Best Stock Trading App Australia for 2024

Best Stock Trading App Australia for 2024

In the landscape of stock trading apps in Australia, there's a diverse array catering to investors with varying expertise. These apps serve as essential tools, facilitating seamless stock transactions and providing valuable market insights.

From novice-friendly platforms to those offering advanced trading tools, selecting the right stock trading app is a pivotal first step in your investment journey. While the convenience of on-the-go trading is undeniable, it's prudent to note that making well-informed investment decisions often benefits from careful consideration at a desk, where one can thoroughly evaluate options.

eToro

eToro stands out as the best overall trading app in Australia, offering a user-friendly experience coupled with exceptional social trading features. Launched in 2007, it caters to both beginners and intermediate traders, providing an interface that's easy to navigate and charging $0 commissions on stocks and ETFs. With regulatory oversight in the EU, the UK, and Australia, it instills confidence in users.

For Australian investors seeking to build a diversified portfolio spanning local and international stocks, eToro proves to be the ideal trading app. It boasts reasonable fees, access to leverage, a vast array of tradable assets, and an intuitive interface. Moreover, the platform enables diversification through options like exchange-traded funds, forex, crypto, and indices.

Pros of eToro

• eToro provides a user-friendly experience, catering to both beginners and intermediate traders.
• The platform stands out by offering zero commissions on stock and ETF purchases, providing cost advantages.
• eToro excels in social trading, allowing users to leverage advanced traders' expertise through features like copy trading.

Cons of eToro

• eToro's charts and technical analyses may be less comprehensive for advanced users.
• Users may encounter fees related to currency conversion and withdrawals, impacting transaction costs.

ANZ

ANZ's Investment App, backed by the reputable Australian bank, stands out as a user-friendly platform for online trading in Australia. With fixed fees, it caters to both novice and intermediate investors, offering transparency in transaction costs. Primarily focused on ASX shares, the app provides valuable insights and features such as easy trading, charting, and research functionalities.

It simplifies the investment process, making it an ideal choice for those starting in the online trading landscape. Real-time news updates, company announcements, customizable watch screens, and portfolio tracking enhance the user experience, offering a quick and efficient entry into online investing.

Pros of ANZ

• ANZ's app allows users to trade a comprehensive range of stocks on the Australian Securities Exchange (ASX).
• Access a diverse set of investment opportunities with the capability to trade in 19 international stock markets.
• Users can invest in professionally managed mFunds, broadening their investment options.
• ANZ facilitates convenient mobile transfers within the app, enhancing user experience.

Cons of ANZ

• ANZ's commission fees are relatively high, which can impact the overall cost of trading.
• Limited funding options, as the app accepts only bank transfers for transactions.
• Access to real-time price data may incur additional costs, affecting budget-conscious users.
• Advanced trading features come at an extra cost, potentially adding to the overall expense for users seeking advanced functionalities.

AvaTrade

AvaTrade stands out as a prominent player in the trading app arena, boasting a significant presence with 2 million monthly transactions. Regulated by the Australian Securities And Investments Commission (ASIC), AvaTrade is recognized as one of the world's top trading platforms. While it caters to a broad user base, it particularly shines for intermediate derivative traders in Australia.

The mobile trading app, including proprietary platforms like AvaTradeGO and AvaOption, is well-suited for both beginners and intermediates, though it may be slightly less advanced compared to certain competitors like CMC and IC. The app provides a seamless experience for those exclusively interested in derivative trading, offering a balance of user-friendly features and functionality.

Pros of AvaTrade

• AvaTrade provides Australian traders the convenience of trading in their local currency, simplifying transactions.
• Users benefit from the absence of fees for both withdrawals and deposits, enhancing cost-effectiveness.
• AvaTrade offers some copy trading features, allowing users to follow and replicate the trades of successful investors.

Cons of AvaTrade

• The platform imposes high fees on dormant accounts, which may be a concern for users who are not actively engaged in trading.
• AvaTrade's focus is not specifically tailored for stock traders, indicating that its features and emphasis may be more suitable for other financial instruments like derivatives.

Pearler

Pearler is well-suited for long-term investing, offering low-cost CHESS sponsored trading designed with a focus on passive investing. The platform distinguishes itself by providing unique features like autoinvest and a prepay option to further reduce costs.

Pearler caters to different investment preferences, allowing users to manually select individual stocks, set up auto-investing for automatic stock purchases, or engage in micro-investing through the app with a choice of eight portfolios.

Additionally, users can leverage portfolio templates for easy customization or follow the investment journeys of popular finfluencers, although it's crucial to align any chosen investment strategy with individual needs, goals, and circumstances.

Pros of Pearler

• Pearler offers useful features such as auto-investing, micro-investing, and the ability to learn from Finfluencers, providing a comprehensive and educational investment experience.
• The platform provides access to brokerage-free ETFs, allowing investors to diversify their portfolios without incurring additional fees.
• Pearler offers competitive fees, making it cost-effective for users, particularly in terms of brokerage and associated costs.
• There are no account-opening, maintenance, or inactivity fees, enhancing the cost-efficiency of the platform for investors.

