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The Best Investment Trading Apps For Australians

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Our Pick Of The Best Investment Trading Apps For Australians

Sophie Venz

Former Editor

Published: Oct 11, 2024, 7:00am

Johanna Leggatt

editor

Edited By

Editorial note: Forbes Advisor Australia may earn revenue from this story in the manner disclosed here. Read our advice disclaimer here.

Until recently, the idea of managing stocks and shares from your mobile device—in effect, having a dealing room in your pocket—would have been fanciful. But today’s smartphones are making this a reality.

Private investors in Australia are increasingly using trading apps, not just to execute the occasional transaction, but to run entire portfolios. In fact, it is estimated that close to one in five investors access the sharemarkets through apps, and micro-investing apps, in particular, are booming, growing 100% for the year to end of 2022.

Whether you’re new to buying shares or a seasoned stock market investor, here’s a look at the rise in trading apps and how to choose one to suit your needs.

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Which Trading App Should I Pick?

Keeping the amount that you pay to trade and invest to a minimum will end up boosting the returns made by your underlying investments.

As with so many decisions to do with our finances, when it comes to choosing a trading app, there’s no clear-cut choice that will suit everyone. Much of the decision will depend on what you are looking for from a service.

Aside from charges, there are a number of other considerations you need to bear in mind to get the most out of your trading app experience. These include:

How user-friendly do you find the app? What is the interface like?
What investments do you want to trade? Shares, funds, or more sophisticated investments?
If you’re new to investing, does the app allow you to practice trading or trade virtually before taking the plunge with a demo account?
Aside from trading costs, what other admin charges does the app impose?
Is there a minimum investment?
Is your app regulated by ASIC with an AFSl licence?
Are there any extra benefits or rewards?
If budget is an issue, are you after a micro-investing app?

Trading Apps for Various Scenarios

The trading app market is getting crowded. Here is a selection of apps that cover a range of scenarios, from novices to more sophisticated investors.

Note: The below list represents a selection of our top category picks, as chosen by Forbes Advisor Australia’s editors and journalists. The information provided is purely factual and is not intended to imply any recommendation, opinion, or advice about a financial product. Not every product or provider in the marketplace has been reviewed, and the list below is not intended to be exhaustive nor replace your own research or independent financial advice. For more information on how Forbes Advisor ranks and reviews products, including how we identified our top category picks, read the methodology selection below.

Low Fees and Copy Trades

eToro

Demo account?

Yes

Markets

19 global indices

Start Trading

On eToro’s Website

Demo account?

Yes

Markets

19 global indices

Why We Picked It

eToro describes itself as a “bridge between the old world of investing and the new” and claims to be “the only place where investors can hold traditional assets, such as stocks and commodities, alongside ‘new’ assets such as the cryptocurrency Bitcoin”.

The app offers a decent mobile experience and, along with several of its rivals, provides the added appeal of zero-commission trades and copying more experienced investors. Plus, you can practise trading with the company’s demo account.

Great Educational Resources

Selfwealth

Demo account?

Yes

Markets

AU, US, HK

Demo account?

Yes

Markets

AU, US, HK

Why We Picked It

Founded in 2012, Selfwealth remains a leading Australian trading app. At the time of writing, Selfwealth has more than 128,000 Australian investors using its platform, trading with more than $10.2 billion in assets.

Selfwealth allows its investors to trade Australian, Hong Kong and US shares, and has a range of educational resources for beginners, including a virtual account for practising as well as the extensive YouTube videos that explain the principles of trading.

Regardless of trading size, Selfwealth charges a flat fee of $9.50—making it a cost-efficient trading app solution for those wanting to dip their toes into the stockmarket.

Solid User Experience

Tiger Brokers

Demo account?

Markets

AU, US, HK

Demo account?

Markets

AU, US, HK

Why We Picked It

Tiger Brokers is a newish global share trading platform which opened its door to Australian investors in early 2022. The platform allows Australian users to trade on both the ASX and international stock markets, making it a versatile option for seasoned investors.

It also comes with comparatively low fees in the global market, and is also offering a $0 brokerage fee per order on US stocks and EFTs for new members for the first three months of trading.

With its clean, comprehensive user portal, competitive pricing and ample sign-up incentives for both local and overseas trading, Tiger Brokers could be a good choice of trading platform for investors wanting to expand their capability pool.

While there is no demo account, there is a well-resourced Tiger online community for interacting with other investors.

Bonus Features and Rewards

Superhero

Demo account?

Markets

AU, US

Demo account?

Markets

AU, US

Why We Picked It

Superhero launched in 2020, and is an Australian startup that aims to make online trading simple and swift. It offers a $5 flat fee per trade on stocks and EFTs on the ASX, and $0 on US markets.

The startup has been swiftly growing since its launch, expanding in 2021 to also offer users the ability to invest their superannuation into ETFs and direct shares, rather than managing a SMSF.

