- Verified customer
Slow in critical situations with expensive charges. Only suggest for long hold traders.à
Today is the epitome of what's wrong with stake. At 1: 30am this morning when the markets open, it was difficult to trade and the stock pages were not loading. Having worked with CommSec and various entities their UI is fantastic but a huge negative is my experience this morning which for anyone that's looking at realtime opportunities, your better of going elsewhere.
Stake cannot place sell orders sometimes
On 2 November 2020, I tried making a sell order on one of the stocks I was holding, but the app would not place the order on many attempts. I ended the night with a loss on that stock. Tonight (3 November US time), I have spent the last hour and half trying to make a sell order on a stock I held (FCEL) but have failed to have it placed meaning I lost on opportunities I could have used that money on and that was about $9k. I then tried to make a buy order for the same stock (FCEL) and it was placed. Subsequent attempts to make a sell order failed again.
Quick with a few hidden secrets
REFERRAL CODE: [url link removed]
Fun app for small timers like myself.
Transferred $300 in to test it out - cost about $20 in one off and transfer fees
(ANZ costs $19.50 per transaction)
Got my free Go-pro stock (referral code above) and sold it straight away, stock is not doing well post covid. Took the cash.
Made the rest of my fees back in a few minutes on a tesla and nividia run. ...Quick buys and sells but just know you don't get your money back into your account after selling for 2 days
- Verified customer
Like the simplicity and the fees structure but needs extra basic functionality
I have been using Stake for several months now and I am enjoying the product so far. I am not completely satisfied with the functionality, though. Several features are not available while being standard for almost any broker. Namely:
- It is not possible to open a stop loss and a take profit order on the same stock at the same time. This is kind of unheard of because any proper trader would want to manage their risk/reward (not just risk or just reward). The workaround is either to monitor trades manually, or to code workarounds with something...
Be aware of borderline criminal practices
Stake by default opens a bank account with Macquarie Bank on your behalf with no prerequisite meeting Identity fraud check. That is if I have your email, full name and address I can open a Stake account which would open a Macquarie banking account in your name. Imagine I’m your surprise when you get a mail notifying you your Macquarie account is ready and I can wire money through them at account under your name to international accounts.
They have lodged complaints with ACCC & ASIC and have little transparency in corporate management. Stay away.
Deposit fees ridiculous
Deposited via Credit Card - not only does it take 48 hrs ... really ...but 2% plus the other fees!
So when they claim no fee brokerage ...its reportedly misleading. There is plenty of fees, and the fact it doesn't settle for 2 days after into your account once you close an order... It's terrible.
Great platform for smaller portfolios with an active approach to investing
You get access to all the companies on the US stock exchange and numerous index and exchange traded funds. Because there are no brokerage fees it doesn't cut into your returns as a self managed smaller platform. Technical support is excellent.
The trade off is it takes time for trades to go through, however this can be cut down for paying for the priviledge on the app.
The downside is it only tracks your returns based on your purchase price and current trading price not the overall portfolio growth. Best used when paired with your own spreadsheet to track overall returns.
- Verified customer
Cannot trade using this platform. Market orders, limit orders and cancellations do not even go through. Lost money because of this. STAY AWAY from this if you are a trader. Constantly have to refresh the page to get an updated price. Also have to refresh the page again to get an updated P/L. What a mess.
It’s become my go to for trading US equities
Have always used IG for trading US equities due to the robustness of their platform. Started using Stake about 18 months ago and loving the ongoing updates and improvements to the platform. Couldn’t think of going elsewhere at this point and can’t wait to see more features (I’ve been talking to their team about dark mode and good till cancelled orders) in the future.
Also like the ease in buying inverse / volatility ETFs. Super handy with the current market conditions to get some exposure to TVIX!
Platform is solid, especially the mobile app. I can see them making gradual improvements to the web version too, hopefully we’ll continue to see that in the coming months.
What a platform!
With the current volatility I’ve been able to get access to the best market in the world!
The Stake platform has come a long way in the last few months, I’ve seen many changes in the app and their launch in the UK has me telling all my friends and cousins over there about the app!
If you aren’t already trading the US markets, get on it! There are many platforms to choose from and Stake is the one for me!
Best place to trade the US market from Australia. Hands down.
Great, sleek investing app with no brokerage fees too.
Able to invest and trade in some of the biggest companies, but also some pretty cool ETFs when the market has been volatile.
Definitely the future of investing for Aussies!
Perfect, achieves everything it sets out to
This app is perfect for me. Downloaded this app to trade US stocks and it allows me to do that exactly without any fuss. Furthermore, the market data it provides is extremely helpful! Some hiccups here and there but customer service is quick to respond and actively helps with providing solutions.
Recommend to anyone who is even considering trading US stocks from Australia
Classic case of ‘too good to be true’ syndrome.
For starters, TERRIBLE SUPPORT. No contact phone number, emails responded to 48 sometimes 72 hours after submitting. Child-like responses from obnoxious support staff, unwilling to stand behind their product nor provide explanations for numerous App and website issues. The overall experience reminiscent of 80’s shower-curtain ring salesman. Planes, trains and automobiles at least had a happy ending, this won’t.
Trading on Stake is basic at best, from depositing funds, executing orders to withdrawals.
Funds do not reach your trading account by t...
Slow backend makes it impossible to swing trade which is probably the only reason to trade in this market. In the last week there have been confirmed issues with the platform preventing market orders being filled and issues with order cancellations (e.g. see r/fiaustralia, r/ausfinance). Better off waiting for RH to come to Australia than get ruined by their failing backend. I've lost all confidence after my market orders didn't execute when I sent them.
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