Cons of Pearler

• Pearler is limited to local and US shares only, restricting the range of available investment options for users.
• The platform lacks real-time market news and analysis, potentially limiting users' access to timely information for informed decision-making.

Superhero

Superhero, the Australian trading platform, has introduced an innovative AI feature that efficiently summarizes ASX company announcements as selected by users. Launched in 2020, Superhero aims to simplify online trading with a straightforward pricing model, charging a flat fee of $5 per trade on stocks and ETFs on the ASX, and $0 on US markets.

The platform has experienced rapid growth, expanding its offerings in 2021 to include the option for users to invest their superannuation in ETFs and direct shares, providing an alternative to managing a SMSF. Additionally, Superhero has formed a strategic partnership with Qantas, offering bonus frequent flyer points to users engaged in trading activities. For those seeking a trading platform that goes beyond the basics, Superhero stands out as a compelling choice.

Pros of Superhero

• Superhero offers a budget-friendly $5 flat fee for trading on Australian shares.
• Investors can purchase Australian ETFs without incurring brokerage fees.
• The platform provides automated features for a streamlined investment process.
• Accessible with a minimum investment of $100, making it inclusive.
• Enables trading in the US market, including fractional investing for diverse investment options.

Cons of Superhero

• Lacks the option for individual Clearing House Electronic Subregister System Holder Identification Numbers.
• Imposes relatively high fees for foreign exchange transactions.
• Provides only basic data and stock reports, potentially limiting comprehensive analytics for some investors.

Syfe

Syfe excels as the ideal app for beginners due to its comprehensive approach, encompassing ASX stocks, US stocks, cryptocurrencies, and portfolio investing within a single platform. Despite not being the most cost-effective for ASX or US trades, Syfe provides competitive fees and ensures a well-rounded experience for investors seeking a straightforward and inclusive investment journey.

Pros of Syfe

• Syfe provides users with the opportunity to trade stocks listed on both the Australian Securities Exchange (ASX) and the United States stock market.
• Syfe offers competitive brokerage fees, ensuring that users can trade stocks and other assets at a cost-effective rate.
• Syfe's platform extends beyond traditional stocks, allowing users to engage in cryptocurrency trading, providing exposure to this alternative asset class.
• Syfe simplifies the investment process for beginners by offering pre-constructed portfolios, making it easier for users to diversify their investments without extensive market knowledge.

Cons of Syfe

• While Syfe provides access to the US stock market, it may lack coverage of other global markets, limiting diversification opportunities.
• Syfe's platform may have fewer advanced tools and features compared to more specialized trading platforms, which could be a drawback for experienced investors seeking in-depth analysis and customization options.

ThinkMarkets

ThinkMarkets stands out for its provision of CHESS-sponsored shares and ETFs, encompassing a vast selection of over 3100 assets on the Australian stock exchange. Notably, the platform distinguishes itself with a flat $8 per trade fee, establishing a competitive fee structure in the market. With a commitment to transparency, ThinkMarkets imposes no monthly, transfer, or account opening fees.

While catering to the needs of smaller investors with a fixed $8 brokerage fee per trade, it introduces a tiered fee system for more substantial transactions, where investors trading over $200,000 are subject to a 0.05% fee. This fee flexibility makes ThinkMarkets an appealing option for a diverse range of investors, aligning with both the budget-conscious and those engaging in larger-scale trading activities.

Pros of ThinkMarkets

• ThinkMarkets adheres to multiple top-tier regulations, ensuring a higher level of trust and security for users.
• The platform offers competitive fees, making it cost-effective for users, especially in comparison to industry averages.
• ThinkMarkets provides a sophisticated trading platform, offering advanced tools and features for traders.
• With a vast selection of over 4000 Contracts for Difference (CFDs), users have a diverse range of trading options.
• The inclusion of two-factor authentication enhances the security of user accounts, adding an extra layer of protection.

Cons of ThinkMarkets

• The trading platform's accessibility limitation to the Standard account may be a drawback for users seeking different account types.
• Despite its strengths, ThinkMarkets falls short in providing ample educational resources for experienced traders who may require more in-depth insights and information.

Vantage

Vantage stands out as the go-to stock trading app for serious CFD share traders, making its mark since its establishment in 2009. Regulated by ASIC in Australia, FCA in the UK, and CIMA in the Cayman Islands, Vantage operates as a global CFD brokerage with a comprehensive range of offerings, including stocks, forex, precious metals, and commodity derivatives.

This award-winning brokerage has garnered recognition for its excellence and operates in an extensive network, spanning 172 countries and maintaining 30 offices globally. With its global presence and regulatory compliance, Vantage provides a platform tailored for serious CFD share traders, offering diverse investment opportunities across various financial instruments.

