Beyond FT I’ve also been dabbling on Stake to see how they are for US and just saw the locked in $30M in VC money from Tiger and DST to expand their product and markets (Brokerage-free trading app Stake picks £22M fu). Thoughts on if that will make them a genuine player? I don’t mind competition!
Their product only provides access to US markets at the moment. So I don’t see much direct competition until they build ISA, SIPP and expand into UK & European markets.
With those VC’s backing them there is a good chance they’ll grow but they’re a bit behind in the UK.
the app is not great at the moment but having an investor like Tiger is big plus… They have a lot of money for potential follow ups…
I’ve been using Stake and happy to refer anyone. It’s ok but I’m not a fan of the UI at all. It’s very fast though and I like their regular comms.
I’m quite interested to see what they do with the funds to enhance the user experience. Overall I’ve been pretty happy with the app.
Agreed. Their UI is quite bold, shouty and in your face. Feels like it encourages you to act like a wall street day trader!
Has anyone tried to withdraw money yet? I noticed there’s also a fee on top of the FX fee to withdraw.
Yes, FX fee on deposits and withdrawals but not on trades.
It’s a pretty decent option if one is after:
US stocks only (they use Drivewealth as well so no OTC and relatively slow to add new stocks)
Maxed out their ISA and this is a GIA account
Frequent trader which is where they’d see quite a bit of saving from FX fees for every trade
Yeah, I’m tempted to give it a whirl. There’s at least one stock in my portfolio that’s very volatile, often up or down by 2-3% in an hour, so it’d be fun to make some more on the side with that without losing 0.9% each time.
Yeah I withdrew some money earlier this month and not got that fee. Weird that it was in that sheet. I emailed them and apparently it’s a fee that has been recently removed and will be taken off the PDF.