Yes, in the US, brokerage on share trading is already zero! For a 2 minute read on how the US markets work, click here.
With a focus on technology, we’ve cut out the BS (“Bank stuff”) that burden existing platforms. When you combine that with already low trading costs in the US, we’re able to pass this on to you.
Currently, we make our money on the Foreign Exchange (“FX”) conversion when you convert currencies within the Stake platform.
So when you decide you're ready to move your money into your USD wallet (or out of it) we make a portion of the FX spread on that transfer. We share this with OFX (our FX provider). It's as simple as that. This revenue covers our costs, allows us to grow our user base and to continue to add value to our customers.
We also generate a small part of our revenue from the interest on cash sitting in your USD wallet. This is paid to us on a monthly basis and much like the FX fees allows us to grow our user base and add value to our customers.
Over time, we’ll look to add new pay-for products and features which will bring value to users. Our customers will drive these products, and we already have a few ideas in mind from your feedback, including instant funding and a subscription offering. These offerings will take us to the next level and accelerate the business.