Stake Ltd

Products SPA3 Investor
1

Does anyone have experience using Stake Ltd for trading the USA market?
They are promoting no brokerage fees/costs so I wonder how they make money.
Also how good is their trading platform?

2

I suspect it is in the aud/usd conversion of each trade. I looked at them when they first came onto the scene. The main thing that put me off (apart from how they operated and how the funding was set up) was that they said that I could start immediately once I set the funding up and I could leave the W 8Ben form to them to process later.

3

Hi Gary,
I have had a Stake account for a few months now, with under US$30K in it. I think that they start charging brokerage when your account is over US$30k but their website would have that detail in it. They have different categories for different amounts in your account.
They make their money in the exchange rate when you first add AU$ into it.
I have been happy with it so far with one exception. They do not allow market orders until you get your balance over US$30k and into the next bracket, so I put on limit orders which most times gets you in on a buy, but you finish up with so many shares plus a portion of a share if that makes sense.e.g 12.26 Apple shares.So far I have only used them for ETF’s, and same there… They have a lot of interesting stuff on their blogs.
Hope this helps.

4

Hi Gary

I have just started using Stake and they charge a 0.7% currency conversion fee but I use OFX to transfer at much better rates or if you already have $US it is only $5US for any amount. They are reducing the 0.7% fee shortly. Platform is very easy to use and yes there is an optional upgrade to Stake Black if you have over 30K US , it is free until 1/1/2021 and then $19 per month, no trading fees only more features such as trading on unsettled funds and many more listed on their website, Trading is easy and reports are free and look fine Cheers DJ

5

Hi Kym

I placed my first order with Stake as a Market Order prior to opening and I only had $7,000K in my account at that stage.

Cheers

DJ

6

Thanks Dick, I must have another look for how to do market orders. Cheers,
Kym