Keeping your Stake account secure
From CHESS sponsorship to stringent data protection measures, here are a few ways Stake provides a safe and secure platform to invest.
At Stake, our number one priority is ensuring the safety and security of your account. We work with world-leading technology and data storage partners along with Australian and U.S. market regulators to ensure a secure investing experience.
2-Factor Authentication (2FA)
To enhance the security of your account, all Stake customers are required to set up 2FA via SMS verification. 2FA adds an extra layer of protection by requiring you to input a security code when accessing Stake via desktop or mobile.
For the maximum level of security, we recommend using 2FA through a device authenticator app such as Google Authenticator or Authy. This requires a specific device to be used to access your account.
2FA will also be used to complete key account actions, such as withdrawing funds or changing personal information.
SIPC protection on Wall St
Our Wall St broker, DriveWealth, LLC, is a U.S. broker-dealer registered with FINRA (U.S. regulator) and a member of the Securities Investor Protection Corporation (SIPC). Under DriveWealth’s SIPC membership, Stake customers get the benefit of SIPC protection over their holdings or cash (up to US$500,000, which includes up to US$250,000 for cash), regardless of whether you are a U.S. citizen or not.
SIPC protects the custody function of the broker-dealer (DriveWealth), which means in the unlikely event of its liquidation, the SIPC protection will cover the securities and cash in your account at that time.
Please note, the SIPC does not protect against a decline in portfolio value. If you’d like to learn more about the SIPC and how it operates, you can visit its website.
CHESS & HIN on the ASX
Stake is proud to be a CHESS-sponsored investing platform. When you purchase ASX shares on Stake, you get all the benefits of CHESS sponsorship.
The shares are held directly with the ASX under your unique Holder Identification Number (HIN), which includes your name and tax file number. This means you always retain ownership of your shares, even in the unlikely event that something happens to Stake.
For a deeper understanding of CHESS and how it works, check out our Stake Academy article here.