The Australian-based digital brokerage app has launched its beta version in the United Kingdom as it offers direct trading in more than 3,500 US stocks and ETFs. The official launch in the UK is due in February, before expanding across Europe in the coming months.Stake was founded in 2017 and already counts with over 50,000 customers who enjoy seamless access to the US stock market through an app developed by expert traders, software engineers and designers.
The beta version in the UK is accessible by signing up online and sending a referral code to friends. Stake states it gives customers the simplest, most intuitive and sophisticated direct access to the US stock market possible.
Matt Leibowitz, Founder and CEO of Stake, said: “We’re on a mission to build the future of brokerage and are hugely excited to be launching in the UK as we expand into Europe. We know UK investors want to take the way they trade US stocks to another level.
The UK stock market provides plenty of opportunities, 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. If you want to be hands-on and enjoy making investment decisions, we make it easier than ever to execute, track and trade individual shares and ETFs.
Typically, we don’t attract beginners; 77% of our existing customers have traded before and they’ve got some knowledge of the markets. 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. Our personal experience showed us what could be done – and we want to bring that to the rest of the world.”
Stake is launching in the UK to address the barriers to opening a US brokerage account from the UK, with US tax considerations and forms to fill in. By streamlining the sign-up process and automating the documentation including the hefty W8-Ben form directly with its US dealer, Stake made it quicker and easier to get set up.
Also, regarding FX fees, instead of charing on every trade, Stake only charges an FX fee when money is converted into USD, as part of its clear and upfront pricing model. There are three tiers of Brokerage Packs to suit customers’ different trading needs: Starter, Unlimited and Black. The starter is free and the others have fixed monthly prices, but all packs will be free in the UK until 1 July 2020. The average deposit of Stake’s customers is around $6,000USD, but users can trade with a minimum of $100USD.
