ASX trading platform Superhero launches new mobile app
The platform has seen 45,000 customer sign-ups since its launch late last year.
The online broker dubbed the "Robinhood" of the ASX has officially launched a mobile app for iOS and Android users.
That means Superhero customers will have the option of trading ASX shares and exchange traded funds (ETFs) over desktop or mobile devices starting from today.
Superhero is a low-cost Australian share trading platform that made waves after it hit the market back in September last year. Since its launch, it has seen 45,000 customers sign up to the platform and has received backing from Zip founder Larry Diamond as well as Afterpay's Nick Molnar.
The app offers a flat $5 brokerage fee for ASX shares and $0 brokerage for ETFs, making it the lowest-cost broker on Finder's system for Australian securities and the only broker to offer all ETFs commission-free.
The platform is also unique because it allows you to invest in increments of $100. While this is a far cry from the likes of Robinhood, which has a minimum investment of $1, it's much lower than the standard $500 minimum required by other ASX stock brokers.
How does the mobile app work?
According to a release from Superhero, the mobile app has the same functionality as the desktop version with new features coming soon.
Like the desktop version, the Superhero app offers two account options: the Basic (free) account and the Live account ($9 per month), which offers live pricing, tax reporting and limit orders.
“Our mission is to make investing accessible. Offering access via a native mobile app to our customers was a critical step in achieving that,” Superhero co-founder and CTO Wayne Baskin said.
The news comes days after Superhero announced a new PayID feature that allows customers to top up their account in seconds rather than overnight as with BPAY.
You can check out Superhero's full list of features on our Superhero review page.
Superhero has a few big product releases in the works. In December, it announced it was launching a superannuation product called Superhero Super that would allow users to build up a retirement portfolio of stocks and ETFs. Similar to an SMSF, customers will be able to select which securities they'd like to invest in but with limitations aimed to reduce risk.
Superhero co-founder and CEO John Winters said the new super product would give users greater control over their retirement fund, without the cost of setting up an SMSF, which can cost thousands of dollars a year in accounting fees.
"Australians have been sold this idea that old men in suits or 'grown-ups' have to run their super and take a cut at each step of the way, while we invest our non-super assets at our own discretion at significantly lower cost," said Winters.
Finder understands there has also been talk around adding zero brokerage US stocks to the platform, although there's no word yet on when this might be released.
On the investment front, there have been reports that the company is looking to list on the Australian Securities Exchange by 2021. The AFR earlier supplied Superhero had completed a $25 million pre-IPO raising with the funds going towards its new product offering.
Stockbroker Shaw and Partners is reportedly assisting with the capital raising.
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