Review of Tiger Brokers Cash Boost Account
Going from strength to strength
Financial markets have experienced significant upheavals over the past few years, including the COVID-19 pandemic, an inflationary economic environment, unprecedented US interest rate hikes, and the anticipated start of rate cuts. Throughout these challenges, online brokerage Tiger Brokers has successfully adapted.
Tiger Brokers has made substantial strides, from enhancing investor education to expanding its range of products. This growth has been evident, and it is now estimated that one in three adults in Singapore has a Tiger brokerage account.
Just a couple of weeks back, we attended Tiger Brokers 10th anniversary event and it is no surprise to see them introducing new initiatives such as the Cash Boost Account that will continue to benefit their users during the event.
In today’s article, we will dive in to do a quick review of the newly launched Cash Boost Account which is yet another cool feature that one can open as a Tiger Brokers user.
What is the Cash Boost Account?
The Cash Boost Account is an innovative addition to the Prime account, tailored specifically for traders. It offers the convenience of trading with a credit limit, so you don't need to deposit funds upfront. This allows you to start trading as soon as your account is approved.
This account facilitates Contra Trading, where you don't take possession of the stocks you buy or deliver the stocks you sell. Instead, you purchase stocks without any initial cash outlay and sell them after a certain period. You then settle any outstanding differences, which could result in either profits or losses.
Use case for Cash Boost Account:
Buy up to SGD 20,000 or more as soon as your account is approved and capture market opportunities effortlessly.
Attractive pricing structure to save on commissions
Enjoy an interest-free period until the 8th trading day*. With contra trading, you don’t have to fund the full settlement amount. Just sell before the force-selling date and pay the difference between your buy and sell trades.
Trade stocks and ETFs in Singapore, the US, and Hong Kong amongst others.
From August 1, 2024, the Cash Boost Account will offer CDP linkage, allowing users to link their CDP account to Tiger Brokers, which we believe is an added benefit for some users.
How to open the Cash Boost Account?
You can open a Tiger Brokers account if you are new or you may open a Cash Boost Account if you are an existing user with Tiger Brokers.
Refer to this video for the instructional steps.
Opening the Cash Boost Account was a breeze for us. If you have done it correctly, you should see the following screenshots in your Tiger Trade App/Email/SMS. The App should display “Cash Boost” instead of Prime.
Exclusive bonus promotion with The Joyful Investors:
Exclusively to readers of The Joyful Investors, you can receive rewards, Nvidia fractional shares and more when you sign up with our dedicated invite link.
*Terms and conditions apply.
Our take on the Cash Boost Account by Tiger Brokers:
The Cash Boost Account can help traders seize time-sensitive opportunities and potentially profit from situations where funding limitations might have caused missed chances. If you've identified trading opportunities but your funds are tied up elsewhere, this account can help buy you some time.
Just be mindful that the Cash Boost Account essentially allows you to make purchases using a credit limit, enabling you to buy beyond your current available funds. This could potentially lead to losses exceeding your account balance.
And in the event that you wish to keep the stocks for any reason after the trade, it is possible. Simply ensure that you can pay up for the shares before the force selling date.
Learn with The Joyful Investors on Tiger Trade App:
Separately, if you are not new to Tiger Brokers, you may also have chanced upon our Chief Trainer, Hazelle, sharing educational content on Tiger Trade App as well.
We firmly believe that investor education plays a crucial role in an investor's journey. If you have found Coach Hazelle’s content useful, we encourage you to follow her at this link or scan the QR code below to access more valuable resources.
By continuing to learn and grow together, we can all become better, more informed investors. Let's stay connected and support each other in our investment journeys. We look forward to seeing everyone again soon in future events.
Ps: Terms and conditions apply for the above promotions and may be subjected to changes. Kindly refer to Tiger Brokers’ official website for more detailed information.
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