I saw some forum chat on using Stake for a trading platform, sounds too good to be true, is it? Also, they offer SMSF setup, accounting, auditing and tax all taken care of, starting from just $990/year is anyone using this service? is legitimate?
Hi Ken It’s not too good to be true! I’ve been using it for 3 years and find it one of the easiest and cheapest and useful trading platform I have ever used.
Dick
Hi Ken
I have been using Stake for most of my trading for a couple of years. The trading platform is good and very cheap. But it’s not perfect and I have recently encountered a couple of bugs which I have brought to their attention and am hoping they will sort out. They weren’t able to handle the unusually large volumes of orders on this last Monday morning very well and at one stage my portfolios and cash completely disappeared!
Nigel
Stake is fine. I’ve been using it for a couple years and managed to get $0 brokerage for doing a portfolio transfer and via referral links. Give it a go.
Hi Ken,
I have used a few different broker platforms. In my opinion it depends on your portfolio size. Self wealth is great if trades are above $100,000 as self wealth have capped brokerage at $9.50 Aus, Stake is $3 or 0.01%
We changed from Host plus choice plus to stake SMSF. It was a simple change! They very helpful for any questions I had. I got sick of having issues with Host plus and placing trades.
They don’t offer MOC for US shares so I am opening an account with SAXO for our SMSF
https://www.esuperfund.com.au/ Is another one worth looking at. Depending what you want to invest in.
Good luck. Reach out for any questions, seems like a few of us here have some experience with Stake.
Cheers James
Hi all, I have used Stake in the past for personal trades and now using it for SMSF (for US trades, non SWS method). No issues and easy platform/app/setup, and yes $3 USD trades. As per James comments, no MOC orders which may be an issue for following the SWS system.
Cheers!
I find trading US markets work well with transferring the portfolio value to the broker in US dollars, then buying and selling in that currency. Brokers such as Schwab can accommodate SMSF structures and many brokers, including Schwab, do not charge brokerage on simple instruments like shares and ETF’s.
If enough SWS users suggest adding MOC orders I’m sure they will accommodate it as they are always looking to improve their product.
I contacted SelfWealth and asked them about MOC orders. The support person assured me he was going to pass it on as a requested feature. Fingers crossed.
Other than Saxo, which I personally find a bit clunky to use (could be me), any other recommendations for ASX and US brokers with MOC order support?
Also wanting to try out stake, if anyone had a referral code, please share if it helps us both.
Thanks
Apparently Schwab now has MOC but I have never used it. There is no match off at the end of session. The market stops at 4.00pm exactly. Then I believe there is a futures market, but I dont think that can be traded from Australia.
I use Interactive Brokers - they have MOC orders for US stocks and it is very user friendly. I don’t use them for AUS stocks so not sure if MOC is available for the ASX.
Hi Tim, I have a referral code for stake
andrev252
I trade US shares in USD on Schwab and use their thinkorswim app to place MOC orders for my SMSF at $0 brokerage.
I cannot find where to get monthly or annual statements so have gone lightly on Stake so far.Any suggestions?
In the phone app, touch More, then Tax & Documents. There are no monthly statements but a comprehensive report pack for the financial year will appear around mid-July.