Important Update | Stake UK Closure

During a recent review of our global business, we have made the decision to cease our operations in the UK to focus on our business in Australia and New Zealand.

What this means for customers

To ensure that Stake customers continue to receive a world class investing experience, we will be working with Freetrade Limited, agreeing arrangements for customers to move across to their platform. As a leading broker in the UK, we know that Freetrade will offer an exceptional experience with a wide range of investment opportunities and advanced tools to help investors achieve their financial aspirations.

The account transfer will take place on 15 November 2024. To ensure a smooth transition, you will not be able to trade, fund or withdraw from your Stake account after the close of the US market session on 12 November 2024.

Opting in to Freetrade

If you’d like your account to be transferred to Freetrade on 15 November 2024, you can opt-in by clicking the link in your email by 12 November 2024. Your contract with Stake will end on 15 November 2024.

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Get a free share worth between £10 - £100 when you opt-in to transfer your Stake account to Freetrade

See the offer T&Cs and FAQs for more details.

Capital at risk. The probability is weighted, so more expensive shares will be rarer.

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Opting out of the transfer

If you do not want your account to be transferred to Freetrade on 15 November 2024, you will need to opt-out before 12 November 2024. You can opt-out in one of three ways.

1. Selling your stocks and withdrawing your funds by the close of the US market session on 12 November 2024 to ensure it is completed ahead of the migration date. Please keep in mind stocks take 1 business day to settle into your account after you sell them.
2. Transferring your assets to an investment platform of your choice, other than Freetrade. To do so, you will need to initiate a transfer request with your new broker and provide them with the necessary account details before 16 October 2024. Standard transfer charges will apply, as outlined in the outgoing portfolio transfer process page here.
3. Requesting Stake to sell your stocks and pay you the cash proceeds by providing your bank details on the form in the Stake platform by close of the US market session on November 12 2024. By doing so, Stake will automatically sell your stocks.
1. If your total balance is US$10 or above after we sell down your positions, we will deposit your cash into the bank account you’ve provided to us and close your Stake account.
2. If your total balance is below US$10 after we sell down your positions, you will no longer be able to recoup these funds and your account will be closed.
   

If you do not respond

We will be in touch again to remind you to opt-in or opt-out. If you have not chosen to opt-out before 12 November 2024, your contract with Stake will end and your account will be seamlessly transferred to Freetrade on 15 November 2024. Your account will be governed by Freetrade’s Terms and Conditions from that date. Please note that if your W-8BEN is due to expire by 31 December 2024 and if you do not update it before that date, Freetrade will sell your assets.

Update your W-8BEN

Freetrade does not allow for expired W-8BEN forms and every customer will need to have a valid W-8BEN prior to the transfer date. If this is you, you will have received an email asking you to update your W-8BEN form and if you do not update this and don’t opt out by 12 November 2024, we will sell down your position into cash and transfer this to Freetrade. If you are already a Freetrade customer, you can follow the prompts to opt-in.

Customers opting out with less than US$10 balance

If you want Stake to opt-out on your behalf and your total balance is below US$10 after we sell down your positions, you will no longer be able to recoup these funds and your account will be closed.

Customers funding their accounts

If you do fund your account and invest before 12 November 2024, your assets will be transferred across to Freetrade Limited. If you fund and invest and you also have an invalid W-8BEN form, your assets will be sold down and transferred to Freetrade Limited. The account transfer for each of these will take place on 15 November 2024.

On 15 November 2024, all customers that have not chosen to opt-out will be seamlessly transferred to Freetrade.

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Get a free share worth between £10 - £100 when you opt-in to transfer your Stake account to Freetrade.

How it works if you are a new Freetrade customer

1. Ensure you have opted-in to transfer your Stake account from the link shared directly from Stake
2. Create a Freetrade account using the same email address as you have used with Stake
3. If you are transferring a account less than $100 ensure you have topped up at least £50 to your Freetrade account by the 13th of November
4. Fill out a W-8BEN form
5. You’ll each receive your £10 - £100 free share by the 23rd of November

How it works if you are an existing Freetrade customer

1. Ensure you have opted-in to transfer your Stake account from the link shared directly from Stake
2. If you are transferring a account less than $100 ensure you have topped up at least £50 to your Freetrade account by the 13th of November
3. Ensure your W-8BEN is up to date
4. You’ll each receive your £10 - £100 free share by the 23rd of November

Watch out for more exclusive offers from Freetrade once opt-in is complete.

See the offer T&Cs and FAQs for more details.

Capital at risk. The probability is weighted, so more expensive shares will be rarer.

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FAQs

Why are Stake closing the business in the UK?

After a review of the global business of Stake, the strategic decision was made to close this arm of the business in order to focus on the operations in Australia and New Zealand.

What will happen to my Stake Black membership?

Your Stake Black membership will be cancelled on 15 November 2024, and any remaining membership fees will be calculated proportionally and refunded to you.

What will the transfer mean for how my assets are held?

Hellostake and Freetrade both use the broker-dealer services of Drivewealth LLC. Currently, your securities are custodied by Drivewealth, while your cash is currently held at Drivewealth, LLC and placed into a money market fund managed by Dreyfus/BNY Mellon Investment Advisor, Inc. Following the transfer, your securities will be custodied by Freetrade in an omnibus account, while your cash is held as client money by Freetrade.

Will there be changes to the products that I can trade?

While Freetrade offers access to over 6,200+ stocks and ETFs, it does not currently offer access to US-listed ETFs. To support the transfer, Freetrade will accept existing ETF positions of Hellostake customers, however these will be held as ‘sell only’.

Will I be able to trade continuously around the migration date?

In order to facilitate the orderly transfer of your trading positions, you will not be able to trade, fund or withdraw from your Stake account after the close of the US market session on 12 November 2024. All open orders will be cancelled on 12 November 2024.

How will I receive all dividends that I am owed following the migration?

Hellostake and Freetrade both use the broker-dealer services of Drivewealth LLC, who will be supporting the transfer. Among the supporting activities of Drivewealth will be ensuring the prompt transfer to your Freetrade account of all dividends and any other payments accruing to your Hellostake account prior to the migration.

We are here to help

If you have any questions about your account, or the transfer process, please don’t hesitate to contact our customer success team here or call us at 024 7542 2800 between 9:30am-4:30pm, Monday to Friday (excluding public holidays and non-trading days).

While we're discontinuing our UK service, we're excited about the experience Freetrade offers and are here to support you during this transition.

More than ever, we thank you for being part of our community of over 500,000 investors.