Stake Review (2026):
US stocks, ASX, SMSF, and real fees
Stake built its name giving Australians access to US stocks. It has since added CHESS-sponsored ASX trading and a full SMSF service via Stake Super. This review covers the actual fees (including the FX rate competitors get wrong), the real cost of Stake Black, and what the platform doesn’t do well.
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TL;DR
- Australians wanting direct access to US-listed stocks and ETFs (9,500+ Wall St securities).
- Investors who also want CHESS-sponsored ASX holdings in one place (2,500+ ASX stocks).
- SMSF investors looking for an all-in-one setup and administration service via Stake Super.
- Active US stock traders who trade frequently enough that Stake Black saves on commissions.
- App-first investors who value a clean, modern interface and don’t need international markets beyond US and ASX.
- FX conversion fee of 55 bps (0.55%) on every AUD→USD deposit — real drag for regular monthly contributors.
- Live market depth is not available on the free plan. Most competitors include it for free.
- Stock transfer exit fees are high: US$200 via ACATS to move out. Factor this in before opening.
- Email-only customer support — no phone, no live chat. Response times draw regular complaints.
- If long-term automation is your priority, Pearler is built more specifically for that use case.
What Stake actually is
Stake is an Australian fintech broker founded in 2017, originally built to give retail investors access to US markets. It has since expanded to include CHESS-sponsored ASX trading and a full SMSF administration service. It now serves over 750,000 investors across Australia, New Zealand, and Brazil.
- 9,500+ NYSE and NASDAQ-listed stocks and ETFs.
- Fractional shares from US$10 minimum.
- Free pre-market and after-hours US trading sessions.
- Brokerage: US$3 flat per trade up to US$30,000; 0.01% above that.
- FX fee of 55 bps (0.55%) applies on AUD→USD deposits. Min US$2.
- 2,500+ ASX stocks, ETFs, and LICs across 77 industries.
- CHESS-sponsored — holdings registered in your name, not pooled.
- Brokerage: A$3 flat per trade up to A$30,000; 0.01% above that.
- No FX conversion — AUD stays AUD for ASX investments.
- Minimum deposit: A$50.
- All-digital SMSF setup, accounting, auditing, and tax lodgement.
- A$990/year flat fee covers the full administration service.
- Invest your SMSF directly on the Stake trading platform.
- Best for SMSF — WeMoney Investment Awards 2024 and 2025.
- Available to: Australia, New Zealand, Brazil.
- Regulated by ASIC (Australia) and registered as an RFSP in New Zealand.
- UK clients were exited from the platform in late 2024.
- Verify current eligibility on Stake’s website if you are not an Australian resident.
The real cost of investing with Stake
The brokerage fee is simple and flat. The FX fee is where most confusion and most ongoing cost lives — and it is worth understanding exactly how it works before you start making monthly contributions.
| Fee | What you pay | Notes |
|---|---|---|
| ASX brokerage | A$3 flat (up to A$30,000) | 0.01% above A$30,000 threshold |
| US brokerage | US$3 flat (up to US$30,000) | 0.01% above US$30,000 threshold |
| FX fee (AUD↔USD) | 55 bps (0.55%) — min US$2 | Charged on deposit/withdrawal only. Not per trade. Same on free and Black plans. |
| US withdrawal fee | US$2 flat | Applied when withdrawing USD back to AUD bank account |
| AUS withdrawal | Free | AUD direct to Australian bank account |
| Annual custody | None | No custody, platform, or inactivity fees |
| Minimum deposit | A$50 | Applied to first Wall St or AUS deposit |
| W-8BEN form | US$5 one-off | Required to trade US stocks as a non-US person. Some brokers complete this for free. |
| Fee | Cost |
|---|---|
| Express / same-day deposit | +0.5% on the deposit amount |
| Debit card funding | +0.5% |
| Credit card funding | +2.5% |
| Stock transfer IN (ACATS) | Free |
| Stock transfer OUT (ACATS to another broker) | US$200 |
| Stock transfer OUT (DTC per position) | US$35 per position |
| SEC fee (US sells only) | US$0.051 per US$10,000 of proceeds (regulatory pass-through) |
| TAF fee (US sells only) | US$0.000119 per share, max US$5.95 per trade (regulatory pass-through) |
Fund your Wall St account within 24 hours of opening and receive a free US stock. Fund your Stake AUS account within 24 hours and receive A$10 in credit. Verify current terms on Stake’s website — these promotions can change.
