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Top 9 Best Investment Apps in Australia for 2024
By
Will Ellis
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Last Updated on October 8, 2024
Edited by
Adam Turner
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Fact checked and reviewed
Are you an aspiring Australian investor?
The investment world has changed tremendously over the past few years, with easy-to-access mobile platforms that facilitate investment on the go, blockchain technologies, AI integration, and API connectivity for real-time data that supports the best investment decisions.
But that’s not all. The best investment apps in Australia focus on safety more than anything, as regulatory compliance with ASIC guidelines is no longer an option. Most of these investing apps also prioritise online security with two-factor authentication and encryption.
Sounds like good news for every Australian investor, right?
Yes, but it also causes confusion because finding the best investment app in Australia has become more challenging.
Well, that may have been the case before you started reading this article, but not anymore!
At Privacy Australia we understand that choosing the right investment app can make or break your journey. So, we decided to prepare a comprehensive guide that highlights the features of the top platforms to use in Australia.
Discover their features, pros, and cons, and eventually, you’ll be able to answer this question for yourself: Which investment app is right for me? Let’s begin:
Table of Contents
- TL;DR
- Criteria Breakdown Summary
- eToro
- Pepperstone
- AvaTrade
- Webull
- Selfwealth
- moomoo
- Douugh
- Tiger Brokers
- CommSec Pocket
- Notable Mentions
- Frequently Asked Questions
- Final Thoughts
TL;DR
- eToro leads with its social and copy trading features.
- Pepperstone caters to advanced forex and CFD traders.
- AvaTrade is a user-friendly platform offering copy trading.
- Webull offers low-cost trading and CHESS sponsorship.
- Selfwealth provides a simple flat-fee structure.
- moomoo stands out with very low brokerage fees and CHESS sponsorship.
- Douugh combines investing, banking, and BNPL in one app.
- Tiger Brokers offers low-cost access to multiple global markets.
- CommSec Pocket simplifies ETF investing..
Criteria Breakdown Summary
So how did we rate these apps?
First, we focused on the user interface and overall experience. Was the investing app easy to use? Is it suitable for beginners?
Second, we assessed the investment options available. The key to successful investing is diversification after calculating your risk.
We also wanted to assess the fees, regulatory compliance, and other unique app investment features, as these factors can significantly impact your trading experience. Since you grow with the right investment app, we wanted to evaluate customer support and educational resources. Finally, we didn’t ignore security measures and data protection to help you find the best investment app.
eToro
Best Known for Social Trading
Social trading is one of the biggest selling points of this investment app. eToro is a pioneer in copy trading which allows you as a beginner investor to copy the investment moves of other experienced users.
So, what does this mean?
It means that you’ll make investment decisions based on risks calculated by industry leaders and experts. The social feed integration offers real-time market insights and trader discussions for more informed decisions.
On the other hand, experts can generate passive income by sharing their portfolios with those who seek guidance—if they make money copying your moves, you’ll make money too.
But it doesn’t stop here. eToro also offers advanced charting tools with technical analysis indicators to help you become a better investor.
Worried about trading risk? Thanks to the availability of different asset types including stocks, ETFs, cryptocurrencies, and CFDs you’ll create a diversified portfolio. Moreover, eToro allows for custom risk management tools like take profit and stop loss orders.
Finally, using eToro guarantees the safety of your investment because it’s regulated by the FCA, the CySEC, and the ASIC, which matters the most to Australian investors.
Features
Here’s why eToro is one of the best investment apps in Australia
- Access to many assets, including international stocks that appeal to Australian investors.
- Offers social and copy trading to educate users with an integrated news feed, market analysis, and economic calendar.
- Allows for social interactions between traders for a healthy community.
- Virtual portfolio feature and a demo account with $100,000 virtual money for practice purposes.
- Secure cryptocurrency wallet for your digital assets.