Superhero has also partnered with Australia’s national carrier, Qantas, to offer its users bonus frequent flyer points when trading.

For those looking for more benefits and opportunities via a trading platform—rather than simply trading—Superhero is a prime contender.

Great Access to Investment Research

Saxo Markets

Demo account?

Markets

50+

Demo account?

Markets

50+

Why We Picked It

With access to more than 50 international markets, Saxo allows investors to trade in a range of assets, from riskier cryptocurrencies and CFDs to more conventional bonds and stocks. There is no longer a minimum investment requirement and the company has recently simplified its fee structure. You can read more about their fees, on their pricing page. There are three platforms to choose from, with the most intuitive, SaxoInvestor, working especially well on mobile.

You can also access research by various fund managers, as well as learning resources such as webinars, articles, videos, and detailed guides on trading and investing. Unfortunately, you need to subscribe for live pricing.

Good Access to Overseas Markets

IG Australia

Demo account?

Yes

Markets

50+

Demo account?

Yes

Markets

50+

Why We Picked It

IG allows users to trade on more than 18,000 global markets, including shares, FX trading, indices, options, commodities and cryptocurrencies.

Its website and app feature interactive charts, news, automatic trading alerts and real-time signals for users. Investors can also spread bet or trade CFDs (contract for difference) on commodities, and options trading is available on various assets timed daily, weekly and monthly.

As CFDs are highly complex and procure a large risk of losing money rapidly due to leverage, IG is ideal for seasoned investors who can fully understand the risks involved.

If you’re new to investing, there is also a demo account with $20,000 AUD of virtual funds.

No account fees

Pearler

Demo account

Markets

AU and US

Demo account

Markets

AU and US

Why We Picked It

The Pearler app may be an ideal option for beginner traders, as not only is it free to download, there are also no monthly account of subscription fees.

Via the Pearler app, users can trade on both the Australian and US markets, with a flat fee of $6.50 AUD whether you’re trading on the ASX, the NYSE, Nasdaq or even in ETFs.

Pearler also offers a ‘kids investing’ option, which allows younger generations to learn more about trading without spending money. Additionally, Pearler has a social investor community and podcast, but there is no demo account.

Good for micro-investing

Stake

Demo account?

Markets

AU, US

Demo account?

Markets

AU, US

Why We Picked It

Stake is free to download for iOS and Android users, with no monthly subscription or sign-up fees when opening an account. With Stake, users can access a wide range of asset classes, from REITs to bonds, both in Australia or in the US.

When signing up, users are required to pay an initial minimum trade of $500 AUD in order to invest. After this initial minimum trade, users can use the app to make investments at a minimum of only $20. Plus, the brokerage fee is $3 AUD when trading in Australia, and $3 USD if trading in any of the international markets offered.

Easy to use

Bank-Owned Platforms

Demo account?

Depends on platform

Markets

Depends on platform

Demo account?

Depends on platform

Markets

Depends on platform

Why We Picked It

Many Australian banks now offer their own purpose-built trading platforms for general banking customers. While it’s not a condition to be a previous customer of a bank in order to use their trading platform, it can be an enticing benefit for some as it allows your finances to all remain in one place or app.

Often, banks will also offer customers signup bonuses, or waive certain fees for existing customers within their general banking database. CommSec, Commonwealth Bank’s trading platform, offers no fees on the first 10 trades, while HSBC’s Online Share Trading gives new users up to $500 cashback.

Despite the incentives, bank-owned trading platforms often incur higher fees when compared to other trading platforms. For example, in comparison to Selfwealth’s $9.50 flat trading rate, CommSec charges $19.95 for trades up to $5001, $29.95 up to $10,001, and 0.12% of those up to $50,001.

Related: CommSec Review

Getting Started

For those looking to invest via the stock market, the days of “calling one’s broker” are long gone.

Most investors who want to buy and sell shares, build a portfolio of investment funds or trade sophisticated instruments, such as CFDs, now do so through an online account.

Over the past two decades, investment platforms representing some of the biggest names in stockbroking and fund management have catered for this need, mainly with services aimed at a desktop or laptop-orientated customer base.

In the past couple of years, however, there has been a noticeable shift from desktop to mobile trading by private investors, with two factors having helped accelerate this phenomenon: the evolution of increasingly powerful smartphones, and the rise in the number of share trading apps.

Trading Costs

The investment space is cluttered with variable fees and charges from one provider to another, so it can be a complicated business for investors—whether app-based or desktop-based—to work out what they will actually pay.

When it comes to buying and selling shares, some providers impose a flat fee per trade. Others structure their charges to benefit users who trade the markets more frequently.

Users may also find themselves billed according to the size of their investment. Accounts provided by longer-standing platform providers often come with a monthly subscription or admin fee.

