Everyone in Singapore is out there seeking the cheapest online brokerage to invest in and secure a passive income for themselves. To many, profit-maximizing remains the top priority, with low brokerage and trade fees viewed to be of paramount importance.
But are fees the only factor for consideration? uSMART, the latest entrant to Singapore’s competitive online brokerage scene, doesn’t seem to think so.
With innovative and smart features, uSMART seeks to compete beyond low fees with its SMART features and product offerings.
What is uSMART?
uSMART is a MAS-regulated broker that brands itself as a Smart Broker that integrates Big Data to help users make more informed investment decisions.
There are 3 different account types available: uSMART Trader, uSMART Standard, and uSMART Intel.
Account Types
| uSMART Trader | uSMART Standard | uSMART Intel | |
|---|---|---|---|
| Fees | Lowest | Low | Normal |
| Welcome Gift | No | Yes | Yes |
| Intelligent Features | No | Limited (10) | Unlimited |
| Requirements | – | – | Min Assets S$3,000 Or subscribe from SGD 0.01/month promo subsequent SGD 18.80 |
| Learning | Yes | Yes | Yes |
Each account type varies in terms of its cost as well as access to the intelligent features that uSMART is reputed for. Do not worry, however, as you are able to change your account type after setting up your account if you have a change of mind.
How Does It Compare To Online Brokerages In Its Class
Listed below are uSMART’s product offerings in comparison to Tiger Brokers and Moomoo.
Product Offerings
| uSMART | Tiger Brokers | Moomoo | |
|---|---|---|---|
| Tradable Assets |
|
|
|
| Tradable Markets | US, HK, SG Markets | US, HK, SG, AUD, CN Markets | US, HK, SG, CN Markets |
Similar to Tiger Brokers and Moomoo, uSMART offers access to major markets like SG, US & HK.
It also offers similar products such as shares, ETFs, Options and more. One unique offering by uSMART that isn’t seen commonly is Fractional Trading.
Let’s use an example with Alphabet Inc (Google) which is approximately priced at US$2,300 per stock. Typically, to be a shareholder of Alphabet Inc, you would have to purchase at least 1 stock.
With Fractional Investing, you can become a shareholder of Alphabet Inc even with insufficient capital. There is a floor limit of 0.0001 shares, hence, so long you have (0.0001 x US$2,300) = US$0.23, you would be able to invest in Alphabet Inc.
This feature allows users to no longer be restricted by their capital. Users are able to freely invest and trade in any stock of their choice, including expensive Blue Chip stocks such as Amazon, Meta, Apple etc.
However, do note that fractional investing with a smaller capital may not be as cost-effective due to the cost. This is also why uSMART only charges USD 1.00 for share quantity which is less than 1.
Pricing
In terms of cost, uSMART is comparative to online brokerages with low fees such as Tiger Brokers and Moomoo (commission + platform fees):
| uSMART Trader | uSMART Standard | Tiger Brokers | Moomoo | |
|---|---|---|---|---|
| US Stock | USD 0.008/share min USD 1.50 |
USD 0.009/share min USD 1.88 |
USD 0.01/share min USD 1.99 |
Waived for 1 year, USD 0.99/order thereafter |
| SG Stock | 0.05%, no min* | 0.06%, no min* | 0.06%, min S$1.99 | 0.06%, min S$1.98 |
| HK Stock | 0.024% + HKD 12 | 0.03% + HKD 12 | 0.06%, min HKD 15 | 0.03% min HKD 18 |
| US Option | USD 0.50/contract min USD 1.20 |
USD 0.80/contract min USD 1.50 |
USD 0.95/contract min USD 2.99 |
USD 0.95/contract min USD 2.98 |
While it does not have the lowest fees for the US stock market, uSMART has one of the most, if not the most, competitive fees for Singapore, Hong Kong and US Option markets.
uSMART SMART Features
Other than competitive fees and product offerings, uSMART stands out in three areas: Learning, Intelligence, and Community.
Learning
The uSMART platform has a “Learning” section that consists of two tabs: Expert and BeeRich. This learning section aims to aid newer investors and equip them with the necessary investment fundamentals, knowledge and strategies to help them invest safely.
