Stake announces $0 brokerage on ASX via referal method
“With Stake, those investing on the ASX have everything they need – access to more than 2000 companies and exchange-traded funds (ETFs), CHESS-sponsorship, instant funding into an AUD wallet, and a dedicated dashboard for their Australian holdings. Now they can get all of that with $0 brokerage for as long as they want, given they’ve got the hustle.”
Australian digital brokerage Stake has entered 2022 with the intention of conquering a significant slice of the market share in the Australian retail trading market.
The trading platform has launched a zero commission trading service on a CHESS-sponsored model in order to make equities trading more accessible to Australians than ever.
‘Three to free’ referral method
“It’s been four years since we pioneered $0 commission for US shares and during that time have maintained the core belief that there’s no reason Australians should be stung with high brokerage fees, regardless of the market they’re trading on,” said Stake CEO and Founder Matt Leibowitz.
“We launched ASX trading on Stake late last year because we believed ASX brokerage could be done better. With over 60,000 customers joining in just a few short months we’re excited by the impact we’ve had.”
Having launched commmission-free trading on the Australian Stock Exchange, Stake’s discount brokerage is quickly onboarding new customers. In addition to its offering, the firm is attracting users thanks to a ‘three to free’ referral method, allowing customers to refer friends in exchange for more discounts, including free brokerage indefinitely.
For each person a customer refers, their brokerage drops by $1 for 1 year. In just three referrals, customers can get to $0 commission. Moreover, referrals beyond the third are banked and kick-in once another has expired. So, customers can keep their fee-free ASX trading rolling.
“The more players operating, the more pressure there is to deliver what’s best for consumers while ensuring the long-term viability of their platform. That’s what we’ve done, and we’ve done it in a sustainable way. We’re able to remain profitable without charging the fees that other higher frequency brokerage houses do”, Leibowitz continued.
“With Stake, those investing on the ASX have everything they need – access to more than 2000 companies and exchange-traded funds (ETFs), CHESS-sponsorship, instant funding into an AUD wallet, and a dedicated dashboard for their Australian holdings. Now they can get all of that with $0 brokerage for as long as they want, given they’ve got the hustle.”
Stake offers $0 brokerage on more than 6000 US stocks and ETFs which can be traded on both its app and website. Since its launch in 2017, Stake has amassed nearly 500,000 customers, and more than US$1.5 billion in funds under management, across Australia, New Zealand, the UK, and Brazil.
Its commission-free brokerage model offers investors sophistication through advanced order types, analyst ratings and price targets, full company financial data, as well as fractional shares.
