Trading app Stake drops its minimum funding amount to just $50
To celebrate this Australian first, Stake is giving $25 to anyone who funds their account today.
Stake, the Australian trading app for US stocks, has today announced users can fund their account with as little as AUD$50 to start trading, down from the previous AUD$500. No other local broker provides Australians access to direct share investing for less than AUD$500.
Once users have funded their Stake trading account with AUD$50 or more, they can place a trade from just AUD$13.50 (or the equivalent to US$10). In comparison, when buying shares on the ASX, your trade size must be AUD$500 or higher.
To celebrate this impressive milestone, Stake is running a 24-hour promotion offering $25 to anyone who funds their account before midnight tonight, 8 August. This includes existing Stake users who are already using the app to trade US stocks; as long as you fund your account today, you'll receive the $25 bonus. As an added incentive, if you refer a friend who also funds their account today, you'll each receive $25.
The lowered funding amount is part of Stake's ongoing mission to make trading US stocks easy and accessible for Australians. It follows the launch of the new Stake trading app last month, and the launch of its $0 brokerage back in August last year. It also enables Australians to buy fractional shares, meaning they can get their hands on some high-priced stocks like Apple, Google and Tesla for a fraction of the price (and in turn, own a fraction of the share).
“Lowering the minimum to $50 is a part of Stake’s mission to democratise access to financial markets and give all Aussies the opportunity to take control of their finances,” Stake CEO and co-founder Matt Leibowitz said.
“Stake’s focus will always be on breaking down barriers to access global financial markets – we’re here to open up opportunity for people who don’t want to settle for the ASX, by giving them direct access to the world and total control over how they invest their money. The lowered minimum is the next step in fulfilling this.”
So if you want to start buying big-name US stocks like Netflix or Apple with Stake, today's a good day to fund your account. Remember, you need to fund your account before midnight tonight to get the bonus $25.