$3 TRADES: Stake launches a low-cost ASX share trading solution
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Digital brokerage Stake yesterday launched its low-cost ASX share trading solution, coming in at $3 a pop.
Stake has offered Australian investors the chance to invest in US markets for $0 brokerage for a few years now, but the local bourse remained elusive until this year.
After announcing its intention to launch an ASX offering and running a beta trial earlier this year, Stake yesterday revealed each trade will be $3.
The company claims this is the lowest cost CHESS-sponsored share trading offering.
Furthermore, Stake’s low-cost ASX share trading solution is currently live in beta – offering free brokerage – before the formal launch in 2022.
“Paying $30 per ASX trade via established banks has long been par for the course for Aussie investors but they’re not getting anything for that price tag – it can be done better, and for less,“ Stake founder and CEO Matt Leibowitz declared.
“Our customers now have a sleek platform where they can seamlessly access both Wall St and the ASX at the lowest brokerage fees out there, without compromise.
“This isn’t just low-cost trading, this is modern brokerage built for the new generation of investor.”
Stake also said critically, using the CHESS model ensures people can trade on their own HIN (Holder Identification Number).
An investor’s HIN is a unique number that is issued to them by ASX when they become a client of a broker for the first time and ensures all shares in a company are theirs regardless of what broker they bought the shares with.
“We know how important the CHESS model is to Australian investors. They want to trade on their own HIN. We have found a way to make this work while still being able to deliver fantastic affordability,” Leibowitz said.
“This is brokerage done right. Putting customers first and giving investors a comprehensive offering at a fair price.
“With [the] ASX, investors are getting everything they need – access to more than 2000 companies and exchange-traded funds (ETFs), instant funding into an AUD wallet, and a dedicated dashboard for their Australian holdings.
“It’s giving people the tools to unlock unlimited opportunities for building their portfolio. They can do so with the knowledge that their cash, securities, and data are safe and protected.”