However, it's important to know that both will charge fees on the order or total transaction volume. For example, Tiger Brokers charges a flat brokerage charge of US$1.99 per order on shares trading in US exchanges. In contrast, Sharesies will charge 1.09% on the total transaction volume of US shares (as well as other potential fees such as ADR pass-through fees, currency conversion charges etc.) with a cap of US$5.

Know This: Technically you could invest one cent in the US market with both platforms (however, you will need to pay additional fees to have the trade executed).

Both platforms have a wide variety of funding methods.

Both platforms are relatively easy and fast to fund your accounts. Sharesies and Tiger Brokers have multiple funding methods, whether through traditional bank transfers or POLi. Both methods are relatively quick and easy to complete. Some methods lead to instantaneous transfers, but other methods may take up to three business days to complete.

However, Tiger Brokers offers an additional method of funding through NZ-owned Akahu, which utilises open banking infrastructure to allow users to better control and transfer their funds to their accounts. Once you have verified your bank account through Akahu, you will be able to deposit funds to your Tiger Brokers account instantly. For more information on the collaboration between Akahu and Tiger Brokers, check out this post here.

Additionally, the Sharesies platform is unique in allowing users to fund their accounts through a debit or credit card. However, it's important to note that these funding methods may have additional costs and fees compared to others.

Both platforms are relatively fast and easy to set up an account.

The sign-up process for both Tiger Brokers and Sharesies is extremely quick. You'll likely only need a form of identification (such as a passport or driver's licence), bank account, IRD number, and address to get started.

While the validation process can take a few days, both platforms make it seamless and easy to sign up and automate all the relevant KYC (Know Your Client) and AML (Anti-Money Laundering) requirements set out by the FMA (Financial Markets Authority).

Both platforms provide robust online customer support.

Both Tiger Brokers and Sharesies have relatively intuitive and responsive customer support channels. The easiest way to contact Sharesies is through direct email and social media. In contrast, Tiger Brokers has an extensive FAQ (Frequently Asked Question) section and their customer service team is available by phone from 9:30am to 5:30 Monday-Friday and a general email which aims to respond to all customer queries within 1 working day.

Both platforms offer competitive foreign exchange rates and brokerage fees.

Generally, both platforms offer great value for money when purchasing securities. However, small differences do exist:
  • Both platforms have an FX fee for transferring NZD into the relevant currency; for example, to trade in the US markets, you need to have USD in your account, and to trade in the ASX market, you need to have AUD in your account. Tiger Brokers will usually be cheaper when purchasing offshore stocks, but Sharesies will be more competitive in other areas.
  • Tiger Brokers offers better foreign exchange rates on the NZD/USD pair; 0.35% versus 0.50% for Sharesies but higher foreign exchange rates for NZD/AUD pair, 0.59% versus 0.50% for Sharesies.
  • Still, it will depend on the total transaction value to determine whether Tiger Brokers offers a better brokerage rate. From the 'How we compare' page on the Tiger Brokers website, they have given examples of how they are the cheaper option compared to Sharesies when the value of the trade is more than US$500.
  • Generally, buying small amounts on Sharesies will work out cheaper due to the minimum amount of US$1.99 per order at Tiger Brokers. However, at higher volumes and transaction values, our view is Tiger Brokers is more cost-efficient.
  • Both platforms are extremely cost-efficient compared to competitors like ASB Securities.

Both platforms have a sleek mobile app.

Both Tiger Brokers and Sharesies provide a mobile app on IOS and Android. Both mobile apps allow users to trade securities easily, check their portfolio balance and view insights of the stocks, ETFs and other financial derivatives that have been invested in.

Tiger Brokers additionally has an active community tab in their app, where users regularly post updates of their portfolio and share their opinion on what is happening in various stock markets and companies.
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Tiger Brokers also offers a desktop version of the Tiger Trade app.

Both platforms offer fractional shares

Tiger Brokers has recently introduced the fractional shares function for US shares on their platform. Fractional shares for Tiger Brokers are only available when buying US shares, whereas, for Sharesies, it is available for US, AU and NZ shares.

Key Differences between Tiger Brokers and Sharesies.

