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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 securities
USD settled balance + USD unsettled balance + SGD settled balance
Buying power for Singapore securities
SGD settled balance + SGD unsettled balance + USD settled balance
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
Given the following conversion rates,
US$1 = S$1.40
S$1 = US$0.70
Buying power for US assets = US$10,000 + US$4,000 + (US$7,000 * 0.70) = US$18,900
Buying power for Singapore assets = S$7,000 + S$3,000 + (S$10,000 * 1.40) = US$24,000
What is settled and unsettled balance?
Settled balance is the available amount that can be withdrawn to your bank account.
Unsettled balance is the amount that cannot be withdrawn to your bank account.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 2-business day settlement period after a sell trade before the sale is considered final) and any cash rewards from promotions.View more
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.View more
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 Trade 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:View more
You can hold funds and convert currency between SGD and USD in the Syfe Trade app.
Please refer to this guide on how you can convert currency in the Syfe Trade app:
Please note that if you had recently executed a sell trade, there is a 2 business day settlement period before you can convert the funds - this applies to both SG and US markets.
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 Customer Service team.
Can I exchange currencies over the weekend?
Yes, currencies can be converted 24/7.View more
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.View more