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Stake announces crypto trading as broker joins digital asset trend

Australian-based $0 fee brokerage trading platform Stake has announced it is going crypto, with the launch of a digital asset offering slated for Q4 2022, with a global rollout to the UK, New Zealand and Brazil to follow.

Matt Leibowitz, Founder and Chief Executive Officer at Stake, said: “The decision to take on cryptocurrency was a natural step in offering our customers greater access to financial opportunities. Crypto is taking the world by storm and has established itself as a legitimate asset class. Investors are demanding it and brokers who are dragging their feet will fall behind.”

Stocks, ETFs, and now Crypto at Stake

The all-in-one platform will include access to crypto next to a stock offering, which allows investors to trade over 8,000 companies and ETFs from US and Australia listings.

While US stocks are offered on a zero commission trading basis, the ASX offering boasts more than 2,000 stocks and ETFs at a flat $3 per trade.

Earlier this year, Stake announced a zero commission trading service on a CHESS-sponsored model via 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.

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.

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