Sharesies and Stake both offer NZ investors access to US shares and ETFs. If you’re choosing between the two for US investing, here’s a direct comparison.
For a one-off buy-and-hold US purchase, Sharesies costs less: its 0.5% FX fee undercuts Stake's 1% deposit FX fee, even after Sharesies' per-trade brokerage. For frequent trading, Stake costs less: you pay its 1% FX fee once on deposit, then trade inside your USD wallet for $3 USD/trade with no further conversion cost, while Sharesies charges its 0.5% FX fee on every trade. Only Sharesies also offers NZX shares, Australian shares, and NZ managed funds on one platform. Tiger Brokers has the lowest FX rate of the three (~0.35%). Which costs least for you depends on how often you trade.
Side-by-Side Comparison
| Feature | Sharesies | Stake |
|---|---|---|
| US shares | ✅ Yes | ✅ Yes |
| NZX shares | ✅ Yes | ❌ No |
| ASX shares | ✅ Yes | ❌ No |
| NZ managed funds | ✅ Yes (100+) | ❌ No |
| Brokerage (US trades) | 1.9% per trade, capped at USD $5 | $3 USD/trade (0.01% for orders ≥ USD $30,000) |
| Ongoing platform fee | None (optional $3/$7/$15 monthly plans available) | None (optional Stake Black, $15 NZD/month) |
| FX fee | 0.5% — charged on each foreign-currency trade | 1% (min $2) — charged once on NZD↔USD deposit/withdrawal, not per trade |
| Minimum investment | ~$1 NZD | USD $10 |
| Fractional shares | ✅ Yes | ✅ Yes |
| Dividend reinvestment | ✅ Auto | ✅ Auto |
| Mobile app | ✅ Yes | ✅ Yes |
| US market access | Via Drivewealth | Via Drivewealth |
| Investor protection | SIPC (US) | SIPC (US) |
| NZ FMA regulated | ✅ Yes | ✅ Yes |
Sharesies’ 1.9% brokerage is capped at $25 NZD for NZX trades and $15 AUD for ASX trades — the $5 USD cap above applies to US trades specifically. Stake also offers a paid Stake Black plan ($15 NZD/month or $156 NZD/year) with research tools (analyst ratings, price targets, extended financials) — it does not waive any trading fees.
Fee Comparison: US Share Investing
Figures below are approximate NZD costs, using an illustrative NZD→USD rate of ~0.57, current brokerage/FX rates from each platform’s own pricing page, and no ongoing platform fee (none of these three platforms charges one any more).
Single buy-and-hold ($5,000 NZD, one purchase)
| Platform | FX cost | Brokerage | Total cost |
|---|---|---|---|
| Sharesies | $25 (0.5%) | ~$9 (1.9%, capped at USD $5) | ~$34 |
| Stake | $50 (1%) | ~$5 (USD $3 flat) | ~$55 |
| Tiger Brokers | ~$18 (0.35%) | ~$4 (USD $2 flat) | ~$21 |
Frequent trader ($50,000 NZD deployed across two separate trades in the year)
| Platform | FX cost | Brokerage (2 trades) | Total cost |
|---|---|---|---|
| Sharesies | $250 (0.5% charged on each of the 2 trades) | ~$18 (1.9% capped at USD $5 each) | ~$268 |
| Stake | $500 (1%, charged once per deposit — not per trade) | ~$11 (2 × USD $3) | ~$511 |
| Tiger Brokers | ~$175 (0.35%) | ~$7 (2 × USD $2) | ~$182 |
Sharesies charges its 0.5% FX fee on every foreign-currency trade, so its total FX drag scales with the number of trades. Stake’s 1% FX fee is paid once per NZD→USD deposit (and again on withdrawal), so it doesn’t compound with trading frequency — the more trades funded from a single deposit, the better Stake compares. Tiger Brokers has the lowest FX rate of the three and wins on pure cost either way.
The FX Rate: Where the Real Cost Is
Both platforms make money on currency conversion. This is the largest cost for most buy-and-hold investors who only trade occasionally.
Stake: 1% fee (minimum $2) on NZD deposits, which are immediately converted to USD. When you withdraw, another 1%. Once your money is in your USD wallet, buying and selling US shares triggers no further FX charge.
