By Oliver Smith on Thursday 16 January 2020
UK pricing has also been announced for the Australian app.
Australian share trading platform Stake today opened the beta of its UK app, ahead of a full launch expected within weeks.
The low-cost provider was given the green light to start operating in the UK in September, as exclusively revealed on AltFi, and has since hired a local team led by European Managing Director Richard Watrasiewicz.
Rather than having a waiting list, keen traders can sign up for Stake online and get access immediately, they can also share their referral code with friends to give access.
Stake lists only US stocks and ETFs, over 3,500, and says it is aimed at a more professional retail investor audience than local rivals like Freetrade and Revolut with 77% of Stake’s 50,000-strong Australian user base having traded before.
“The UK stock market provides plenty of opportunity, but many of the largest and fastest-growing companies in the world are listed elsewhere. If you want to buy shares in game-changing companies like Amazon, Google or Tesla, you have to trade in the US,” said Stake CEO and Founder Matt Leibowitz on today’s beta launch.
Stake also revealed its UK pricing today, which will include a Free tier for up to two trades per month, an Unlimited tier for $9/month which bundles in more analytics and fractional shares, and a Black tier for $19/month that includes day trading using unsettled funds. All tiers are currently free until July 2020.
“Our customers want to invest globally without having to pay through the teeth for it or being surprised by hidden fees. We don’t think they are being fully catered for in the UK and Stake is here to fill that gap for them,” said Leibowitz on the pricing structure.
Like rivals Freetrade and Revolut, Stake also streamlines the process of buying US equities without having to fill in any forms or dealing with tax and compliance issues.
