Stake Review: Low-Cost US Trading for New Zealanders — The Black Subscription Makes It Interesting

Stake entered the New Zealand market as a direct competitor to Hatch, offering US share trading with a similar model but a different pricing philosophy. Instead of NZ$3 per trade with FX built in, Stake charges NZ$3 per trade on its standard plan or NZ$10 per month for Stake Black — which eliminates per-trade fees entirely.

For an active trader making five or more trades per month, Stake Black at NZ$10 is cheaper than Hatch at NZ$3 per trade plus FX costs. At ten trades per month, Hatch costs NZ$30 plus FX. Stake Black costs NZ$10. The arithmetic flips quickly.

The Numbers

Standard Stake: NZ$3 per trade for US shares and ETFs. Currency conversion built into the trade at competitive FX rates. No NZX or ASX access — US markets only. Fractional shares available.

Stake Black: NZ$10 per month subscription. Zero per-trade fees on US shares and ETFs. Same FX rates as standard. Includes access to Stake's SMSF (self-managed super fund) functionality if you also invest in Australia, though this is more relevant for Australian customers than New Zealanders.

On a NZ$5,000 trade with Stake Black: NZ$0 brokerage plus FX cost of roughly NZ$25 = NZ$25 total. On Hatch: NZ$3 plus NZ$25 = NZ$28. The difference is small on individual trades but compounds with frequency.

The Stake Black Maths

Running the numbers at different trading volumes makes the decision clear. At two trades per month, Hatch costs NZ$72 per year (NZ$3 each) plus 0.5% FX per trade — roughly NZ$260 in FX on NZ$4,000 monthly volume — total around NZ$332. Stake Black at NZ$120 per year with zero brokerage costs the same NZ$260 in FX but saves NZ$72 in brokerage. Net difference: roughly NZ$72 per year in favour of Stake Black.

At ten trades per month, Hatch costs NZ$360 in brokerage plus the same FX. Stake Black costs NZ$120 in subscription plus zero brokerage. The saving is NZ$240 per year. At twenty trades per month, the saving doubles. For an actively trading investor, the subscription model quickly becomes the clear winner.

The FX rate itself matters more than the brokerage on either platform. At NZ$10,000 per month in trades, the 0.5% FX spread costs roughly NZ$600 per year regardless of which platform you use. That is the real cost of US investing from New Zealand, and neither Stake nor Hatch offers a meaningful advantage on it.

Who It Suits

Stake is the best option in New Zealand for the active US share trader. If you trade US stocks more than three times per month, Stake Black at NZ$10/month is cheaper than Hatch and offers a comparable experience. If you trade less than once per month, the standard Stake plan at NZ$3 per trade is fine but Hatch is essentially identical.

The limitation is the same as Hatch — US shares and ETFs only. Stake is not a full portfolio platform. For an investor who wants a dedicated US brokerage alongside NZX exposure through a separate platform, Stake is a strong choice at a competitive price point.

Getting Started

Opening a Stake account from New Zealand takes about ten minutes. You need your passport or NZ driver's licence for identity verification, and a NZ bank account for funding. The account is funded via NZ bank transfer — the money converts to USD at Stake's exchange rate and appears in your trading account. Withdrawals convert back to NZD and arrive in your bank account within one to three business days. The entire process is online with no paperwork to mail or forms to sign manually.

The mobile app is well designed, with a dark theme, real-time quotes, and a clean order entry screen. Market data is included free for US equities and ETFs. The watchlist feature lets you track stocks without buying them. Push notifications for price alerts and dividend payments are configurable. For an investor who primarily trades US stocks from a phone, Stake offers the best app experience among the US-only platforms available to New Zealanders.

Stake Black vs Standard

The decision between Stake's two tiers is straightforward. If you make three or more trades per month, Stake Black saves you money. The NZ$10 monthly subscription replaces the NZ$3 per trade fee, so at four trades per month you are paying NZ$10 instead of NZ$12 for the same execution. The saving grows with trading frequency.

Stake Black also includes access to additional market data features, including Level 2 market data for US equities. The wire transfer fee is lower on Stake Black. For an active investor, these additional features add value beyond the headline fee saving.