I'm happy with Stake.com.au and just wonder any other better options.
Cheers
Any Better Platform than Stake.com.au to Trade US Stocks?
Lworkswell on 11/01/2020 - 21:00
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Us shares are for mugs. The real money to be made is crypto.
bought AAPL at 153 during the 2018 dip, $150US profit per share…. for mugs… rightio
Question for someone who has bought us shares.
Do you have to complete additional forms for US tax purposes?
Are dividends paid direct into your bank account, or you get a cheque or how does it work?Stake is a good platform - in the sense that i didn't need to do any of that, dividends gets paid into the "account balance" (only div so far was from apples recent round) - and you can withdraw that at your on pace or reinvest it (but mind you, if you withdraw you will need to pay capital gains tax on it).
Initially i was going to go through comsec but their fees and having to go through the hassle of all the tax stuff was not worth it.
@paraneoplastic: the capital event occurs whenever you sell the share,not when you withdraw.
Ie, if you sold but let the money in your broker to buy again, you have triggered a CGT event and you need to declare.
I’ve always just wondered what taxes needed to be paid to the IRS, either way, from looking at stake I’m sure the Aussie market is enough for me.
@cloudy: Yes, my bad, you're right about the CGT.
I find that the US market has better yeilds, whether it be luck or my investment stratergy which happened to work(AAPL, GE and some biotech and pharm), i've made more the US market than the AUS market (to be fair though, i usually invest in 'safe' stocks in the Aussie market).
Should give the US market a shot, who knows maybe it'll make you filthy rich ;)
@paraneoplastic: Well from looking at stake, it says 70c USD transfer, per $100AUD. That’s basically 1% in and 1% out. Which isn’t bad if I invest for a long time and don’t withdraw, which is reasonable, but I’m also not awake during the times so the whole “don’t understand it enough” still puts me off.
But I do remember looking at APPL back 6years ago, man, if I got in then, I’d make a killing on the share price, and an extra 40% or so on the currency.
But alas, with shares, talking about it in hindsight makes us all drool
Crypto are for suckers, the real money is putting all your money black at the casino.
Less risky too
Haha, literally made me laugh
Been using Interactive Brokers for few years. Happy with it.
Do my US and local trades on the platform and app.
CommSec allows people to trade US shares by creating a linked account with their US partner Pershing, which is a subsidiary of the Bank of New York.
It would be more expensive than Stake.com.au, but personally, I am highly paranoid about potentially losing my savings. So, I think CommSec is a 'better' option because I trust CommSec/Pershing to take proper care of my money & do not trust Stake.com.au.
Also note with CommSec that there is a $25USD fee if you don’t make any trades worth $100USD or over in the period of the 1st January to the 31st December.
Is this true?
I’ve had an Pershing’s account with Commsec for 7 years and never been charged this. Where does it say this?
https://www.commsec.com.au/products/international-share-trad…, "Rates and Fees", scroll down to "Other fees". GP refers to this:
Fee Type Fee (USD ) Custody fee for inactive accounts. $25.00 per year Custody fees are charged to accounts defined as inactive; that is, accounts holding a security position for a calendar year (1 January to 31 December) without generating a trade, or margin interest of USD $100 or more. Systematic reinvestment activity in mutual funds and/or exchange activity in mutual funds will be considered as a trade. However, dividend reinvestment activity is not considered a trade
Anyone who's paying that just because they "trust" Pershing more than Stake are misguided though - Stake is merely the marketer, the actual broker that executes trades and holds the shares in custody is DriveWealth, who are a SIPC and FINRA member firm, fully insured.
I joined Stake last March and haven't seen any dividend paid from any of my shares from that platform, while I received at least twice a year from my ASX shares via Commsec (or at least a notice that they won't pay dividend that term). I wonder how often an American company pays their dividend and at what time of the year? How can you get a notice from the dividend paid? I keep checking the Dashboard on Stake but have no info at all. Thanks!
Can’t wait to use Revolut trading platform. I know they are working on it. It offered to the customers in UK and some EU countries, any Revolut reps here can confirm?
Personally, I am also using Stake but will switch to Revolut due to high fx rate from Stake, I use SelfWealth for Aussie stocks.
I don't think Revolut will ever launch trading to Australians. They still can't even be bothered getting a true banking license, instead piggybacking off ANZ's. The chances they'll ever bother getting the licenses required to offer securities are close to zero IMO.
I'd rather they get sorted on a real banking license to do things like connecting directly to the NPP first.
Depends, Which Stake Plan are you on? And how many trades a month do you do on average?