Stake introducing an ASX module to their app has caught the attention of most Aussie investors by now. The Beta version has been on-boarding existing users with no noticeable hiccups. Transferring shares to Stake is the next step for most online investors. This post aims to clear up the questions around that process., including the caveats that aren’t initially obvious.
BONUS STOCK: If you haven’t used Stake before, by signing up using this referral link, you will receive a free stock. And you will be supporting this publication 😊 This is only a referral link if you want to use the app, and not a recommendation.
At $3 a trade, Stake is now the cheapest ASX trading option (minimum 66% discount from CommSec fees. CommSec’s the main alternative platform followed by IG Markets). Overall, it’s not that clean cut, there are Pros and Cons to each as we’ve covered before. But for most retail investors, fees are the key factor.
For those of you intending to transfer their portfolios over, this is a sum up of what we managed to learn in the process. This was confirmed through the Stake Team.
How it works
- Transferring shares between brokers is easy. There are no fees involved unless your existing brokers have an exit fee. Exit fees are unlikely and if so, will be like $5 which a handful of brokers charge. Moving your portfolio whenever you want is your right, and brokers are obliged to accommodate.
- If you transfer international shares to Stake (e.g. from CommSec international), the Average Purchase Price WILL NOT carry over. This was a bummer. You cannot edit the Purchase Price through Stake (or their Support). So doing this will distort your P/L% for those stocks and your entire portfolio. If that’s the kind of thing that bothers you (it bothered us a lot!), worth taking note.
- In contrast, if you transfer Australian shares to Stake (from CommSec or IG Markets for example), Stake allows the Purchase Price to be edited. So it’s a much more seamless process.
