As of the second quarter of 2021, the total value of global equity trading was $37.7 trillion, the second-highest recording in history. It’s safe to say global stocks are booming right now, and as stock markets continue to push to new all-time highs, investors are scrambling to purchase various financial assets in an attempt to grow their capital.
The global pandemic generated a perfect storm that formed the basis of the unprecedented interest we are now witnessing for stock trading platforms. In many cases, both new and experienced investors have found themselves with more time and money (in some instances, at least) than ever before, which has resulted in a huge spike in demand for stocks and other financial instruments. In light of this, big banks and innovative start-ups have been battling over the new influx of investors to try and secure a segment of this ever-expanding market. With that in mind, let’s look at some of the best trading apps and online investment platforms in each of the top three most prolific stock trading countries in the world.
United States
The USA boasts the largest stock exchange globally, the New York Stock Exchange, which is currently valued at almost $25.9 trillion, closely followed by the NASDAQ. The sheer scope and size of the US trading market make it the most important and influential segment of the global industry, and as a result, there is fierce competition over US investors from trading apps and platforms. Let’s take a look at some of the most popular:
- Robinhood
- WeBull
- Charles Schwab
According to Statista, Robinhood is by far the most wide used e-trading platform on the US market, with over 7.3 million users – almost three times more than second-placed WeBull. Interestingly, both of these platforms offer commission-free trading on stocks, exchange-traded funds (ETFs), options, and some crypto, showing how the American market prefers access to a wide variety of financial assets. With that said, the prevalence of Charles Schwab demonstrates that the major banks are still here to stay, offering many of the same tools and services as Robinhood, but with the added security and backing of a large corporation.
Canada
Canada is quickly becoming one of the most active trading countries in the world, largely thanks to it possessing one of the most developed and largest economies. As for trading apps, Canada is following in a similar vein to the USA, with consumers clearly preferring apps that are simple, clean, and easy to use, with low fees. With that in mind, here are some of Canada’s best apps for trading:
- Qtrade
- Questrade
- Wealthsimle
Both Qtrade and Questrade have been around since 1999, offering their customers access to a wide variety of financial assets and trading instruments. These long-established platforms have dominated the market for most of the past two decades as they have done an excellent job at tailoring their service to their customer’s needs. Nevertheless, the rise of Wealthsimple shows that consumers are looking for an even more hands-off approach when it comes to investing as their “robo-advisor” platform is quickly becoming one of the most widely used trading apps on the Canadian market.
United Kingdom
Last but not least, we have the United Kingdom, which has one of the most active, and oldest stock exchanges in the world, the London Stock Exchange (LSE). According to Finder.com, around 33% of Brits own shares, with two-thirds (67%) of the population saying they plan to buy stocks and shares in the future. On that note, let’s take a look at some of the most popular apps on the UK market:
- eToro
- Plus500
- IG
eToro has been the most favored trading app in the UK for most of the past year, according to Statista. The social trading platform has proved to be a huge success in Great Britain, largely thanks to its copy trading feature and its wide variety of financial assets, including Stocks and ETFs, CFD trading, and cryptocurrencies.
Before eToro took the throne, Plus500 dominated the UK market with its CFD offering and clean interface, which offered an easy onboarding process for newbie investors. IG is one of the more established names when it comes to stock trading, after being founded in 1974. Since then, it has provided CFD trading services and ISAs, and it continues to be one of the most popular products on the market, although it is known for being somewhat more complex than some of the newer trading apps.
Final Word
Thanks to the rise of mobile trading apps and stock trading platforms, investors can gain access to a wide range of markets and financial instruments from their smartphones, with the ability to execute trades in seconds – something that would have been thought impossible just a few decades ago. As companies continue to improve the user experience through things such as better user interfaces, lower fees, and more analysis tools, trading on the go will likely continue on its current trajectory, which will likely lead to bigger players entering the market and more agile start-ups bringing new and exciting products to the industry.
Disclaimer: This content does not necessarily represent the views of IWB.