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Selfwealth Vs Stake – Which Brokerage Platform Is The Best

Are you in search of a new brokerage site to trade Australian stocks? In this post, we’ll compare the Stake and Selfwealth brokerage platforms to determine which one is right for you. 

SelfWealth Brokerage Platform

This Australian based brokerage platform was founded in 2012. Currently, it has over 100,000 active users. Selfwealth offers a $9.50 trade without additional monthly charges or commissions.  


The site is regulated by ASIC (Australian Securities and Investment Commission) and sponsored by CHESS.  

Stake Brokerage Site

Stake is an Australian company established in 2017 that has grown to become a leading platform offering non-Americans access to the U.S share market. 


This mobile and desktop trading platform offer 4,500 different EFT choices and stocks for users to trade EFTs and U.S stocks with a $0 brokerage charge. 


In 2020, Stake opened branches in other countries, including Brazil, the UK, and New Zealand. 


The fintech company has also expanded its services by including EFTs and ASX stocks. 

Selfwealth’s User Experience 

The Selfwealth platform has an easy-to-use interface with a comprehensive stock assessment allowing users to analyse or view a stock before buying. 


Their web page also has other features, including price recommendations and predictions and stock ownership in the Selfwealth community. All this information is freely available to its users. 

Does The Platform Have A Premium Plan?

Selfwealth has a premium option that attracts a $20 monthly fee. 


Selfwealth premium comes with additional benefits such as a more exhaustive stock assessment or portfolio. 


However, the upgrade isn’t necessary since you can use other resources to conduct your research. 


Users can buy shares by market buy or purchasing a stock at a limit. This means that on Selfwealth, users have the option to sell at a limit before the market opens or set a stock purchase. 

Is The Platform Chess Sponsored?

Yes, the Selfwealth is chess sponsored, meaning that ASIC keeps a list of everyone who has a share in that stock.  


Thus, if the company were to close tomorrow, users won’t lose their investments as all the shares owned through the company would be recorded by ASIC. 


Without a CHESS sponsorship, users have to rely on the site itself or brokers to keep a register of share ownership.

Can Users On SelfWealth Day Trade?

Yes, the site allows for CHESS backed trading at $9.50 for every trade irrespective of size for its U.S. and Australian stocks. 


Nevertheless, a brokerage price of $9.50 for each trade is higher than most people are willing to spend.

Stake’s User Experience 

The platform’s user experience is excellent for newbies as the interface makes trading simpler for them. 


Stakes’ site has simple-to-navigate in-app features that allow users to seamlessly access their portfolios and go over investment options. 


An Aus markets section consists of a rundown of the daily movers, ASX sectors, and the ASX market catalogue. 


A minimalistic and straightforward outline is presented for users to see its performance on a graph and a summary when looking through a stock.


The outline includes information on the trade volumes, the number of users watching the stock, the CEO, and the industry. 

Does The Platform Have An Upgraded Account?

The site has an upgraded account called Stake Black, which attracts a monthly charge of $9. The Stake Black account has all the features in a regular account plus:


  • Quicker access to cash before settling (regular is two days)
  • More analytical data
  • Access to all the firm’s financials


However, the upgraded account isn’t necessary as you can research yourself. 


You can purchase stock on this platform by stop/market buy or buying the stock at a limit, allowing users to buy stocks based on their preferences and strategy. 

Is The Stake Platform Chess Sponsored? 

The platform recently confirmed that their shares would be CHESS sponsored, meaning that the shares users purchase will be held under their Holder Identification Number (HIN).


Therefore, if Stake ASX goes under, users can rest assured that their stock is safe and still owns them.

Does Stake Allow Day Trading? 

The Stake platform allows users to day trade. Day trading refers to purchasing and selling the same shares in a single trading day.  


Nevertheless, the site prohibits pattern day trading unless an account is worth over $25,000. 

Pattern day trading refers to executing over three-day trades in a continuous five trading day period. If you’re caught pattern trading, the platform will prohibit you from day trading for three months.  


The platform also has a feature that puts together relevant announcements about shares currently on your watchlist. The announcements might be price sensitive to the shares and cause the price to change. 

Selfwealth Charges 

Users on this platform can trade at $9.50 for every trade without incurring any additional costs. 


Additionally, a foreign exchange (FX) charge for withdrawal and deposit when trading U.S. shares. 


  • FX charge for every withdrawal/deposit: 0.60% (0.60 USD per 100 AUD exchanged)


There’s an “off-market transfer” charge of $27.50 for users who’d wish to transfer their shares from another brokerage platform to Selfwealth. 


This private technique allows users to transfer holdings between two shareholders without hiring a share broking company. 

Stake Charges

This site has introduced a low brokerage charge of $3 per trade for Australian shares. This makes Stake one of the cheapest stock trading platforms listed on the ASX. 


Stake users don’t incur any cost when trading EFTs and U.S. shares. There’s also no inactivity charge, and the standard account doesn’t attract any monthly fees. However, there’s a catch. 


The platform has an FX withdrawal and deposit fee. The payment structure is as follows:


  • FX charge for every deposit/withdrawal: 0.70% ($0.70 per 100 AUD exchanged)
  • Optional express deposit: If you want your cash to reflect in your account within 24 hours, there’ll be an extra charge, 0.5% of the amount you transfer, in addition to the regular FX charge
  • Users can transfer USD directly to the platform to avoid the FX charges, usually a $5 flat fee.

Is Stake Available In Australia?

The platform itself is regulated and based in Australia and is primarily made for New Zealand and Australian users. 


Stake allows its users to trade Australian and United States stocks listed on NYSE, NASDAQ, and ASX. 

Is Selfwealth Available In Australia? 

The Selfwealth platform is based in Australia, and its main aim is to offer a flat fee stock trading platform for Australians. 


Users can trade Australian and U.S. shares listed on NASDAQ, ASX, and NYSE on SelfWealth. 

Final Verdict

Both platforms are affordable and beginner-friendly and allow users to trade U.S and Australian stocks. 


The major difference between the two brokerage sites are charges associated with investing in assets. 


That said, Stake has the upper hand since the cost of trading U.S shares is $0 while that of Australian stock is $3.  



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