Pros
- Wide range of assets including international stocks and cryptocurrencies
- Innovative social and copy-trading features
- User-friendly interface suitable for beginners
- Virtual portfolio for practice trading
Cons
- Higher fees for some services compared to traditional brokers
- Limited advanced charting tools for experienced traders
- Withdrawal fees may apply
Criteria Evaluation
- Ease of Use: 5/5
- Fee Structure: 3/5
- Investment Options: 4/5
- Unique Features: 5/5
- Customer Support: 3/5
Community Reviews and Expert Recommendations
Many users praise eToro’s user-friendly interface and its social and copy trading features. Nazim shared his positive experience on Trustpilot, “I’ve had a great experience with the eToro platform. My account manager, Aziz Touma, has given me valuable insights that have helped me adjust my investment strategy.”
WeissBia agreed on Reddit, “Been using it for many years now alongside other brokers. Still my favourite in terms of UI, support and in general fees.”
Experts love the social and copy trading features of eToro, which make it an excellent choice for beginner investors. The platform is considered more stable than others during high-volatility market conditions, and the availability of charting and analysis tools makes it a platform that you can grow with.
On the downside, eToro leaves a lot to be desired when it comes to more experienced traders. Although it offers a wide range of assets, it could use more options for a truly diversified investment opportunity as one of the best investment apps in Australia. It also lacks some advanced features that experienced traders would find necessary.
Another point was the price structure which many considered a bit complicated, as fees greatly vary based on the asset you’re trading. You can learn more about this investment platform by reading our detailed eToro review.
Price
eToro doesn’t charge any fees on stocks or ETFs, which is good news for most investors. However, conversion rate fees will apply if you don’t have a USD account.
A fee applies to cryptocurrencies, forex, and CFDs. A $10 inactivity fee will be charged monthly after one year.
Pepperstone
Best Known for Forex and CFD Trading
Pepperstone is a leading trading and investment platform, regulated by Tier 1 regulatory bodies, including the ASIC at the top, in addition to FCA and CySEC. Moreover, you can guarantee your investment’s safety with negative balance protection. This investment app offers MT4 and MT5 with all their trading and charting tools for more informed decisions, regardless of your experience level. Moreover, it integrates with cTrader and TradingViews for additional trading options.
But that’s not all. This investment and trading platform enables social trading features like copy trading.
Pepperstone offers more than 1200 tradable assets with competitive spreads, especially if you’re using a Razor account. Deposits and withdrawals are fast and the 24/7 customer support provides peace of mind, making it one of the top investment apps.
So, who can benefit from Pepperstone?
While Pepperstone can be used by literally anyone, many advanced traders consider it their go-to platform, thanks to the advanced order types and features like trailing stops and OCOs. Additionally, it allows for fast execution orders, so you won’t miss a single investment opportunity. Average runtime is around 30 milliseconds!
Features
So, which features make Pepperstone an excellent trading app? Here are some of them.
- Pepperstone offers advanced order types, charting tools, and technical indicators for experienced users based on client sentiment, in addition to risk management tools like negative balance protection.
- Provides access to multiple trading platforms.
- Offers competitive spreads and leverage options.
- Traders can improve their skills through educational materials.
- Access to customisable expert advisors with automated trading strategies with VPS hosting for 24/7 EA operation.
- Provides API access for custom trading solutions and data integration.
Pros
- Wide range of markets including forex, CFDs, and cryptocurrencies
- Competitive spreads and low fees
- Advanced trading platforms and tools
- Suitable for both beginner and experienced traders
Cons
- Not focused on long-term investing
- Complex platforms may be overwhelming for some beginners
- Limited research and fundamental analysis tools
Criteria Evaluation
- Ease of Use: 3/5
- Fee Structure: 4/5
- Investment Options: 4/5
- Unique Features: 5/5
- Customer Support: 4/5
Community Reviews and Expert Recommendations
Pepperstone received positive reviews, especially from CFD and forex traders. Fahim Rashid Shariff explained that they trust this platform with their family’s money in this Trustpilot review, “This Broker is good. Spreads are low. Both my wife and I have accounts with them.”
