The Best Stock Trading App in Australia

Are you looking to trade stocks in Australia? I've used pretty much every Australian stock trading app, and the good news is that we now have a wealth of options. Here is my pick for the best stock trading app for Australians:

The Best Stock Trading App – Superhero

Superhero is my top current top pick. They have reinvented the stale and outdated stock trading scene in Australia. You can now buy shares in Australia from just $5 per trade. And you can also start investing with just $100 at a time.

Superhero fees for stock trading

Why I like Superhero

  • Instant Deposits using PayID – Buy stocks instantly. Deposits on Superhero are quick thanks to PayID support.
  • Super Competitive Fees – Buy ETFs and U.S Stocks for $0. Buy ASX listed stocks for just $5.
  • Lower Trading Minimums – My major gripe with traditional platforms like Commsec or Selfwealth are the $500 minimum order amounts. Superhero lets you invest with just $100 at a time. This is great for those starting out and still wanting to dollar cost average.
  • U.S Shares – Superhero has added support for U.S shares. Invest in companies like Apple, Netflix, Amazon etc and pay no fees.
  • Good App Design – Superhero obviously has a solid dev team building the product. It's easy to use, good looking and makes sense. It doesn't matter your experience level, you'll be able to invest in stocks through Superhero.

Cons of Using Superhero

  • No HIN/CHESS – Superhero acts as a custodian. This is how they can have such competitive fees and also offer lower minimum order amounts. I think this is a reasonable trade off and personally don't consider it to be any more risky than using another broker.

The Best App for Beginners – Spaceship Voyager

For investors who are new to stocks, I usually recommend they look into Spaceship Voyager. It's a managed product – meaning you don't need to pick and choose a portfolio on your own. And this is a good thing! Many beginner investors end up losing money trying to pick stocks. It also encourages Dollar Cost Averaging, one of the most powerful investing strategies.

Spaceship has been my number 1 performing investment over the past few years.

Micro Investing Apps

Why I like Spaceship Voyager

  • The Best Fees in Australia – Spaceship Voyager is the cheapest way to invest in stocks from Australia. For accounts with a balance of less than $5k, you'll be charged no fees! This makes it perfect for starting out. Fees over $5k are still the cheapest and most competitive in Australia.
  • Managed Portfolios – No need to pick and choose stocks. Invest in one of three different portfolios. The portfolios are based on solid fundamentals and have performed well in the past (remember past performance doesn't indicate future returns).
  • Dollar Cost Averaging – Setup a recurring investment. This will happen completely automatically so you can literally set and forget!
  • $5 Minimum Investment – You don't need lots of money to start buying stocks. Invest with as little as $5 at a time. And because there are no fees on the first $5k, you don't need to worry about fees eating into a smaller balance.

P.S – A good alternative to Spaceship is Raiz. I also use Raiz, but chose Spaceship simply because it has better fees. But I think they are both excellent products.

Find out more about Spaceship here

The Best App with CHESS Support – Open Trader

If you're looking to invest in Australian stocks with a broker that supports CHESS than my recommendation is Open Trader. They offer $5 brokerage (which is the cheapest in Australia for ASX listed stocks). Personally I'm not a fan of CHESS and the paper mess it creates, but some people consider it a must have.

Open Trader Stock Trading Features

Why I like Open Trader

  • CHESS Support – Easily transfer your shares between brokers.
  • $5 Brokerage – Commissions start at just $5 on Open Trader. This is the cheapest that I've been able to find. (Spaceship doesn't charge fees but you're investing in a fund rather than buying an individual stock).

The Best Social Trading App – eToro

Social Trading is a relatively new concept. Basically instead of trades being hidden away, a traders history is shared and made social. You can follow and even automatically copy the trades made by other more experienced and historically profitable traders.

eToro Traders
Past Performance does not indicate future returns

eToro is my top pick as a copy trading app.

Why I like eToro

  • Follow and Copy Other Traders – even if you don't want to trade through eToro, you can follow other experienced traders. This is great for learning more about stock trading.
  • Virtual Trading Account – If you're new to stock trading and want to learn the ins and outs, then you should try eToro's virtual trading account. Every eToro account gets virtual money they can use to trade under real world conditions. Learn to trade stocks without risking any real money!
  • Trade U.S Stocks with no commissions – Invest in U.S stocks and pay zero commissions.

Let me know in the comments what you think the best stock trading app in Australia is.

This post is for educational purposes and should not be considered as investment advice. This post is based on individual experience and journalistic research.

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