Why zero-fee apps will never exist for ASX shares

The Robinhood smartphone app has been both praised for making investing accessible to the average folk and criticised for triggering addiction.

But one undisputed legacy is that it has made $0 brokerage standard in the United States. 

When the app launched in 2013, first-time investors absolutely loved the idea of not paying a fee for every small transaction. So after just 7 years, more than 13 million users have flocked to Robinhood.

Its popularity forced the older platforms to follow. Even most of the online brokers operated by the big 100-year-old companies now offer a free option.

But what about Australia? We’ve not yet seen a ‘zero fee’ platform for trading shares on the ASX.

Like so many financial and cultural trends,…