“What really shocked me was that I was actually put into debt from transaction fees… Nobody believed me that I was put in debt solely from transaction fees,” he said.
Mr Kong said neither the revised rates nor a table displaying the new rates were included in the e-mail, adding that Tiger Brokers had failed to sufficiently inform their customers of the changes.He said not having a maximum cap on the fees levied made little sense, especially if the transaction fees cost more than the share price itself, as that would mean a loss for anyone selling their shares.
"Prior to changes in any transaction fee, valued customers like yourself should have been notified with ample notice. Transaction fees are also published on our official website for reference," Tiger Brokers wrote in the same e-mail. In line with the new cap, the fees for the trades he took in April is now US$511.50, and he will receive a refund of US$15,675.
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