Users like Eliakim Okwatch on Trustpilot explained they appreciate the seamless experience, “I have used Pepperstone for one year and I’m more than satisfied with their services because Their spreads are trader-friendly. Superb customer support. Immediate payment processing.”
Many experts praised this platform for its wide spreads and fast execution times. In general, the fees were acceptable making it a suitable choice for those on a tight budget.
However, some highlight that Pepperstone works best for experienced users. Its advanced options will either confuse beginner traders or not benefit from them. Check out our detailed Pepperstone review to decide if it’s the best investment app for you.
Price
Pepperstone’s fees and commissions differ, depending on the assets you trade and the account type.
Spreads start at 0.0 for the Razor account with a $3.50 per lot per side. The Standard account is commission-free. Moreover, withdrawal transactions are mostly free.
AvaTrade
Best Known for Copy Trading and Education
Most beginner traders feel overwhelmed with different trading options and strategies. AvaTrade is specifically designed to make their lives easier with copy-trading features and trader interactions, thanks to the AvaSocial app.
AvaTrade is highly regulated by bodies like the ASIC in Australia and the Central Bank of Ireland in the EU. It’s also overseen by the CySEC in Cyprus and regulatory institutions in Japan, the UAE, and South Africa. Moreover, thanks to the AvaProtect feature, your account is protected by up to $1 million against negative balances.
This investment platform allows access to many tradable asset classes including commodities, stocks, forex, and cryptocurrencies to help investors diversify their portfolios for a reduced risk.
It supports many trading platforms, including MT4, MT5, and DupliTrade which allows for automated trading. But it really stands out for its extensive educational resources that help investors learn and gain experience.
Features
The following traits make AvaTrade one of the most popular investing apps.
- Over 1000 tradable assets from different classes for a diversified portfolio.
- AvaSocial and its extensive educational tools teach beginner traders and help them improve their trading skills.
- AvaProtect offers insurance on trades and protection against losses.
- Offers automated trading through integration with MetaTrader platforms.
- Many account types with a demo account feature with a $100,000 fund for beginners.
- Intuitive mobile trading app with price alerts and trading signals.
Pros
- Extensive educational resources
- Copy trading through AvaSocial
- Wide range of tradable assets
- Strong regulatory framework
Cons
- No tiered pricing for high-volume traders
- Limited research tools compared to competitors
Criteria Evaluation
- Ease of Use: 4/5
- Fee Structure: 4/5
- Investment Options: 5/5
- Unique Features: 4/5
- Customer Support: 3/5
Community Reviews and Expert Recommendations
Many users, especially beginners, appreciate AvaTrade’s educational materials and regulatory compliance. They also love the AvaSocial feature with its copy trading abilities to help them hone their trading skills.
Peter F. was impressed with customer support. According to his review on Trustpilot, “My experience with Avatrade, and especially Mark Mates, is incredibly positive. Both he and their technical support are always quick to respond with thoughtful and competent answers.”
Sam Gray on Trustpilot explained that the mobile app was a big hit, and he admired the platform’s various features, “Quick service to verify the accounts and transfer the funds with Alev.Alev my account manager Notified about AVASOCIAL – Copy trading – AVAPROTECT – Protection on your trades for forex pairs – gold and silver. The mobile app is a very good tool to have. It’s very user-friendly.”
Most experts report that AvaTrade is one of the top investment apps in Australia for beginner traders and the combination of several trading platforms and options can help them improve their trading skills. The platform offers some good spreads and the educational sources are extensive.
However, due to the lack of more advanced features, AvaTrade might not work for more experienced users or those with advanced needs.
Some accounts have higher fees and inactivity fees can be a barrier for some users. You can learn more about the trading platform by reading our AvaTrade review.
Price
AvaTrade doesn’t charge commissions but it makes money through the Bid-Ask spreads of forex and CFD trading. There’s an annual fee for using the account, and the minimum account deposit is $1000 for the Retail account.
This platform charges an overnight premium fee and inactivity fees are charged quarterly.
