Is It Impossible to Use This Tiger Brokers Reward?

mrwoo on 22/12/2022 - 05:40

I saw there was a reasonable Tiger Brokers cashback and so opened an account and deposited $50. They have a current deal where, if you deposit a minimum of 1¢, you get $50 in stock vouchers:

  • AUD 25 stock voucher is limited to ASX stocks and ETFs

  • AUD 25 stock voucher is limited to US stock and ETFs

I've gone to use the $25 on the ASX and all my orders get cancelled because:

"Reason for order cancelation: An initial purchase of any Australian shareholding must be for an amount greater than $500 AUD (known as a minimum marketable parcel in the ASX rules)".

So is this "Reward" actually completely useless unless I deposit another $425?

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Comments

  • Porker on 22/12/2022 - 06:52
    +3

    It's not impossible to use the Tiger reward, it appears linked to a share purchase, the minimum of which is $500.

  • Stopback on 22/12/2022 - 07:11
    +2

    Buy and sell same day. Also claim a capital loss. Win win.

  • Ughhh on 22/12/2022 - 07:32
    +4

    When buying a security for the first time, the ASX prohibits the settlement of any transaction that will establish a holding of less than $500.00 based on the closing price of that stock (also known as an 'un-marketable parcel').

    https://help.selfwealth.com.au/hc/en-au/articles/36003149669…

    Not just tigers, but would be for any asx broker.

  • ribze1 on 22/12/2022 - 09:16

    So the marketing campaign worked, spend $500 min. to save $25. It's not a bad offer when you think about it as it means you are up 5% already.

  • avoidfullprice on 22/12/2022 - 11:24
    +1

    Not impossible or useless when you have identified a way to cash it out.

    It just has conditions attached, and it is not unreasonable.

  • Autonomic on 22/12/2022 - 14:03

    It's not useless. Buy and sell instantly and you make $25.

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