Stake Black — what you actually get
Stake Black is a paid subscription that unlocks a set of features not available on the free plan. The decision is straightforward: if you trade US stocks frequently enough that commission savings cover the subscription, Black wins. For most long-term passive investors, the free plan is sufficient.
| Plan | Monthly billing | Annual billing | Annual equivalent |
|---|---|---|---|
| Wall St only | A$14/month | A$144/year | ~A$12/month |
| AUS only | A$14/month | A$144/year | ~A$12/month |
| Both markets | A$20/month | A$204/year | ~A$17/month |
- Instant buying power — trade on funds from a sell order immediately, before T+1 settlement completes.
- Full company financials — detailed income statements, balance sheets, and cash flow data in-app.
- Analyst ratings — buy/sell/hold ratings from major sell-side banks, updated throughout the day.
- Price targets — consensus analyst price targets on US-listed stocks, updated 150+ times/day.
- OTC stocks — access to ~100 over-the-counter stocks not listed on major US exchanges (10 trades/month).
- Full market depth — complete electronic order book showing all buy and sell orders across all 2,500+ ASX stocks and ETFs.
- Course of sales — real-time trade data straight from the ASX feed.
- Instant buying power (ASX) — bypass T+1 settlement on ASX trades too. Note: on the free plan, ASX already settles same-day for AUD positions in most cases.
Each US trade on the free plan costs US$3 (~A$4.50 at current rates). Stake Black (Wall St, annual) costs A$144/year = A$12/month.
- At 3 US trades/month: free plan costs ~A$13.50 in commissions. Black costs A$12. Black marginally cheaper.
- At 2 US trades/month: free plan costs ~A$9. Black costs A$12. Free plan cheaper.
- At 5+ US trades/month: free plan costs ~A$22.50+. Black saves significantly.
For most long-term passive investors making one or two monthly ETF purchases, the free plan is the better default. Stake Black makes more sense for active stock pickers trading frequently in US markets.
CHESS sponsorship: why it matters for ASX holdings
CHESS (Clearing House Electronic Subregister System) is the ASX settlement system. CHESS-sponsored means your shares are held in your name — not in a pooled account under the broker’s name.
- Shares registered in your name directly with the ASX settlement system.
- You receive a Holder Identification Number (HIN) — your personal ownership record.
- If Stake faces difficulties, your ASX shares remain on the ASX register in your name.
- Transferable to another CHESS-capable broker without selling and rebuying.
- US shares are held via DriveWealth, Stake’s US custodian partner.
- You are a beneficial owner — not the registered holder on the US share register.
- Protected under US SIPC up to US$500,000 — check current coverage terms.
- This is the standard model for all app-based US stock brokers — not unique to Stake.
Stake Super — SMSF setup and administration
Stake Super is a fully digital SMSF service that handles the administration side so you can focus on investment decisions. It sits alongside your standard Stake trading account — same platform, same brokerage rates, one place to manage both.
- SMSF setup — fully digital and paperless, takes minutes to establish.
- Annual accounting — SMSF financial statements prepared each year.
- Independent audit — required by law; included in the flat fee.
- EOFY tax reporting — complete annual tax lodgement handled by Stake.
- Activity statements — PAYG and BAS lodgement included.
- Trading access — invest via Stake at standard A$3/US$3 brokerage.
- ATO supervisory levy — currently A$259/year, mandatory for all SMSFs. Incorporated into your annual tax return.
- ASIC annual review fee — if you use a corporate trustee structure (recommended for most SMSFs).
- Brokerage — standard A$3 ASX / US$3 Wall St per trade, paid separately.
- Stake Accumulate — currently unavailable for Stake Super customers until further notice.
Stake Super is well-suited to self-directed investors who want control over their SMSF investments — particularly those focused on ASX stocks and ETFs or US stocks — without the traditional overhead of managing a separate accountant, auditor, and tax agent. The flat A$990/year fee is competitive for an all-in service.