The Clearing House for US shares

Sharesies uses DriveWealth to offer US shares. If something were to happen to either Sharesies, you'd likely be given sufficient notice to withdraw your funds or transfer your shareholding from DriveWealth to another US-based broker.

If DriveWealth were to become insolvent, US regulation ensures that investors are insured on the security (stocks, bonds, etc.) and monetary value of their holdings up to a certain threshold. This limit is usually a minimum of c. USD 250,000 will depend on the level of protection the brokerage platform has under the relevant regulation, such as whether the brokerage platform has SIPC (Securities Investor Protection Corporation) coverage. From what we can tell, this information has not been disclosed by Sharesies.

On the other hand, Tiger Brokers uses a subsidiary of their NASDAQ-listed ultimate holding company, Up Fintech Holding, as the clearing house for their US securities. The company that makes these trades is TradeUP Securities, Inc. which is a licensed entity registered with the SEC (No.: 8-36754), member of the FINRA (CRD: 18483), member of the SIPC, member of the Depository Trust Company (DTC) and the National Securities Clearing Corporation (NSCC), and regulated by FINRA and SEC.
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Tiger Brokers uses an in-house company as their clearing house and therefore has more control over the function and future of this offering.

Tiger Brokers provides better access to international markets.

Given the significant size of Tiger Brokers and its prevalence in international markets outside Australia and New Zealand, Tiger Brokers offer much greater access to the absolute number of offshore markets, types of securities and level of derivatives.

For New Zealanders looking to invest in securities in offshore markets like Hong Kong, Singapore or China, Tiger Brokers will be able to provide that international access that Sharesies currently does not offer (and may never offer due to regulatory or financial considerations).
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This increased access isn't to say that investing in offshore markets is better than onshore. On the contrary, there are several financial, tax and analytical considerations when investing offshore. Additionally, having more investments in offshore markets becomes more complex to manage when it comes to foreign exchange, FIF (Foreign Investment Fund) tax and ultimate ownership implications.

Sharesies have functionality for children/kids to improve their financial literacy.

While Tiger Brokers has many benefits, its platform is tailored toward investors with a moderate understanding of their actions. As a result, Tiger Brokers would, for example, not be suitable for children.

This functionality contrasts with Sharesies, which has carved out a segment specifically for kids' accounts. Not only is this useful for the children, but it is also a great way for parents to support their children's financial future actively. Sharesies also has an automatic investing function that lets New Zealanders set a specific amount they would like to invest in the financial markets each month (which can also apply to the child's accounts). For more information on auto-investing for children, check out this post from Sharesies.

Tiger Brokers offer pre-market and post-market trading, as well as live market trading – Sharesies only offers delayed market trading.

A big advantage that Tiger Brokers has over Sharesies and other brokers in NZ is the time available to transact. Tiger Brokers can offer pre-market, post-market, and market trading hours to their customers. This means that clients will be able to make trades for 16 hours of the day, from 9:00PM to 1:00PM the next day. As well as having live prices, this gives you more opportunities to buy and sell stocks throughout the day if you see an opportunity, and therefore gives you more flexibility over your portfolio.

With Sharesies, you can place orders at any time during the day; however, they will be in a pending state until the market opens, which in NZ is from 2:30AM to 9:00AM. The price data on Sharesies is also 20 minutes delayed. For most people, this will mean that they will not be able to properly manage the price they buy or sell stocks at and therefore have less flexibility over their portfolio.
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For trading hours, Tiger Brokers has an advantage over Sharesies here.

Sharesies offers access to the New Zealand Stock Exchange, whereas Tiger Brokers does not.

One downside to international brokers, such as Tiger Brokers is that they lack access to the New Zealand Stock Exchange (NZX). However, given Sharesies is domiciled in New Zealand, it is much easier for these platforms to offer access to New Zealand-listed stocks and ETFs. This offering is one of the main benefits of using Sharesies over Tiger Brokers; however, this is not to say that Tiger Brokers will not offer the New Zealand Stock Exchange (NZX) one day soon. With a local Tiger Brokers office in Auckland and the range of markets they currently offer, it would be expected that they will be able to offer access to the NZX at some point. However, right now, whether you're keen to buy Fisher and Paykel Healthcare or Fonterra, Sharesies will provide this opportunity where international brokers like Tiger Brokers currently fall short.