Pros of Vantage

• Vantage stands out for its cost-effective structure, ensuring that users incur minimal expenses beyond actual trading activities.
• The platform excels in providing a swift and efficient account opening process, allowing users to get started with trading promptly.
• Vantage offers a smooth and hassle-free experience for depositing funds into the account and withdrawing profits, contributing to a user-friendly environment.

Cons of Vantage

• While Vantage is strong in CFD trading, it may have a more constrained product selection compared to some competitors, limiting the range of investment options.
• Some users may find room for improvement in customer service, suggesting that the platform could enhance its support and responsiveness to user inquiries.
• The scope of investor protection appears to be limited to the UK, potentially raising concerns for users outside this jurisdiction regarding the level of security and safeguards in place.

Webull Australia

Webull Australia is hailed as the premier low-cost trading app in the country, offering access to ASX and US shares, US options, and shares from emerging Asian economies. Boasting minimal fees, a user-friendly interface, and CHESS sponsorship, it is an excellent choice for building medium- to long-term equity portfolios focused on Australian and US assets.

With fees as low as $4.9 per trade and no mandatory minimum deposit, Webull allows users to construct portfolios without significant cost constraints. While lacking copy and social trading features, it stands out for its affordability and simplicity, making it an attractive option for cost-conscious investors.

Pros of Webull Australia

• Webull offers CHESS sponsorship on ASX shares, providing a sense of security for investors.
• The app-centric approach ensures a fully-featured mobile trading experience, emphasizing convenience and accessibility.
• Provides access to Australian and US stocks, Australian and US ETFs, US Options, Hong Kong Stocks, and Chinese A-Shares, enabling the creation of a diversified international equity portfolio.
• Webull boasts very low fees, with competitive pricing structures for both Australian and US market transactions.

Cons of Webull Australia

• Lacks advanced features such as copy trading and social trading, making it a straightforward stock trading app without additional functionalities.
• Webull's 9.6% interest rate for borrowed funds may be considered relatively high, especially for those considering leveraged trading.
• The educational materials, termed "Investor Education Centre," are not as comprehensive as some competitors like eToro's "Academy," emphasizing the need for independent education beyond the trading platform.

Westpac Online Investing: Best app rating among the banks.

The Westpac Online Investing app is tailored for iPhone, iPad, and Android devices, optimized for efficient use on smartphones. This app, designed for trading, provides the capability to engage in trading activities involving shares, warrants, ETFs, and ETCs.

Users can leverage the app to establish customizable watchlists, access live quotes and news, monitor their entire portfolio, and configure a diverse set of personalized alerts. Notably, it holds the top app rating among major bank-affiliated brokers.

Pros of Westpac Online Investing

• Enables users to trade various financial instruments, including shares, warrants, ETFs, and ETCs.
• Provides access to real-time data, including live quotes, charts, company announcements, and news, facilitating informed investment decisions.
• Offers customizable alerts for a range of events, such as price movements, market-sensitive announcements, and dividend dates.

Cons of Westpac Online Investing

• Not accessible on Windows phones, restricting access for users with this specific mobile platform.

List of Best Stock Trading App for Beginners in Australia

Explore these top-rated stock trading apps for beginners, offering user-friendly interfaces, diverse market options, and comprehensive features. From eToro's multi-asset platform to Syfe's inclusive approach and Plus500's leading online trading experience, these apps cater to beginners seeking simplicity and accessibility.

eToro

Features: eToro's multi-asset trading platform covers stocks, ETFs, cryptocurrencies, and commodities.

User-Friendly: Known for its user-friendly interface, making it beginner-friendly.

Market Variety: Offers a wide range of markets for diverse investment choices.

Syfe

Comprehensive Approach: Syfe stands out for its comprehensive approach, covering ASX stocks, US stocks, cryptocurrencies, and portfolio investing.

Competitive Fees: While not the most cost-effective, Syfe provides competitive fees for ASX and US trades.

Inclusive Experience: Ensures a well-rounded experience for beginners seeking simplicity and inclusivity.

Plus500

Diverse Markets: Plus500 offers a vast selection of markets, including forex, commodities, indices, and stocks.

User-Friendly Platform: Provides a user-friendly platform with easy navigation for quick access to various markets.

Leading Online Trading Platform: Recognized as a leading online trading platform with a focus on accessibility.

How to Find the Best Trading App?

Choosing the right trading app depends on individual preferences and needs. It's essential to compare fees and features to find an app that aligns with personal requirements at a reasonable cost.

Consider factors like user-friendliness, the type of investments you want to trade, market access, educational resources, trading fees, additional features, and whether the broker is CHESS sponsored. When searching for the best trading app, our analysis for Australians in 2023 considered several key factors to determine the highest-rated investment apps,

• Availability on iOS and Android devices
• Access to ASX and US markets
• Access to company financial details via the app
• App stock alerts
• Average user ratings on the App and Play Stores
• Availability of PayID
• Biometric login option
• Live chat support
• Platform and brokerage fees
• User-friendliness