Stake

We've just changed from Netwealth to STAKE and couldn't be happier. We'll be saving big on administration and trading fees. We've found the STAKE staff to be very helpful with guidance as we had issues changing providers. We've been with STAKE US shares for some time now so it's good to have the Australian shares in the same place with excellent information about each share at our fingertips. WE CAN HIGHLY RECOMMEND!

Had a question about withholding tax & got my answer within the same afternoon. Thanks Aden for your prompt response

Very professional, friendly and extremely fast at responding to support tickets. 10/10 experience so far

Stake had a buying power display error this week. Customers who were affected saw less funds in their accounts than what they actually have. When I pointed out that Stake should compensate them for this inconvenience. Stake came back with an arrogant response essentially saying: "we did nothing wrong, it's no big deal, and we never promised to always provide accurate service anyway". What a ridiculous mentality. If a car manufacturer says: "if our car automatically periodically crashes, it's no big deal, we never promised you won't sometimes get killed driving our products anyway"

Great slick platform with hassle free admin support

We have been using Stake now for over 12 months, but only recenlty started to use the functionality to have multiple accounts for our Trust and SMSF. Previously we thought we had to use other brokers for these out of the ordinary account types, but we were wrong! And impressively opening these accounts was much more simpler on the Stake platform than those other brokers. All of that for very competitive brokerage too.

Brilliant customer service! - so good to talk to people who know what they talking about.

I have made the switch to Stake after a recommendation from a friend, and have no regrets about switching broker. Stake has rewarded me with $100 just for transferring my holdings and provides me with 10 free trades a month, which for an active trader like me will save $1140 p.a. I have also created a Stake SMSF allowing me to take full control of my Super!

The app is pretty good and they do offer the cheapest trades on the market. That's why I've given it 3 stars. The customer service is pretty good for a small place.

But overall, I wouldn't risk my money with this broker. I've recently had some money stuck in one their accounts for almost 2 weeks and I have no way of getting it out. This just wouldn't happen with one of the big banks.

It's also huge amount of work to transfer in a portfolio. It's not worth it.

Still waiting for a call back from weeks ago. Don't bother. Support seems non existant.

HI Stake.
When is going to be available a contact number or someone real to respond enquires? Should I put a rating for that.it will be 0 start

TRADER BEWARE!

On 13/05/22 I alerted Stake to a security breach on my account that resulted in USD$90 being deducted from my account. I received a reply the same day stating that I must have made this 'accidental' purchase. INCORRECT - the purchase was made at 3: 05AM when I was asleep and at home alone. I noted this to Stake Support and the issue was NOT escalated further.

On 17/05/22 I woke up to 5 trades having been made on my account without my authorisation. I contacted Stake AGAIN to alert them to this issue.

It is now 19/05/22 and nothing has been done other than to tell me to reset my password and enable 2FA.

Given the prevalence of cyber crime & the amount of personal information held by Stake - I would have expected them to take this issue more seriously.

EDIT: Stake's response below is indicative of their approach to this behaviour. I did not subscribe to Stake Black. That was the first indication that my account had been hacked. Following that activity and me alerting Stake to this behaviour, there were then five fraudulent trades made on my account and attempt to withdraw the proceeds.

I am glad to see that Stake is implementing better security as a result of the Optus hack. Hopefully this will prevent others being put in the same position as me in the future.

## POOR Support ## no phone or chat support either.

>$500 was missing.thank god that I have consolidated sell and cash manually which i do very rare and relay on broker system. Additionally, very poor smsf support as i was working with external auditor on smsf transactions and found some difference but, no support from stake so far.it has been running for more than a month. I am not sure how much i lost in the past as i have been with them for more than 3 years and this is first time, I am consolidating the data with auditor.

You can't cancel or amend orders

edit: thanks for the reply, if that were true, you'd have much better reviews than 3.5 stars. I have video evident of not being able to amend cancel orders, customers be aware

I use eToro, SelfWealth and Vanguard - and none of them have the unethical and irresponsible practices explained below.

Stake is unethical, irresponsible and has hidden fees.

Stake used to accept deposits in USD. There is no information on the website that mentions customers are unable to do so. Since investments in US stocks are made in USD, then I made a deposit into my Stake account in USD.

Days later, my USD funds arrived in Stake, only missing ~10%. Stake exchanged my USD into AUD then back into USD. They earned money from the exchange plus fees. They made money by doing absolutely nothing which is unethical and irresponsible.

To add to the scam, whatever stocks and deposits in USD you have in Stake you can only withdraw them in AUD. So they again make money from you on the currency exchange plus fees.

Their customer service team did not help. They said they would return 3% of the 10% they took. But I was still trapped because I can only withdraw the USD into AUD hence loosing on the exchange again.

Made two bank transfers to Stake trading account. Only one deposit received after 7 days, the first deposit sent 15 days ago is still missing. Their Support team is not doing anything to help track the missing bank transfer.

Delayed funds for 10+ days, not responding to emails, deleting any comments off their Facebook that are trying to follow up on the issues. Please work on your customer service.