Stake Review: NZ Share Trading Fees, Features and Verdict

Stake Review: NZ Share Trading Fees, Features and Verdict

Stake is a US share trading platform, and the thing that stands out about it for New Zealand investors is the fee structure. Brokerage is US$3 per trade, or 0.01% once an order hits US$30,000. That is simple enough. The catch sits in the currency conversion: Stake charges a flat 1% FX fee with a US$2 minimum, and that is double what Hatch charges on the same conversion.

So the headline brokerage looks identical across both platforms, but the cost of getting your New Zealand dollars into US dollars is where they part ways. That single difference reshapes who each platform suits, and it is the part most reviews skate over.

There is also a funding detail that matters. Bank transfers into Stake are free. Debit card, Apple Pay or Google Pay deposits cost 2%, and credit card deposits cost 3%. Pay by card and you can wipe out any brokerage saving before you have placed a single trade.

How We Researched This Guide

We worked from Stake's own pricing and support pages, and we put its fees next to Hatch's published pricing so the comparison came from the providers rather than from a third party. Where we needed the wider context — how brokerage fits into the cost of investing, and what a licensed provider actually has to do — we used FMA consumer guidance and the Financial Service Providers Register.

One thing surprised us. Stake's 1% FX fee carries a US$2 minimum and applies only when you convert to or from USD, not when you buy and sell. That means the FX cost is a one-off event tied to funding, not a per-trade charge, which changes the maths entirely for frequent traders. The tax rules for offshore holdings are set out in full on legislation.govt.nz, and we checked those separately because they apply no matter which platform you use.

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The Quick Summary (60-Second Version)

Here is the short version if you just want the shape of it.

• Stake charges US$3 per trade, dropping to 0.01% on orders of US$30,000 or more, across stocks, ETFs and OTC securities.
• The FX fee is a flat 1% with a US$2 minimum, charged only when you convert to or from USD.
• Bank transfers are free, but card and Apple Pay or Google Pay funding costs 2% to 3%.
• Stake covers the W-8BEN form fee, which is usually US$5 at first deposit.
• Selling on US markets adds an SEC fee of US$8.00 per US$1,000,000 sold and a Trading Activity Fee, both charged independently of brokerage.
• It is a US-only platform — no NZX or ASX access — so you need a second provider for New Zealand shares.

Stake's Fees in Detail

The brokerage is the easy part. US$3 per trade flat, and 0.01% per trade once an order reaches US$30,000. The same fee applies whether you are buying a stock, an ETF or an over-the-counter security, so there is no product tiering to work around.

The FX fee is where Stake differs from its closest competitor. Stake charges a flat 1% with a US$2 minimum, and it applies only when you convert to or from USD. There is no FX charge when you buy and sell. Hatch charges 0.5% on conversion, so Stake's conversion rate is double. But the structures are not identical, and that is the part worth understanding before you pick.

A USD wallet suits someone who converts a lump sum once and then trades repeatedly, because the conversion happens once rather than on every trade. If that is how you operate, the 1% is paid on a single larger amount and the US$3 brokerage governs everything after. If you convert small amounts often, the percentage bites harder.

What it costs to fund the account

Bank transfer is free. Debit card, Apple Pay or Google Pay costs 2%. Credit card, Apple Pay or Google Pay costs 3%. Those are not small numbers, and they sit on top of the FX conversion. Someone depositing by credit card pays 3% to fund, then 1% to convert, before any brokerage at all.

The sell-side fees nobody mentions

Stake vs Hatch: Which Suits You

Both platforms charge US$3 brokerage on a typical US share trade, so the decision rests almost entirely on the FX structure and how often you convert. That is a cleaner comparison than most people expect.

Take a US$300 order. Brokerage is US$3 on either platform, which is 1% of the order value. On a US$3,000 order, the same US$3 is 0.1%. The flat fee rewards larger, less frequent orders on both platforms, and neither has an edge there. The difference shows up in the 1% versus 0.5% conversion.

