Explained: what is a Tiger Brokers paper account

Tiger Brokers is an investment platform offering online and in-app trading in stocks, ETFs, futures and more, with low fees and an intuitive service. If you’re new to investing and looking to learn more about how to make your money work harder, you might be interested in a Tiger Brokers paper account as a smart way to learn the ropes.

This guide covers all you need to know about the Tiger brokers paper trade account including how to open one, how to use your account, and how to save on currency conversion fees when you’re ready to trade for real.

What is a paper account and what is paper trade?

A paper trade account is essentially a demo version of an investment account, which lets you simulate the process of buying, holding and selling assets without risk. You’ll be able to set up a paper account with Tiger Brokers to use virtual funds and watch different investment strategies play out without needing to actually fund your account with your own hard earned cash.

Once you have your paper account active, you’ll be able to trade using your virtual funds, to buy and sell the products and assets available from Tiger Brokers, which include:

• Stocks and ETFs
• Futures
• Options, Warrants and CBBCs
• Funds

Because your paper account uses virtual funds only, you won’t be able to profit from the investments you make. However, you’ll also be able to rest assured that none of your own money is at risk, creating a handy way for new investors to learn more about the opportunities and challenges involved in trading.

How to open a Tiger Brokers paper trading account

To open a Tiger paper trading account you’ll need to download the app or visit the Tiger desktop site, and enter your details. There’s a helpful Tiger tutorial to guide you through the process if you need it¹ - here’s an outline of the basic steps to get started on the app if you’re new to Tiger Brokers:

1. Download the Tiger Brokers app
2. Open the app, and you’ll see the option Tiger Account, listed alongside the Cash Plus Account and Fund Mall Account
3. Select Tiger Account
4. You’ll be given the option to open a full account, or click to open a paper trading account
5. Tap on Open Paper Trading account
6. Enter your personal details following the prompts on screen to get started

If you want to open a paper trading account at the same time as opening a full Tiger Brokers account, you’ll need to follow the on screen steps to enter your personal details and upload identification documents - or you can choose to use Singpass and Myinfo to automatically prefill a lot of the required information. The good news is that setting up your Tiger Brokers account should be straightforward, and can be done entirely online or using your mobile device.

And if you already have a Tiger Brokers account and want to add a paper account in addition, just follow the steps laid out above to add a paper trading account to your app.

How to use your Tiger Brokers paper account

Let’s also take a look at how to use your Tiger Brokers paper trading account once it’s up and running. There’s lots of handy information about how to use your Tiger paper account available through Tiger’s Youtube tutorials².

Using your Tiger paper account for trading through the smartphone app is the most convenient option - here are the simple steps you’ll need to take:

1. Open the Tiger Brokers app
2. Click on Trade - which you’ll see at the bottom of the screen
3. You’ll be shown all of your Tiger accounts on the left of the screen - click on Paper Trading Account
4. Click the Quote button at the bottom of the screen
5. You’ll see stock options and prices - and can search for the assets you want to buy or sell
6. Select the Options tab to see specific live contract quotes
7. In the bar at the bottom of the screen you’ll see the options Paper Buy and Paper Sell - select the transaction type you want to arrange
8. On screen you’ll be able to adjust, check and confirm your transaction
9. Confirm the transaction you want to make - and wait while it’s executed

How to delete your Tiger Brokers paper account

You’ll be able to cancel your paper trading account from within the Tiger Brokers app, or by contacting Tiger Brokers customer service team for assistance. In the app you’ll need to³:

1. Open the Me page
2. Select Help Centre
3. Here you’ll find the option How to cancel your account
4. Tap this option and follow the prompts to close your Tiger Brokers paper account

Are you trading in foreign markets and losing on conversion fees? Wise Platform partnered with Tiger Brokers to fix this issue

With Tiger Brokers you can buy and trade assets and products from around the world, giving opportunities to diversify your investment portfolio. However, the costs of trading in foreign currencies with some platforms can be unnecessarily high - which is why Tiger Brokers has teamed up with Wise to offer low cost currency conversion so you can spend less on fees and keep more of your money.

Because Wise always offers the real mid-market exchange rate with no markups, you could save significantly compared to funding or withdrawing your Tiger Brokers account through your regular bank. Register a Wise account online and for free, and get easy low cost international payments with no hidden fees. Get the full lowdown on how to deposit funds to Tiger Brokers with Wise, here.

Get a free Wise account today!

Sources checked on 27.06.2022