Zero commission

[4bfold]

Hi all,
recently started trading on Stake.com which markets zero fees on trades and the ability to buy parts of shares which looks very attractive for a very small portfolio. But recently they announced they will charge US$9.00 per month for the basic account starting July 2020 which will effectively wipe out a very large chunk, if not all of any profits I would hope to make. Does anyone know of any alternatives where you would pay less in fees if you hoped to trade with a portfolio of say <$2000?

 

[Pat494]

As far as I am aware they all charge commission on buying and selling. If they didn't make money, they wouldn't survive.
If you are a prolific trader that may not be a bad idea. Is it per account, per trading instrument or per $ X invested ?

 

[Pat494]

Just had a quick look at stake.com. It seems to be roulette, slots etc. Not trading.

 

[4bfold]

Just had a quick look at stake.com. It seems to be roulette, slots etc. Not trading.

Sorry it's hellostake.com for their landing page. I was previously living in Aus so the site with the actual trading is stake.com.au but I believe they've opened to the UK market too, still in beta stages. When selecting my location in UK i get this message - Desktop is not yet available for UK customers. Please download our mobile app to access your account. LOL

I'm also an idiot though. I've just seen they will still have a free monthly brokerage pack, they just start you on one that is currently free as the business is so new but will charge for it later on. So I will just need to change to the starter pack before they start charging.

Atm I'm just using a fundamentals approach and holding value so having all the extra features they offer isn't so beneficial to me at this stage.

 

[MasterOfCoin]

0 commission comes at a price.

& so we come to the small print.

1/ route to 'free' account is sign up for basic and change package after.
2/ funding and FX fees into dollars apply.
3/ additional $2 fee on all withdrawals.
4/ additional half percent on express transfers.
5/ max 2 free simple market order trades per month.

Simple meaning no limit or stop orders etc.

So, it's a good deal for dabbling in occasional low stakes on the dow-jones for fun, but no frills and forget 'riches'.

 

[TFA]

0 commission they will charge you for the spread

 

[TFA]

there is no free anything.

 

[Pat494]

It might be a business winner for brokers to have zero commissions and just charge a percentage on withdrawals.
Assuming some will be greatly profitable then they also have that money to invest too besides clients' deposits.