Trading app downloads surge 47% year-on-year in 2024

New data from SplitMetrics reveals a substantial increase in trading app downloads, with a 47% year-on-year rise in 2024.

Analysis highlights that approximately 7.3 million new users have already been added in 2024, positioning the sector to exceed previous records set in 2022, when 7.5 million new users were recorded.

SplitMetrics, an app growth solutions company, conducted the survey using data from its App Radar platform. The study focused on the world's top 20 trading and investment apps available on the Google Play Store.

The combined lifetime user count for these apps now stands at 83 million. UK-based apps contribute 22 million users to this total, European apps 8.3 million, and the remaining 53 million come from the rest of the world.

In the period up to 31 August 2024, trading apps collected an estimated 7.2 million downloads, reflecting a 47% increase compared to the same period in 2023. The first half of 2024 alone saw 5.4 million downloads, up from 3.7 million in the first half of 2023.

Trade Republic leads the list of apps with the most new users in 2024, adding 1.6 million users. Following it are Robinhood with 1.3 million, eToro with 1.2 million, Trading 212 with 766,000, and Fidelity Investments with 707,000. In terms of lifetime downloads, Robinhood remains the frontrunner with 22 million, followed by eToro at 18 million, Trading 212 at 15 million, Fidelity Investments at 7.4 million, and Trade Republic at 5.5 million.

Thomas Kriebernegg, General Manager at SplitMetrics Agency, commented on the findings: “The astonishing growth of the trading app market is a testament to the sector’s remarkable adaptability. Despite global economic challenges, the data suggests that people are turning to these apps as a means to help navigate financial uncertainty and potentially secure their future.”

Kriebernegg noted that 47% year-on-year growth, along with indicators pointing toward a record-breaking year, suggests significant consumer comfort with investing their disposable income. He added, “This could indicate that the cost of living crisis may be easing.”

As the sector grows, Kriebernegg anticipates an increasingly competitive environment for app marketers. He stressed the importance of innovation and effective targeted marketing to attract and retain users in the coming months and years.

Additional data from the Google Play Store reveals the download figures for other popular apps. IBKR Mobile saw a 425,000 increase in downloads in 2024 compared to 255,000 in 2023. Public – Stocks and Options recorded 117,000 downloads in 2024 from 160,000 in 2023. Scalable Capital achieved 275,000 downloads in 2024, up from 203,000 the previous year. IG Trading Platform lagged slightly with 74,000 downloads in 2024, down from 115,000 in 2023.

Moneybox recorded 211,000 downloads in 2024, up from 174,000 in 2023, while Plum saw a slight increase from 246,000 in 2023 to 251,000 in 2024. Hargreaves Lansdown’s downloads rose from 58,000 in 2023 to 112,000 in 2024. Conversely, BUX saw a slight decline from 19,000 downloads in 2023 to 17,000 in 2024.

Freetrade's user acquisition fell from 47,000 in 2023 to 38,000 in 2024. NuWealth experienced a decrease from 3,000 downloads in 2023 to 2,000 in 2024. Nutmeg's downloads dropped from 34,000 in 2023 to 24,000 in 2024. Lightyear recorded a download decrease from 53,000 in 2023 to 26,000 in 2024.

In contrast, interactive investor saw an increase in downloads from 15,000 in 2023 to 47,000 in 2024. AJ Bell saw an increase from 10,000 in 2023 to 20,000 in 2024, and Shares experienced an increase from 7,000 in 2023 to 30,000 in 2024.