Digital investment platform Syfe officially launches its brokerage offering today. Starting Jan 20, Syfe Trade will be available for all, following a soft launch in December 2021.
Syfe, which was licensed by the Monetary Authority of Singapore (MAS) in 2019 for fund management, announced last year that it has also obtained a licence for its new brokerage offering.
Since then, Syfe has gradually enabled access to over 30,000 users, says the company in a Jan 20 press release.
“The strong number of sign-ups at the point of our official launch is extremely encouraging. So far, we have received very positive feedback from our users on our easy-to-use platform, fractional trading as well as free trades every month. We are glad that investors in Singapore appreciate and understand our offering as we continue to leverage technology to democratise investing, and bring smart, affordable and intuitive financial solutions to everyone,” says Dhruv Arora, founder and CEO of Syfe.
New users can start trading over 10,000 US stocks and ETFs on the platform by downloading the app and completing a "know your customer" (KYC) verification and an investment knowledge assessment.
From now till March 31, Syfe is offering five free trades per month, with a fee of US$0.99 thereafter.
See also: Syfe Trade sees 10,000 waitlist sign-ups in first day since unveiling
After the offer period ends, investors will continue to enjoy all-time access to free trades every month, and a fee of US$1.49 per trade thereafter.
To celebrate its launch, Syfe will be offering a $30 cash credit for each of the following steps: depositing at least $1,000 into the account, making the first trade and referring new users.
Users can earn more than $200 by completing these three steps and referring five people to the platform, says Syfe.
See also: Digital wealth manager Syfe launches brokerage platform Syfe Trade
Syfe Trade aims to onboard 100,000 users in Singapore within the first six months. It sees a market size of 300 million consumers in Asia Pacific ex-China, who each have a net worth of at least US$10,000.
As reported last December, Syfe’s existing wealth management offering will be renamed to Syfe Wealth and continue to offer automated personalised portfolios for investors looking to grow their wealth for the long term.
Photo: Syfe
