Stake founder and CEO Matt Leibowitz said that investing for Australians could be done for less and be done better than the banks.
"Paying $30 per ASX trade via established banks has long been par for the course for Aussie investors but they’re not getting anything for that price tag," Mr Leibowitz said.
"This isn’t about cutting corners, this is about doing things the right way."
Since its launch in 2017, Stake has amassed more than 360,000 customers across Australia, New Zealand, the UK and Brazil by offering commission-free brokerage.
“We know how important the CHESS model is to Australian investors. They want to trade on their own HIN [Holder Identification Number]. We have found a way to make this work while still being able to deliver fantastic affordability," Mr Leibowitz said.
The CHESS - Clearing House Electronic Subregister System - model refers to Aussies being able to access trades digitally, trading in their own name with their own holdings.
Recently, the ASX announced CHESS holding statements would go electronic, after being sent in the post for years.
Competition heats up in brokerage arms race
The rise of young investors during COVID-19 has seen investing platforms battle to gain an advantage.
Stake's announcement on Monday means it now offers cheaper brokerage than other low-cost competitors such as SelfWealth and Superhero.
SelfWealth offers share trading from $9.50, while Superhero offers $5 trades.
Research has revealed that more millennials are confidently investing in ETFs, with micro-investing apps bolstering the surge.
This trend is pulling investors away from the traditional brokers tied to major banks as new investors look for cheaper fees, and user-friendly systems.
Stake founder and CEO Matt Leibowitz said this highlights how young Australians are 'hacking' their financial progress.
"Young Aussies are forming their own path and opinions when it comes to how money affects and drives their future," Mr Leibowitz said.
"The idea that share markets are for the few is dead. This new generation has demanded better, faster, more seamless access to all things across many categories."
Image supplied by Stake