Finding the best Australian stock market app can be challenging, especially with so many options available and each platform providing different functionality and perks. That’s why we’ve put together this quick little guide outlining how to find the best Australian stock market app so you can begin your search armed with all the knowledge you need.
Consider What Kind Of Shares You’re Wanting To Buy
The first thing you’re going to need to think about when looking for the best Australian stock market app is to decide on what kind of shares you’re looking to purchase. This is because different platforms offer different options, so the share you’re wanting to buy may not be available on all platforms. You may also be able to get better deals in terms of brokerage fees depending on which platform you use so it’s important to consider this before any other factors when hunting the best Australian stock market app.
Think About How Easy The Platform Will Be To Use
The next thing you’re going to want to consider is how easy the platform will be for you to use. There’s no point making use of a system that you find incredibly confusing and tiring as this can lead to mistakes, something you definitely don’t want when dealing with your hard earned money. Because of this, even if other platforms have better deals, the best Australian stock market app for you, will always be one that you can easily understand and work with.
See Whether The Minimum Purchasing Quantity Aligns With Your Budget
You’ll also need to think about whether the minimum purchasing amount suits your budget. Time in the market will always beat timing the market and one of the best ways to keep your dollar cost average on the lower end is to consistently make purchases. Because of this, however, you’ll need to find a platform that fits well within your budget when hunting for the best Australian stock market app.
Consider How Easily You’ll Be Able To Track Your Portfolio
The best Australian stock market app is one that easily allows you to track the performance of your portfolio. How this looks will be different for everyone and it does very much tie into how easy you find the platform to use overall, but you’ll want to put special emphasis on being able to track your funds when selecting the best Australian stock market app. For those who are unsure how they want things presented, we personally like being able to have all of our statistics in terms of gains and losses in a simple, easy to read dashboard but feel free to tailor this to your preferences.
Keep Diversification Front Of Mind
You should also be considering how easy it will be to diversify your portfolio on whichever platform you select. This is because the best Australian stock market app is one that allows you to purchase as many shares from your wishlist as possible. Keeping your holdings spread across different funds and industries helps protect you in uncertain economic times so it is more important now than ever that this is an easy process.
Look Into Whether You Can Natively Re-Invest Dividends
Finally, although not necessary, having the comity to natively set up a dividend reinvestment plan is a nice perk to have if you’re going to be purchasing many different types of shares and want them all to roll over of their own accord. For this reason, we suggest considering this as a factor when hunting for the best Australian stock market app.
By considering these six factors when deciding on a platform, you’ll find it a lot easier to discover the best Australian stock market app for your needs – we hope your investment journey goes well and that you see wonderful returns.