Webull
Best Known for Low-Cost Trading
If you’re a trading beginner, Webull will be an excellent option. It has recently become one of the most popular investing apps in Australia thanks to its user-friendly mobile platform and low trading costs. Webull provides access to many tradable asset classes including stocks, ETFs, options, and futures, allowing you to create a diversified portfolio.
It offers zero-commission trading on stocks and ETFs for cost-conscious investors and provides CHESS sponsorship for ASX-listed securities. This is a big plus for Australian investors concerned about protecting their assets.
Worried about your first step in the trading world? Webull offers paper trading for strategy testing without risking your own money.
For those with more advanced trading needs, Webull offers extended hours of trading. Moreover, it provides real-time market data and Level 2 quotes for enhanced trade decision-making. The TradingView integration allows investors to analyse the market accurately for more informed decisions.
The app is regulated by the Securities and Exchange Commission SEC, the Financial Industry Regulatory Authority FINRA, and the Australian Securities and Investments Commission ASIC which protects the interests of Australian investors. Unlike many investment apps, Webull is licensed to operate in the US, UK, Australia, Singapore, Japan, and Hong Kong.
Features
Webull is one of the best apps for investing thanks to these highlighted features.
- The platform provides access to the US and Australian markets with customizable screeners for stocks, ETFs, and options.
- A comprehensive mobile app with advanced charting tools and real-time market data for informed decision-making.
- An extensive library of different educational resources and paper trading features for beginners and experienced users who want to improve their trading skills.
- Allows margin trading with competitive interest rates.
- Has an IPO centre for participation in new public offerings.
- Algorithmic trading support through API access for qualified accounts.
Pros
- Low fees with commission-free trading on stocks and ETFs
- CHESS sponsorship for ASX-listed securities
- Access to US and Asian markets
- Advanced mobile app with comprehensive tools
Cons
- Limited asset types compared to some competitors
- No fractional share trading
- Customer support can be slow at times
Criteria Evaluation
- Ease of Use: 4/5
- Fee Structure: 5/5
- Investment Options: 4/5
- Unique Features: 4/5
- Customer Support: 3/5
Community Reviews and Expert Recommendations
Many users believe that Webull is an excellent choice, especially for beginner traders. The app’s user-friendly interface is one of its main selling points.
Blackwaltzjr313 on Reddit shares their opinion, “Webull’s interface in my opinion is very user friendly There are some minor things here and there but in my opinion, it’s better than TD.”
Skans-alot on Trustpilot believes that the platform is constantly improving, “I’ve been trading for over two years and Webull is one I’ve stuck with since I started. They’re always improving things and their charts and general setup is much cleaner and easier to use than the others.”
Other users like Customer Johnmcdoco faced withdrawal and customer support issues as they explained in their Trustpilot review, “I have been trying to remove my money from Webull for over 3 months. I have been told the money will be “in your bank account in two days” over a dozen times.”
As for experts, they mostly agree that low-cost trading is an appealing feature, especially for beginner and first-time traders. Webull can be a good choice for active traders who prioritise mobile trading capabilities.
Other than that, it doesn’t address the needs of more experienced investors as it lacks advanced features and the asset offerings are limited.
Price
Webull has a transparent pricing structure as it charges a $4.9 minimum brokerage fee for ASX trades. Stock and ETF trades are commission-free but a fee of $0.55 applies on index options with some having a fee of $0.10. It doesn’t charge an inactivity fee.
Selfwealth
Best Known for Flat-Fee Structure
Selfwealth is one of the leading investment apps in Australia with its straightforward flat-fee pricing structure that makes it appealing to beginner and experienced users. It’s specifically appealing to large-volume traders as the fee doesn’t increase with big order values. Moreover, the portfolio health check tool for assessing diversification and risk exposure helps beginner and experienced investors.
It’s one of the safest options in the market as it’s regulated by Tier 1 regulators. These are the SEC in the US, FCA in the UK, BaFin in Germany, ASIC in Australia, and FINMA in Switzerland. Moreover, CHESS sponsorship for ASX-listed securities adds an additional layer of security.
