Commission-free brokerage platform Stake is expanding to the ASX
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You’ll soon be able to use US brokerage platform Stake to trade ASX shares.
While it hasn’t been possible to use it trade on Australian bourse, that is set to change in the coming months.
Stake is planning to launch its ASX offering in the December quarter following a Beta service available to existing Stake customers – which total 340,000 across Australia, New Zealand, the UK and Brazil.
The expansion was announced only a month after a $40 million funding round from Tiger Global.
The company says the product was designed in line with customer feedback and would not just replicate existing products but redefine the model.
“What we’ve seen is there are still a lot of investors that believe that investing on the ASX can be better, while others still feel locked out of the Aussie market,” Stake’s CEO and founder Matt Leibowitz told Stockhead.
“Our offering will provide customers dynamic and fluid control over their investments between these two markets so they can trade Afterpay during the day and Apple at night, all in a few clicks.”
Leibowitz says he hopes being commission-free will be one of Stake’s most attractive features.
“We’re going to overcome the high costs associated with trading on the Australian market, which is synonymous with what we’re all about,” he said.
“Stake’s offering will be low-cost but still seamless, transparent and accessible.
“We’ll announcing our pricing model shortly, which together with the product offering will challenge the status quo and create a new consumer expectation of brokers, both incumbents and others currently in market.”
Leibowitz says his company is targeting newer investors who entered the market amidst the COVID-19 pandemic.
And this demographic generally will over the next 30 years be the beneficiary of the biggest transfer of wealth in history, from the Baby Boomers.
“They’re savvy and demand transparency and control to build their wealth in new ways,” Leibowitz said.
“The new generation are after opportunities everywhere. They want flexibility, choice and control.
“Our mission is to continue to unlock this for them and launching [an offering for the] ASX is a huge step on this journey, especially for our customers in Australia.
“Expanding Stake to offer Aussie equities is a natural progression for us, one our customers have been asking for.
“We’ll continue to break barriers, now with the ASX, and enrich the investing experience through a better product, pricing model and UX [user experience].”