Stake's no-FX-on-trades rule is the genuine differentiator. If you convert a lump sum into USD and then trade in and out of positions repeatedly, you pay the 1% once and nothing after. Hatch charges 0.5% on conversion, so on a straight deposit-and-hold comparison Hatch is cheaper on the currency side. The gap only closes if Stake's structure saves you conversions you would otherwise make.

Who Stake fits

Frequent US traders who convert currency in larger lumps and then trade often. If you fund by bank transfer and convert a meaningful amount once, the free funding and the absence of per-trade FX charges work in your favour, and the US$3 brokerage is competitive on any order of reasonable size.

Tax and the Offshore Question

Offshore-domiciled ETFs and foreign shares bought through a platform sit outside the PIE regime. Your personal income tax position applies, and hold enough of them and you may enter the foreign investment fund rules personally. That is true of Stake, Hatch and any other route into US securities.

For natural persons, the FIF rules do not apply while the total cost of your offshore attributing interests is $50,000 or less, measured on what you paid for them regardless of current value. That is the de minimis, and it is the law in force. Above it, tax is generally calculated on a deemed rather than actual return.

Under the fair dividend rate method, an individual is generally taxed on 5% of the opening market value of their attributing interests, and dividends and capital gains are not usually taxed separately. If you use FDR for one investment you must use it for all your FIF investments that year unless the legislation prevents it. Above the threshold the administration is yours, which for many investors is reason enough on its own to prefer a New Zealand-domiciled vehicle that handles it inside the fund.

A proposed change that is not yet law

Budget 2026 proposed doubling the FIF de minimis from $50,000 to $100,000 of cost price, applying from 1 April 2026. That change is in a bill introduced to Parliament on 10 September 2026 and has not been enacted. Until it passes, $50,000 remains the live threshold and the existing rules continue to apply.

Questions You Might Have

Can I buy New Zealand shares through Stake?

No. Stake is a platform for trading US stocks, ETFs and over-the-counter securities. If you want NZX or ASX exposure you will need a separate provider alongside it. Many investors run a US platform for offshore exposure and a New Zealand broker or fund platform for the local side.

Is the 1% FX fee charged on every trade?

No, and this is the detail that gets misreported. The 1% applies only when you convert to or from USD, with a US$2 minimum. There is no FX charge when you buy and sell. So the conversion cost is tied to funding and withdrawing, not to how often you trade.

What is the W-8BEN form and do I need to pay for it?

It is the US tax form that certifies you are not a US taxpayer, and it usually costs US$5 at first deposit. Stake covers that fee for you. It is a one-off piece of paperwork rather than an ongoing cost, and it is required for any New Zealand investor holding US securities.

Is Stake a licensed provider in New Zealand?

Platforms providing financial services to people in New Zealand must be registered on the Financial Service Providers Register, belong to a dispute resolution scheme and comply with anti-money-laundering obligations. Check the register and the FMA's warnings and alerts list before you pay anyone. Being licensed means the provider is authorised by the FMA and adheres to a code requiring it to treat clients fairly.

Should I fund my account by card for convenience?

It is expensive. Debit card, Apple Pay and Google Pay cost 2%, and credit card costs 3%, both on top of the 1% conversion. Bank transfer is free. On a meaningful deposit the card fee is larger than the brokerage on most of your trades, so it is worth the extra day or two for the transfer to clear.

What Matters Most

Stake's brokerage is competitive and its structure is clean, but the FX fee is the number that decides whether it suits you. At 1% with a US$2 minimum, it is double Hatch's 0.5% on conversion. That is fine if you convert once and trade often, and it is a real cost if you do not.

The funding method matters as much as the platform. Free bank transfers versus 2% or 3% on cards is a bigger swing than the difference between any two brokers on this list, and it is entirely within your control.

For most New Zealand investors building a long-term portfolio, the platform fee difference is worth less than the fund fee difference and far less than the amount contributed regularly over time. Pick a licensed provider, keep the costs low, and let the compounding do the work.