Wondering if anyone has traded on both and has found pros and cons against these two apps. I have signed up to both but Shareis cannot verify my DL and they want it certified and sent while Tiger did not have any issues activating by account. However, I have not heard much about Tiger Securities and hence want to know.
Sharesies vs. Tiger (Stock Trading)
danz on 31/12/2022 - 12:33
Last edited 31/12/2022 - 23:11 by 1 other user
Last edited 31/12/2022 - 23:11 by 1 other user
Comments
I check out Kernel Wealth, its more of an investment platform. I was trying to find the best one to trade stocks.
You did ask for "(Investing)" in your post.
For trading, you can just ask which one is better for losing money. In that case, tiger has better rates than anything else, but both can reduce your initial investment to $0 eventually. Tiger will make it even faster if you use a margin. If you're that keen, do it on tigers paper account so the gov doesn't need to give you a benefit once you're done.
If you don't mean day or swing trading but rather buying and holding long term, either one is fine but a fund like kernel is still preferable.
That was me sorry.
(Investing).
@Wakrak: Didn't cross my mind that you edited the content. I could feel your presence with all the tags, though.
Yes, I meant long-term, thinking of putting it on Tesla.
Tiger often runs some good promos. Like a tiny portion of tesla or something for free if you sign up. And I think referrals as well? I'm sticking with Sharesies though. I just like the idea of a local website. Both for the support if needed and the just the fact it's a New Zealand company. You can look into Hatch as well for another option.
They gave me $30 for the first deposit. I will check out Hatch.
Tiger are doing $50 cashback through Kiwiwallet and 50 Air NZ shares on the ASX at the moment
Can I ask if anyone else uses any other platform, I have seen IG and Interactive Brokers and these 2 always stick out for width of products and countries to trade. from what I compared before shares ies is somewhat limited in products and features if you wanted to extend your investing experience/skill. You are also disadvantaged when you trade higher amounts by a much larger fee compared to others.Tigers is more of the broker that in the mainstream offering… Many countries, charting, forex, etc.
Just wanted to point out sharsies are putting up their rates and fees very soon.
https://www.reddit.com/r/PersonalFinanceNZ/comments/zqxgjq/s…
I've not heard of tiger but I'll be reviewing my options over the next week or so.
I still did not get access to sharsies so I am thinking I will give it a skip. But the impression I am getting from Tiger is that it's a powerhouse.
There is also Hatch, which is worth a look.
Hatch looks clean, checking it out.
IBKR is pretty good.
Checking it out. Thanks
Tiger Shares are awful - Created an account to get $30 free - Took hours to actually jump through their hoops to qualify. Contacted support and they were very unhelpful and arrogant. When it was time to sell the shares things got worse as I was able to withdraw the $30 bonus but all of my money from my share sell had vanished into thin air for well over a week. I contacted support and they told me I had to wait 48 hours with a specific time. The time was in 4 minutes and I was then able to see my money.
I think they were trying to keep the funds either hoping I’d forget or just to gain extra interest. Their website was awful and the service was worse. Back to Sharesies for me as I now know how good they are in comparison to Tiger.That sounds terrible. Thank you for sharing.
I generally would not recommend Sharesies as a sole trading platform for any serious investors for a number of reasons. However, Sharesies could be useful for certain situations. Here are a list of pros and cons:
Cons:
- the platform is not stable, and reliable enough. often has errors (potentially creates unnecessarily stress if there are any significant amount of money involved), e.g. for capital raising, saying that you did not have enough money in the wallet when money was already deducted. (needs followup emails to chase/ fix).
- platform is not timely esp during the time near market close, say 10 mins before, (often would not place your bids) until the next day.
- no interest offered for money deposit under the wallet/ cash account in sharesies, while other broking firms now offering to 3 to 4.35% interest on call, so often this more than make up for the difference in brokage, esp some other online flatform fees are not much higher. https://www.interest.co.nz/saving/call-account
- Shares are not officially owned by yourself, this means you do not get offered dividend reinvestment as a discount as an option, (but apparently they are working on this feature, and may become available later).
capital raise (that are profitable) are heavily scaled back to meaningless amount, e.g. EBOS, where as others lemon type capital raise is offered in full) and often gets a extra email or two as a reminder for you to take. Also needs to have cash upfront as opposed to have a contract note to be paid a few days later.
Fees are on a major increase from 31st Jan, if you are planning to trade in a small amount, e.g. from 0.5% currently to 1.9%, close to 400% raise in one go for some (smaller) transactions.
fees to transfer shares back to your name under the share registry. (due to increase on 31st Jan)
- fees needed to see the depth chart, (free in some other platform), quite a disadvantage as many of the NZX stocks do not have a lot of liquidity.
- there were some commentaries noting someone had figured out the Sharesies algorithm on trading at "market price", and in some situations that may mean buying or selling at a unfavourable value, albeit the algorithm is supposed to the Sharesies trader a better price. (I guess this is not a factor if you make a fixed price bid).
Pros:
1. allow you to access some managed funds in smaller amount, without extra fees e.g. Milford asset management, but may forgo the benefits from accessing of the managed fund platform though.
2. because of capped fee from 31st Jan, may mean lower fee for selling in larger amounts but for buying this may not be an advantage given that no interest in call account, esp if one likes to set a certain price/ time to entry etc..
3. provides a summary tax statement for all the shares that you hold under Sharesies.which platform would you recommend?
No specific recommendation as I have not tested all the platforms. However, it may be worth noting some differences in fees, and functionality to suit your likely trading pattern.
ASB securities and Jarden/ direct broking show the depth charts for free.
Craigs offers free research reports for selected companies.
Forsyth Barr offers the best cash management interest, but it's not clear what their fees are.
so different products may suit different people.
Thank you for the elaboration.
If you are mainly investing in US stock market then IBKR (Interactive Brokers) would be best for fees and exchange rate.
Do some research about fees and exchange rate, you will find they are much cheaper compared to other platforms.
IBKR is also a US listed company, so not going anywhere anytime soon?Thank you, yes, investing in US stocks only. I will open an account with IBKR
When I saw the title I was like wtf how come people are asking for investing (yes, is is) app opinions on a site for sharing discount info, and it drives me clicking in, and then I was like wtf how come their so many people invest in shares in here lol
My piece of opinion. First off no day trading (deals closing within one month) for newbies, nor margin accounts. You’d be better off starting from a paper account, or honestly, just like that dude said, give your money to Kernel or alike. However, if you plan to hold shares for long terms, go with Tiger among the two. Lower fees and bigger scale - multinational, super trending in Singapore and Nasdaq listed
I went with Tiger for the long term just because their app was the best one from what I tried. But thanks for the information on Tiger, it is reassuring.
I don't like either for real investing. I prefer something like kernel wealth.