Disclaimer: This post is for informational purposes only. It does not constitute as a solicitation, or as an offer to buy or sell any security or financial instrument. The information contained in this post is not to be understood or construed as financial, legal or tax advice. Consult your financial advisor if in doubt.
If you are a user of Tiger Brokers, you will probably have seen the Ace Trader promotion on their website and within the app. In fact, they even show you your status right below your Tiger Community username! For most people, it will say Uncertified. But in this article, we will show you how you can become an Ace Trader and get over $50 in freebies in the process! Do not hesitate, or you will lose on a lot of savings!
Shown: Probably you right now
What is Ace Trader?
Ace Trader is a loyalty program for Tiger Brokers users, designed to reward those who trade more. There are 3 tiers:
- Silver Trader (50 trades in a month)
- Gold Trader (100 trades in a month)
- Ace Trader (200 trades in a month)
Some of the benefits include:
- $10 stock voucher
- Discount off US commission (up to 30%)
- Discount off HK commission (up to 20%)
- 1 share of UBS (Gold)
- 1 share of BAC (Ace)
- Free Reuters videos
Most people think that you must be a hardcore trader, or spend a lot on commissions in order to become an Ace Trader. But that is not the case. We have done it ourselves too!
Yes, we did it. How would we write this article otherwise?
Why should I bother?
For the free money! You can get a $10 voucher, and 1 share of BAC valued at around 35 USD.
Also, if you trade a lot, you probably already know how much you can save with the discounts on commission.
How can I become an Ace Trader?
Important: If you have existing stock vouchers, we recommend that you redeem them all first before continuing. Click here for a guide on how to use your vouchers. This is so that you will not accidentally use your high value stock voucher on a small transaction!
The key to getting Ace Trader status is to rack up as many valid transactions as possible. To do so, we make use of the current SGX 0.08% no minimum commission promotion. We also want to pay as little commissions as possible, so our trade value needs to be small too.
To do this, we perform our trades using ETFs listed on the SGX. Why? Because most SGX ETFs have a minimum lot size of 10, are highly traded and have good liquidity, so liquidity should not be an issue. There are plenty popular ETFs to choose to invest in! However, it is to be noted that each transaction should have a minimum of 10 USD (~14 SGD) to count towards qualification.
The ideal scenario would be if you already wanted to invest in the ETF that you have chosen. Just buy as per normal, but split your orders into 10 shares each. 200 transactions would mean approximately 2000 shares in total. You can do the math.
If you are a trader and plan to sell in the near-future, you can also split your trades both ways. After all, smaller orders fill much more easily. Trading is not for everyone and there is a risk of significant losses. Please do not repeatedly buy and sell shares in quick succession or you may be flagged for false trading.
Tiger Brokers will take the total number of trades made in a month to determine your status. They will update your status and issue the rewards on the 6th of the next month. For example, if you achieved 200 trades in February, you will be certified Ace Trader on March 6, and your status will last until 3 months later on June 6.
Should I get Silver/Gold first, or just get Ace straight away?
We would say just go straight for Ace Trader. You will get all of the eligible perks, except for the UBS stock which is currently worth about 16 USD. If you trade a lot, the savings on commission in a month may far exceed the value of the stock!
Tiger Brokers may also change the terms of the promotion at any time. Like with most promotions, we believe that you should take advantage of them while you can! You never know when it will last. Once you have Ace Trader status, you will have it for 3 months without worry.
This method is also time-limited, as the SGX no minimum commission promotion ends on 31 December 2021. There's no time to waste, so hurry and go get your Ace Trader benefits as soon as possible. Enjoy while it lasts!
How do I keep track of the number of transactions I made?
Follow these steps:
- Go to the Trade page.
- Select the Order button.
- Select the Filled tab.
- Select the date range.
- Set the starting date to the first day of the month, and the last day to today's date.
Alternatively, you can use the counter on the Ace Trader page, but it only updates 2 days after making your trades.
Disclaimer: This post is for informational purposes only. It does not constitute as a solicitation, or as an offer to buy or sell any security or financial instrument. The information contained in this post is not to be understood or construed as financial, legal or tax advice. Consult your financial advisor if in doubt.