Stake is an Australian-founded platform that launched in New Zealand in 2020. Its key differentiator is a USD wallet — you fund the account in USD and trade US shares without a per-trade currency conversion. For investors who frequently buy and sell US shares, this removes repeated FX friction.
Best for: NZ investors who trade US shares frequently and want to avoid per-trade FX conversion. Fund once in USD, trade freely. Not ideal for: Infrequent investors — the 0.7% deposit FX fee is higher than competitors. No NZX access. Not NZ-owned.
Stake at a Glance
| Founded | 2017 (Australia); NZ launch 2020 |
| FMA licensed | ✅ Yes (Financial Service Provider) |
| Markets | NYSE, Nasdaq, AMEX (US only) |
| Platform fee | $0 (standard plan) |
| Transaction fee | $3 NZD per trade (standard); $0 on some US ETF orders on premium |
| FX fee (deposit) | ~0.70% NZD → USD |
| FX fee (trading) | $0 — trades settle in USD within your wallet |
| NZX shares | ❌ No |
| ASX shares | ❌ No |
| Managed funds | ❌ No |
| Auto-invest | ✅ Basic recurring orders |
| Fractional shares | ✅ Yes |
| Minimum | USD$0.01 |
The USD Wallet — Stake’s Key Feature
Most NZ platforms convert your NZD to USD every time you buy a US share, and back to NZD when you sell. Each conversion costs 0.4%–0.7% each way.
Stake works differently:
- You convert NZD to USD once when you deposit (~0.70% fee)
- Your USD sits in your Stake wallet
- When you buy and sell US shares, no further conversion happens — it’s USD-in, USD-out
- You convert back to NZD when you withdraw (another ~0.70%)
Result: If you buy and sell 10 US stocks over a year, you pay FX once on the way in and once on the way out — not 20 times. For active traders, this saves significantly.
For buy-and-hold investors who trade rarely, the 0.70% deposit fee is actually higher than Hatch (~0.50%) or Sharesies (0.40%) — so the USD wallet benefit only kicks in with trading frequency.
Fees in Detail
Standard plan (free)
- $3 NZD per trade
- 0.70% FX on NZD deposits/withdrawals
- No platform fee
Stake Black (premium, ~$15 NZD/month or ~$120 NZD/year)
- $0 on some US ETF trades
- Priority customer support
- Extended hours trading access
For most NZ investors, the standard plan is sufficient. The premium plan makes sense only if you’re trading US ETFs frequently enough that the $0 ETF trades offset the subscription cost.
What You Can Invest In
Stake is US-only. You get access to NYSE, Nasdaq, and AMEX listed stocks and ETFs — the same universe as Hatch or Sharesies’ US offering. No NZX, no ASX, no managed funds.
Fractional shares are available, so you can invest small amounts in expensive stocks.
FIF Tax Consideration
Like all direct US share holdings, Stake investments count toward your $50,000 FIF threshold. If your total overseas investment cost (across all platforms) exceeds $50,000, FIF applies and you’ll need to file a FIF return. Stake provides transaction history exports but doesn’t generate FIF reports — Sharesight handles this.
App and User Experience
Stake has a clean, modern app similar to Robinhood in feel. The interface is stock-focused with real-time quotes, watchlists, and basic charts. It’s more polished than Tiger Brokers and comparable to Hatch for everyday use.
Customer support is primarily via in-app chat and email — response times are reasonable but the company is Australian, not NZ-based.
Safety
Stake is FMA-licensed in NZ (Financial Service Provider). US shares are held through a US broker-dealer with SIPC protection up to USD$500,000 per customer. Client funds are held separately from Stake’s operating accounts.
As an Australian-headquartered company, it doesn’t have the same NZ institutional backing as Hatch (Fisher Funds) — something worth factoring in for very large balances.
Stake vs Hatch vs Sharesies (US Stocks)
| Stake | Hatch | Sharesies | |
|---|---|---|---|
| US brokerage | $3 NZD | $3 NZD | $3 NZD |
| FX model | 0.70% once (USD wallet) | 0.50% per conversion | 0.40% per conversion |
| FX cost (10 trades/year) | ~0.14% effective | ~5% total | ~4% total |
| FX cost (1 trade/year) | 1.40% (buy + sell) | 1.00% | 0.80% |
| NZX | ❌ | ❌ | ✅ |
| ASX | ❌ | ✅ | ✅ |
| NZ-owned | ❌ | ✅ | ✅ |
The USD wallet makes Stake most cost-efficient for frequent traders. For rare, large trades, Hatch or Sharesies have lower deposit fees.
Who Stake Is Best For
✅ Good for:
- Active US stock traders who want to avoid per-trade FX conversions
- Investors who already hold USD and want to deploy it
- Those comfortable with an Australian-owned platform
❌ Less ideal for:
- Buy-and-hold investors (0.70% deposit FX is high for infrequent use)
- NZX or ASX investors
- Those who prioritise NZ-based ownership and support
Verdict
Stake’s USD wallet model is genuinely useful for active US traders — it eliminates the FX friction that makes platforms like Sharesies and Hatch expensive for frequent buying and selling. For occasional investors, the 0.70% deposit fee tips the cost balance toward Hatch or Sharesies.
Recommended for: US stock traders who buy/sell at least monthly and want to hold a USD position without repeated conversion costs.