Things to consider

There are many aspects to assessing a broker’s services in general, maybe even too many to list. Below, we’ll focus on the most important criteria that should be taken into account when determining whether a broker is good for beginners.

A beginner-friendly broker should have:

  • an excellent web and mobile trading platform
  • low fees
  • great educational tools
  • good customer service
  • an easy account opening process
  • low minimum deposit

Safety is also very important, but since we recommend only safe brokers regulated by top-tier authorities, this is one thing you don’t have to worry about.

More and more people are looking to become a player on financial markets either as traders or investors. However, when researching the basics, it can be easy to feel overwhelmed by the sheer amount of information available online.

This is where BrokerChooser offers a helping hand. The reason is simple: choosing the right service, especially when you are taking your first steps in trading, is highly important.

In this article we’ll check whether Stake is the right choice for a starting trader.

Is Stake good for beginners
Is Stake good for beginners?

Based on our scoring methodology, Stake is a broker that we can recommend for beginners.

Let's take a look at its services one by one, following the criteria we set above, to get the whole picture.

  • 💻 Stake's web platform has some good things to offer: User-friendly. Clear fee report. Two-step (safer) login. However, some things may not be suitable for beginners. Areas of improvement: Limited customizability (for charts, workspace). No price alerts.
  • 📱 Sadly, Stake's mobile platform is not its strongest side, but there are a few positive aspects to it: User-friendly. Two-step (safer) login. Touch/Face ID login. On the other hand, there are some things that could be improved: No price alerts.
  • 💰 Fees are one of the most important aspects when it comes to trading and Stake does well in some areas: Free stock and ETF trading. No inactivity fee. Transparent fee structure. However, charges may be higher compared to some competitors. Areas of improvement: Withdrawal fee.
  • 🕖 An account opening process is great when it is seamless from the get-go. Stake does an excellent job in this area: Fast. Fully digital. Low minimum deposit.
  • 📚 Easy to understand . However, Stake's education materials could be improved.Areas of improvement: No demo account. No trading platform tutorial videos. No educational videos.
  • 📞 Fast response time. However, there is some room for improvement in Stake's customer service: No phone support. No live chat. No 24/7 support.
  • 💰 Low minimum deposits and low-cost transactions are attractive for new traders. Stake's deposit and withdrawal processes have some good things to offer: Credit/Debit card available for AU, NZ customers. Nevertheless, its services could be improved in other areas: Only one account base currency. $2 withdrawal fee.

Is Stake good for beginners
Overview of Stake's services

Let’s take an overall look at how Stake compares to its peers when it comes to platforms, fees, account opening and education tools. Our scores are on a scale of 1.0 to 5.0, from worst to best.

Stake services vs. similar brokers
Stake Freetrade Alpaca Trading
Web platform score 3.6 stars - 3.7 stars
Mobile platform score 4.1 stars 4.7 stars 4.2 stars
Fees Low Low Low
Account opening score 5.0 stars 5.0 stars 4.8 stars
Education score 0.5 stars 3.0 stars 4.0 stars
Customer service score 0.4 stars 3.8 stars 1.9 stars
Deposit and withdrawal score 3.7 stars 4.0 stars 1.8 stars

If you wish to read more about Stake, click 'Visit Broker' to go to the broker's website. We also have a detailed review of the broker that you can read by clicking on the 'More' button.

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Is Stake good for beginners
Is Stake safe to use?

We hear more and more stories each day about clients who lost their money to scammers from Telegram or through unregulated services. BrokerChooser only features brokers that have top-tier regulators. As such, Stake is a safe and trusted broker.

If you’d like to know more, check out our deeper dive into Stake's safety.

Is Stake good for beginners
Where can I find more information?

If Stake is not the right broker for you, go ahead and check out our picks for Best Brokers for Beginners in 2021 for some alternatives.

Also, if you feel that some things weren’t clear when it comes to the brokerage world, no worries. We have lots of content to cover your questions. You can find our articles in the How to invest section of our site.

For example, if you want to know how to buy shares online and how the whole process works, there’s an article about that. If you’d like to learn more about investing in stocks or what short selling is, we have articles about these topics too.

We have also written a few materials that focus on recent events in the news. Like what happens with brokers after Brexit or what a short squeeze is.

We hope you found all of the information above useful. If you have any questions, we’d love to hear from you, just write to us at [email protected]. See you there!

Author of this article

Gyula Lencsés

Author of this article

Gyula has more than 10 years of experience in the financial industry. He spent most of his career in the wealth management business as a portfolio manager of mutual funds. He is eager to leverage his knowledge to guide you through the world of brokerage.

Gyula Lencsés

Broker Expert

Gyula has more than 10 years of experience in the financial industry. He spent most of his career in the wealth management business as a portfolio manager of mutual funds. He is eager to leverage his knowledge to guide you through the world of brokerage.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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