Direct market access for ASX traders ensures best execution in all market conditions. Selfwealth also provides integration with share registries for seamless dividend reinvestment plans or DRP management.
But that’s not all. Selfwealth is particularly appealing for Australians interested in American investments as it supports an automated W-8BEN form submission for US trading tax compliance.
Features
Selfwealth has many appealing features that make it one of the best investing apps.
- There’s an intuitive mobile app with a biometric login for secure on-the-go trading.
- Selfwealth provides access to the ASX and US markets with a multi-currency wallet for US and Australian dollar balances.
- It provides real-time market data and basic charting tools.
- Investors have access to conditional order types, including stop-loss and take-profit orders.
- Integrates with Sharesight for comprehensive portfolio tracking and tax reporting.
Pros
- A simple flat-fee structure beneficial for larger trades
- CHESS sponsorship for ASX-listed securities
- Access to both ASX and US markets
- Transparent pricing with no hidden fees
Cons
- Limited investment options compared to some competitors
- Basic charting and analysis tools
- Higher fees for smaller trades compared to percentage-based models
Criteria Evaluation
- Ease of Use: 4/5
- Fee Structure: 4/5
- Investment Options: 3/5
- Unique Features: 3/5
- Customer Support: 4/5
Community Reviews and Expert Recommendations
Users highlight Selfwealth’s user-friendly interface and low-cost trading. Teegs on Product Review praises its amazing features, “I’ve used Selfwealth for the past 4 years. It’s super easy to use, and you can use it on a mobile or computer. It makes buying and selling shares a whole lot easier, only costing half the amount banks charge per transaction. You can get free trades by sharing a referral code. I love it.”
Some Product Review users like Tamanna M, found that it lacked some advanced features and customer support wasn’t consistent, “I have been chasing up the annual report for my international portfolio with no luck even in September. The customer service said the report would be available by the end of August but when I followed up, they pushed it back to mid-September.”
Trading experts usually recommend Selfwealth for cost-conscious and large-volume traders who prioritise low, predictable costs and CHESS sponsorship.
Its two-factor authentication adds more security while the tax reporting capabilities make it an appealing choice for Australian users interested in the US market. However, it lacks several advanced options that may appeal to expert investors.
Price
Selfwealth charges a flat fee of $9.5 per trade, regardless of the trade size.
moomoo
Best Known for Low Brokerage Fees
moomoo is a rather new investment platform with solid analytical and trading tools. However, it has gained attention in the Australian market thanks to its low brokerage charges.
This investment app offers CHESS sponsorship for ASX-listed securities, which makes it appealing to Australian investors.
Moreover, it offers extended hours of trading for US markets if you’re based down under.
But that’s not all. It also stands out for its user-friendly interface and availability of fractional shares for those who want to find some shares too expensive for them.
Moreover, the social trading feature allows you to follow successful traders and share strategies with investment enthusiasts. Yet, some users wished it could offer more tradable assets.
moomoo implements a tiered fee structure with volume-based discounts. Moreover, it offers an advanced order routing system for best price execution. The AI-powered stock screening tools help traders identify potential investment opportunities.
Users will have access to real-time streaming of Level 2 market depth data. Additionally, it integrates with global news sources for comprehensive market analysis.
Features
moomoo offers a range of features that cater to both novice and experienced investors.
- This investment app provides real-time market data, advanced charting tools, and access to company financials.
- Investors can trade fractional shares and buy portions of high-priced stocks
- Offers paper trading accounts for practice and educational purposes. Has an options profit calculator for strategy evaluation.
- Provides multi-device synchronisation for seamless trading across devices.
- Has a custom indicator builder for personalised technical analysis.
- Social trading features include idea sharing and trader following.
