Stake lowers brokerage barrier with $3 offer for ASX investors

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The battle for Australian investors is continuing to heat up, with Stake revealing that it will be offering the “lowest brokerage fees out there” on Australian shares and ETFs.

Up until now Stake has catered to investors wanting exposure to US markets by offering zero brokerage on over 6,000 US stocks and ETFs. As of this morning though, Stake announced that it will be providing access to the ASX on its platform, with brokerage set at just $3 for ASX-listed securities.

That brokerage fee would be the cheapest on offer among the 27 share trading platforms currently being tracked in the Mozo database, ahead of other low cost options like Saxo Markets and Superhero.

“Paying $30 per ASX trade via established banks has long been par for the course for Aussie investors but they’re not getting anything for that price tag - it can be done better, and for less,“ said Stake founder and chief executive, Matt Leibowitz.

“Our customers now have a sleek platform where they can seamlessly access both Wall St and the ASX at the lowest brokerage fees out there, without compromise. This isn’t just low-cost trading, this is modern brokerage built for the new generation of investors.”

Leibowitz also confirmed that Stake’s ASX offering will use the CHESS-sponsored model.

“We know how important the CHESS model is to Australian investors. They want to trade on their own HIN [Holder Identification Number]. We have found a way to make this work while still being able to deliver fantastic affordability.”

The ASX option is currently in Beta though, with Stake set to roll out access to investors on its waiting list over the coming months.

However, Stake says that it will be providing $0 brokerage on ASX trades until 2022 for investors who do get on board early. 

RELATED: Australia's lockdown love affair with shares continues as investor numbers double

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