Invest · Broker review
Stake
Simple, commission-free US stocks for Australian and New Zealand investors
$60 more per $10,000 than Interactive Brokers (FX cost only)
Not financial advice.This is a comparison of FX costs only. We don't recommend specific investments. Always consult a qualified financial adviser before investing.
Verdict
Stake is a popular entry point for Australian investors new to US stocks. Its interface is clean and beginner-friendly. However, Stake charges a $3 flat fee plus 0.7% FX spread — significantly more than IBKR's 0.1%. For regular investors with meaningful amounts, IBKR's lower FX cost justifies the steeper learning curve.
Full review
Stake was founded in Sydney in 2017 by Dan Silver and Matt Leibowitz, specifically to solve the problem of Australian investors accessing US markets at affordable cost. At launch, it offered zero-commission US stock trading at a time when Australian brokers were charging 0.5–1% commissions plus currency conversion fees for the same trades. Today Stake serves investors in Australia, New Zealand, the UK, and Brazil, with plans for further geographic expansion.
The FX cost model for Australian investors is one of the most important things to understand about Stake. AUD→USD conversion is charged at 0.5% per transaction on standard accounts, with a flat AUD 9 per transaction on the Stake Black paid subscription. For investors making large or frequent transfers, the Black subscription can be more economical. This 0.5% FX rate is competitive with Australian banks (which charge 1-2%) but wider than IBKR's 0.08%.
For UK investors, Stake UK operates as a separate entity regulated by the FCA. GBP→USD conversion is charged at 0.7% — competitive with UK banks but significantly higher than IBKR or Trading 212 for the equivalent conversion.
The platform interface prioritises simplicity and is genuinely well-designed for the experience level of its target market: investors who are buying US stocks for the first time and want a clean, easy experience without the complexity of IBKR's professional tools. Fractional shares are available from USD 10, enabling diversification across high-priced US stocks with small amounts. Stock lending (enabled by default on some account types) generates a small income stream from shares held in the account.
Stake's market access is focused: US markets primarily, with some expansion into ASX-listed securities. It is not a multi-asset platform and does not offer options, bonds, or futures. For investors who want a single platform for Australian and US equities in a clean interface at reasonable cost, Stake is a solid choice. For investors primarily optimising for FX cost at scale, IBKR's 0.08% is better economics.
FX cost breakdown
FX cost comparison on $10,000 investment
Pros & cons
Pros
- Clean, beginner-friendly mobile app
- No commission on US stock trades
- Fractional shares from $1
- ASIC-regulated
- Australian Stock Exchange (ASX) access also available
Cons
- FX cost of $3 + 0.7% is high compared to IBKR
- On $10,000 invested, FX cost ≈ A$103 vs IBKR's ≈ A$14
- No options or futures trading
- Limited research tools
Who can use it
Markets available
Supported corridors
Regulated by
Frequently asked questions
Is Stake or IBKR better for Australian investors?
Stake wins on ease of use and simplicity; IBKR wins on FX cost. For amounts below $5,000 and investors prioritising simplicity, Stake is reasonable. Above $10,000 with regular contributions, IBKR's FX savings ($50–80 per $10,000) compound significantly. Many Australian investors start with Stake and move to IBKR as their portfolio grows.
Invest by market & home country
See how Stake compares for your specific home country and target market — with FX cost, regulation, and tax notes.
US stocks
S&P 500
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global ETFs
MSCI World / FTSE All-World
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UK stocks
FTSE 100
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emerging markets
MSCI Emerging Markets
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Indian stocks
Nifty 50
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European stocks
EURO STOXX 50
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bonds and fixed income
Bloomberg Global Aggregate
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REITs
FTSE NAREIT All REITs
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