Pros
- Very low brokerage fees
- CHESS sponsorship for ASX-listed securities
- Fractional share trading is available
- User-friendly interface with advanced features
Cons
- Limited asset range compared to some competitors
- Relatively new to the Australian market
- Customer support may be less responsive during non-business hours
Criteria Evaluation
- Ease of Use: 4/5
- Fee Structure: 5/5
- Investment Options: 3/5
- Unique Features: 4/5
- Customer Support: 3/5
Community Reviews and Expert Recommendations
Many users reported that moomoo was easy to use and allowed them to improve their trading skills. Thomas Scerri on Trustpilot mentioned that the platform was one of the best to use, “Their app takes some getting used to, but once you master it you realise it’s full of useful knowledge and potential for the investor.”
Other users like EFTdispensary on Trustpilot reported that they faced problems with customer support, “Their policies are not properly listed. The customer service is not helpful. They just copy the policies and don’t actually engage in your inquiry.”
Trading experts believe that the offerings are limited compared to other more established brokers, although moomoo provides social features that make it appealing to beginner and skilled users.
In general, this platform is suitable for cost-conscious traders and its mobile app is one of the best. Nevertheless, expert users might need to consider other platforms.
Price
moomoo charges zero commissions but has a 6.8% margin rate for Gold tier members who need to pay a monthly fee of $5. A $0.50 fee per index options contract will also apply.
Douugh
Best Known for All-in-One Financial App
Douugh sets itself in the Australian market as an all-in-one financial app with trading, investing, banking, and Buy Now Pay Later services. This app provides a holistic approach to all the services users might need to manage their money and achieve their financial goals. The platform has AI-powered features for personalised insights into financial management. But that’s not all.
It also features an automated round-up feature for micro-investing. Those hoping to improve their financial stability will benefit from the JAR system for goal-based saving and investing.
Features
Dough is one of the most impressive investing apps, thanks to its unique features.
- An integrated approach to personal finance with customisable investment portfolios.
- Uses AI and machine learning to analyse spending patterns and provide personalised financial advice.
- Offers automated investing through its Autopilot feature, which allocates funds based on the user’s financial goals and risk tolerance.
- BNPL over four instalments.
- Features gamification elements to encourage positive financial behaviours and open banking API integration for comprehensive financial data aggregation.
- Users gain rewards for using the app for payment.
Pros
- Comprehensive financial management in one app
- AI-driven personalised financial advice
- Automated investing and budgeting features
- Rewards program for achieving financial goals
Cons
- Higher fees for smaller investment portfolios
- Limited investment options compared to dedicated trading platforms
- A newer platform with a less established track record
Criteria Evaluation
- Ease of Use: 5/5
- Fee Structure: 3/5
- Investment Options: 3/5
- Unique Features: 5/5
- Customer Support: 4/5
Community Reviews and Expert Recommendations
Generally speaking, Douugh users had positive reviews concerning its user-friendliness. Andy Taylor explained that it helps in achieving financial goals in this Trustpilot review, “Love it! Really helps me manage my money. Looking forward to them launching the ability to invest in stocks.”
On the other hand, Leonsss’ Trustpilot review showed that they faced some technical issues, “Long time to fix system issues, back and forth regarding transferring funds and why it isn’t working. Also tad worrying, no options for deleting bank details? So it stays on the app, might need to call them to change that or ask them to delete your bank details.”
Experts believe that Douugh is an inclusive investment app with several cool features combined in one. It can be a great way to manage your money and achieve your financial goals. However, advanced users with more complicated investment needs might be better off using a dedicated trading app.
Price
Douugh charges $12.99 per repayment, $5.99/28 days for share trading, $5 per US tax form completion, and 0.99% for any foreign exchange margin.
Tiger Brokers
Best Known for Low-Cost International Trading
Tiger Brokers is a low-cost trading platform. It has become a popular choice for Australian investors as it allows them to diversify their portfolios by accessing international markets. International trading transactions are more accessible with real-time cross-border fund transfers for efficient international trading.
This platform has advanced trading tools and research resources with advanced algorithmic trading capabilities for institutional-grade strategies.
It’s one of the safest investment apps as it’s regulated by the ASIC in Australia, FINRA, SIPC, and SEC in the US, SFC in Hong Kong, and CMS in Singapore. Moreover, it provides additional security with its risk management tools including real-time margin monitoring.
