Stake or Firstrade – which is better for UK traders 2024? Compare Stake and Firstrade in this detailed breakdown of their platforms, features and fees.
Stake is an Wall Street brokerage offering 6,000+ stocks on a mobile investing app. This multi-reglated broker has gained a strong reputation since its inception in 2017, with over 450,000 customers. The brand offers competitive fees, with just a $3 brokerage charge and 0.5% for FX conversion, making it popular with global traders.
Firstrade is a US-headquartered discount broker-dealer with authorization from the SEC. The company is also a member of FINRA/SIPC. With welcome bonuses, powerful tools and apps, plus commission-free trading, Firstrade Securities is a popular and top-tier online brokerage. It is also quick and easy to open a new account.
Pros
Strong regulatory oversight with licenses and memberships with FINRA, SIPC and the FCA
Excellent range of 6,000 US stocks and ETFs, plus a useful stock comparison tool
Free first 'mystery' stock when you sign up and fund your account within 24 hours
Competitive $3 brokerage charge and free fractional shares, plus no inactivity or account fees
Sleek and user-friendly mobile interface with price charts, a financial news stream and market data
Attractive 'Stake Black' membership for Australian and New Zealand clients, offering instant fund settlements and more
Educational content and market overviews are posted to help investors stay up to date with the US and Australian markets
Fractional trading and stock lending help Stake offer a complete investing package
Clients can take advantage of free trades on Wall Street stocks and ETFs
Enhanced stock trading environment with overnight trading and fractional shares added
One of the first brokers to add AI-powered analysis through FirstradeGPT
Excellent broker for budget-conscious traders with low OTC fees
Highly trusted US-regulated brokerage and SIPC member
Cons
Stake charges hefty deposit and withdrawal fees, and up to A$20 per month for its top account levels
To unlock market depth, company financial data and OTC stock trading, investors need to pay up to A$20 per month for Stake Black
UK investors are limited to bank transfers when making deposits and withdrawals
There is only one method for clients to contact the customer support team
The brokerage does not support trading using leverage or margin
There are limited technical analysis tools in the app
There is a narrow range of trading instruments
Firstrade focuses on stocks at the expense of forex, limiting diversification opportunities
No demo/paper trading account found at over 90% of alternatives evaluated
Customer support still needs work following testing with no 24/7 assistance
Visa credit/debit card deposits and withdrawals are not accepted
Awards
Best for ETF & Active Investor Commission & Fees - 2019
Take positions on dozens of leading cryptocurrencies with low fees and 24/7 investing. Traders need just $1 to start speculating on popular tokens like Bitcoin. Clients can also buy cryptos instantly in a few straightforward steps.