It is less suited to SMSFs with complex structures, alternative assets (unlisted property, private equity), or large balances that would be better served by a specialist SMSF administrator or financial adviser. Always verify whether an SMSF is the right structure for your situation with a licensed professional before establishing one.
What Stake doesn’t do well
Stake is a well-built product for its core use case. But there are structural limitations worth knowing before you commit — particularly the exit costs and support model.
Stake offers email-only support. There is no phone helpline and no live chat. Response times draw consistent criticism across ProductReview, Trustpilot, and independent review sites — particularly for urgent issues like failed deposits or account access. If responsive support matters to you, this is a genuine weakness compared to CommSec or Pearler.
Live market depth — showing the open orders waiting to be executed at each price level — is locked behind a Stake Black subscription. This is an unusual limitation: most competing Australian brokers (CommSec, Pearler, SelfWealth) include market depth for free. For investors who use limit orders or want to understand liquidity before trading, this is a meaningful gap on the free plan.
US SEC rules limit accounts under US$25,000 to a maximum of 3 day trades in any 5-day rolling period. Stake Black’s instant buying power lets you use unsettled funds quickly — but it does not eliminate this restriction. A first violation results in a 90-day warning freeze. For long-term buy-and-hold investors, this rule is irrelevant. For anyone who wants to trade US stocks actively with a smaller portfolio, it is a real constraint.
If you later decide to move your US stock portfolio to another broker (e.g. IBKR), an ACATS transfer costs US$200. Individual DTC transfers cost US$35 per position. Bringing shares into Stake is free. This asymmetry is a meaningful lock-in — particularly for portfolios that grow in value over time and would eventually benefit from IBKR’s institutional FX rates.
Stake covers US stocks and ETFs, ASX stocks and ETFs, and OTC stocks (Black plan). It does not offer: options, CFDs, margin/leverage, bonds, international markets beyond the US (no European, Asian, or emerging market exchanges). If your investing plan evolves beyond ASX and US equities, you will need a different or additional platform.
The 55 bps FX fee applies each time you convert AUD to USD on deposit. For a long-term investor contributing A$1,000/month, that is approximately A$80–A$90/year in FX costs alone. Over a decade of contributions, the cumulative drag is meaningful. IBKR’s institutional FX rate of ~0.002% is roughly 275 times cheaper per conversion — a relevant comparison once your portfolio grows beyond the point where IBKR’s complexity is worth managing.
Who Stake fits — and when to look elsewhere
Stake is a well-built product for a specific use case. The profile below will help you decide whether it fits your actual investing situation in 2026.
- Want access to US stocks and ETFs on a modern Australian platform.
- Also hold ASX positions and want CHESS sponsorship without a legacy broker.
- Have or want an SMSF and want setup, admin, and trading in one place via Stake Super.
- Trade US stocks actively enough that Stake Black’s unlimited commissions save money over per-trade fees.
- Value a clean app experience and don’t need multi-currency account infrastructure or international market depth beyond US and ASX.
- Are an infrequent trader making occasional US purchases rather than regular monthly contributions.
- Make regular monthly AUD contributions into US stocks — the FX drag compounds. → IBKR has a fraction of Stake’s FX cost.
- Want purpose-built long-term automation with recurring investment features. → Pearler is built for this.
- Need the broadest ASX and international market depth. → CommSec or IBKR.
- Need phone or live chat support for your investing account.
- Want live market depth without paying a monthly subscription.
- Are building a large portfolio where the US$200 ACATS exit cost becomes less relevant relative to ongoing FX savings available elsewhere.
| Broker | Best for | FX cost | CHESS | SMSF service |
|---|---|---|---|---|
| Stake | US stocks + ASX in one app | 55 bps on deposit | Yes (ASX) | Yes — Stake Super |
| Pearler | Long-term buy-and-hold automation | ~0.5% (transparent) | Yes | No |
| SelfWealth | Flat-fee ASX + US stocks | ~0.85% effective | Yes | No |
| CommSec | Full-service ASX, legacy broker | ~0.6% (US stocks) | Yes | No |
| IBKR | Large portfolios, lowest FX cost | ~0.002% (institutional) | No (custodian) | No |
Ready to open a Stake account?