Features
Tiger Brokers has a range of appealing features.
- Offers advanced charting tools, real-time market data, and access to multiple global markets including the US, Hong Kong, and China A-shares.
- The platform provides comprehensive research and analysis tools, including company financials and market news and a paper trading account for practice and strategy testing. Moreover, it offers API access for automated trading and strategy backtesting.
- Users have access to multi-language support.
- Provides custom scanners and screeners for identifying trading opportunities.
- Allows options trading with advanced Greek calculations.
- Provides dark pool liquidity access for improved price execution.
Pros
- Low fees for international trading
- Access to multiple global markets
- Advanced trading tools and research resources
- Paper trading account for practice
Cons
- Past regulatory issues in some jurisdictions
- May be complex for beginner investors
- Customer support can be slow at times
Criteria Evaluation
- Ease of Use: 3/5
- Fee Structure: 4/5
- Investment Options: 5/5
- Unique Features: 4/5
- Customer Support: 3/5
Community Reviews and Expert Recommendations
Many users love the app’s low-trading costs and appreciate its user-friendliness. Tyler Fucahala Tyler explained the app’s positive points in their Trustpilot review, “As a customer of Tiger Brokers in Australia, I think their APP interface is very neat, and the Australian stock commission is very low, which meets my trading needs. In particular, it also has the options trading function of US stocks, which is better than the products of CBA Bank in Australia in terms of fees and rates. Completely easy to use.”
However, some users like Minimum_Eff0rt99 on Reddit explained that it lacks some advanced features, “I use Tiger trade and don’t have any major issues in terms of use/value. However, it is quite gamified, with lots of points accumulation and promotion trying to get you to trade more and to try different products/securities.”
Experts love that this app allows traders to access global markets and shares, even the more challenging ones like the China A-shares. However, some experts said the platform is too cartoonish.
Price
Tiger Brokers charges 0.055% of trade value for ASX shares, with a minimum of $0.005 per share. Fees for international markets vary.
US options cost $0.35 per contract with a tiered commission plan for multiple contracts. The charge for index futures is between $0 and $8 depending on its type.
CommSec Pocket
Best Known for Simplified ETF Investing
CommSec Pocket is a micro-investing platform for traders interested in trading small amounts of money. Commonwealth Bank developed it and offers a simplified approach to ETF investing. This investment app provides access to seven themed ETFs, making it easy for beginners to start investing without feeling overwhelmed by choices. It also provides real-time market data feed for up-to-date ETF pricing.
It’s backed by one of Australia’s largest banks, making it a trusted choice for most Australian investors. CommSec Pocket offers an automated dividend reinvestment plan for compounding returns and CHESS sponsorship ensuring direct ownership of ETF units
Features
CommSec Pocket has many appealing features that make it one of the most popular investment apps.
- Provides access to seven themed ETFs. These themes include Australian Top 200, Global 100, Emerging Markets, Tech Savvy, Sustainability Leaders, Health Wise, and Australian Dividends.
- Allows investments starting at just $50, making it accessible to new investors. Fractional unit trading works for precise investment amounts.
- Provides automated regular investment plans for dollar-cost averaging
- Basic educational resources to help users understand ETF investing.
- Integrates with CommSec’s broader trading platform for advanced users and the mobile app is optimised for on-the-go investing.
Pros
- Low-cost ETF trading
- Simplified investment options ideal for beginners
- Backed by a major Australian bank
- Low minimum investment amount
Cons
- Limited investment options
- No access to individual stocks
- Basic research and analysis tools
Criteria Evaluation
- Ease of Use: 5/5
- Fee Structure: 4/5
- Investment Options: 2/5
- Unique Features: 3/5
- Customer Support: 4/5
Community Reviews and Expert Recommendations
Users love how CommSec Pocket allows for low-cost ETF investment. Many appreciate that the Commonwealth Bank which adds an additional level of security backs it.
