Stake Reviews - Inability to Access Account?!?!

LJonesTaylor on 17/03/2022 - 11:13

I've been looking through the reviews on stake and what is worrying is that it is only accessible via the app.

A lot of the recent reviews show that people have been unable to access their trading account or access their funds for transfer. Further issues are inability to transfer stake if you do not declare each individual parcel (no biggie if you have the HIN, but might be annoying for less abled users.). Note if you go down this route, you will not be able to remove any residual funds in the account section which were not used to purchase shares.

I have noticed these reviews have started to increase in severity and frequency lately. It makes me wonder if part of their business model may include earning interest on money that is not used to purchase shares. In which case there is a conflict of interest. The accounts should be segregated and access allowed outside the app.

What do you guys think and have you actually jumped ship from stake?

Financial

Related Stores

Stake
Stake

Comments

  • Shadowsfury on 17/03/2022 - 11:48
    +1

    Been fine for me including logging in via the website. Also includes moving money in and out of the Airwallex wallet.

    From my experience working in the finance industry such accounts won't earn interest for the very reason you point out - its muddy who's money it is

    And given how terrible interest rates are who would bother right now anyway? I've seen that usually corporate accounts earn less than what we get as individuals from banks.

  • plmko on 17/03/2022 - 11:57
    +1

    Everything sketchy you can imagine is probably true. They've never addressed any of the concerns since the company started.

  • ausdday on 17/03/2022 - 13:17

    If you pay peanuts, you get monkeys

  • star-ggg on 17/03/2022 - 13:32
    +2

    I've had Stake for about a year for ASX and have only had one time when the website wasn't letting me login. However, the app was working fine so I just purchased using that. The only annoying thing is it takes 10-15min for money to show in your account after an Osko transfer. However, I've never lost money from this. OTH have saved a lot of money with the $0 and $3 brokerage compared to Selfwealth.

  • T-man on 18/03/2022 - 00:02

    I keep saying that they fuxxxxked me up last year, I was not able to access the app for a few days, as a result I could sell my shares and lost the money and they blamed their broker in the US, and didn’t take any responsibility or pay me compensation.

    Please stay away from these free broker apps, if something happened, you will get zero support from them.

    • dpk on 19/03/2022 - 00:09

      If you can prove to AFCA with screenshots taken with the issue with the app which resulted in a loss, you can get the compensation. I got a compensation from other broker due to the bugs in their app.

  • rektrading on 18/03/2022 - 13:01

    All stonk brokers are permissioned platforms. This means they own the assets while they've control of the assets. They can buy, borrow, lend and sell the assets as they wish as long as they can make the users whole then the users wants to cash out.

  • [Deactivated] on 19/03/2022 - 00:01

    I can't log in on the app or website. It's asking me for 2FA but I'm not getting any notification from the authenticator so I've emailed them to disable the 2FA

  • watertight on 28/03/2022 - 00:20

    It’s been fine for me over the last few months, both website and app.

  • ConfusedKayy on 14/04/2022 - 23:04

    Both website and app work well for me! I did see reviews complaining that it takes forever to transfer your shares to Stake, so I didn't try that option.
    I only use Stake to buy more shares since the brokerage ($3) is the best and it's also CHESS-sponsored so you actually own the shares. I haven't tried the US market option but I'm definitely looking into it :)

Login or Join to leave a comment
Login Join