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US share dealing app launches in UK

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An app that lets investors outside America access the US market has launched in the UK today.

Stake, which was built and launched in Australia, lets users buy and sell more than 3,500 US stocks and ETFs.

Matt Leibowitz, chief executive and founder of Stake, said: “While the UK offers a lot of opportunity, for investors who want to trade the biggest companies in the world – the likes of Amazon, Google or Tesla – you have to trade in the US.”

The company claims to have more than 50,000 customers already and users can trade with a minimum of £100.

The basic ‘starter’ package, which offers unlimited free trades, is free to use while the top tier package, available to users with $30,000 or more in their Stake accounts, costs $19 a month.

Stake also charges an FX fee of 0.5% when a user moves money and it is converted into US dollars.

Stake is regulated by the Financial Conduct Authority and deposits of up to £85,000 per individual are protected under the Financial Services Compensation Scheme. In addition, US deposits of up to $500,000 are protected under SIPC, a similar scheme to FSCS.

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