Syfe Trade

[CrashWire]

If you say I have an agenda, my only agenda is to educate people by presenting the information pertaining to each.

my agenda is not pushing for a particular broker in threads unrelated to them, while also trashing some other brokers which somehow one has a thing against (especially to do with interface - which if you think about it is a personal preference thing)

Kudos for having the patience to explain PFOF to people who might not even appreciate it.

Some people just want to win their argument, shut out opposing views, and stay close-minded for the rest of their lives.

Anyway, just to confirm this: Syfe's partner in the US is Alpaca Securities LLC. A quick search will show that they receive payments from Virtu Americas, LLC, Citadel Execution Services, and Jane Street for routing orders to them.

 

[direbmem]

Kudos for having the patience to explain PFOF to people who might not even appreciate it.

Some people just want to win their argument, shut out opposing views, and stay close-minded for the rest of their lives.

Anyway, just to confirm this: Syfe's partner in the US is Alpaca Securities LLC. A quick search will show that they receive payments from Virtu Americas, LLC, Citadel Execution Services, and Jane Street for routing orders to them.

But no payment from Syfe trade for pfof? So Syfe don't do pfof?

 

[reddevil0728]

But no payment from Syfe trade for pfof? So Syfe don't do pfof?

The last sentence of what you quoted?

 

[iceblendedchoc]

Does putting limit order help instead of using market order?

 

[reddevil0728]

Does putting limit order help instead of using market order?

help in what way? what are you trying to achieve?

 

[10ansonroad]

Does putting limit order help instead of using market order?

My sentiments too. Limit orders seems to negate the disadvantage of PFOF.

 

[reddevil0728]

My sentiments too. Limit orders seems to negate the disadvantage of PFOF.

not really right?

say example...

spot NBBO is 9.81,

you put limit price of 9.83

because of PFOF, it gets routed to market maker, and get filled at 9.82. so technically worse off (at a small scale, this is nothing, but when you scale it up, 1c x MANY UNITS can be a lot.

or another example

spot NBBO is 9.81

you put limit 9.82

but it gets routed to market maker, somehow they quote 9.83. you end up not getting filled?

 

[Mr. Wood]

bottomline, evy1 is in as a biz, not charity. they (syfe or whoever) hav to make money somewhere, whether is it comms, spread, fees or whatever method. they are not charity. juz hav to be aware. dun juz simply trust any1 who say they are in here to help ppl invest better. insurance agent oso say dat. course sellers oso say dat.

 

[sohguanh]

Just want to check Syfe fractional shares apply for market order. Anyone experience with fractional shares selling is ok? In other forum a IBKR investor experience for fractional share selling is need to wait up to 10 mins before it get filled. Wonder if Syfe fractional shares selling will have same issue even with market order?

 

[ekardo]

Just want to check Syfe fractional shares apply for market order. Anyone experience with fractional shares selling is ok? In other forum a IBKR investor experience for fractional share selling is need to wait up to 10 mins before it get filled. Wonder if Syfe fractional shares selling will have same issue even with market order?

Yes it does.

 

[CrashWire]

Just want to check Syfe fractional shares apply for market order. Anyone experience with fractional shares selling is ok? In other forum a IBKR investor experience for fractional share selling is need to wait up to 10 mins before it get filled. Wonder if Syfe fractional shares selling will have same issue even with market order?

I thought Syfe's fractional shares only work with market orders, at least when I was getting the $20 bonuses from them.

 

[iceblendedchoc]

Just want to check Syfe fractional shares apply for market order. Anyone experience with fractional shares selling is ok? In other forum a IBKR investor experience for fractional share selling is need to wait up to 10 mins before it get filled. Wonder if Syfe fractional shares selling will have same issue even with market order?

They sell instantly with market order. At least for my case.

 

[sohguanh]

They sell instantly with market order. At least for my case.

Thanks for sharing that is good to know

 

[sohguanh]

Yes it does.

Do you mean IBKR fractional selling take awhile to get filled ?

