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Currency and Buying Power

  • Buying power represents the amount a user has in his/her account that is available to trade. It is an aggregation across different currencies and is calculated using the latest exchange rates.

    Your buying power amount will be different for each market as it is based on the currency the asset is traded in. See below for an illustration of how this works:

     

    Buying power for US assets

    USD settled balance + USD unsettled balance + SGD settled balance + HKD settled balance

    Buying power for Singapore assets

    SGD settled balance + SGD unsettled balance + USD settled balance + HKD settled balance

    Buying power for Hong Kong assets

    HKD settled balance + HKD unsettled balance + USD settled balance + SGD settled balance 

     

    Example: 

    If you have, 

    SGD settled balance = S$7,000

    SGD unsettled balance = S$3,000

    USD settled balance = US$10,000

    USD unsettled balance = US$4,000

    HKD settled balance = HK$10,000

    HKD unsettled balance = HK$5,000

     

    Given the following conversion rates, 

    US$1 = S$1.40

    S$1 = US$0.75

    US$1 = HK$8

    S$1 = HK$6

    HK$1 = S$0.20

    HK$1 = US$0.15

     

    Then, 

    Buying power for US assets = US$10,000 + US$4,000 + (S$7,000 * 0.70) + (HK$10,000 * 0.15) = US$20,400

    Buying power for Singapore assets = S$7,000 + S$3,000 + (US$10,000 * 1.40) + (HK$10,000 * 0.2) = S$26,000

    Buying power for Hong Kong assets = HK$10,000 + HK$5,000 + (US$10,000 * 8) + (S$7,000 * 6) = HK$137,000

     

    What are settled and unsettled balances? 

    Settled balance is the available amount that can be withdrawn to your bank account. 

    Unsettled balance is the amount that cannot be withdrawn to your bank account. This includes any unsettled trade value from sell trades (there is a 1 day settlement period for US market and 2-day settlement period for Singapore and Hong Kong market after a sell trade before the sale is considered final) and any cash rewards from promotions.

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  • To account for any last-minute price fluctuations of securities, foreign exchange changes, and Syfe fees, we keep a very small amount of buying power as a buffer while placing orders to exchanges which is released as soon as the order is placed. This is to avoid any order cancellation because of insufficient balances.

    Please note that your buying power amount will be different for each market as it is based on the currency the asset is traded in. For more information, please refer to this article.

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  • Yes, you can store your funds in both SGD and USD under your buying power. However, the total 'Cash' amount reflected in your app Home page is displayed in your chosen reporting currency.

    For example, if your chosen reporting currency is USD, the displayed 'Cash' amount in your app Home page is calculated as the sum of USD held in your buying power plus the USD-equivalent of the SGD held in your buying power (based on most recent foreign exchange rates).

    To see the breakdown of SGD and USD funds held in your buying power, simply log in to your Syfe Brokerage app > click on Accounts (three lines at the top right corner) > choose My funds > click on the '?' icon next to the word 'Cash'.

    Learn more about your buying power:

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  • You can hold funds and convert currency between SGD and USD in the Brokerage app.

    Please refer to this guide on how you can convert currency in the Brokerage app:

    Converting_currency_on_Syfe_Trade.png

    Please note that if you had recently executed a sell trade, there is a 1 business day settlement period for US market and 2 business days settlement period for Singapore and Hong Kong market before you can convert the funds. 

    What is the exchange rate when exchanging currencies?

    Syfe provides an indicative exchange rate that may vary a little at the exact time of conversion. The indicative exchange rate will be shown to you in the 'Convert currency' page before you submit your currency conversion request.


    How long do currency exchanges take?

    Currency conversions are real-time. However, if you encounter any issues please reach out to our Client Success Team.

    Can I exchange currencies over the weekend?

    Yes, currencies can be converted 24/7.

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  • The currency in which your funds are displayed in is called your reporting currency. You can choose between SGD or USD reporting currency.

    To change your reporting currency under account settings, simply click on Accounts > Settings > 'Change' under 'My reporting currency' > select the currency of your choice > click on the 'Save' button.

    If I change my reporting currency now, will the currency in my past statements change too?

    No, past statements will contain a record of your trades in the currency in which you performed them. Thus, changing your reporting currency will not affect your trade confirmations and monthly statements.

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