Trading apps - have you ever used any?

Have you ever used any trading apps before? If yes, what kind? What did you like about them, and what didn’t you like?

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I’ve been using Stake from Australia for a few years now. It’s great for investing in US stocks commission free but i’d prefer to be able to invest elsewhere also. The FX rates of 0.7% on top of banking rate FX rates are also a bit of a sting when making a trade.

Their app is super simple to use though and you can hold funds in AUD or USD which is pretty handy. I personally like that they have a website platform in addition to IOS & Android but hey, i’m old school :wink:

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Hi there, personally I’ve never used any trading app. First of all, I’ve always thought that trading apps are too difficult for the beginning investors, and secondly - trading apps like Robinhood or eToro were never very popular in Poland, so honestly speaking, I have never had a chance to use them…

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I’m using revolut trading and just started as a beginner. Never tried stock trading before.

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Currently I use eToro. I like simplicity and zero commission trading. Although there is some drawbacks, there isn’t any notification or separate history of dividends (who paid it, how much and when). There is no “DRIP” and you can’t buy a stock for less than 50 dollars even though stock costs only 40 bucks, also there is very little information about specific stock in the platform.

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Currently using Freetrade. It is a useful App for new investors wanting to dip their toes into it, and could potentially be really good. The problems with it are there only a few stocks/ETFs/Bonds available through it (though that is growing); there is no DRIP capacity, and no fractional shares. This is frustrating, particularly when comparing to US trading apps like Robinhood and M1 Finance which seem better suited to passive investing.

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How do you find Revolut’s user experience for trading? What aspects do you like / dislike?

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This is really good feedback, thank you. One of the issues I’ve found with traditional trading apps, like my banks trading app, was the minimums - with my bank you can’t buy less than 500 dollars of each stock. So to build a portfolio of 10-20 stocks, which is the recommended amount of diversification, you need 5-10K. It places a barrier to entry for people / young people to start investing - that and the high brokerage / FX charges!

Noted on the DRIP, that’s come up a few times, so we’re working on adding that to the roadmap. Some companies and ETFs have a DRIP that don’t cost but some charge or have minimums so it’s a little more complex to set up. For companies that don’t have a DRIP, we would need to set up an automatic re-investment to replicate a DRIP. There’s also taxation on either option to consider, so we need to be able to reconcile this in our backend dashboard.

It’s definitely something we’re keen to work on adding.

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This is really good feedback, thank you.

I’m a big fan of fractional shares, they’re definitely on our roadmap! So are listed bonds - it’s important to me we get these in the app as soon as possible so investors have these type of securities to de-risk their portfolios.

Noted on the DRIP, that’s come up a few times, so we’re working on adding that to the roadmap. Some companies and ETFs have a DRIP that don’t cost but some charge or have minimums so it’s a little more complex to set up. For companies that don’t have a DRIP, we would need to set up an automatic re-investment to replicate a DRIP. There’s also taxation on either option to consider, so we need to be able to reconcile this in our backend dashboard.

It’s definitely something we’re keen to work on adding.

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It’s a pretty basic experience for trading, especially for beginners. I can describe it as an easy not scary process to invest.

Although after a while as you improving your trading skills you are looking for a much more detailed app. So, right now I’m using revolut as a broker and tones of other apps for highs/ low/ volume, notifications, statistics, news, alerts, dividends etc.

I like the commission free and no fx fee for topping up the investing account as well as the immediately execution on buying or selling stocks.

I hate that they are to slow to provide us with a W8 form, meaning that we are loosing money from dividends as they cut a percentage for US taxes. Also they don’t provide pre/ after market trading hours.

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This is really good feedback, thank you!

Good to know about the stats - we have some and are planning more into our roadmap so people can still use our app while their knowledge is advancing. Our W8-BEN form will also be completed during on boarding, so no problems there. :slightly_smiling_face:

Noted on after market trading hours, this is good to know and we’ll see what we can do on this one - aside from accessibility to offer this, after hours trading is typically when the bid / ask spreads are wider, meaning trading volumes are lower. So for less experienced investors there’s more risk that they won’t gain the best price. It’s important to us that we’re doing the right thing by investors, so we’ll see what we can do about offering this and then making sure less experienced investors are informed about the risks.

Thanks again, hearing what you want in a trading app is really helpful to us :pray:

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