We review the trading app Stake that gives you access to US markets and more
Stake Review – Does this Investing App Beat Others?
- No commission on buying and selling stocks
- Excellent UX – both app and desktop are really easy to use
- Get started right away – simple to join
- Limited to the US market
- Some features are locked behind a subscription
Is Stake safe to use?
Yes, Stake is safe to use. It is regulated by the Australian Securities and Investment Commission and by the Financial Conduct Authority in the UK. So, your funds are insured and protected should anything cause Stake to fold.
You just need to make sure that you invest within your means – Stake is a really simple-to-use platform but because it is a brokerage there are no affordability checks on your funds. You can invest as much as you want to without a credit check, providing you have the cash in your bank.
Investing is always a risk so if you’re concerned about your ability to control your investing, and think it might not be safe due to your own investing habits, then it is best to avoid it. Otherwise, Stake is one of the safer investment platforms you could use.
Is Stake good for investing?
Stake offers zero commission fee trading on US stocks and ETFs, with over 6,000 companies for you to choose from. It’s also really easy to sign up for and use, so yes, it is good for investing in that market.
However, if you want to invest in companies elsewhere in the world you’ll need an alternative brokerage platform.
How does Stake make money?
Stake makes its money in three ways – through the fees paid for Stake Black accounts, through the FX fee (and other associated fees), and by earning interest on any cash sitting in brokerage accounts. That’s how Stake is able to exist without charging commission.
Before you make any transactions on Stake you’ll see a full breakdown of any charges.
How long does it take to receive funds on Stake?
You can make a withdrawal from Stake at any time, providing you reach the minimum withdrawal amount of $10. When you do, you should receive your funds within 4 business days. If you don’t, you’re encouraged to speak to the Stake support team.
Does Stake have withdrawal fees?
Stake doesn’t strictly charge a fee for withdrawals but it does charge an FX fee for converting the currency when you do. You’ll pay 0.5% for the transfer fee, at a minimum of $2. So, if you withdraw $1,000 then you’ll pay a fee of $5 to convert the currency to GBP as it is transferred to your bank.
If you choose the Express Funding option to speed up your transactions you’ll pay 1% instead of 0.5%.
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