Peter Wilson on Trustpilot explained that it’s an excellent app, “I’ve used CommSec for online equities investments for a few years and it’s always been good. The low transaction costs are great.”
However, some users weren’t satisfied with the limited ETF offerings as AnonymousBloke explained on Reddit, “If I were investing $15,000 plus $20,000 p.a. I’d use a trading platform that allowed me access to the full range of ASX listed ETFs, not just the random seven chosen by CommSec for CommSec Pocket.”
Experts love that CommSec Pocket facilitates low-cost trading for new investors. However, advanced investors might need to look for other platforms that provide more features.
Price
CommSec Pockets charges $2 per trade up to $1000. For trades over $1000, a 0.2% fee applies.
Notable Mentions
If none of the previous apps work for you, you can try any of the following options.
Syfe
Syfe offers a range of managed portfolios focusing on passive investment strategies.
Revolut
Revolut provides a multi-currency account with stock and crypto trading features.
Vanguard
Vanguard offers low-cost ETFs and managed funds for long-term investors.
FAQs
What should I look for in an investment app?
This depends on your investment goals. Most investors consider fees, tradable assets and investment opportunities, ease of use, security, and customer support.
Other factors like fractional shares and automatic investing might appeal to more advanced users. As an Australian investor, you’ll also be interested in access to international markets.
Finding the best apps for investing in Australia will be easier once you check our guide for low-risk investments.
Are investment apps safe to use?
Reputable apps like the ones we suggested in our guide are safe to use. It’s crucial to check the app’s regulatory status and other safety and security features like two-factor authentication and protection against negative balances.
Mainly, you should check that your app is regulated by the ASIC. CHESS sponsorship for ASX-listed securities is another plus.
However, despite all these regulations, it’s crucial to understand the inherent risk of investing in different assets. Learn the answer to questions like is eToro safe by reading this guide.
How do fees compare across different investment apps?
Brokerage fees Australia vary between platforms depending on your trading volume and the assets you trade. Some apps charge commissions while others charge flat fees per transaction, appealing to large-volume traders.
Some top investing apps provide commission-free ETF trading but can charge fees for other assets. You should also consider other charges like inactivity fees, withdrawal fees, and account charges.
Can I use multiple investment apps?
Yes, you can use multiple investment apps to leverage their different offerings and investment strategies. In fact, it can help you diversify your portfolio. For example, one app might provide commission-free ETF trading while another offers low-cost options trading.
However, investing in multiple apps can confuse some beginner investors and make investment tracking more challenging. So, it’s better to have a clear investment plan and see which app works best for you.
How do I get started with an investment app?
To start using an investment app, you should do the following:
- Choose an app that aligns with your investment goals.
- Assess its beginner-friendly features. Some apps like AvaTrade and eToro offer copy trading to help less experienced users.
- Download the app and create an account.
- Use a demo account if available and browse the educational resources.
- Fund your account and start investing using a small amount.
- Assess your investment strategy before investing more funds.
Final Thoughts
The world of investment apps in Australia has evolved big time over the past few years.
Features like copy trading, social trading, and fractional investment will make these apps more appealing to certain investors. It’s important to assess your investment goals to find a good plan that aligns with them.
As we’ve seen, each app has its strengths and weaknesses. Some excel in user-friendliness and are great for beginners who want to know how to start a share portfolio, while others offer advanced tools that cater to more experienced traders.
Several factors will help you choose the best investment app in Australia.
Remember, while these apps make investing more accessible, they don’t eliminate the risks associated with investing. It’s important to do your own research, understand your investment options, and never invest more than you can afford to lose.
While considering your next investment app, prioritising your online security is paramount. At Privacy Australia we understand the importance of protecting your data while taking advantage of the convenience offered by investment apps.
As a result, we recommend using a VPN when accessing your investment accounts, especially on public Wi-Fi networks, to add an extra layer of security to your financial transactions.
Remember, the best investment strategy is one that you’re comfortable with and can stick to in the long run. There’s an investment app that works for you whether you’re an expert or taking the first step in the investment world. Just do your research and you’ll be good to go.
