- Verified customer
I lost huge opportunity to buy a stock…
I lost huge opportunity to buy a stock because stake was paralyzed, so I couldn't log in and no sales orders were executed, I feel so upset and it was really scary, I think it shouldn't be happening as they deal our money, they must reliable and trustworthy but they were not when everyone couldn't log in. I have fear now that they could disappear one day with my money and then I may do not know what is going on, because they simply can stop us to log in and keep saying they are trying to resolve the issue. It is not right behavior and they must...think and treat us more seriously by opening more communication channel (i.e. phone) as we hang our neck to them with a lot of money that we need to live our lives. I am going to move to commsec international even though I have to pay trading commissions.
Positive experience with Stake
Contrary to all the previous negative reviewers, my experience has been a bit different. My orders were executed immediately. Maybe the previous bad experience was due to the recent GameStop frenzy which impacted many online brokers. So far, I have enjoyed using the platform. However, if problems arise or any issue like those described by previous reviewers begin to reappear, then I will certainly revise my decision (and use other platforms). For now, my experience with Stake has been positive.
Platform will work a fraction of the time you want to use it. Especially if it's during trading hours.
Stake will make decisions mid-trade as to whether they allow you trade as you wish, if it doesn't fit what their business partners decide on that day, then they will remove the ability to trade on your account. They state on their website that they "listen to our customers". Who knows if this is true but it's 100% true that they simply will not respond to any issues. No live chat, no phone number, and zero response to any email. Basically they will leave you drifting in the wind. My advice - research and find a real broker - not a glitchy app, with zero customer support.
I started to use stake from last year 2020 and it was amazing with an easy platform to use and great customer service, that's why I had transfer lots of money to Stake and paid for a stake back member this year in January. This year Stake is getting worse with platform problem, Cant trend, Cant place an order or even cancel, My money balance in and out with no prove. I sent emails to ask about balance transection but no one reply. Compliant about the monthly fee again no one reply. Last year customers service was really good. They reply me the...next day. This year is terrible with everything. If they platform can't handle lots of clients then they should not charge money for a stake black. I am very disappointed with them and I am not going to transfer more money to it and I am going to search to another platform. Don't transfer your money to stake as it will cost you more money to move out to another platform.
People make it out to be alot worse than it is..
People seem to be overreacting to the current bottleneck with the system. Since wallstreetbets has became popular, most trading platforms are unable to cope. I imagine this will resolve itself in time.
You are get a free share in companies like Nike, GoPro etc valued at $130. Most people seem to get GoPro but it's still $10USD. Here is a code if anyone wants it for a free share: [Code Removed]
I will review this again in a few weeks hopefully with a more accurate update and info if the platform has been performing better
* The company has engaged in misplaced funds on numerous accounts.
* Its states on its product disclosure that is is regulated by the Australian Financial Complaints Authority (AFCA) - then a phone call I placed to them today confirmed they (Stake) are neither a member, nor subject to oversight by this department.
* Their financial services registrations in Australia is a web of shell companies, holding companies registered in the UK and South Africa to avoid as much regulation and oversight as possible. This IS NOT and Australian Company!
*...The platform is incredibly unstable and has cost thousands of members millions of dollars in lost opportunities, coupled with disallowing 'sell' orders in a timely manner during peak market periods. * The company has disconnected its phone lines and/or relegated them to a voice mail service that receives no response
Not as bad as everybody claims (yet)
Everybody whinging about "market manipulation" clearly didn't have any GME before the squeeze started two weeks ago. Don't try to buy GME or AMC now. You're too late. Stake still allowed buys on GME until last night, Robinhood and other brokerages limited buying on Thursday. THAT was the market manipulation, not Stake stopping you from buying now that the price has dropped 60%. Put the damn pitchforks away people.
I've been using Stake for 6 months now. I've been more or less happy with them except for a few short periods.
Last week they were...pretty damn slow but they weren't the only broker who was. Many US brokers also struggled last week according to users on Reddit, they were unprecedented market conditions after all and I believe Stake when they said they buckled under the strain. Stake was also slow one day a couple months back when vaccine news broke and I remember many brokerages were down that day as well. This week has been much better. There were still some issues on Monday night but as of last night all my trades went through immediately and I was happy that everything was settling down and my broker was working again. Now there's a new problem that's just come up in the last few hours: money/buying power has disappeared from my account and from many others as well judging by twitter. I'm hoping this is just a weird glitch and Stake will sort it out rapidly because if they can't explain where all that money went and return it fast, they're probably finished. In fact as I type this my buying power has actually changed to double what I had last night, which is now a lot better than having missing money. I won't be abusing this extra money though, and I trust Stake to sort this out within a day or two. No way am I paying 10USD a trade on Selfwealth, Stake is far from perfect but they're still the best for buying US stocks from Aus.
Not trustworthy, scam
A app and business designed to take advantage of the small guy and screw them over whilst taking kickbacks from large financial corporations. One of, if not the most corrupt management teams. The public don’t believe a single word that come out of this fraud business. Do not use Stake! Do not give them your hard earned $$. Delete the app.
Direct tie to Capital. Illegally cancelling sell limits at 1:17am before Friday market open with no warning, then amended their FAQ with new restrictions. 3% sell limit above the market price or automatic cancel.
This company is criminal. Report to ASIC like I have. Absolutely pathetic and disgraceful, I will be suing you and your staff individually as defendants once this is all wrapped up. Thieves.
This app abosulutely sucks
Their apps crashes in the midst of once in a lifetime investment opporutnities. They have made me lose money, by not providing a service that allowed me to capitalize on the money I invested into their app.
So in conclusion don't ever download this app. Waste of time and money. FACTS.
Sell orders wont execute, cannot delete pending orders etc
This platform is completely buggy. I would stay away from this platform at all costs. If you are dealing with a whole lot of cash, you are all but doomed using this type of platform. Market sell orders never get executed, deletion of pending orders dont delete inspite of the system saying giving pop up confirmations that its all but deleted. Stay away from this platform - its completely buggy.
Questions & Answers
When trading and you sell an order/stock how come it takes 2 days be completed and processed
It's a holdover from paper trades, back then SEC allowed 2 days for (hard copy) paperwork to catch up and bank transfers to be completed.
In todays world, interbank transfers can take as little as 4hrs (not using credit).
Just think of all those millions of $ sitting in 'overnight transfer' that banks can use overnight, interest free. Why would they want to speed it up?
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