There are no hidden fees with Syfe. Here is a breakdown of Syfe's fees, FX fees and the regulatory fees applicable:
Trading fees: Every user with Syfe enjoys free trades every month. All new clients enjoy an introductory offer of 5 free monthly trades and fees of just US$0.99 per trade for their 6th trade onwards for the first 3 full calendar months. After the introductory offer, clients will enjoy 2 free trades each month, and fees of US$1.49 per trade for their 3rd trade onwards. This fee will be charged at the time we receive the order. Syfe has no hidden fees: We don't charge any custody or deposit/ withdrawal fees.
FX fees: Syfe applies an extremely competitive 50 basis point fee when converting AU$ to US$ or US$ to AU$. Currency conversion also occurs instantaneously allowing you to deposit, trade, or withdraw as you need. Once you have converted a currency, your transaction history in the app will show the actual 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 US$22.90 fee for every US$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. This is also known as the TAF, or Trading Activity Fee. For stocks and ETFs all sales are charged at a rate of US$0.000119 per share with a minimum charge of US$0.01 and a maximum charge of US$5.95.
SEC & FINRA fees only occur on the sale of a security and are equal to:
SEC Fee = total price of transaction * US$22.90 / US$1,000,000
TAF = US$0.000119 per share for each sale of covered equity security with a maximum of US$5.95 per trade.
Fees are rounded up to the nearest one cent.
For example, if you sell 1 share of Apple for US$150, the fee would be :
SEC fee = US$150 * US$22.90 / US$1,000,000 = US$0.00345 rounded up to US$0.01
TAF fee = US$0.000119 * 1 share = US$0.000119, rounded up to US$0.01
The total regulatory fees would be US$0.02
When applicable, the fees levied will be charged on sell orders and will be deducted from your buying power.