Are Our Assets REALLY Safe with Syfe?

I ACAT my assets from TD Ameritrade to Syfe in November 2023, and have been discovering disturbing issues with Syfe custodianship. Almost immediately in November 2023, I discovered all the cash from the ACAT was missing. And they resolved it. Then in February 2024, I discovered the AMZN shares were wrongly priced. And they resolved it. Then again, in March 2024, I discovered some GOOGL shares were missing. And they are still "working on it". To me, discovering 3 issues in 4 months with the exact same account screams something's wrong with their accounts management. Does anyone have such experiences too?

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Francis

1d ago

Thanks for sharing!

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Invest L

10d ago

Why no Moomoo, Tiger or Webull? Lots of perks and quite safe from my personal experience. If wanna transfer over, PM me for promo code and in the meanwhile, ensure all your stocks are right before transfer. Can report case accordingly as well to prevent repeats of such bad processes in this company.

Take care and all the best.

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Pet N

12d ago

Oh dear.. sorry to hear about your experience. I've not had problems with them. Please report.

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1M29

Edited 13d ago

Erm.. sorry to hear what you have been through, for me when i transferred by shares from another broker into Syfe via ACATS, it was done within about few weeks or so without error. Had to chase abit, but in the end it still came. Although its not my main brokerage, but still decent in general. 10 free trades plus quality customer service.

I check their FAQ, shares in Syfe brokerage seems to be held under some broker called alpaca securities or something, not really Syfe.. so most likely Syfe is like another "middle man" or something

Plus all these issues ( counted 3) were they rectified? Or all 3 still pending, this question is important, because i dont think they take so long ( nov 23 till now april 24). Just trying to see things in a balance perspective, who knows Syfe or yourself are hiding some info or something.

But from your timeline, seems like it was when TD close down to non AI in singapore, (LOL sucks that you use TD, dont you know how to diversify? ) so maybe when the whole of TD clients move over to Syfe, they have too much workload maybe?

But honestly, we should all look at ourself before what "CC MAS or CC MP" all these nonsense, maybe if you are being kindly / polite and understanding enough to give them more time or maybe if you have like few millions in it.. the outcome might be different? Plus i hate it when my Tax dollars are being used to solve these kind of small shits, im sure MAS and MP got better things to do.. KNN have to pay at the rate of 23% just for these civil servants to entertain all these people.. help lah..

but still, all the best.. L

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