On 4 March 2023, we’ll be increasing our brokerage fees for the first time
The changes include:
The introduction of a "competitive" brokerage fee on Wall St trades (up from $0 to US$3 = ~A$4). ASX AU$3 remains unchanged per trade.
The US trades seems unusually steep plus on top of that the FX transfer fee remains at 70bps.
Are others considering switching? Does the value proposition still exist?
PS still bullish
constantly get automatic mails that a small amount like $3 is bouncing.
The interface is made fancy but not optimized for efficiency.
Not financial advise:
IBKR is pretty damn good, but remember the trades aren't in your name.
The interface is rather complicated, but it's very good when you get used to it - it's far more complex than something like NAB Trade
Reason for recommendation: Very cheap international trades
Here's the link — "Changes to our pricing" from Stake. For trading on ASX, beside the $3 brokerage you also have to pay 0.01% of trade value when it's more than $30k.
it's $3 or 0.01% - whatever is higher
I still use one of the big four for trading internationally because I figure they're less likely to go broke and I can complain to AFCA if something goes wrong.
Costs a fortune and I recently had to follow up getting the shares allocated from a demerger. But I just can't get my head around the fact with other US-brokers when I ask is my money safe if you fold, the answer isn't a straight yes.
The same does not apply to ASX-listed CHESS-sponsored shares. So I use the cheapest broker with half decent service for them.
Outraged, gonna go spend 20$ instead at commsec.
the US trading has become not great as the fx fees they hit you with make it almost not worth trading with them add in the additional 4 bucks they are no better then shit platforms like etoro etc
ASX they are still the cheapest by a mile for Chess however CMC is better for under 1k DCA
Go and find out who is the owner of DriveWealth, the company behind Stake, and many other broker apps like Revolut… I never use any services from a hedge fund/toxic lender who is doing counterfeit short shares selling, they are all criminal and fraud, do not support them, I will stick to my Comsec account, yes they are expensive but at least this is a bank and an Aussie company, they protect your money better than the broker app. When something go wrong, no one can help you and these broker apps just disappear with your money, and you only have yourself left to blame. Avoid all broker apps, not just Stake.
you certainly need some more financial education before making that sort of comments
your shares are under CHESS under Stake if you buy Aussies shares
no one can touch it as long as it in CHESS, Stake just execute your trade on your behalf when you action a buy or sell order
outside those conditions they can't do anything because the shares belong to you under your name
if Stake went broke your shares are safe, they are under CHESS under your name and control all you have to do is move it to another CHESS broker
Sorry for the confusion, I was referring to trading US stocks with Stake, I don't trade Aussie stocks.
all US trades are under custodian model so it doesn't matter if you are with Stake or Commsec or any other mob
Commsec are under Pershing LLC and Stake under DRIVEWEALTH LLC
both are SIPC members and they have the same protection so the risk level are the same for both
you just paying more for undue fear
@Hearthstone: Probably, you are new to the US fraud stock market, go and search AMC,GME, MMTLP, and some other meme stocks, they (brokers, and regulators like SEC and FINRA) rob the money in front of you and they will protect the brokers, not you retail investors. If you are still thinking your money is safe and has some protection from the custodian model, it's better to quit, dig a hole and put your money there. You have to protect yourself, NO ONE protects your money.
@T-man: you getting a bit off track here, you going about how safe commsec is with buying US stock and stake is not
I just point to you they are on the same level of risk or protection
all the custodian model has similar risk run by proper brokers with proper registration
the stuff you on about meme stocks and dodgy brothers apps are on another scale, these are unregulated gambling mask as investment
but what do I know I only been in the market for the last 20 years and went through 3 crises and market crash
currently using Pearler but it is not smooth sailing.
Someone suggested IBKR but I am lost.