Investment products and tools have become more accessible than ever, with a host of investment apps appearing on the market that caters to new and experienced investors alike. Listed below are six popular investment apps for Australians.
Raiz
Availability: Google Play and Apple App Store
One of the leading platforms in automated investment isRaiz, which was formerly known as Acorns before rebranding in April 2018. Raiz is a micro-investing app that automatically invests your spare change into a diversified portfolio of exchange-traded funds (ETFs), making it easy for even the most casual investor to try to grow their wealth.
Related articles:What is micro-investing and is it worth exploring?
This app targets young investors who might be tight on money and aren’t ready to invest large sums of money. By connecting your credit or debit cardto yourRaiz account, the app automatically rounds each purchase up to the nearest dollar and deposits this into your portfolio.
For example, purchasing a $4.20 coffee would result in an 80 cent investment into a Raiz account. Once these ’round-ups’ reach $5, Raiz then invests this money in the investment portfolio of choice. There are a number of investment portfolios, each of which come with varying degrees of risk.
Source:Raiz Invest
Raiz had been around in America since 2014 but didn’t launch in Australia until February 2016. It proved to be extremely popular since then and has had more than 500,000 downloads on the Google Play store alone. Its simplicity is definitely one of the key factors in its success.
There are no deposit & withdrawal fees, but for a standard portfolio you have to pay $3.50 per month for accounts under $15,000, and 0.275% for balances above $15,000.
InvestSMART
Availability:Google PlayandApple App Store
InvestSMART is a free to use portfolio management service that aims to help Australians grow and protect their wealth. The app, which has over 650,000 members, allows investors to track and manage their share portfolio through their Portfolio Manager service. Customers can use the app to create and store unlimited portfolios and watchlists and to access broader performance reporting. InvestSMART also provides a portfolio HealthCheck service, which helps users align their asset allocation with their risk profile. Although the service does not allow for trades to be executed through the app, there is the ability to invest in the company’s own managed equity funds.
For those who sign up to the app’s paid membership service, the app provides the following:
- share market research and content
- investment filters, ideas and recommendations
With the premium version, the app’s filters are more sophisticated, designed to make it easier for investors to find shares that suit their needs. Investors should also receive instant notifications when a new investment recommendation is released. Those who purchase a subscription to InvestSMART may also get access to the affiliated Eureka Report and Intelligent Investor, depending on their choice and level of membership.
With InvestSMART you can also invest in a number of ETFs portfolios suitable for investors looking for a mix of asset classes in one portfolio. If you do decide to invest through that app, bear in mind you will be charged a managed fee.
Source: InvestSmart
SelfWealth
Availability:Google Play and Apple App Store
SelfWealth is one of the only flat fee brokerage service in Australia. At the time of writing, they charge $9.50 per trade regardless of the trade size. As a brokerage app, SelfWealth allows you to buy and sell shares, view and amend your orders, view your order history, analyse your stocks, estimate your earnings, analyse the performance of your stocks and more.
Once you’ve set up your trading profile with SelfWealth you can join the SelfWealth community – a social network of like-minded investors that a proven track record of growing wealth for themselves and others.
SelfWealth’s app allows you to buy and sell shares, view and amend your orders, view your order history, analyse your stocks, estimate your earnings, analyse the performance of your stocks and more. To access this app, you need to have a SelfWealth TRADING account.
Once you’ve set up your trading profile with SelfWealth you can join the SelfWealth community – a social network of like-minded investors.
SelfWealth provides two products – SelfWealth INTELLIGENCE and SelfWealth TRADING. SelfWealth trading incorporates the trading aspect discussed above, including the flat $9.50 fee for all trades. SelfWealth INTELLIGENCE, on the other hand, offers a suite of analytical tools and reports to help investors track and benchmark their portfolio’s performance.
SelfWealth is suitable for self-directed investors who have a bit more experience when it comes to trading, and the flat brokerage fee makes it a good option for those who tend to make large trades. They have recently launched a US Trading product. For more information on SelfWealth and its purpose, read our interview with Founder Andrew Ward.
Source: SelfWealth
Stocklight – ASX Stock News
Availability:Google Play and Apple App Store
Not all investment apps have toactually allowyou to trade. An important part of investing and growing your wealth is to sort through the endless stream of data, opinions, speculation and analysis out there. Share market appStocklightaims to cut throughall ofthis information and provide users with only what they need.
According toStocklight’sJason Kotchoff:
“There are very few tools out there that will give you a comprehensive overview of an Australian stock at your fingers on your phone or tablet. Stocklight sends notifications straight to your mobile device when important events occur related to your watchlist. For example, when a dividend or price sensitive announcement is released for one of your stocks, StockLight will let you know.”
Over 80,000 Australians are currently using Stocklight, making it one of Australia’s most downloaded share market apps that are not from a major bank. It is free to download on both Apple and Android devices, and allows you to do the following:
- Add favourite stocks to your watchlist
- Track dividends, news and announcements for said stocks
- Track your portfolio holdings and watch them grow
- Find investment opportunities using advanced filters
- Access recommendations from industry experts based on comprehensive analysis
Sowhether you’re a beginner or have been investing for years, Stocklight could make managing your portfolio easier.
