The competition is heating up! Another Australian investing app has added U.S share trading. This time it’s Superhero - my current pick as the best stock trading app in Australia.
This means you can now buy shares like Apple, Amazon, Netflix etc alongside you’re Australian listed shares. Superhero is charging $0 brokerage on U.S trades. Which means it’s competing directly with Stake and eToro - the two other major apps that offer U.S share trading.
Superhero makes money on the FX conversion. When you deposit AUD, it needs to get converted into USD in order for you to buy U.S shares. The FX fee is 50 basis points. Stake by comparison charges 70 basis points on the fx rate. So Superhero is looking to undercut the competition.
This extra competition is great! The Australian investing space is getting more exciting. While we’re a long way off the U.S, things are slowly starting to move in the right direction.
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