Digital brokerage platform Stake on Wednesday announced the launch of its operation in the United Kingdom.
With this expansion, the firm is aiming to bring the UK-based investors closer to the market in the United States, allowing them to trade over 3,500 US-based stocks and exchange-traded funds (ETFs).
Commenting on this, Matt Leibowitz, founder and CEO of Stake, said: “Brokerage is still broken, and we’re here to fix it. The future of brokerage is one in which traders and investors can get fast, simple, and direct access to the US market with no hidden fees, unreasonable practices, and limited customer control. Stake strips away these restrictions to deliver brokerage that’s open, honest and better.”
The Sydney-based company is further planning to expand its operations in the rest of Europe in the coming months.
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Targeted towards the millennials
Stake’s product is particularly popular among millennials, who appreciate the ease of using the app to trade several asset classes without fees. Per the company, it has over 50,000 customers across various regions.
In its new market, the company has introduced a three-tier plan and kept the entry-level free to attract novice traders.
Last year, it also expanded its services to South American investors, enabling them to trade US assets through an extended partnership with DriveWealth.
“While the UK offers a lot of opportunity, for investors who want to trade the biggest companies in the world – the likes of Amazon, Google or Tesla – you have to trade in the US. We also know that UK investors want to trade ETFs, and while other brokerages couldn’t offer this, we always put our customers first and fought to ensure these products were accessible for accredited users,” Leibowitz added.