Syfe Trade, Singapore’s newest online brokerage, allows investors to trade US-listed stocks and exchange-traded funds (ETFs) at incredibly low commission rates. The digital brokerage also offers fractional trading, an option uncommon among existing online brokers here in Singapore, which allows investors to start investing from as low as USD 1.
|Summary of Syfe Trade Online Platform|
|Commission-free trades every month for all users|
|All-inclusive flat fee of USD 0.99* (USD 1.49 after 31 March 2022) per trade|
|Zero platform fees or withdrawal fees|
|No account minimum or inactivity fees|
|Fractional trading for US stocks and ETFs|
Table of Contents
- What Makes Syfe Trade Stand Out to Investors
- Syfe Trade’s Fees
- Investment Opportunities at Syfe Trade
- Syfe Trade Investor Eligibility Requirements
What Makes Syfe Trade Stand Out to Investors
Syfe Trade is the latest online brokerage to break out on the digital brokerage scene in Singapore. A brainchild of Syfe, which started out in the robo-advisor scene back in 2019, Syfe Trade appeals to investors here who are looking to invest in the US market with low commission rates.
For a start, the Singapore online brokerage is giving an introductory pricing offer to all users for their first three months with Syfe Trade. The introductory pricing gives users five free commission-free trades per month and a flat fee of US$0.99 per trade thereafter.
Even after its introductory pricing comes to an end, Syfe Trade remains extremely competitive by giving its investors two free trades per month, and a flat fee of USD 1.49 per trade.
In addition, investors with Syfe Trade will feel safe knowing that every individual account is protected up to 500k against brokerage failure.
Syfe Trade interface is also intuitive and simple to use, allowing users to trade in a few taps and swipes, similar to Syfe's well-loved simple user interface. Live and historical share prices and relevant news are provided to users so that they can more accurately make their investment decisions.
Syfe Trade’s Fees
Active traders looking to invest in the US stock and ETF market would benefit greatly from using Syfe Trade since the all-inclusive flat fee of USD 0.99 (and thereafter USD 1.49) is the cheapest among online brokerages in Singapore for trading US stocks and ETFs.
|Commission Rate||Minimum Commission|
|Syfe Trade||USD0.99 flat fee||-|
|Saxo Markets (Bronze Plan)||0.06%||USD 4|
|Tiger Broker||0.01 per share||USD 1.99|
|moo moo||0.0099 per share||USD 1.99|
|*moo moo & Tiger Brokers rate consists of commission and platform fees|
The platform does not charge custody fees, platform fees, withdrawal fees and there are no account minimum or inactivity fees imposed as well.
Investment Opportunities at Syfe Trade
Currently, the digital brokerage offers users access to over 10,000 US stocks and ETFs.
Another unique aspect of Syfe Trade is that investors are able to engage in fractional trading with US stocks and ETFs.
This means that instead of purchasing a single Amazon stock at USD 3,224.28*, you can purchase a fraction of the stock with as little as USD 1. This might be appealing to retail investors with little capital but would like to purchase a part of the US stock or ETF that they've been eyeing.
Syfe Trade has intentions to add other stock exchanges but it is likely to take time. It is already in discussion with SGX, hoping to add the local market to its offerings in the next couple of quarters.
Syfe Trade Investor Eligibility Requirements
If you are a new Syfe user, you can create an account with the following steps:
- Use Singpass to verify your identity instantly OR manually enter your details and upload supporting documents
- Complete your KYC verification
- Complete your investment knowledge assessment
- Sign the necessary contract details
- Transfer funds to your Syfe Trade Account using PayNow, Fast, Telegraphic Transfer and other methods
For existing Syfe users, you can simply login to your existing Syfe account, switch to Syfe Trade, sign the necessary contract details and you’re good to go.
Other than its introductory offer of five free trades a month and a lower all-inclusive flat fee per trade thereafter, Syfe Trade is also running a welcome promotion for new users.
Eligible clients can earn cash credits (a minimum of S$60) to buy any stock or ETF of their choice on Syfe Trade. Refer to the table below to learn how you can enjoy the welcome offer in its entirety.
|Deposit at least S$1,000 + Execute first trade||S$60|
|For each new referral to Syfe (Unlimited referrals)||S$30|
To understand how new kid on the block Syfe Trade compares to other online brokerages, it is helpful to compare them to other online brokerages in Singapore.