 

[sohguanh]

I thought Syfe's fractional shares only work with market orders, at least when I was getting the $20 bonuses from them.

Syfe fractional shares only work with market order which I have type in my first sentence. My main concern is the fractional shares selling becuz based on my past SGX experience it is hard to sell and the price transacted maybe lower than full lot price. So just not sure for US exchange Syfe is solving that issue?

 

[direbmem]

not really right?

say example...

spot NBBO is 9.81,

you put limit price of 9.83

because of PFOF, it gets routed to market maker, and get filled at 9.82. so technically worse off (at a small scale, this is nothing, but when you scale it up, 1c x MANY UNITS can be a lot.

or another example

spot NBBO is 9.81

you put limit 9.82

but it gets routed to market maker, somehow they quote 9.83. you end up not getting filled?

Your example is for buy or sell? I thought limit order will only be filled at the specified price or higher (if selling) or lower (if buying)? Otherwise what's the point of limit order?

 

[reddevil0728]

Your example is for buy or sell? I thought limit order will only be filled at the specified price or higher (if selling) or lower (if buying)? Otherwise what's the point of limit order?

Buy.

but the same is for sell what.

instead of getting a higher price for selling, because you are not getting the best price you end up selling at a lower price to the market maker.

in either case limit order still works.

u set limit $9.83 to buy.
Best price is $9.81 if no PFOF you may get it at this.
Market maker $9.82 if PFOF you may end up getting at this.

you are 1c worse off. For one unit is nothing, but cumulatively can be a lot.

for sell order.

limit sell 9.83.
Best price 9.85 (without PFOF)
Market market price 9.84 (with PFOF)

 

[sohguanh]

Buy.

but the same is for sell what.

instead of getting a higher price for selling, because you are not getting the best price you end up selling at a lower price to the market maker.

in either case limit order still works.

u set limit $9.83 to buy.
Best price is $9.81 if no PFOF you may get it at this.
Market maker $9.82 if PFOF you may end up getting at this.

you are 1c worse off. For one unit is nothing, but cumulatively can be a lot.

for sell order.

limit sell 9.83.
Best price 9.85 (without PFOF)
Market market price 9.84 (with PFOF)

My take on this PFOF is if you are buying,selling fractional shares the difference is too small to be noticeable but for a day trader that trade in out multiple times intra-day over a month then year yes it can really make a difference

As a small time investor that trade say twice a month buying,selling fractional shares each time the difference is un-noticeable but it is good to know what PFOF is for info

 

[reddevil0728]

My take on this PFOF is if you are buying,selling fractional shares the difference is too small to be noticeable but for a day trader that trade in out multiple times intra-day over a month then year yes it can really make a difference

As a small time investor that trade say twice a month buying,selling fractional shares each time the difference is bearable but it is good to know what PFOF is for info

yea. i mean for sure. cumulatively it may not reach the level that it matters for small time trader.

but my AGENDA is to educate people about PFOF, instead of people thinking FREE means GOOD. which is not true.

If it is really free and no strings attached, i am not sure if i would want to trade with this broker also, cause dunno if they can survive, then whatever i buy and hold might end up being gone if they collapse

 

[sohguanh]

yea. i mean for sure. cumulatively it may not reach the level that it matters for small time trader.

but my AGENDA is to educate people about PFOF, instead of people thinking FREE means GOOD. which is not true.

If it is really free and no strings attached, i am not sure if i would want to trade with this broker also, cause dunno if they can survive, then whatever i buy and hold might end up being gone if they collapse

Noted

For Syfe trade faq says below
"For Syfe Trade, our sub-custodian for US securities is a broker-dealer registered with the SEC, a member of FINRA and a member of the SIPC (Securities Investor Protection Corporation). SIPC protects against the loss of cash and securities held by a customer up to USD 500K. For additional details, please visit www.sipc.org"

Not sure if Syfe go bust our fractional shares holdings also go bust or not. Quite new to Syfe trade