How To Use Your Tiger Brokers 10% Off Tesla Stock Voucher

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How the 10% Off Tesla Stock Voucher Works

First of all, do not buy the stock on your own initiative. The voucher system for receiving stock works a bit differently than the cash stock voucher system which we featured in another post. Here are they key points to note:
  • 1 voucher entitles you to 1 share of Tesla as 10% off the listed price.
  • You pay 90% of the price of the stock upfront.
  • It takes up to 10 working days for the stock to be credited.
  • While waiting for the stock to be credited, you cannot sell the stock. Its value will not count towards your account balance during this time.
  • It has a validity of 20 days.
  • If the market is closed, the price is determined from the last close.
  • If the market is open, the price is calculated live.
So what do these things mean? Basically, after you pay for the stock, you are essentially forced to "hold" the stock until it is credited to your account. This can be bad for you if you are just looking to flip the stock for profit. Since Tesla is a fairly volatile stock, you may want to use the voucher at a time when the markets are more stable.

If you want to stretch your dollar as far as possible, you may want to use your voucher before the market opens at 9:30am EST (9:30pm SGT). Because does not use premarket and postmarket prices for the voucher, it can be advantageous for you to exercise your voucher if premarket prices are up significantly.

Step 1: Check the amount required to redeem

To redeem the voucher, you first need to have enough USD in your account. The easiest way to check if you have enough is to try to redeem the voucher. To view the amount required:
  1. Go to the Me page
  2. Select the Promotions & Rewards button
  3. You will see your Tesla voucher if your account is opened successfully.
  4. Select the Redeem voucher of the Tesla voucher.
  5. A confirmation dialog will appear showing how much is needed to redeem.

Now, if you already have enough money, feel free to just press the Pay Now button and wait for your Tesla share to be credited to your account. If not, head on to the next step.

Step 2: Convert your SGD to USD

After you have taken note of the amount of USD required to purchase the stock, you need to convert your SGD into USD. To convert currency:
  1. Go to the Trade page.
  2. Select the More button.
  3. Select the Currency Exchange button.
  4. Select the currencies you would like to convert.
  5. Enter the amount you would like to convert.
  6. Confirm the conversion by selecting the Exchange button.
To prevent your money from being locked up, please avoid converting currency before 6:20am and after 4:55pm. Currency conversion is not available on weekends and public holidays. Do convert an amount slightly higher than the required amount in the event of price fluctuations for both currency conversion and Tesla shares.

Step 3: Redeem the voucher

Follow the steps as previously mentioned in Step 1, but this time, redeem the voucher.

If premarket trading has already started, you may want to check the prices. If prices have fallen significantly during premarket trading, it may be more worthwhile to wait until the market opens. If prices have risen sharply, it will be better to redeem before the market opens.

The Tesla share will be credited to your account within 10 working days. However, it typically ranges from 1 to 3 days.