Summary

Stake is a financial service provider that was founded in 2017 in Australia. They offer customers the opportunity to purchase US and Australian stocks. Also, they are regulated by the Financial Conduct Authority of the United Kingdom and licensed to operate in Australia and many other regions. For individuals looking to buy shares, there is a plethora of instruments provided by this broker as they list 8,000+ US and Australian stocks and ETFs on their platform. However, CFD shares, forex, commodities, cryptocurrencies, bonds, options, futures, and indices are not available. They also do not provide margin trading, meaning clients will not be able to take advantage of leverage when purchasing shares.

They offer a proprietary trading platform that is available to mobile and desktop users. This platform has a great user interface and helpful features which we discuss in greater detail in the sections below. Clients who purchase shares are charged a commission that varies depending on the overall volume of the trade. Trades below $30,000 are charged at $3 per trade, while larger transactions will incur a cost of 0.01% per trade. There are also other costs such as ADR fees, currency conversion fees, and transfer fees.

Our Stake review covers all the important information regarding stock trading with this broker. It discusses their regulations, fees and commissions, available assets, account types, trading platforms, and much more.

Available Assets

Stake provides a total of 8,000+ Stocks and ETFs on its platform. Clients who trade with Stake Wall St. will have access to 6,000+ U.S. Stocks and ETFs, while Stake AUS customers will enjoy 2,000+ ASX Stocks and ETFs. However, this broker does not list assets from other foreign exchanges. In this section of Stake review, we expand on the broker’s stock and ETF offerings and provide you with more information about investing with them.

Stocks

Stake offers its users the opportunity to dive deep into the stock markets with its wide range of US and Australian shares. Clients can select from a variety of options, including popular companies such as TSLA, AMZN, NFLX, GOOG, and BHP.

ETFs

Clients can purchase 150+ ETFs from Australia and 1,000+ ETFs from the United States after they open a Stake account and deposit funds. Some of the instruments available include iShares S&P Mid-Cap 400 Growth ETF, Vanguard Extended Market ETF, iShares Core Moderate Allocation ETF, and Invesco DWA Momentum ETF.

Stock Trading at Stake

Clients of this broker can only purchase real stocks as they do not list share CFDs. This segment of our review explores the essential requirements for stock trading with Stake. It covers the available stock exchanges, fees and commissions, and the presence of margin trading.

Available Stock Exchanges at Stake

Stake only offers real shares. All stocks listed on Stake are from exchanges in the United States and Australia only. There are no shares from Canada, the United Kingdom, Germany, Italy, Spain, or other European countries. The table below shows all the available stock exchanges provided by this broker.

Stock Trading Fees & Commission at Stake

This broker charges a commission of $3 per trade (for trades with a value less than $30,000) and 0.01% per trade (for trades with a value higher than $30,000). In addition to this, clients are expected to pay a fee whenever they transfer their stocks from another broker to the Stake platform. The exact amount depends on the transfer method. While ACATS is free, DTC and DRS attract a $35 per share and $55 per share charge, respectively. This fee is charged by the broker-dealer.

Stock Trading Leverage at Stake

Sadly, there is no margin trading at Stake. This means that users will not be able to trade with leverage or access a higher trading capital than their available account balance.

Regulations

Stake and its numerous subsidiaries operate in many countries. They are regulated by the Financial Conduct Authority (FCA) in the United Kingdom and hold licences across various regions, including Australia. In New Zealand, they are a registered Financial Service Provider under the FSP Act 2008 (No: FSP774414). In this section of our review, we take a look at the different subsidiaries of this broker and provide you with their registration and contact information.

Stakeshop Pty Ltd – This entity is an authorised representative of Sanlam Private Wealth Pty Ltd. It is located at level 2 35 – 43 Grafton St., Bondi Junction, New South Wales, 2022 Australia.

• AFSL Number: 337927
• Australian Company Number: 610105505

HelloStake Limited – This subsidiary of Stake resides at 85 Great Portland Street, London, W1W 7LT UK. It is regulated by the FCA.

• Company Number: 11676409
• FSA Registration Number: 830771

Fees and Commissions

Stake fees can be categorised into trading and non-trading. In this section, we dissect each of these charges and provide you with deeper insights regarding the financial implications of trading with this broker.

Trading Fees

Those who wish to purchase stocks or ETFs on this broker’s platforms are required to pay its trading fees or commissions. Below, we discuss this in more detail.

Commissions

Stake has a fixed brokerage fee of $3 per trade for trades that are up to $30,000 in total value. However, should the overall value exceed this amount, clients will be charged 0.01%.