Tiger Brokers has better access to advanced technical analysis and fundamental market data.

While both platforms have a base level of research and analytics behind their platforms, Tiger Brokers has a more in-depth mobile app and a significantly deeper level of insight when it comes to analysing specific securities.

Whether it's recent market news, candlestick charts, analyst ratings or financial statements, Tiger Brokers has a much more in-depth view of a wider range of securities. While some may find this overwhelming (hence why the Sharesies app is great for beginners because of how easy it is), Tiger Brokers will offer a much better user experience for intermediate to advanced investors.
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Tiger Brokers has also been introducing a 'Lite' version of the Tiger Trade app over the last few months to meet the needs of "beginner" investors and to cater to a wider range of investors.

Sharesies is majority owned by a number of New Zealand private investors, whereas offshore investors mainly own Tiger Brokers.

Sharesies is privately owned with the aid of nearby New Zealand investors and was founded in New Zealand. The ultimate holding company of Tiger Brokers is publicly listed on the NASDAQ Exchange and was founded in China.
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Both platforms utilise custody accounts to ensure that there remains a separation between the customer's capital and the broker's capital. In addition, both companies have strong financial and reporting teams to ensure these records are kept up to date.

Tiger Brokers consistently offers promotions and bonuses, whereas Sharesies does not.

Tiger Brokers has been heavily marketing its platform with attractive sign-up bonuses relative to other brokerage platforms. This includes the current promotion of $30 stock vouchers that apply/get rebated after you purchase stocks and $10 referral amounts for inviting your friends. As well as previous promotions this year for giveaways of shares after minimum deposits, and also offering commission vouchers on US stocks and ETFs and lifetime commission-free trades on US stocks and ETFs.

​In contrast, Sharesies rarely run promotional sign-ups; the one consistent promotion they have run is a $5 refer-a-friend campaign. Moreover, when they do, the dollar value is usually much smaller than other brokerage platforms like Tiger Brokers.
Read our comprehensive Sharesies Review

Best for:
  • Investors at the start of their investment journey
  • Investors looking for small regular investing and the option to invest in managed funds
  • Low-value investing (e.g. below $500)
  • Children wanting to increase their financial literacy
Read our comprehensive Tiger Brokers (NZ) Review

Best for:
  • New Zealanders looking for high-value investments
  • Advanced investors who need a wider range of offshore investment products
  • High-volume investors and traders
  • Options and futures traders 
  • Sign-up bonus: In discussions with Tiger Brokers (NZ), their team has advised that there is a NZ$30 cash bonus with any new account opening, and an extra NZ$50 cash bonus in your account with a cumulative net deposit of at least NZ$2,000 within seven days of the first deposit, alongside other fee benefits.

Our Conclusion

Summary
  • Sharesies and Tiger Brokers run investing platforms that offer cost-competitive offerings for many investment products in multiple markets.
  • While there are slight nuances regarding fees, market access, and product features, both platforms offer an easy-to-use solution for New Zealand investors of all experience levels.
  • Based on our research and market observations, Sharesies might be better for New Zealanders at the start of their investment journey who are investing smaller amounts and more focused on learning about stocks, ETFs and the basics of investing. Additionally, Sharesies is a strong offering for those looking to teach their kids financial literacy or those with lower account balances. Additionally, if you're interested in buying New Zealand shares, Sharesies is a clear choice, as Tiger Brokers doesn't offer this currently.
  • Beyond Sharesies, our view is that Tiger Brokers has more functionality for those looking for more advanced products, those looking to invest in a wider range of offshore investment products or those who are transacting at higher dollar amounts or stock volumes. Tiger Brokers will likely become a popular platform to move to for many New Zealanders once they get more experienced and want to connect to a global investor community. Being listed on the NASDAQ Exchange with almost 10 million users worldwide, Tiger Brokers brings an international angle that Sharesies doesn't have.

