Has Anyone Used Stake.com.au?

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Stake

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  [Deactivated] on 03/04/2018 - 18:34

  +3

  They are fine but best to avoid mistake.com.au

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  mskeggs on 03/04/2018 - 19:58

  +1

  No, but it looks pretty interesting.
  My first skeptical questions were answered in the FAQ (namely, how you get money in and out and who holds the fiduciary interest in the shares, and that it is SIPC insured).

  • 

    raziel on 03/04/2018 - 20:10

    Thanks. Yes, I went through the FAQ as well, but just thought I'd ask around to make doubly sure.

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  idjces on 03/04/2018 - 20:39

  https://forums.whirlpool.net.au/forum-replies.cfm?t=2651235

  Haven't tried it myself, but looks promising

  • 

    raziel on 04/04/2018 - 01:58

    Great, thanks for the link!

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  Orgazmo on 02/08/2018 - 08:17

  +1

  Anyone got a referral code?

  • 

    gfee on 08/08/2018 - 09:45

    PM sent

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  [Deactivated] on 05/08/2018 - 03:29

  From whirlpool link above:
  "The website states that the account owner i.e. you, is the genuine owner of the stocks and transferring money in/out etc seems simple enough."

  I looked into Igmarkets' similar statement that "you are the ultimate financial beneficiary of the shares", so pressed them to get the HIN and SRN etc.

  "Please be informed that we do not provide HIN and SRN details to our clients because we follow the custodian model."

  The custodian is Citi bank I believe, so if Igmarkets goes bust your shares are safe (ish). But if Citi does a corporate twist or belly flow, you may get nothing from your supposed shareholdings bought through IG.
  Thus most people I think trust they safely own their puchased shares, but they do not.

  -

  Point is, find out if you have actual direct share ownership, as the finance industry they say is full of snakes. They (Stake) state: "the shares are held in custody at ICBC Financial Services". That's about the same arrangement as Igmarkets where you don't own the shares, as in my view they lead you to believe.

  From FAQ:

  Who owns the shares?
  Assuming you have a Stake trading account, you do! Your investments are registered in your name and you are the beneficial owner. DriveWealth manages the books and records and the shares are held in custody at ICBC Financial Services (the US arm of one of the world's largest banks).

  Don't trust the wording! Find out if the shares are your property, or if "registered in your name" like IG just means registered on the custodians books.

  I've been pottering in finance since 1990's and have little trust in vague statements by Index, Cfd etc companies. My guess is that they are lying/misleading customers on their website. That your name is 'not' on the official share register.

  Sorry if I seem sharp, but millions have lost their savings over the years trusting this industry.

  • 

    [Deactivated] on 05/08/2018 - 04:40

    Further,

    They say "Once the recipient owns the shares, they can track their performance and follow their portfolio on Stake. They can buy more shares or sell them."
    But can we see the shares in our name, on the official US share registry (equivalent of Asx Chess). Likey not.

    Finally, the same wording is applied regarding ownership of shares, as to partial/fractional ownership.
    https://stakeshop.freshdesk.com/support/solutions/articles/3…
    As this can't happen with real share ownership, I think they are misleading customers intentionally, like Igmarkets do. That you don't actually own the shares! Just think they should make that clear if it's the case.

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  Orgazmo on 01/12/2019 - 14:25

  Just got my free Stake cap. Shout out to my referrals. Thanks!