Non-Trading Fees

Non-trading fees incurred by clients of this broker include currency conversion fees, deposit fees, transfer fees, and ADR charges.

Deposit Fees

Although not all payment methods listed by Stake attract a deposit fee, customers who fund their accounts with a debit or credit card will be charged a 0.5% and 2.5% fee, respectively. Also, those who wish to get immediate access to funds when their deposit requests are confirmed can apply for instant funding at the cost of 0.5%.

Currency Conversion Fee

The FX rate or currency conversion fee for users who make deposits in AUD which will be converted to USD is 70 basis points (minimum of $2).

ADR Fees

This broker also charges a custody fee to enable banks to take an inventory of non-US stocks. This fee is set at $0.01 – $0.03 per share per quarter.

Transfer Fee

Finally, Stake allows users who have purchased stocks through other brokerage companies to transfer their assets. However, this service incurs a cost that varies based on the transfer method used. ACATS is free, but DTC and DRS require a fee of $35 per position and $55 per position, respectively.

Also, transfers from Stake to other brokers will incur a fee of $200 per account via ACATS or DTC. DTC transfers can include up to four positions. However, each additional position will attract an extra $50. Finally, DRS transfers will be charged at $200 per position.

SEC Fee

This fee is required by the regulator, and it is charged at $8 for every $1,000,000 worth of financial assets sold on Stake. For clients, this fee is never below $0.01 per transaction.

US Tax Form Fee

Customers of this broker will be required to pay $5 for the filing of their W8-Ben, W8-Ben-E, or W9-Forms.

TAF Fee

The TAF fee is deducted to enable FINRA to maintain its operations. It is calculated as $0.0000119 per security. However, no client can be charged more than $5.95 per transaction. The minimum amount for TAF fees is $0.01.

Account Types

There are two account types available with this broker – a Standard Account and Stake Black. Unfortunately, they do not provide a demo account option for clients to practise or improve their trading. Here in our Stake review, we outline some of the features of both account types.

Standard Account

The Standard Account is a subscription-free option that allows members access to over 8000 Stocks and ETFs from Stake Wall St and Stake AUS. Traders will be given access to the broker’s trading platform and all the basic features needed to begin their investment journey.

Stake Black

Stake Black is a premium investment account option that offers customers access to more advanced tools, pro-level financial data, and other exclusive benefits. With this service, users of this broker can make faster purchases due to instant buying power, and make better-informed decisions with analyst ratings, course of sales, and market depth. For Stake Wall St and Stake AUS, clients are expected to pay A$14 per month or A$12 per month, when billed yearly(A$144/year). However, they can choose to combine Wall St and AUS for A$20 monthly or A$17 per month on a yearly billing (A$204/year).

Trading Platforms

Stake users will be able to purchase all its listed assets on desktop or mobile via its web and mobile applications. Unfortunately, traders who prefer MT4, MT5, or cTrader will need to learn how to use the broker’s proprietary trading apps as they are not compatible with these popular trading platforms. In this section of our review, we talk about how you can open a Stake account via desktop or mobile. We also shine the spotlight on their trading platforms and highlight some of its essential features.

Desktop Trading Platforms

The broker provides a desktop trading platform. Although they do not have a native application, they offer a web application that works excellently on most browsers. Let’s discuss the features of this app and provide you with a detailed guide on how to open an account on desktop.

User Interface

The Stake web platform has a beginner-friendly user interface. There are no unnecessary features or overly complex dashboards. Users can easily navigate through the application and purchase their preferred stocks or ETFs with little time.

Design

This broker’s desktop application is aesthetically pleasing. It has an excellent colour scheme and three tabs – portfolio, watchlists, and news. Clients can also filter their watchlists by type. Newbies can easily understand this design as it is very straightforward and modern.

Market Movers

The market movers section of this app lets users in on the best and worst-performing stocks and ETFs within a period. It shows the assets that have gained or lost the most value to give users valuable insights needed to make an investment decision.

Watchlists

With watchlists, Stake customers can aggregate all their preferred assets into a single view. On the dashboard, clients will be able to see these assets, their current prices, and the overall percentage increase or reduction in value over a period.

News

On the side of the web application for desktop, the news feature displays all the latest happenings across various industries. Usually, these reports are filtered based on a client’s watchlist to enable them to receive personalised updates.

