Stake Commission-free Stake Review 2026
Updated Reviewed quarterly
Commission-free US share and ETF trading for Kiwi investors. No brokerage fees, no monthly subscriptions.
Editorial scorecard
Stake — 3.2 / 5
Commission-free for US shares with mid-tier FX. Suited to investors comfortable with an AU-built platform; lacks NZX access and the NZ tax-statement polish Hatch and Sharesies offer.
As at 2026-05-04
| Fees & FX | ●●●●○ 4 | Commission-free US-share trading; ~0.7% FX margin; A$3–5 fee on AU trades. |
| Market access | ●●◐○○ 2.5 | AU + US shares only; no NZX-listed access. |
| NZ tax fit | ●●●○○ 3 | W-8BEN at signup; annual statements with US dividend + realised totals; FIF disclosure DIY. |
| UX & onboarding | ●●●◐○ 3.5 | Aussie-built app; clean interface; less NZ-specific tax tailoring than Hatch. |
| Support | ●●●○○ 3 | Australian business hours; email + in-app chat. |
Five-criterion 1-5 editorial scoring. Overall is the unweighted mean. Methodology →
What is Stake?
Stake is an Australian fintech offering commission-free US share trading to NZ and Australian investors. Founded in 2017, it disrupted the market by eliminating brokerage fees entirely.
Stake makes money through the FX spread ( 0.7% (source) ) rather than per-trade commissions. This model works well for larger, less frequent trades but can be comparable to Hatch for smaller amounts.
Stake Fees Explained
| Buy/Sell Commission | US$0 (source) |
| FX Conversion | 0.7% (source) spread |
| Monthly Fee | None |
| Deposit (EFT) | Free (2-3 days) |
| Instant Deposit | Available (small fee) |
How the cost scales
With no per-trade commission ( US$0 (source) ), Stake's all-in cost on a US-share buy is just the standard-tier FX spread of 0.7% (source) applied to the NZD converted. Because that spread is a flat percentage, your total cost stays a constant proportion of the trade as order size grows — there is no per-trade floor that makes small orders disproportionately expensive, but equally no cap that rewards large orders. Verify the current rate on the Stake pricing page.
Stake vs Hatch: how the cost-curve scales
The structural difference is FX-spread-only vs a flat per-trade fee. Stake charges no brokerage and a pure FX spread of 0.7% (source) , so its cost is a constant percentage of every trade. Hatch charges a flat US$3 per trade (≤300 shares; US$0.01 per additional share) (source) plus a lower FX spread of 0.5% (source) .
Rough heuristic: on small orders Stake tends to be cheaper, because Hatch's flat per-trade fee is a large proportion of a small trade. As order size grows the lines cross: Hatch's flat fee becomes a tiny fraction of the trade while its lower FX spread does the rest, so Hatch tends to pull ahead on larger single trades. The exact crossover depends on the day's exchange rate — verify both live rate cards: Stake · Hatch.
Bottom line: Stake tends to be cheaper for smaller trades; Hatch tends to be cheaper for larger single trades. Both are beaten by IBKR for larger portfolios and frequent traders.
FAQ
Common questions about Stake
Is Stake available to NZ residents?⌄
Yes. Stake operates separate AU and US share platforms; both accept NZ residents. NZ users receive an Australian-issued account; trading happens via Stake's US partner broker for US shares. Stake holds Australian Financial Services licences; NZ-specific FMA registration is via reciprocal arrangements rather than an NZ DIMS licence.
Are Stake trades commission-free?⌄
For US shares, yes — there is no per-trade commission. Stake monetises via FX margin (~0.7% NZD→USD), Stake Black subscription (US$9/month for advanced data), and idle-cash interest. AU shares carry a small flat fee (A$3 or A$5 per trade depending on size).
Can I buy NZX-listed ETFs on Stake?⌄
No. Stake covers AU + US listings only — no NZX access. For Smartshares (DIV, FNZ, USF, NZG, etc.) or Kernel funds, use Sharesies, Kernel direct, InvestNow, or an NZ broker (ASB, Jarden, BNZ).
How does Stake support NZ tax filing?⌄
Stake provides a W-8BEN form for the 15% US-NZ tax treaty rate during account setup. Annual statements include US dividend totals + realised gains/losses + cost basis (helpful for FIF disclosure above NZ$50K). FIF method (FDR vs CV) is the investor's call — most use FDR.
Summary
Stake offers commission-free US share trading with revenue from the FX spread ( 0.7% (source) ). The platform is US-focused only. Total costs depend on trade size and frequency compared to other platforms.
Stake Open an account on Stake
Commission-free US ETFs (VOO, SPY, QQQ). Revenue from the standard-tier FX margin (reduced on Stake Black above tier minimums).
Opens Stake. We don't take any payment for placement or for clicks — see disclosure.
Related platforms + ETFs
Hatch — flat per-trade alternative
NZ-built, with a lower FX margin than Stake.
Interactive Brokers — low FX margin at scale
Low FX margin for larger portfolios.
Compare all 11 NZ platforms
Side-by-side comparison.
How to buy US ETFs from NZ
Stake supports SPY, VOO, QQQ, etc.
SPY ETF guide
Most-traded US ETF available via Stake.
FIF tax explained
When the FIF regime kicks in (NZ$50K threshold) + how it lands on your IR3.
