If you’re new to investing in Singapore, two names that often pop up are CMC Invest and Syfe Trade. Both let you trade stocks and ETFs, and both offer free trades — which can save you money if you’re just starting out. But what does “free trades” really mean, and which platform gives you the most bang for your buck?
Let’s break it down.
Quick Comparison
Feature | CMC Invest | Syfe Trade |
Platform Type | Standalone brokerage | Brokerage within Syfe ecosystem |
Markets | SG, US, HK, UK, 15 total | SG, US, HK |
Currency Handling | SGD only; auto FX per foreign trade | Can hold USD/HKD balances; FX optional |
Fractional Shares | ❌ Not supported | ✔ Supported |
Recurring / DCA Automation | ❌ No | ✔ Supported within ecosystem |
Platform / Custody Fees | S$0 | S$0 |
Free Trades Breakdown
Free trades reduce commission costs but do not cover FX or regulatory fees
Platform | Market | Free Trades | Notes / Tier |
CMC Invest | SG Stocks & ETFs | 5 / month | Invest Tier; extra trades charged standard commission |
US Stocks & ETFs | 10 / month | Invest Tier; counts reset monthly | |
HK Stocks & ETFs | 10 / month | Standard commission applies | |
Syfe Trade | SG Stocks & ETFs | None | Standard commission applies |
US Stocks & ETFs | 2 / month | Unlimited first 3 months; tier-dependent | |
HK Stocks & ETFs | None | Standard commission applies |
⚠️ Note: CMC’s SGD-only accounts auto-convert foreign trades, so FX fees apply on each buy and sell. Syfe allows holding USD/HKD balances, reducing repeated FX conversions.
Key Differences That Affect Costs
- Free Trades: CMC offers a higher allowance for US and other foreign stocks.
- Currency Handling: CMC auto-converts to SGD per trade; Syfe lets users hold foreign currency balances.
- Fractional Shares: Only Syfe allows fractional purchases.
- Recurring Investments: Syfe supports automated recurring purchases; CMC requires manual trades.
- Platform Style: CMC has a traditional brokerage interface; Syfe is integrated into a broader fintech ecosystem.
How to Choose Between Platforms
Step 1: Check Free Trades
- CMC Invest offers a higher number of free trades per month for US and other foreign stocks. However, it does not allow you to hold USD—all foreign trades are automatically converted to SGD at the time of buying and selling. This means frequent US traders can save on commissions with CMC, but they will pay FX conversion on each trade.
- Syfe Trade gives fewer free trades by default (2 per month for US stocks, unlimited for the first 3 months), but it allows you to hold USD/HKD balances. This can reduce repeated FX conversion costs if you trade or sell US stocks multiple times.
Step 2: Decide Frequency of Trading
- If you trade very frequently and want the maximum number of free trades, CMC Invest is generally better—even though FX costs still apply.
- If you trade occasionally and want flexibility with currency balances and fractional shares, Syfe Trade is sufficient.
Step 3: Consider Currency Handling
- CMC auto-converts SGD for foreign trades.
- Syfe lets you hold USD/HKD balances, which may reduce repeated FX conversions.
Step 4: Compare Trading Features
- Whole shares only? → CMC Invest
- Fractional shares or integrated ecosystem? → Syfe Trade
Fees & Costs Summary
⚠️ Note: Always check the platforms’ official websites for the latest promotions and fee updates before trading.
Conclusion:
Both CMC Invest and Syfe Trade offer free trades with clear limits and conditions:
- CMC Invest: Higher free trade allowance for US stocks, traditional brokerage interface, SGD-only account.
- Syfe Trade: Fewer free trades by default, but multi-currency support and fractional shares can reduce costs and improve flexibility.
Free trades are one part of the investing picture, and the right platform depends on your trading frequency, currency needs, and investment style.
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