Stake VS SelfWealth: What’s the Best Australian Investing Platform?
Do you consider finding the best broker as a needle in a haystack? After filtering a lot of options, you might have shortlisted Stake and SelfWealth. But Stake VS Selfwealth, which one to pick to trade Australian stocks? Indeed, it’s a tough row to hoe.
But relax; we won’t let you be in deep water anymore. From brokerage fees to minimum deposits, we’ll provide you with all the necessary information about each platform in this article. Thus, you can quickly put your hands on the best one.
So, stay with us until the last line and plump for the best brokerage platform.
Let’s get started, you all Australian traders!
What is Stake? An All-Inclusive Answer
If you’re a novice, you should first know what Stake is and get the stake trading review. Well, Stake is an online broker in Australia that allows you to trade shares at amazingly low-cost. As a Stake user, you can get 4500 stock and ETF options. And you’ll need a $0 brokerage fee to trade these ETFs and US stocks. Whoa!
Here’s the fee structure of this brokerage platform:
|Standard Accounts||No Monthly Fee|
- $0 brokerage when buying and selling stocks
- A low-cost trading fee of just $3
- Easy to set up
- 0.7% currency conversion fee (AUD to USD)
- The premium version isn’t available to everyone
- Limited and no live customer service
What is SelfWealth?
SelfWealth is an online broker that allows traders to trade Australian shares at a flat rate of 9 AUD on each trade. And what about the US shares? Australia’s highest-rated brokerage service charges USD 9.50 on each transaction for US shares.
It’s working with more than 100,000 active members. Moreover, the SelfWealth broker offers a vast range of assets, including more than 9,000 stocks, ADRs, and ETFs.
Here’s the fee structure of SelfWealth:
|ASX Trade||AUD $9.50 (Flat)|
|US Trade||USD $9.50 (Flat)|
- Low flat trading fee without any other fee
- 90 days of free access to SelfWealth Premium
- CHESS sponsored
- Limited to a few markets (Australia, Hong Kong, and the US)
- Live chat is limited only during trading hours.
- Your banking account isn’t accessible to purchase shares.
SelfWealth VS Stake: What’s the Best Australian Investing Platform?
SelfWealth vs Stake, both have gained tremendous popularity in Australia. But when it comes to choosing one from both, you have to consider a few crucial points.
Firstly, it’s the trading charges that bring a clear-cut difference. If you want a complete commission-free trading platform, go with Stake. And in the case of SelfWealth, you must know that there are $9.50 charges per trade.
Secondly, SelfWealth offers traders easy access to ASX, NYSE, and NASDAQ. While on the other hand, as a Stake user, you can’t trade ASX stocks. It only allows stocks and ETFs through NYSE or NASDAQ.
|FX on Deposit and Withdrawal||70 bps||0.60%|
|Tradable Markets||CBOE, NYSE, NASDAQ||CBOE, ASX, NYSE, NASDAQ, HKEX|
|Platform||Web, iOS, Android||Web, iOS, Android|
After going through the Stake Australia review, and SelfWealth review, you won’t disagree that both are rational in prices and easy to use even for beginner traders. Stoke would be the best pick if you want to invest in US and Australian assets.
The point that makes it preferable is its $0 brokerage fee for US stocks and $3 for Australian stocks. So why not go with the one that is more friendly to your pocket?