akashgoswami_’s avatarakashgoswami_’s Twitter Archive—№ 3,402

                          1. Apparently, there's a new investing app in the UK called @hellostake They promise 0% commissions/fees on trades & holding an account, so I decided to look into it and sign up (thread)
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                          First thing I did was check their website for other fees. It's a good thing I checked. The account with them is in USD so they charge a 0.7% fee just to fund the account and the minimum fee is $2. You would need to fund the account by roughly $185 to reach $2
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                      1. …in reply to @akashgoswami_
                        I though ok, I'll just add £10 and see how it goes. Nope. Minimal top up is £50 🙃 Ok. Let's top up £50. Points for using the Open Banking API to make the payment request. Want the money in the same day (9am NY)? You'll have to pay an extra 0.5% on top or wait an extra day 😬
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                    1. …in reply to @akashgoswami_
                      The pre-filled amount to top up the account is £1,000 - that's a lot of you simply just want to try out the account/app. For US deposits (yeah there's a $5 fee for that too) the pre-filled amount to add is $5,000 🤯 Again, way too high
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                  1. …in reply to @akashgoswami_
                    Additional, that 0.7% fee become 0.5% in the app. So which of the two is it?
                    oh my god twitter doesn’t include alt text from images in their API
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                1. …in reply to @akashgoswami_
                  Funding by card? Add an extra 2% is what the website says (minimum charge is $1 but that's hidden away in the charges pdf and isn't on the main pricing page) So that could be a total fee of 3.2%! To add to that, there's a withdrawal fee as well of $2 - again not made clear
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              1. …in reply to @akashgoswami_
                You also need to complete a US Tax Form (W-8BEN) to trade US stocks. Stake charges you $5 for this! Both Trading 212 and FreeTrade offer this for free and the form is simply a few checkboxes to tick off. It's not something I would expect to pay for
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            1. …in reply to @akashgoswami_
              You get offered a free share for signing up and funding your account without 24 hours of creating your account - the free stocks are limited between three stocks; Nike, Dropbox or GoPro. Most people are likely going to get the lowest value stock (GoPro) and I got exactly that...
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          1. …in reply to @akashgoswami_
            The screen to redeem the free stock is a roulette wheel you need to spin... This isn't a good UI choice or user experience in my opinion. This gives users the perception that buying stocks/shares is similar to gambling and this just further re-enforces that mindset
            oh my god twitter doesn’t include alt text from images in their API
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        1. …in reply to @akashgoswami_
          If you're going to make it seem like a gamble, at least add the percentage chance of getting each of these stocks. The wheel makes it look like you'll have a 1/3 chance of getting any of the shares but let's be honest, the chances of getting a Nike or Dropbox share are fairly low
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      1. …in reply to @akashgoswami_
        Overall this isn't an investment app I would recommend to people. While they advertise buying and selling shares is commission free there's clearly a number of other fees that make the experience confusing. I'd recommend most people look into Trading 212 or FreeTrade instead.
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    1. …in reply to @akashgoswami_
      Robinhood could be good as well but have similarities to Stake (free shares feel like a gamble/lottery and account will likely be USD only) but we'll be able to understand the fees better once they launch
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  1. …in reply to @akashgoswami_
    To add insult, I can't even withdraw the $60 back to my bank account today because apparently can't find my Monzo account via account number and sort code...funny...since I added money to the account via my Monzo account...🙃
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    1. …in reply to @akashgoswami_
      Ended up managing to withdraw it back to Starling, that'll take 2-4 days as well though
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