If you want US stock access and CHESS-sponsored ASX holdings on one modern Australian platform — or you’re exploring Stake Super for your SMSF — Stake is worth a closer look. Check current Stake Black pricing and SMSF fees directly on their website before choosing your plan.
Go deeper
Frequently asked questions
Is Stake good for Australian investors buying US stocks?
Yes — Stake is one of the cleaner options for Australians wanting direct access to NYSE and NASDAQ-listed stocks and ETFs. The standard brokerage is US$3 per trade up to US$30,000. The key ongoing cost to factor in is the FX fee of 55 basis points (0.55%) on every AUD-to-USD deposit, with a minimum of US$2. Once your USD is in the account, you can trade as many times as you like without paying FX again. For regular monthly contributors, that conversion drag compounds over time and deserves comparison against alternatives like IBKR, which charges approximately 0.002% on FX conversions.
Are ASX holdings on Stake CHESS-sponsored?
Yes. ASX shares held through Stake are CHESS-sponsored — they are registered in your name with the ASX settlement system, not held in a pooled custodian account. You receive a Holder Identification Number (HIN), and your shares remain yours even if Stake faces difficulties. US shares are held under a custodian model via DriveWealth, which is the standard structure for all app-based US stock brokers, and are covered by SIPC protection up to US$500,000.
What does Stake Black include and is it worth it?
Stake Black adds: instant buying power (trade on unsettled sale proceeds immediately), full company financials, analyst ratings and price targets for US stocks, live market depth and course of sales for ASX, and OTC stock access. Pricing: A$14/month (or A$144/year) for one market; A$20/month (or A$204/year) for both Wall St and AUS combined. The FX fee is the same whether you subscribe or not. Stake Black pays off if you make enough US trades that the per-trade commissions at US$3 each would exceed the subscription cost — roughly five or more trades per month on the annual plan. Most long-term passive investors buying one or two ETFs per month are better off on the free plan.
What FX fee does Stake charge — and how does it actually work?
Stake charges a flat 55 basis points (0.55%) when you convert AUD to USD on deposit, with a minimum of US$2. This fee applies once at the point of deposit — not on every individual trade. Once your USD is in your Wall St wallet, you can buy and sell US stocks as many times as you like without paying FX again. The same 55 bps applies when you withdraw USD back to AUD. For investors depositing A$1,000/month, the FX cost is approximately A$5.50 per deposit (plus the US$2 minimum applied at current rates) — meaningful over years of contributions. Stake Black does not reduce the FX fee.
Does Stake offer SMSF services?
Yes. Stake Super is an all-digital SMSF service at A$990/year. The flat fee covers SMSF setup, annual accounting, independent auditing, EOFY tax reporting, and activity statement lodgement. Once established, you invest your SMSF through the same Stake trading platform at standard brokerage rates. Note that the ATO annual supervisory levy (currently A$259) is a separate mandatory charge on top of Stake’s fee. Stake Super has won Best for SMSF at the WeMoney Investment Awards two years consecutively. It suits self-directed investors focused on ASX and US equities who want SMSF admin and trading in one place — less suited to SMSFs with complex structures or alternative assets. Verify whether an SMSF is appropriate for your situation with a licensed financial adviser before establishing one.
What are Stake’s main limitations before I open an account?
The key limitations: (1) Email-only customer support — no phone or live chat, with response times that draw consistent complaints for urgent issues. (2) Live market depth is locked behind a Stake Black subscription — most competing Australian brokers include this for free. (3) US accounts under US$25,000 are subject to SEC Pattern Day Trading rules: a maximum of 3 day trades per 5-day rolling period. (4) Stock transfer exit fees are high — ACATS transfers out to another broker cost US$200; DTC transfers cost US$35 per position. Transfers in are free. (5) No options, CFDs, margin, or international markets beyond US and ASX. (6) Stake currently serves Australia, New Zealand, and Brazil only — UK clients were exited in late 2024.
QuantRoutine provides educational content only. Nothing on this page is an offer, solicitation, or recommendation to buy or sell any security or to open an account with any specific broker. Investments can lose value, and past performance does not guarantee future results. You are responsible for your own investment, tax, and legal decisions. Always review each broker’s current terms, fees, and eligibility on their official website before opening or funding an account.