I have been trading US stocks through Stake for 6 months now. In this period, I have traded equities such as ACIC, BIDU, CCS, OZON, PATH, PLTR, AMC, CLOV, RTP, TDOC and VIVO.
My experience with the app has been for the most part positive. I have seen a 25% increase in my portfolio value plus and additional 4% as a result of easing inflation concerns and the weakening of the Australian dollar (not including FX fees).
The platform allows you to fund your account through bank transfers or through POLi which will be subject to a 0.7% conversion ...fee or $5 if you deposit US dollars. Stake takes a 0% commission when you buy and sell stocks. When initially starting your account, you are made to pay $5 for lodging of your W8-Ben, W8-Ben-E or W9 tax forms. Other than that, there aren’t any other fees such as overnight costs or inactivity fees present for platforms such as eToro. For a complete overview of the pricing visit: https://hellostake.com/au/content/au/Pricing.pdf The team behind Stake is helpful and regularly updates the app, adding new stocks regularly with the option to request new ones. However, the app is occasionally out for brief periods requiring you to visit the website to monitor your holdings. When I first started my account with Stake my bank (Suncorp) was not supported by Poli. I emailed the support team. They responded within a day suggesting I deposit my money to an account which will then be transferred to my Stake account (at this time Poli was the only method of funding). My money was transferred successfully however, I missed out on my free stock. The platform as simple and easy to use showing basic charts and financials (EPS, P/E, shareholder equity etc.) to access professional price targets and financials you must purchase Stake Black for $9 US a month. I personally didn’t find it was worth it as most of the data is already available on sites such as yahoofinance for no cost. When funding/withdrawing from your account or selling stocks for a period of 2 business days the money is ‘Unsettled’ meaning it cannot be withdrawn or used to purchase more stocks. This is slightly annoying; however, you get used to it. If you can’t wait stake black allows you to void this so you have access to your funds immediately.
All been brilliant for me
Ref to time for funds to be ready depends on what time you submit them to Stake, not had any problems, runs smoothly and they have been very helpful to me when I made a mistake sending funds. Been with Stake from Dec 2020 happy so far.
T+2 no trades for you
Everything is molassas slow. sure it's zero dollars but their selling order flow and personal information so the don't need that. No one really cares about spreads on equities. Basically takes time to deposit, opening trades is quick, closing is quick but then you can't trade again for T+2, the date you close on + 2 business days. Garbage. rather pay brokerage.
Dont use this app
Stake although has a nice UI, has a nasty platform that cant even fix their app especially when people are investing into AMC and GME?
Not a coincidence and definitely intentional.
Highly recommended for people who loves losing money.
It is impossible to get your money back, it takes ages and Stake will do anything to prevent you to withdraw or reinvest your money. I finally could withdraw today after the 2 month restriction was lifted (Using the web site as, of course, the app was down), waited 3 days for the unsettled funds and 5 more business days to have it in my bank.
If you read the 5 star comments, you can tell by the language that this is written in a tone that you would expect from someone inside the company. It sounds like sales pitch.
This site is absolute garb...age. Please use your local bank or ask your advisor but do not make the same mistake as I did. I was very interested in the stock market, but after this experience, I prefer to go back to the 1% interest on savings on my greedy bank. At least my cash is available. I lost a very good chance of buying a stock that I researched. When the markets opened, my cash was not available until a few hours later. The next day I got an email saying: "sorry that your cash is not available. We are so nice that we won't charge you the fee this time" I don't know what else to say to prevent you from making the same mistake. Please read other reviews and see for yourself that this is not a personal crusade. This company is absolute garbage.
Very easy to use
It is good for beginner and easy to set up.Transfer money is a little slow but if you just started to investment with US share, it is totally good enough.
The reviewer stated that an incentive was offered for this review
Stay away. List of problems are many. Mostly
1. No reporting for your tax at end of financial year. You have to individually enter all your trades yourself to supply to your accountant
2. Once you sell a stock the cash is not immediately available to reinvest
3. to have an account with cash you first need to open up a Macqaurie bank account, then transfer cash to this account which can take a few days, then you have to wait for funds to clear .
This can take over a week. Ok if you only buy a few stocks a year and hold onto them for a decade but if you are an active trader this brokerage company will frustrate you
Get free stocks with the code: GOKCESESILI884
So far so good. I’m new to investing and have been loving the simplicity. Low fees and a lot of awesome companies you can buy a fraction of a share in. Great for beginners!
Used it for a while and stopped due to issues with the availability and the app
I have used stake for a while and I enjoy their platform in general. The gainers/losers, tags to look at stocks, and newsletters are cool. However, I had to stop using it for a number of reasons:
1. Around the time of GME saga and later on, there were 3 days (in 2021) where I could not log in and trade in the account. Note that I was trading completely different stocks, and I could not do this at all because my account was unavailable.
2. The app was buggy at times - e.g. when I clicked on 'buy' or 'sell', nothing happened.
3. There is no op...
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.
Lost over 1k because of the bad management of this account just useless don't use this, very bad app and they don't let you withdraw unless its been in there for 60 days
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
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?
Get an answer from our members and Stake representatives
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