Sharesies: 0.5% currency exchange fee applied on each foreign-currency transaction — so it’s charged again every time you buy or sell a US (or Australian) holding, not just once.
For infrequent investors (buy and hold): Sharesies’ single 0.5% hit is now cheaper than Stake’s single 1% deposit fee, even after Sharesies’ capped brokerage is added.
For frequent traders: Stake’s advantage grows with trading frequency, because its 1% is paid once per deposit rather than on every trade. Tiger Brokers’ ~0.35% FX rate is cheaper than both on a like-for-like basis, and it also offers $0 FX on the first $2,000/month for new clients.
Brokerage Fees
Neither platform charges $0 brokerage any more:
Stake charges $3 USD per trade (0.01% of trade value instead, once a single order exceeds USD $30,000).
Sharesies charges 1.9% per trade, capped at USD $5 for US trades (the caps are USD $5 for US shares, NZD $25 for NZX shares, and AUD $15 for ASX shares). Sharesies also offers optional $3/$7/$15-per-month subscription plans that raise the dollar amount you can trade brokerage-free each month.
For most individual US trades, Sharesies’ capped 1.9% brokerage works out similar to or cheaper than Stake’s flat $3 USD once converted to NZD — the bigger cost differentiator between the two platforms is the FX fee, not brokerage.
Ongoing Platform Fee: Neither Charges One
Both platforms have moved away from asset-based annual platform fees. Sharesies now earns its ongoing revenue through its per-trade brokerage (with optional paid subscription tiers), and Stake through its per-trade brokerage plus the optional Stake Black subscription ($15 NZD/month) for research tools. Neither charges a percentage-of-portfolio holding fee, so this is no longer a point of difference between them.
Sharesies’ Features
- NZX shares, ASX shares, and US shares all in one app
- NZ managed funds in the same account
- Occasional, infrequent purchases: Sharesies’ 0.5% FX fee is lower than Stake’s 1% for a single conversion
- The wider investment universe of the two
Stake’s Features
- US shares and ETFs as the main focus (no NZX access)
- FX charged once on deposit or withdrawal, not on every trade
- $3 USD brokerage per trade
How Tiger Brokers Compares
- Lowest FX rate of the three (~0.35%), with $0 FX on the first $2,000/month for new clients
- Access to US options and margin trading
→ See: Tiger Brokers NZ Review 2026 → See: Platforms for US Stocks NZ 2026
FIF Tax: Applies to Both
If your total overseas share portfolio exceeds NZD $50,000 cost price, the Fair Dividend Rate (FDR) method of FIF tax applies. This is the same regardless of whether you use Stake or Sharesies.
At FDR: 5% × opening value × your marginal tax rate annually.
At 33% marginal rate: approximately 1.65% per year on the opening value — regardless of whether the shares rose or fell.
This is the primary reason most NZ investors above $50,000 prefer NZ PIE managed funds over direct US ETFs.
→ See: FIF Tax NZ — Full Guide
Summary
| Comparison | Lower cost or feature |
|---|---|
| Cheaper for a single buy-and-hold purchase | Sharesies |
| Cheaper for frequent US trading | Stake |
| Lowest FX rate outright | Tiger Brokers (~0.35%) |
| NZX + ASX + US access | Sharesies |
| US-only focus | Stake |
Stake’s FX fee is paid once per deposit rather than on every trade, so its cost advantage grows the more often you trade. Sharesies’ 0.5% FX fee per trade costs less for occasional buyers, and it is the one of the two with everything on one platform. Tiger Brokers has the lowest FX rate of the three. Which suits you depends on how often you trade and which markets you want.
Where to check the latest data
Rates, fees and returns change often. Before deciding, check current figures yourself:
- Sorted Smart Investor: compares fees, returns and risk levels of KiwiSaver and managed funds.
- Disclose register: holds each fund's product disclosure statement and quarterly fund updates.
- Financial Service Providers Register: shows whether a provider is registered to offer financial services in New Zealand.
- The provider's own website: has its current rates, fees and full terms; these change more often than any comparison page.