Video by Kelvin Learns Investing via YouTube
Source
Syfe announced that they will be launching Syfe Trade. In this video, I’ll review this platform.
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0:00 – Intro
0:46 – What is Syfe Trade
Syfe Trade is a neobroker. It aims to let you invest much more easily by giving you low fees and making the platform super easy to use.
1:38 – Commission and fees
During the introductory offer, there will be 5 free trades every month, 6th trade onwards will be USD 0.99 per trade. After the offer ends on 31 March, there will be 2 free trades a month, 3rd trade onwards will be USD 1.49 per trade.
The fee is cheaper compared to moomoo and Tiger Brokers, but is more expensive than IBKR. The reason they can give free trades is because they found out that most users trade more than a few times a month, so they expect to make money from there.
They also do not make money from payment for order flow.
3:27 – Fractional trading
Syfe Trade offers fractional trading for as low as USD 1.
4:14 – Syfe Trade platform
It is only available on iOS and Android. Syfe Trade platform is super simple to use.
5:51 – Funding and withdrawal
There are 3 ways to fund the account, Pay Now, Fast transfer and wire transfer. Funding will be processed within the same business day. Withdrawals will be processed next business day.
6:21 – Is it safe to use?
US securities are insured by SIPC up to USD500k. All the funds are kept at HSBC, so if anything happens to Syfe Trade, we are still safe.
6:46 – How’s the exchange rate?
The exchange rate is quite good.
7:40 – When will other features come?
They plan to enable SGX market as soon as possible. For other stuff like margin trading and options, currently it’s not their priority yet. But they will be accessing the market demand and client feedbacks.
7:59 – Signup promotion
If you join the waiting list, you will stand a chance to win iPhone 13. If you sign up and deposit a minimum of SGD 1k, you will receive SGD 30. Trade for the first time and receive another SGD 30.
IPhone giveaway terms and conditions
https://help.syfe.com/hc/en-us/articles/4412250966169-What-is-the-Syfe-Trade-waitlist-iPhone-13-giveaway-offer-
8:54 – My thoughts
I think it’s good to have another new broker coming into Singapore. More competition will lead to more innovation, which will benefit us.
I also like the fact that Syfe Trade has free monthly trades and fractional trading, because this means that investing is even more accessible to new investors now.
Syfe trade’s UI is super simple, making it easy for new investors to pick up.
I wished there’s a desktop version, margin trading and options someday.
*None of this is meant to be construed as investment advice, it’s for entertainment purposes only. Some of the links and other products that appear on this video are from companies which Kelvin Learns Investing will earn an affiliate commission or referral bonus.*