Follow us on Telegram for the latest updates: https://t.me/mothershipsg A Singaporean man allegedly lost S$15,000 after making a trade using online brokerage Tiger Brokers. Kong Weng Hong, 29, told Mothership he sold about US$5,000 (S$6,976) worth of a US-listed penny stock in April 2022. After the trades went through, he realised that he was charged settlement fees of about US$16,000 (S$22,187) — more than three times the price of the stocks. This fee had effectively put Kong in a US$11,000 (S$15,253) debt in his Tiger Brokers account. Kong, who works as an account manager, claims that he was not sufficiently informed of the new settlement fee, which was enforced in January 2022. He was also shocked that there was no cap on the fees, which far exceeded his trade value. What happened In April this year, Kong had put in some orders via Tiger Brokers to sell 5 million shares of a stock priced at US$0.001 each, which adds up to a total trade value of US$5,000. The next morning, after his trades went through, he opened his Tiger Brokers account and was shocked to find his account in a US$11,000 deficit. Upon investigating, he realised he was charged a… Read full this story
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S’porean man allegedly lost S$15,000 after unexpected high transaction fees using Tiger Brokers have 317 words, post on mothership.sg at June 25, 2022. This is cached page on The World Articles. If you want remove this page, please contact us.