How to Open an Account on Stake Desktop Platform

1. Go to the broker’s official website and select Sign Up.
2. Select your country of residence and type in your email address and password.
3. Enter the verification code sent to the email address you provided.
4. Fill out your contact details.
5. Answer all the questions about your employment status.
6. Verify your identity by providing your driver’s licence number and expiry date.
7. Select an account type.
8. Once your account has been created, select the Funding icon at the top-right corner of the web trader to access the payment section. Select your preferred funding method and specify how much you wish to add to your account.
9. Identify the stock you wish to purchase, select your order type, and specify how much you wish to invest.

Mobile Apps

Customers who wish to buy stocks and ETFs using their mobile phones can download the Stake app on their device’s app store. Below, we outline some of the features of the mobile app and list the process for opening an account.

User Interface

Like the web application, Stake mobile app is very intuitive and client-focused. Its simplicity is one of its standout qualities as there are no crowded dashboards and complicated navigation tabs.

Design

The design of the Stake app for mobile is excellent. There are five tabs below and an easy-to-read dashboard. In addition, charts are well-outlined and first-time users should be able to begin trading relatively quickly.

Watchlist

The watchlist feature provides a personalised overview of all assets that a customer is interested in. Here, traders can monitor the performance of these instruments and view the percentage changes in price.

Search

With the search tab, navigation on the Stake mobile app is extremely easy. Clients can type the name of an asset instead of sorting through all 8000+ stocks and ETFs provided by the broker.

News

News allows customers to get an idea of current market sentiment and all the latest happenings in various sectors. This feature provides users of this broker with the added information to make better investment decisions.

How to Open an Account on Stake Mobile App

1. Visit your device’s app store and download the Stake mobile app.
2. Select Create an Account.
3. Enter your country of residence, email, referral code (if available), and password.
4. Type in the verification code sent to your email address.
5. Enter your personal details.
6. Provide your employment information.
7. Submit a picture of your valid government ID and enter all the requested ID information.
8. Go to the profile section and click on Funds and Balances followed by Add Funds to deposit money into your Stake Account.
9. Search for the share you wish to purchase and click on Buy.
10. Specify the order type and amount of shares you wish to purchase to complete your transaction.

Payment Methods

Clients looking to make deposits and withdrawals at Stake will have access to multiple payment options on this broker’s platforms. This section of our review will touch on all these methods and their processing times.

Deposit

Available deposit methods with this broker include Credit Cards, Debit Cards, POLi, Electronic Transfer, and Google or Apple Pay. With credit and debit cards, they charge a 0.5% and 2.5% processing fee, respectively. This deduction also applies to payments made with Apple or Google Pay.

Stake also has a 50AUD minimum deposit amount for its customers. Furthermore, they do not accept third-party deposits. All transfers must be made from a bank account bearing the client’s name. Finally, the processing time varies based on the method used and other external factors. Credit cards, Debit cards, Apple Pay, Google Pay, and POLi, are usually received instantly. However, bank transfers can take up to 2 business days, depending on how long it takes the processing bank to send the transfer. In the table below, we list all the payment methods along with their processing times.

Withdrawals

Stake customers can only withdraw their funds to their local bank account. Before this request can be completed, clients must provide their BSB code and bank account number. Withdrawals attract a $2 bank processing charge and, where required, an FX fee of at least $2. Processing times for these transactions can be as long as 4 business days, and the minimum withdrawal amount is set at $10.

Account Base Currency

Clients of this broker can only have USD as their base currency.

Research and Education

In terms of research tools, Stake is also limited compared to many other brokers. Customers can have access to the Stake Academy via the broker’s website. This platform provides articles covering several essential topics in trading and investment, such as How to Research Stocks, ASX Trading Hours, and Growth Investing. They also provide regular updates and insights into trending stocks. In addition, they have a YouTube channel with a few webinars, Stocks on Stocks –  a twelve-episode podcast, and tutorial videos. Overall, apart from their articles, they do not offer many other in-depth methods of learning. There is also no trading glossary or e-book library available.

Customer Services

Stake’s customer support options are limited as they do not offer a live chat option or a dedicated call line for clients to communicate directly with a customer service representative. Primarily, users can access help by visiting the help centre on the broker’s website or filling out a form on their website. The help centre provides answers to frequently asked questions across different categories, including how to get started, account funding and withdrawals, and account security.

Furthermore, you can communicate with them by sending a direct message on any of their official social media handles. Stake has an online presence on Facebook, Twitter, and Linkedin.

Online Reviews

In this section of our Stake review, we let you in on what users are saying about this broker on various platforms. We’ve filtered through several comments on popular social media platforms such as Quora, Reddit, TrustPilot, and ForexPeaceArmy to provide you with a detailed summary of what customers think about their services.