If you’re planning on buying overseas shares—for example, you fancy gaining exposure to US tech stocks priced in USD—then you’ll probably be charged an AUD to USD currency fee for doing so.

Meanwhile, if you’re an infrequent trader, your account might be hit with inactivity charges.

Several app providers promote their ‘commission-free’ trading status. It’s a welcome and increasingly popular option across the investing space. But bear in mind that just because trades are free from commissions, it doesn’t necessarily follow that your account will be devoid of charges.

Brokers make their money in other ways, such as withdrawal fees and charges for currency conversion.

Before signing up to a particular investing app, work out what sort of investor you plan to be. Having an idea of how much you’re going to invest, how often you plan to trade, and which markets will be your primary focus can help determine the best and most cost-effective app for your needs.

Beware ‘Indiscriminate’ Trading

Two of the main attractions of investing via an app are the ability to trade quickly and, assuming you choose the right provider, at little or no cost.

On the face of it, this sounds like a winning combination with the potential for enhanced investment returns on your portfolio. However, research from a team at Frankfurt’s Leibniz Institute says that it’s still important to tread warily, even when you’ve got the investing power of a small dealing room sitting in the palm of your hand.

The researchers tracked the transaction of 15,000 customers of two large German retail banks over several years. They discovered that, when people placed trades via a mobile app, they were 8% more likely to buy “riskier lottery-type stocks” than when they bought via a computer.

Deals placed via apps were also 12% more likely to be for “past winner” stocks, in other words, those that had enjoyed a recent surge.

The researcher concluded that the findings “caution against the indiscriminate use of smartphones as the key technology to increase access to the financial markets”.

This article is not an endorsement of any particular cryptocurrency, broker or exchange nor does it constitute a recommendation of cryptocurrency or CFDs as an investment class. Cryptocurrency is unregulated in Australia and your capital is at risk. Trading in contracts for difference (CFDs) is riskier than conventional share trading, not suitable for the majority of investors, and includes the potential for partial or total loss of capital. You should always consider whether you can afford to lose your money before deciding to trade in CFDs or cryptocurrency, and seek advice from an authorised financial advisor.

Frequently Asked Questions (FAQs)

Can I invest in stocks from my phone?

Yes, thanks to modern-day technology, trades can be made right in the palm of your hand via apps available on smartphones and tablets. Our list above includes some of the leading share trading apps available to Australian users.

Which trading app is best for beginners in Australia?

There are a range of share trading apps that are specifically targeted at beginners, and these include CommSec Pocket, Selfwealth, Sharesies and Superhero, among others. The key is to find that right app for you, and one that matches your investment goals, as well as access to the markets you wish to buy into. To read our top picks, visit our guide to the best share trading platforms for beginners.

Do share trading apps cost money?

Most share trading apps are free to download from the App Store or Google Play Store. However, you may have to pay a sign-up fee or a subscription fee in order to actually use the share trading platform via the app.

Is eToro legal in Australia?

Yes, eToro is legal in Australia. It has both a share trading platform you can access online and an app available on both iOS and Android. To learn more about eToro, read our eToro review of its pros and cons as well as in eToro guide.

What is better than CommSec?

There are a range of share trading apps and platforms that rival CommSec, despite not coming with the backing of Australia’s largest bank. These include CMC Markets, eToro, Superhero, Selfwealth and, of course, banking rival Nabtrade. CommSec scored highly in our pick of the best share trading platforms for Australians, but it isn’t perfect: the platform charges high international trading and currency conversion fees. If this is an issue, you may wish to look at other platforms with lower international fees.

Are investment apps worth it?

This depends entirely on your risk profile, investment goals and preferred method of trading. There is no doubt that access to investment apps via your mobile are handy and allow you to check and make trades in a matter of minutes. But it’s important to tread carefully, as well: research from a team at Frankfurt’s Leibniz Institute tracked the transaction of 15,000 customers of two large German retail banks over several years, and found that when people placed trades via a mobile app, they were 8% more likely to buy “riskier lottery-type stocks” than when they bought via a computer.

Which one app is best for trading?

There is no one app that is best for trading, but there are a number of trading apps that may be right for you, depending on your risk profile, investment goals, investment focus and preferred method of trading.

Some of these include:

Stake
eToro
Pearler
Saxo Markets
Superhero

As with any investment do your research to determine the right app for you.

How much do you need to start day trading Australia?

You need a minimum of $500 to start trading on the ASX with standard investment apps. There is no minimum amount, however, for trading on certain international equity markets, including the Nasdaq, the NYSE and AMEX.

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Sophie Venz Former Editor

Sophie Venz is a former Deputy Editor at Forbes Advisor. She is an experienced editor and features reporter, and has previously worked in the small business and start-up reporting space. Previously the Associate Editor of SmartCompany, Sophie has worked closely with finance experts and columnists around Australia and internationally.