There are no hidden fees with Syfe. Here is a breakdown of Syfe's fees, FX fees and the regulatory fees applicable:
Syfe's all-inclusive fee: Every user with Syfe Trade will get 5 free trades every month. We charge a commission per trade of USD 0.99 outside the free trade allowance. This fee will be charged at the time we receive the order. We don't charge any custody, platform or deposit/ withdrawal fees.
FX fees: In order to execute the order you may need to convert the SGD in your Trade account to USD, therefore a foreign exchange fee may apply. You can see our current exchange rate in the app. Once you have converted a currency, your transaction history in the app will show the exchange rate.
Regulatory fees: These are fees imposed on US stock trading by regulators, the Securities Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) which are levied on brokerage firms for engaging in stock trading.
The SEC levies a $5.10 fee for every $1,000,000 of principal sold, rounded to the nearest cent.
FINRA charges brokerage firms a small fee on sell orders, which is passed through to the SEC to support the costs of regulation and supervision. For stocks and ETFs all sales are charged at a rate of $0.000119 per share with a minimum charge of $0.01 and a maximum charge of $5.95. This is also known as the TAF, or Trading Activity Fee.
SEC & FINRA fees only occur on the sale of a security and are equal to:
SEC Fee = total price of transaction * $5.10 / 1,000,000
TAF = $0.000119 per share for each sale of covered equity security with a maximum of $5.95 per trade.
Fees are rounded up to the nearest one cent.
For example, If you sell 1 share of Apple for $150, the fee would be :
SEC fee : $0.000765 rounded up to $0.01
TAF fee : $0.000119 rounded up to $0.01
The total would be $0.02
When applicable, the fees levied will be charged on sell orders and will be deducted from your buying power.