We analysed 40 trading platforms that were available to Australians to come up with the highest-rated investment apps. Finder's proprietary "best trading app" algorithm rates platforms by the following criteria:
Only trading apps with more than 50 reviews in the App Store and Google Play stores were included in our list. For more information about how our algorithm works, head to our full methodology explainer.
"I use Interactive Brokers as my primary trading platform. It allows me to manage accounts AUD, CAD and USD, as well as trade stocks, options and funds on global markets."
Stocks and exchange-traded funds (ETFs) are listed on various stock exchanges around the world. To buy stocks from these exchanges, you'll need a stock broker to act on your behalf. This is where trading platforms come in.
Trading platforms and apps let you enter buy or sell orders of stocks, which are then executed by a broker.
It's worth noting that stock brokers and trading platforms partner with different exchanges, so the types of stocks you'll be able to trade depend on which platform you choose to go with.
Here in Australia, we have the aptly named Australian Securities Exchange (ASX), but there are many others around the world, including the New York (NYSE) and London (LSE) stock exchanges.
Some trading platforms partner with just 1 or 2 exchanges such as Wall Street's famous NYSE or NASDAQ, while others like Interactive Brokers connect you to dozens.
In Australia, most trading apps let you trade Australian stocks on the ASX while some will also offer US-listed stocks. There are also a few global trading apps that offer stocks listed in other markets and these include Interactive Brokers, CMC Invest and eToro.
When it comes to choosing a trading app, there's no one best option that'll suit everyone's needs.
Instead, it's best to compare fees and features, choosing the app that aligns with your personal needs at the lowest price.
Here's what to consider when choosing a new trading app:
"Investors should prioritise simplicity, security and cost-effectiveness when choosing a trading platform. This might involve researching a platform's user interface and security features, as well as its fees and commission structures."
Before you do anything else, you'll want to make sure the trading app you are signing up to is regulated by The Australian Securities and Investments Commission (ASIC) and holds an Australian Financial Services License (AFSL).
Unfortunately, fake or scam trading platforms that can appear legitimate are a growing problem. According to consumer watchdog ACCC, Australians lose millions of dollars every month to investment scams.1
The best measure you can take to protect yourself is to check the trading app you're signing up to has an AFSL number that is registered with ASIC. At Finder, we only feature AFSL licensees in our investment guides and comparison tables.
Sharesies was named the best trading app for beginners in the Finder Share Trading Platform Awards, but that doesn't necessarily mean it will be the best app for you. If you're a beginner looking to find a trading platform, you can start by comparing the following features:
You can also compare beginner-friendly investment apps in our guide to the best trading platforms for beginners.
The cost of investing in stocks can be very different depending on which exchange the stocks are listed in. For example, stocks listed in Australia can be more expensive to trade than stocks listed in the United States, where greater competition has seen fees drop dramatically over the last few years.
Here are the main fees to look out for when buying and selling stocks through a trading app:
There are many other types of fees you can be charged, such as an account closure fee, a money transfer fee and even a fee if you don't place enough trades in any given month. Make sure to do your homework before signing up.
Gold and silver prices are continuing to soar, sending ASX gold and silver stocks to new record highs. Gold heavyweights Northern Star Resources (ASX:NST) is up 36% in the last 6 months, Evolution Mining (ASX:EVN) has risen 54% and Newmont Corporation (ASX:NEM) is up over 70%. Meanwhile silver stocks Andean Silver Ltd (ASX:ASL) and Silver Mines Ltd (SVL) have rocketed over 90%.
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Take time to review your alternatives before you invest your hard-earned money.
