USMART SECURITIES (SINGAPORE) PTE. LTD., commonly known as uSMART, is a financial services company established in Hong Kong on June 17, 2016, with an operational office in Singapore. uSMART offers a diverse range of financial products and services, including options, futures, foreign exchange, stocks, and fractional share trading. The company's official website https://www.usmart.sg/ supports both English and Chinese, providing convenient online financial services to a broad user base.
What is uSMART's corporate entity information?
uSMART, a financial services company founded in Hong Kong on June 17, 2016, has its business registration number as 66308529. It later established a corporate entity in Singapore, located at 3 Phillip Street #12-04 Royal Group Building Singapore 048693. The domain name for uSMART was registered on March 23, 2021.
What are uSMART's regulatory details?
uSMART has obtained a Capital Markets Services (CMS) license from the Monetary Authority of Singapore (MAS), which was issued in December 2021.
How to open an account with uSMART?
To open an account with uSMART, follow these steps:
- Initiate the application process: First, click on “Open Account” in the uSMART SG app, and continue by selecting “Open Account” to proceed to the next step.
- Register an account: Register using your mobile number or email address. The system will send a one-time verification code to your provided contact. After receiving the code, enter it and set your password to complete the registration.
- Choose the account type: In the app, select “Open Account”, and then choose “Singapore Citizen/Permanent Resident” or “Other Identities” based on your situation.
- Identity verification: If you are a Singapore citizen or permanent resident, you can opt for quick verification via MyInfo, or choose to proceed manually.
- For customers using MyInfo, log in to Singpass, agree, and confirm that the information retrieved by Singpass is correct.
- Fill in detailed information: This includes occupation, tax information, and contact details, then confirm your country of residence and address.
- Set financial goals: Select your source of funds, income, assets, and investment objectives.
- Choose account and experience: Choose the right account type based on your investing experience, including stock and options trading experience. If you have completed relevant learning modules, upload the certificates of completion.
- Risk disclosure: Read the risk disclosure terms and confirm.
- Signature and account settings: Enter your name as an electronic signature and select the type of account you wish to set up.
- Complete the account opening: After confirming all information is correct, submit the account opening application. Once approved, you will receive an account activation notification via email.
By following these detailed steps, users can smoothly complete the process of opening an account on uSMART, thus accessing its platform for trading a diverse range of financial products.
uSMART's Account Types and Fees:
uSMART offers three types of accounts: uSMART Trader, uSMART Standard, and uSMART Intel, with the main differences among them being their fee structures and offered benefits.
- uSMART Trader: Among the three, this account has the lowest trading commission. For instance, the commission fee for US stocks is $0.003 per share. The lower commission fee makes it an ideal choice for frequent traders. However, this account does not have access to some product features and is not eligible for welcome offers.
- uSMART Standard: Compared to uSMART Trader, this account has slightly higher trading fees. The commission fee for US stocks is $0.004 per share, with an added platform fee of $0.005 per share. However, users with this account can participate in welcome offers and have limited access to smart features, including value filters, technical analysis, and trend tracking.
- uSMART Intel: Users can use smart tools without any restrictions and are eligible for welcome gifts. However, the highest commission fees ($0.009 per share) and platform fees ($0.01 per share) are charged. Moreover, this account requires users to hold at least S$3,000 in assets.
The variety of account types provide flexible options for users based on their trading frequency, need for smart tools, and asset size.
uSMART's Trading Products:
uSMART offers a range of diversified trading products to meet the needs of different investors:
- Options Trading: Investors can trade options at a rate of $0.30 or $0.50 per contract, with no minimum charge requirement, allowing traders flexible market participation.
- Forex Market: Offers over 80 forex currency pairs for trading with extremely low spreads starting from 0.5, and a minimum entry fee of $20, suitable for investors looking to speculate or hedge in the forex market.
- Stock Trading: uSMART supports trading in minimum units of one share, including the T+0 trading system for US stocks, allowing the sale of stocks bought on the same day. It supports various order types, including market orders, conditional orders, limit orders, and intelligent orders, to accommodate different trading strategies.
- Fractional Share Trading: Investors can trade fractional shares of US stocks and ETFs, enabling even those with small investment amounts to participate in large stock investments. Dividends are paid out in proportion to the shares owned.
- Futures Trading: Qualified traders can trade futures on multiple exchanges via the ESpeed trading terminal, including the Chicago Mercantile Exchange (CME), ICE Futures U.S. (ICE US), Chicago Futures Exchange (CFE), HKEx, and the Singapore Exchange (SGX), offering over 100 futures contracts covering stock indices, commodities, and forex.
Through these trading products, uSMART provides users with a wide selection of financial tools, catering to investors seeking diversified investment portfolios or specializing in specific markets.
uSMART's Trading Software:
The APP software provided by uSMART is a comprehensive trading platform that can be easily downloaded to smart devices through the official website link. Special emphasis is on user experience, with its intuitive interface, real-time market updates, chart analysis tools, and personalized news feeds, catering to users at different levels. Continuous software updates aim to improve trading efficiency and user satisfaction, ensuring both novices and seasoned investors can conveniently conduct their trading activities.
uSMART's Deposit and Withdrawal Methods:
Steps to withdraw funds:
- Initiate the withdrawal process: On the uSMART platform, sequentially select “Trade”, “More”, and “Withdrawal” options to start the withdrawal process.
- Enter bank information: For the first time withdrawal, fill in detailed bank information and upload a bank statement containing the account name and number.
- Enter the withdrawal amount: Decide the amount of funds to withdraw and double-check the information provided before submission.
- Confirm and submit: After confirming the information, submit the withdrawal request. A successful withdrawal page will then be displayed.
Withdrawal fees:
- SGD withdrawal fee is 1 Singapore Dollar.
- For withdrawals to banks outside of Hong Kong, the fee is 400 Hong Kong Dollars; for withdrawals to Hong Kong banks, the fee is 10 Hong Kong Dollars.
- USD withdrawal fee is 50 US Dollars.
Deposit methods:
uSMART supports multiple deposit methods to meet different user needs:
- Singapore Dollar deposits can be made through eGIRO, PayNow, Fast, Wise, BigPay, or bank account transfer.
- US Dollar and Hong Kong Dollar deposits can be made through bank account transfer, Wise, or BigPay.
uSMART's bank account information for receiving payments:
- DBS Bank: Handles deposits for SGD, USD, and HKD accounts, located at Singapore Marina Bay Financial Centre, with the account name USMART SECS SGPL-CA. uSMART ID is required as a reference number.
- HSBC Bank: Also manages deposits for SGD, USD, and HKD accounts, located at Singapore Marina Bay Financial Centre Tower 2 Level 48, with the account name USMART SECS SG PL CLIENT AC. uSMART ID is also needed as a reference number.
Through these detailed operational steps and a variety of deposit methods, uSMART is committed to providing users with a secure and convenient fund management experience, ensuring easy transactions for trading funds.
uSMART's Social Media:
Through social media platforms such as Twitter, Facebook, LinkedIn, and TikTok, uSMART maintains interaction and communication with its users. Customers can also directly contact customer support through email or phone to resolve trade-related or account issues.
uSMART's Customer Support:
Customers can contact uSMART via emailsupport@usmart.sg and phone: +65 6303 0663; +65 3135 1599
Summary:
uSMART offers a diverse array of financial products and services, including options, futures, foreign exchange, stocks, and fractional share trading. While it provides various trading opportunities and an easy account opening process, potential investors should conduct comprehensive due diligence, especially considering the complexities of financial markets and the importance of regulatory compliance. Currently, uSMART is listed as "In Operation" on Traderknows.
