Syfe Trade - Has Robinhood entered Singapore?

Syfe Trade is a new digital brokerage player in town. They have been quite famous for their previous wealth products.

So, a TLDR first:

1. Regulated by Monetary Authority of Singapore (MAS)
2. SIngpass/MyInfo verification ( Instant verification)
3. 5 free trades per calender month (US$0.99 fixed fee thereafter)
4. Fractional Shares trading ( Minimum of US$1)
5. SIPC protected
6. Real time market data
7. US market only
8. Only supported products are ETF and Stocks (for now)
9. Mobile App only (similar to Moomoo, Tiger)

If that was enough for you to sign up, head over to the App Store, Google Play Store or Huawei App Gallery to sign up!

Using my referral code below will net you extra $10 extra on top of the $60 sign-up bonus!

Referral code : SRPS4HYSV

Fractional Trading

Besides Interactive Brokers (IBKR), Syfe is the only other broker that is MAS regulated that supports fractional shares.

Fractional shares is a method of investing for people who would like to own a share of a company/ETF without buying the whole unit. This is useful for securities with a very high share price (remember, higher share price does not mean the company is more valuable) such as Google or MecardoLibre with their share price in the 4 digit range.

For example, if a Dollar Cost Averaging (DCA) approach is being taken and you would like to invest S$1000 (USD$745) into Google stock every month, instead of waiting 4 months to be able to buy 1 share and risk the stock going up even more, you can own just a fraction or percentage of it. Brokers such as Moomoo and Tiger brokers do not allow this.

Fees

Syfe Trade is giving 5 free trades a month and 99 cents flat for every trade thereafter.

A trade counts as any buy/sell transaction for example, buying 1 share of $TSLA counts as 1 trade and selling 1000 shares of $PLTR also counts as 1 trade.

This is great for you if you're buying into ETF's monthly via a DCA strategy as you would incur no fees!

Deposits and withdrawals into Syfe Trade also have zero fees. You can deposit SGD or USD via Paynow (SGD). FAST(SGD) or a Wire Transfer (USD & SGD).

Security

Taken from the Syfe Website:

Syfe is regulated by the Monetary Authority of Singapore (MAS) as a capital markets services licence holder. Alpaca Securities LLC, a member of the Securities Investor Protection Corporation (SIPC), will serve as the sub-custodian for your securities account. In the event that a SIPC-member fails and is placed in liquidation under the Securities Investor Protection Act, SIPC protects the securities customers of its members up to $500,000 (including $250,000 for claims for cash). SIPC does not protect against any decline in the value of your securities. For details, please see www.sipc.org.

This is the usual practice with most brokers so not much here.

Products offered

1 big downside of Syfe Trade is that they only have ETFs and Stocks. For options traders, this platform may not be for you. However, if you are a simple investor and buy into stocks and ETFs only, this would be for you with their easy to use UI and no fees.

The only market offered is the US market which is another downside and SGX tickers are being worked on currently.

Margin trading and leverage is also not supported!

Account Opening

Account opening is probably the easiest i've ever done with a broker, answer a few simple questions such as your income and employment status, link with Singpass to verify and you're set to go!

Syfe Trade is also available for non Singaporeans and PR's to anyone but US citizens however you would not be allowed to use Singpass verification if you're not based in Singapore for sure.

If you are already a Syfe customer, no need to create a new account, just simply sign-up for Syfe Trade and wou'll be able to use it!

User Interface

As a mobile app play, the UI is one of the simplest compared to the competition such as IBKR, Moomoo and Tiger. There are not a lot of buttons and is very comparable to Robinhood in the States. You have simple buttons like a Portfolio, Watchlist and a simple stock screener.

Conclusion

Syfe Trade is a great platform for first time investors looking to enter the US market and do not need features such as Margin or options trading (which is more advanced)

The UI is simple, allows fractional trading so it's great for students, fresh grads or anyone who would like to own fractional shares!

To sign up, go and download the app and use my referral link to get an extra $10!

App Store

Google Play Store

Huawei App Gallery - unable to add the hyperlink

Referral Code : SRPS4HYSV