Please read through this post carefully before starting.
Getting a free share for signing up to a stocks and shares app and making a deposit isn't new, you can already do it with FreeTrade and get a free share worth anything from £3 – £200 when you deposit £1. Here is another fantastic offer from a new app, Stake, where you can get one of three free shares. However, Stake's deposit is £50 and Stake trades in dollars, so you need to pay a little bit of attention when completing this offer or you will end up a couple of pounds short if you get a GoPro share.
What is Stake?
Stake is a new app that allows you to trade US stocks and shares.
How to get a free share
Stake currently have a refer a friend scheme in place where you sign up, deposit £50 and you will get one of three free shares from spinning the wheel.
Your free share will either be for:
You can also earn more free shares for referring friends and family. Once they deposit £50 you will get a free share from one of the above.
What is the free share worth?
The value of the free share you get from Stake will depend on three things.
Firstly, which share you get. They are valued from lowest (GoPro) to highest (Nike) with Dropbox being a mid-range share.
Secondly, the value of the share. Shares go up and down regularly, so at the time I signed up, the shares were worth between £4 (GoPro) and £90 (Nike).
Thirdly, and you will find this out when you go to withdraw your money from Stake, the exchange rate will impact how much you get in £ for your free share.
Roughly, your share will be worth:
- GoPro (roughly £4 value)
- Dropbox (roughly £17 value)
- Nike (roughly £90 value)
How to sell your free share from Stake
Once you have spun the wheel to find out what free share you get, Stake will email you when the share is in your account.
You can either keep your free share in your Stake account, or you might choose to sell it instead.
If you want to sell your share then open the app and under ‘Holdings' press on your share.
You will then see information on how your share has performed.
To sell, press on ‘sell'.
You will then see this screen with ‘review' greyed out. That is because you need to change ‘order type' from ‘limit sell' to ‘market sell'.
Now you can review your sale and continue with it.
How to withdraw your money from Stake
Press on your account (the last button on the bottom menu), Funds & Balances and scroll down to ‘Withdraw Funds'.
This is where you need to pay attention.
Remember that you have already deposited £50 of your own money, and Stake will have converted that to USD ($) for you.
When you go to withdraw, pay attention to how much money you have after the conversion, as well as the Stake fees.
When I withdrew there were 2 x $2 fees, meaning that if you have only got the free GoPro share you need to keep watching the app and the exchange rate to make sure that you don't lose out because of the exchange rate.
You could take regular screenshots to compare how much money you will get for withdrawing, and then you know if it has increased or decreased.