Another free trading app given FCA approval
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This has been on the cards a while.
Another front end for DriveWealth.
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This has been in the works for a while, weāll see more companies entering this space soon.
Anyway I didnāt realise they let you Gift Shares.
No US shares, unless you pay a USD $5 fee to complete the W8-BEN
Not just a front end! This is the App!
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In Stakeās Australian home market the company counts 50,000 users, with an average age of 32 and an average deposit of Ā£7,000.
Wonder how this stacks up with Freetrade today.
āThere is more money moving through Apple and Netflix securities each day than the entire LSE,ā said Stakeās European Managing Director Richard Watrasiewicz. āFor too long itās been complicated, costly and expensive and in a few months from now, it wonāt be.ā
āThe US stock exchanges combined make up 39% of the entire global stock market value, with a market capitalisation of $31 trillion, and are bigger than the next 7 exchanges combined. This is where the world trades, giving the UK easy access to this amazing market is what we do.ā
Fractional shares on Freetrade will negate this threat from those providing it by plugging into DriveWealth.
In Australia Stake doesnāt charge commission or a trading fee, but does charge its clients 0.7% to convert their funds into Dollars.
Charging 0.7% here wonāt go down well given some users canāt palate 0.45%.
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I imagine Stake will offer fractional US - since DriveWealth offer fractions. So I see no difference between Stake and Freetrade here barring costs.
If youāre referring to UK fractionsā¦ then yesā¦ clear difference and a massive selling point for Freetrade.
Although Freetrade has the UK Stock Market quite well covered, it seems to me that Stakeās product is targeting traders, based outside of the US, who have a significant appetite for the US stock market.
With over 3500 US Stocks and ETFs compared to Freetradeās meagre 130, Iād expect that Stake will attract some of the more sophisticated traders in the UK away from Freetrade, hence posing some serious competition.
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With this platform do you pay FX on every US trade like on FT?
so $5.00 to fill out a form which is FREE on freetrade
who are the so called āprofessionalā investors it is aimed at serving
i think it is more professional to pay less with freetrade
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Wouldāve been great if they could open up free trades for the UK investors in their home market Aus/NZ
Thanks guys. Looks like on FT you pay FX on every US trade. Im interested in the US market and trading some of the growth stocks there, so this looks like a much better offering as i can leave in USD and reinvest it.
Would be happy to pay $5 as any trade above $1000USD costs $9 on FT (in and out). Can anyone confirm?
Nope, you just pay FX to deposit USD into your account and from there itās free game with what US stocks you invest in
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Please note that you can NOT put USD$$ in an ISA only Ā£ so Freetrade still wins here
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Awesome. Thanks!
Stake just launched their U.K. beta
Signed up to try it out but you have to transfer USD into your account with a $5 processing feeā¦ no thanks 
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The flat $5 deposit fee in addition to your international Bank transfer fee is bizarre. They really need a simpler way to take people from signup to invest. I think they say somewhere it can take a few days for the deposit to show up in your account.
They have put their pricing up as well, you would need the Ultimate plan to get Unlimited free trades, and Fractional Shares. The free plan only lets you do 2 free trades a month.
App looks nice though.
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Yeah the pricing is just not very competitive considering the products weāve got in the U.K. right now.
The app does look nice, I like their charts (and theyāve got candlesticks 
), very wide range of US stocks as well.
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Yes but it is a one off charge not per trade.
If someone can put 50 quid per month only 5 bucks is to me a large dent