The platform doesn't have all the bells and whistles. It is a straightforward, easy-to-use platform that will provide you with basic trading information. You can trade from $10, but you must have at least $500 invested in ASX-listed companies.
Fractional share trading will not be available at this stage for ASX shares.The $3 brokerage is a flat fee, regardless of how much you invest or how often you trade.Each investor will be assigned their own holder identification number (HIN) on CHESS.
We reached out to Stake to get a few more details. With the alternative "custody" model, ownership is recorded by the broker. This is the registration system that the Australian Securities Exchange uses to register stock ownership. Stake has previously confirmed to Finder that stocks will be CHESS-sponsored. "The feedback from our beta customers has been amazing with thousands of them making the most of free brokerage to flex their investing muscles on Aussie tech unicorns, bluechip Aussie brands and more," Leibowitz noted. This is compared with larger brokers such as CommSec starting from $10 per trade. "Those on our beta were rewarded with $0 brokerage on ASX trading until the end of the year – a benefit we're extending to everyone."įrom 1 January 2022 Stake customers will be charged $3 per trade. Noting feedback from a 6-week trial, Stake founder and CEO Matt Leibowitz said:
The self-proclaimed CommSec killer has launched with investors now able to trade Australian (CHESS-sponsored) stocks for just $3 per trade, one of the lowest on market.Īussie trading app Stake announced it is making its share trading platform, with investors able to trade for a limited time for $0 brokerage.Īnd while it probably won't kill the Big Four bank's platform it can lay claim to being significantly cheaper. Australia's lowest fee for US and ASX trading has arrived, but what will it mean for the market?
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