Experience using Syfe Trade as a Brokerage Account | Buying fractional shares at low or no cost

 Yes, I created another brokerage account again. I currently have my stocks split between 3 brokerages, Tiger Brokers, Interactive Brokers and FSMone. If I were to add Syfe in as a brokerage account, I will now have 4. So today, let’s talk about why I chose to create a brokerage account with them.

They recently have been advertising and are promoting as as being Singapore’s first neobroker using Syfe Trade. Neobrokers are known as

Finance apps that allow users to trade stocks without additional fees. They have been referred to as a new class of brokers aiming to revolutionize financial investments through innovative concepts. Neobrokers are startups that are disrupting the investment industry because they offer a platform to a wider consumer base. They entice customers to be involved in the stock market by providing an easy mobile-based application and more incremental investment options. - Moneyinc.com

My primary investment brokerage is currently Interactive Brokers where the mobile app is easy to use although the interface is a little dated. Syfe also offers robo-advisor for your investments where they can invest in funds and ETFs based on what you are looking for on your investment growth where currently, you can put your money into

• Syfe Core portfolio
• Syfe REIT+ portfolio
• Syfe Cash+ portfolio
• Syfe Select (Themes & Custom)

I wouldn’t go into the robo-advisor platform as I currently do not do robo-advisor but am not against the idea especially as if my investments do grow substantially.

Syfe Trade Account Set Up

Setting up of an account is pretty simple and straight forward, from now till 30th March 2022, they have a few promotions on top of the referral promo where you can get multiple $30 cash credits. If you are planning to create an account, you can use my referral code: SRPSL8MGX to get you $10 cash credits.

• Depositing at least SGD1000 into your account = $30 cash credits
• Making your first trade = $30 cash credits
• Every other referral you bring in = $30 cash credits (you can use my referral code: SRPSL8MGX)

Since they are cash credits, you can use them to buy any stocks or ETF via Sfye trade and you will not be able to withdraw to your bank account as cash.

The set up was pretty seamless as you can use Singpass to provide all your information and I got approved pretty much on the next day. Depositing in funds was super convenient as you can use paynow to send your funds in and they will get converted to USD automatically for you to buy stocks and ETFs. The main selling point is that you are able to buy fractional shares easier and allows for 5 free trades per month at the moment. This means you can break up your buying into 5 period as no commissions are charged.

Syfe Trade Platform

The app is pretty slick but there are some getting used to the interface as there are quite a few different ways to put in an order and some are applicable at only certain timings eg. when market opens. On the homepage, you can see the amount of value you have and create a watchlist for yourself to monitor. There are 4 order types:

• Buy in dollars (Market) - This means you buy at market price based on the amount you want. For this, you are not able to put in a limit price meaning a price you want to buy at. Instead, it will just be based on the current market price for your buy order and fractional depending on the amount you are buying.
• Buy in shares (Market) - This is where you specify the quantity of shares you like to purchase based on market price. Similar to the first one where you will have your buy order based on the market price except you specify you purchase in shares and not dollars. Quantity of shares cannot be in fractions for this. - Available only during market hours
• Limit - This means you can set a limit price for the share you like to purchase however you will need to put in the number of shares and fractional shares are not allowed.
• Stop order - I haven’t used this type of order before so I would just specify what is mentioned where you set the stop price for the order which is above the current market price. Once the stop price is reached, the order will become a market order and be executed at the next best price. - Available only during market hours

These are the few main features of the Syfe trade. It is very easy to use via mobile and straightforward. If you would like to sign up for an account, you can use my referral code if you require one (SRPSL8MGX). There are many brokers out there and many that are pretty user-friendly like Tiger Brokers and Moomoo, having a platform to buy your shares with low or no fees and ability to buy fractional shares if you are just starting out is pretty attractive hence I decided to share my experience using Syfe Trade. Hope you guys enjoy today’s content and don’t forget to like and subscribe to show your support! Happy CNY and Huat ah!

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