Tiger Brokers (NZ) is our Favourite Low-Cost Shares Platform in our 2023 Editor's Choice Awards:

  • Tiger Brokers (NZ) is a low-cost broker. Currently, the broker offers the lowest commissions, 0.35% FX fees and free level-2 data on US-listed shares and ETFs. For US shares, it's a lower-cost alternative to Hatch, Sharesies, Stake and Interactive Brokers.
  • The company offers access to US, Hong Kong, Singaporean and Australian stock markets and China A-Shares. Altogether, over 7,000 shares are listed on the platform.
  • Exclusive sign-up benefits: In discussions with Tiger Brokers (NZ), their team has advised us that anyone signing up via MoneyHub will receive the following:
  1. Zero transaction fees (e.g. brokerage fees) four times for US and ASX shares every month, for life.
  2. Zero currency exchange fees for the first NZ$2,000 of currency exchanged every month, for life (NZD to/from USD and AUD)
  3. A NZ$30 cash bonus with any new account opening, and an extra NZ$50 cash bonus in your account with a cumulative net deposit of at least NZ$2,000 within seven days of the first deposit.
  • Our view is simple: With all other platforms charging fees (Stake, Hatch, Sharesies, Superhero etc.) for FX and/or share brokerage/transaction, Tiger Brokers' offer is unrivalled in New Zealand.
  • Competition Promotion: Open an account and deposit at least NZD 2,000 within 7 days of your first deposit to go into the draw to win an iPhone 15. The winner will be drawn on the 25th of October 2023. 

MoneyHub’s Editor Christopher Walsh says:
"Tiger Brokers is focused on global investing, and at a time when some other platforms have raised their fees, Tiger Brokers is around half the cost of its nearest competitor for US stock trades. Tiger Brokers is the only global online player to have a local Auckland-based team and to be regulated in New Zealand. It focuses on delivering low fees to global market investors looking to build wealth using shares, futures and options. It continues to innovate and has recently launched auto-invest, fractional shares and its own TigerGPT investment chatbot."
For more information on our brokerage platform reviews, check them out here:
For more information on our brokerage platform comparisons, check them out here:

Frequently Asked Questions

How do brokers make money? How can some brokers provide commission-free trading? Am I getting ripped off somewhere?

While most brokerage platforms generate revenue through a few means:
  • Taking a flat or percentage fee of the total trade value
  • Taking a fee from currency exchange
  • Annual account fees as a result of holding an account with the brokerage platform
  • Other revenue-generating services from third parties (through things like cross-selling or earning commissions through referrals to other companies)

​Some platforms, such as RobinHood and even Tiger Brokers, during a promotion earlier this year, offer lifetime commission-free trading.
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However, commission-free brokers still have costs and aren't run as charities. The main way they generate revenue is by selling the market data they generate (the market "orders" that their clients put through) to "market makers" (a fancy term for trading houses that match up buyers and sellers) such as Citadel, IMC or Optiver. The market makers can then profit on these orders at the margin (normally by being one-millionth of a second faster to conduct the trade than competitors). This "Payment for Order Flow" (the term used by Robinhood to describe their business model) is how most commission-free brokers earn revenue.

How long will it take me to open an account on Sharesies or Tiger Brokers?

The online registration process for Tiger Brokers and Sharesies is extremely easy and fast. The online registration process can take anywhere from five to fifteen minutes. However, there may be a delay between when you finish the online registration process and when you can place your first trade. Companies need to undergo KYC (Know Your Client), AML (Anti-Money Laundering) and other relevant protocols to ensure their new users comply with all regulations.
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Additionally, funding your account may take up to three business days, depending on the method you pick (bank transfer, credit/debit card, POLi, or through an open banking API like Akahu).

Can I invest in New Zealand shares with Tiger Brokers?

Tiger Brokers does not currently provide access to the New Zealand Stock Exchange. However, this doesn't mean you can't buy some specific New Zealand stocks on Tiger Brokers through the ASX. Many New Zealand companies are either listed on the ASX or dual listed on the ASX and NZX. For example, you can purchase A2 Milk or Air New Zealand shares on the ASX and NZX. Therefore, you could get exposure to both companies that are available on the NZX through Tiger Brokers by investing in them through the ASX.
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In other instances, New Zealand companies may only be listed on the ASX and not on the NZX. An example is New Zealand-founded Xero, which was initially listed on the NZX but was delisted from the NZX and opted for a single listing on the ASX.