What Reddit Users Say About Stake

Most Redditors who made posts about Stake only have good things to say about the broker. There were several mentions of their fast deposits and execution speeds. Many people praised their customer support. However, there were users who claimed that they received delayed or ineffective responses.

There weren’t many complaints about their services. However, one client pointed out that they do not show market depth unlike some of their competitors.

What Quora Users Say About Stake

Unfortunately, despite using several search queries, we could not find any relevant reviews of Stake on Quora.

TrustPilot Users’ Review About Stake

On TrustPilot, Stake has a poor rating of 2.1 from 117 reviews. Many users have a problem with the broker’s fees, claiming that they were misinformed about the fee requirements prior to opening an account.

Also, there were some comments from disgruntled customers who expressed their displeasure at the introduction of fees for US Stocks. In addition, there were also complaints of slow order execution, cancelled trades, and log-in issues. However, there were a few customers who praised their app, citing its simplicity and ease of use for newbie traders.

ForexPeaceArmy Users’ Review About Stake

There are no comments about Stake on ForexPeaceArmy.

Other Products and Services

While we have discussed all the assets provided by this broker and its payment options, trading apps, fees and commissions, and customer services, there are also many other additional products and services that they provide. Clients can take advantage of these offerings to maximise their investment experience and earn extra income. Below, we explore Stake’s other products and services.

Stake Rewards

Stake Rewards present an opportunity for new and existing clients to earn benefits such as free stocks and cash. New users who activate Stake Wall St and make a deposit within the first 24 hours are eligible for a free stock while Stake AUS clients will receive A$10 credit, subject to meeting all the stipulated terms and conditions.

This offering also provides an opportunity to earn via referrals. The exact bonus varies based on the market activated by each successful referral. Should your referral opt for Stake Wall St, you will be given a free U.S. Stock. However, if they select Stake AUS, the broker will reward you with a discount on ASX assets for the next year. This discounted brokerage rate is available for your first 10 trades each month.

Stake Super

Stake Super allows clients to access self-managed super fund (SMSF) administration services and make use of the broker’s investment platform in one combined package. By paying $990 annually, customers can enjoy setup, accounting, auditing, and taxation benefits. Stake Super provides independent annual SMSF audits, annual investment and performance reports, and annual member statements. Clients who wish to enjoy more instruments, including managed funds, unit trusts, precious metals, and collectables can subscribe to Stake Super Plus for a fee of $2,490 per year.

Career

The broker offers a career section to individuals who desire to submit an application. This career section has a job board with listings for various open positions in departments such as design, data, finance, and legal.

Is Stake Safe?

This section of our Stake review seeks to explore their security protocols for customer funds and data. Overall, this broker is seen as a trustworthy option primarily due to its regulation by the Financial Conduct Authority, a highly-rated regulator based in the United Kingdom. However, in addition to compliance measures enforced by regulators, Stake safety practices also include other policies, such as adding an extra layer of protection via two-factor authentication (2FA). Users who enable 2FA will need to confirm their identity from another device when performing sensitive transactions.

Also, all US stocks and ETFs are insured for up to $500,000 as a result of their SIPC membership. This insurance covers both US and non-US clients. This insurance also covers up to $250,000 in claims for cash. Furthermore, client data is well-stored and protected with Amazon Web Services (AWS).

Bottom Line

Our Stake review reveals the broker to be a trustworthy option as they are regulated by the FCA. There are many great reasons to opt for this broker, particularly the availability of real stocks and the opportunity to get free U.S. stocks. However, a major downside is that they do not provide forex, commodities, indices, or cryptocurrencies. Also, users will not have access to margin trading or short selling.

There are 6,000+ Stocks and ETFs on Stake Wall St. and 2,000+ Stocks and ETFs on Stake AUS, making a total of 8,000+ instruments overall. These shares are provided from exchanges in the US and Australia, as this broker does not list any other foreign exchange markets.

Commissions on stocks are relatively affordable as they charge $3 per trade on trades less than $30,000) and 0.01% per trade on trades higher than $30,000. There are also other non-trading-related costs.

Opening an account is a simple and straightforward process and can be completed on the Stake mobile or web application. Also, clients can deposit funds and begin investing via credit card, debit card, electronic bank transfer, POLi, Apple Pay, or Google Pay. Finally, reviews of this broker online are mixed. While some cite its beginner-friendly app and many other positives, there have also been complaints about their execution speeds.