With Stake, there are lots of ways your cash, securities and data are safe and protected.
It’s worth noting that Stake never holds or touches your money - your money goes directly to our regulated FX partner (OFX) and then onto DriveWealth. When you withdraw your funds, it is the same, just the other way back!
Your cash and securities in the US are held in custody for your benefit with Citibank, one of the world’s largest banks.
The US broker, DriveWealth, LLC is a US broker-dealer registered with FINRA (US regulator) and is a member of SIPC, which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash). You can read more about SIPC at www.sipc.org.
This protects you, as a non-U.S. citizen with an account at a brokerage firm that is a member of SIPC. Stake customers are treated the same as a resident or citizen of the United States.
Please note that SIPC does not protect against the decline in value of your securities. SIPC gets involved when a brokerage firm fails and SIPC appoints a trustee to manage the liquidation of the firm for the protection of customers.
No more Stake
In the unlikely situation that Stake goes down, you would still have access to all your cash and securities.
Our broker partner, DriveWealth and the custodian (Citibank) will establish access for customers if anything happens to Stake.
You have full control of your account and can enable advanced security in the form of 2 Factor Authentication (using an app like Google Authenticator or Authy) at any time.
In terms of storing data, we encrypt and store all your data securely with AWS.