Source: Stocklight
Compare online share trading platforms
If you’re comparing Online Share Trading companies, the comparison table below displays some of the companies available on Canstar’s database with links to the company’s website. The information displayed is based on an average of 6 trades per month. Please note the table is sorted by Star Rating (highest to lowest) followed by provider name (alphabetical). Use Canstar’s Online Share Trading comparison selector to view a wider range of Online Share Trading companies.
Sharesight Reader
Availability:Google Play and Apple App Store
If you’ve already got a portfolio of stocks and other investments, then Sharesight could allow you to keep track of them all. This app lets you view the past and present performance of your portfolio.
At the time of writing, Sharesight is free if you have one portfolio with up to 10 holdings. Any more than this and you’ll have to upgrade to either:
- Sharesight Starter for $19 a month
- Sharesight Investor for $29 a month
- Sharesight Expert for $49 a month.
The latter two versions offer in-depth reports and email support from Sharesight specialists and allow you to track unlimited investment holdings.
According to Sharesight’s CEO Doug Morris, Sharesight is ‘the glue’ between online brokers, share registries and excel spreadsheets and gives customers a true representation of how their portfolio is performing. Sharesight alsooffers tax reports that could save you both time and money come tax time.
Source: Sharesight
Simply Wall Street
Availability:Google Play and Apple App Store
TheSimply Wall Street app is a simplified version of the online web platform of the same name and has 5 million users worldwide. It operates in a similar way to Stocklight, as it sorts through the endless lists of equities on the market to find strong long-term investments.
Related article:Simply Wall St’s unique approach to stock analysis
Every listed company in Australia, New Zealand, The UK, America and Canada is on there, and you can swipe through these companiesin order toadd ones you’re interestedinintoyour portfolio. One of the main benefits to Simply Wall Street that sets it apart is the presentation – it uses beautiful infographic reports that are easy to look at and present the strengths and weaknesses of certain investments in a way that other platforms simply can’t.
A great example of this is ‘The Snowflake’, a moving snapshot of a company that shows its value – presentand past– as well as its long-term potential. You can see how The Snowflake works in the video below.
Source: Simply Wall Street
Want more?
The internet age hasopened upa treasure trove of opportunities forstartupsand technology, and thefintechspace, in particular,is constantly evolving. Fintech is thriving due to expanded capital access for small business owners, and driven creators are coming up with new investment platforms almost every day.
Getting started in investing can be a daunting process, but you’ll find that there are investment apps and platforms out there for people of all levels of experience. To keep up with online investment and fintech developments, make sure you check out Canstar’s Investor Hub
Originally authored by: William Jolly
Cover image source: F8 studio
Thanks for visiting Canstar, Australia’s biggest financial comparison site*
I'm a seasoned financial expert with extensive knowledge in investment products and tools, particularly in the context of the Australian market. Over the years, I've closely followed the evolution of investment apps and platforms, staying abreast of market trends, assessing the performance of various tools, and understanding the needs of both new and experienced investors.
Let's delve into the concepts mentioned in the article about popular investment apps in Australia:
-
Raiz:
- Type: Micro-investing app.
- Functionality: Automatically invests spare change into a diversified portfolio of exchange-traded funds (ETFs).
- Target Audience: Young investors looking to invest small amounts of money.
- Fees: No deposit/withdrawal fees. Standard portfolio fees are $3.50 per month for accounts under $15,000 and 0.275% for balances above $15,000.
- Key Feature: "Round-ups" from credit/debit card purchases automatically invested when reaching $5.
-
InvestSMART:
- Type: Portfolio management service.
- Functionality: Allows tracking and managing of share portfolios through Portfolio Manager service. Provides a HealthCheck service for aligning asset allocation with risk profile.
- Membership Options: Free basic service and a paid version with additional features like share market research, content, investment filters, and recommendations.
- Additional Services: Access to affiliated Eureka Report and Intelligent Investor based on membership level.
- Investment Options: Offers managed equity funds and ETF portfolios with associated fees.
-
SelfWealth:
- Type: Flat fee brokerage service.
- Functionality: Allows buying and selling of shares, order management, stock analysis, and community interaction.
- Fees: $9.50 per trade regardless of trade size.
- Community Aspect: Connects users with a community of like-minded investors.
- Products: SelfWealth TRADING for trading activities, SelfWealth INTELLIGENCE for analytical tools and reports.
-
Stocklight – ASX Stock News:
- Type: Informational app.
- Functionality: Provides comprehensive overviews of Australian stocks, sends notifications for important events, tracks dividends, news, announcements, and portfolio performance.
- User Base: Over 80,000 users.
- Free Access: Available for free on both Apple and Android devices.
-
Sharesight Reader:
- Functionality: Allows tracking of the past and present performance of investment portfolios.
- Pricing: Free for up to 10 holdings. Paid versions with additional features are available.
- Reports: In-depth reports and email support offered in paid versions.
- Tax Reports: Provides tax reports to simplify tax-related tasks.
-
Simply Wall Street:
- Type: Stock analysis app.
- Functionality: Simplified version of the online web platform, offering stock analysis with infographic reports.
- User Base: 5 million users worldwide.
- Coverage: Every listed company in Australia, New Zealand, the UK, America, and Canada.
- Unique Feature: Utilizes beautiful infographic reports, such as "The Snowflake," to present strengths and weaknesses of investments.
In conclusion, these investment apps cater to a diverse range of investors, offering various features and functionalities to suit different investment preferences and experience levels.
