There’s a new investment platform for mobile that’s in my opinion one of the best on the market. Commission free investing, a free share in GoPro, Dropbox or Nike just for signing up, the biggest range of US stocks available and it’s all available from your phone. What’s not to like? Since using the service I have got my free share and invested in some US stocks and property firms, and I genuinely think it’s one of the best platforms for people living in the uk.
What is STAKE and What is it For?
STAKE started off in Australia as an app allowing people in Australia to gain easy access to the US stock market, since then it has grown and is now available in the UK for mobile investors. It competes with both Freetrade and Trading 212 being a provider offering commission free trading as well as easy and accessible information about different stocks and shares. I have been using the app for a couple of months now and although I haven’t chucked loads of money in there yet for investment I have enjoyed the experience so far when it comes to using the app and interface. It’s clean and really easy to navigate, probably one of the best. Information is split into different areas much like Freetrade and helps you to find US stocks that you wish to invest in.
The Pros and Cons of STAKE
So as with all services and providers of stocks and ETFs there are some good points and some bad points. So to start off I just want to say that the app is perfect for someone with little to no experience investing in the stock market, the app helps you understand whats going on without going too far. The app provides you with information needed to make a decision on what you want to invest in as well as information on what the major investment firms are thinking about the stock. This feature is included in the STAKE black account which from 2021 will be charged for a premium, but for the time being if you sign up and get your free stock you will get this feature for free until the end of 2020.
Both a pro or a con depending on the way you look at it is that when you fund your account it is kept in US dollars, meaning that you transfer money into the account with an FX fee decided on the day of the transfer. STAKE charges a small fee here and this is the only time you will see a charge for using their services, the transfer however isn’t instant and you have to wait a couple of days for the account to be funded or can pay a little extra to ‘skip the queue’ and get your money available for investment earlier.
Unfortunately there are some downsides to using the app which may or may not affect you depending on your individual investment goals. You cannot invest in ETF (Exchange Traded Funds) unless you have a lot of capital, which for most people won’t be possible for casual investing. You can however invest in more US stocks than can be found on Trading 212 or Freetrade which is a huge bonus for the biggest and highest sought after market in the world.
Get Your Free Share of GoPro, Dropbox or Nike
Fancy a free share just for signing up with STAKE and funding your account? Click the button below to get your free share in either GoPro, Dropbox or Nike today!
With any investing you capital is at risk, it’s up to you to decide on what you would like to invest in, which provider you wish to use and what your goals are for your investment journey. Stay safe!