The Expert tab allows users to tap into the knowledge and expertise of market veterans & professionals. Users are also able to interact directly with them through the chat function to exchange views or ask questions.
Free videos are uploaded on the platform, which all users are given access to, regardless of their account type.
Similar to the concept of TikTok and Instagram Reels, the BeeRich tab provides short, concise information reels for all users, except that the content is on investment or finance-related topics.
In the fast-moving world that we are in today and our shorter attention span, BeeRich could prove more effective to the younger generation.
Intelligence
The Discover tab contains three segments: Opportunity, Community and News.
Under the Opportunity segment, there are various SMART features available that leverage the smart technology that uSMART is notable for.
One such feature is the “Daily Stock Picks” where a basket of factors such as fundamental and technical analysis, market news, company value etc are reviewed to select three potential stocks daily with high possibility of price increase in the upcoming days.
This helps both inexperienced and experienced traders alike to narrow down their choices and explore new investment opportunities.
Other intelligent features include “Featured Strategies”, “Trend Tracker”, “Technical Analysis” and “Value Screener” to help you beat the market.
However, there’s a catch; you would not be able to access these intelligent features with the uSMART Trader account.
To gain unlimited access to these smart tools, you would have to sign up for the uSMART Intel subscription. This subscription would cost you S$0.01 for the first 30 days, and S$18.80 for subsequent 30 days.
However, for individuals who require help in the investing arena, especially those new to the area, the subscription might prove to be a worthwhile investment for you.
Apart from the Opportunity segment, there is also the “News” segment that shares daily news updates.
The “News” tab allows you to sort by “Watchlist”, “Recommended” or by the individual markets. This feature is very convenient for users who wish to only receive news updates on stocks in their portfolio/watchlist instead of being flooded with information daily.
Community
The Community segment under the Discover tab is a forum for users to interact with each other, where anyone can post about anything related to their investments and trades, such as their analysis of general market conditions or an individual stock.
This facilitates peer-to-peer learning where users can learn from each other and motivate each other, creating a friendly environment to invest in.
UI/UX Design
Similar to other online brokerages in Singapore, uSMART’s interface is clean, with great detail and emphasis on the design of graphs and portrayal of information.
Although uSMART has a variety of features, the app does not look cluttered due to the good categorization of features.
To make the app beginner-friendly, uSMART used layman terms to simplify complicated investment jargon such as market order and limit order for retail investors.
For investors who do not have time to monitor the markets, uSMART’s SMART Order function would come in useful as well.
uSMART offers four types of SMART order strategies: Breakthrough Buy, Buy-Low, Sell-High, and Breakdown Sell. Depending on your pre-set order type, uSMART will automatically buy or sell the stock that you have selected once the target price has been reached.
Currently, uSMART is only available for iOS and Android, so users are not able to invest or trade on desktops. For those who wish to do so, however, don’t worry; uSMART is looking towards developing a desktop version.
Eligibility & Sign-up Requirements
To invest with uSMART, all you need to do is to download the mobile application and proceed with opening an account.
Singaporean Citizens, Permanent Residents (PRs) and passholders can sign in using their Singpass accounts, with no additional documentation needed.
Otherwise, you would need to prepare the following documents:
- Identity Document/Passport
- Proof of Residential Address
- Tax Residency and Tax Identification Number
uSMART currently has a welcome promotion for new users:
| Unlocked by | Reward |
|---|---|
| Registration | Free US and SG market Live Price |
| Account Opening (Standard or Intel) | SGD 15 Cash Voucher |
| First Deposit ≥ SGD 2,000 | Pick One:
|
The welcome promotion is valid until 31 July 2022.
Conclusion
The SMART features and product offerings by uSMART make it an attractive option to both inexperienced and experienced traders alike.
Its minimalistic and easy-to-use interface and data-driven content features will appeal to traders in Singapore, no matter whether they’re beginners or experienced traders.
Check out uSMART today to see if it is the right brokerage for you!
This article was written in collaboration with uSMART. While we are sponsored by them, we still review products and services with an objective lens and stay true to our mission–providing you with the best recommendations and advice to make smarter financial decisions. Investments are subject to investment risks including the possible loss of the principal amount invested. Past performance is not necessarily indicative of future performance. This advertisement has not been reviewed by the Monetary Authority of Singapore