I'm concerned with my privacy, given Tiger Brokers was founded in China. Is my private information at risk with Tiger Brokers?

Tiger Brokers in New Zealand trades under Tiger Fintech (NZ) Limited and is a client money and property services provider under the Financial Markets Conduct Act 2013 and adheres to various financial service laws in New Zealand. They also have a detailed privacy policy that is available to view on their website, which details how they use and protect your information, etc. The ultimate holding company, Up Fintech Holding, is listed on the NASDAQ, and this status as a listed company means it has to uphold the same standards as all other publicly listed companies in the US. These rules also include foreign ownership and privacy provisions against using personal data. As a result, Tiger Brokers is not treated any differently from other publicly listed companies on NASDAQ, regardless of where the company originated.

While there's nothing certain in the financial markets, it can be reasonably assured that given Tiger Brokers' status in New Zealand and listed status on NASDAQ, we are confident that you can expect a high level of protection of your private information.

Check this page here for more information on Tiger Broker's Privacy Policy. ​

What has better customer service - Sharesies or Tiger Brokers?

It depends what you need. While Tiger Brokers is an international stock brokerage company, they have invested heavily in the New Zealand market and have a large team (30+ employees) working in their Auckland office. As part of our review process, Tiger Brokers confirmed with our research team that "they aim to answer all customer-related emails within 1 working day, have a live chat service that is accessible via the Tiger Trade app, or Tiger Brokers website, and have a skilled client services team that is ready to answer any queries you may have over the phone, operating from 9:30am to 5:00pm from Monday to Friday". Beyond this, they also stated that they welcome "anybody to visit their office on Queen Street, Auckland to meet the team and offer in-person help to anyone that requires it".
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Sharesies, which operates predominately out of Wellington, also aims to answer customer queries via email or social media within one working day; however, they do not have a live chat service or phone number for customer queries available to the public.
Read our comprehensive Sharesies Review

Best for:
  • Investors at the start of their investment journey
  • Investors looking for small regular investing and the option to invest in managed funds
  • Low-value investing (e.g. below $500)
  • Children wanting to increase their financial literacy
Read our comprehensive Tiger Brokers (NZ) Review

Best for:
  • New Zealanders looking for high-value investments
  • Advanced investors who need a wider range of offshore investment products
  • High-volume investors and traders
  • Options and futures traders 
  • Sign-up bonus: In discussions with Tiger Brokers (NZ), their team has advised that there is a NZ$30 cash bonus with any new account opening, and an extra NZ$50 cash bonus in your account with a cumulative net deposit of at least NZ$2,000 within seven days of the first deposit, alongside other fee benefits.

Tiger Brokers (NZ) is our Favourite Low-Cost Shares Platform in our 2023 Editor's Choice Awards:

  • Tiger Brokers (NZ) is a low-cost broker. Currently, the broker offers low commissions, 0.35% FX fees and free level-2 data on US-listed shares and ETFs. For US shares, it's a lower-cost alternative to Hatch, Sharesies, Stake and Interactive Brokers.
  • The company offers access to US, Hong Kong, Singaporean and Australian stock markets and China A-Shares. Altogether, over 7,000 shares are listed on the platform.
  • Sign-up bonus: In discussions with Tiger Brokers (NZ), their team has advised that there is a NZ$30 cash bonus with any new account opening, and an extra NZ$50 cash bonus in your account with a cumulative net deposit of at least NZ$2,000 within seven days of the first deposit, alongside other fee benefits.

MoneyHub’s Editor Christopher Walsh says:
"Tiger Brokers is focused on global investing, and at a time when some other platforms have raised their fees, Tiger Brokers is around half the cost of its nearest competitor for US stock trades. Tiger Brokers is the only global online player to have a local Auckland-based team and to be regulated in New Zealand. It focuses on delivering low fees to global market investors looking to build wealth using shares, futures and options. It continues to innovate and has recently launched auto-invest, fractional shares and its own TigerGPT investment chatbot."

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