Review: Dodl - AJ Bell's User-Friendly Investment App

For UK-based Investors

#Dodl #AJBell #investing #trading 

What is Dodl?

Dodl, the user-friendly investment app, is brought to you by AJ Bell, a prominent name in the UK's investment landscape. Aimed at demystifying the world of investing, Dodl offers a straightforward and accessible platform for individuals looking to take control of their financial future.

Low-Cost Investing

Dodl boasts an affordable approach with a minimal 0.15% account charge, starting at just £1 per month. This low-cost structure makes investing within reach for individuals who may be new to the world of finance.

Trustworthy Platform: A Part of AJ Bell

Being a part of AJ Bell adds a layer of trust to Dodl. AJ Bell has been recognized as a Which?-recommended investment platform for five consecutive years, earning the confidence of over 490,000 investors.

App-Based Convenience

Dodl takes the hassle out of investing with its all-encompassing app. Offering a streamlined range of accounts and investments, Dodl makes stress-free investing possible in one convenient application.

Account Options: Share Dealing, ISA, LISA, and SIPP Pension

Dodl provides a range of accounts, including Share Dealing, ISA, Lifetime ISA (LISA), and SIPP Pension accounts. The platform's simplicity and ease of use make it an attractive option for those entering the investment space.

How it Works

Placing your trades before 3 pm and Dodl will execute share purchases at the best possible price without any trading fees, except for stamp duty. This approach is particularly beneficial if you buy and sell frequently for a particular share, resulting in significant cost savings over time.

Pros and Cons

Pros of the Platform:

• App-Based: Dodl's app-based model enhances accessibility and ease of use. It is very easy to login to the app on your phone just for a quick check.
• Responsive Customer Service: The app's messaging customer service is prompt and efficient, enhancing the overall user experience.
• Low Fees: Dodl stands out with no fees for buying shares and a minimal monthly account fee, offering substantial savings compared to some larger platforms.
• Simple Investment Options: The platform's curated selection of shares and funds, categorized for easy understanding, is advantageous for new investors.

Cons of the Platform:

• 3 pm Deadline: Investors need to remember the 3 pm deadline for placing orders, which might be challenging during a busy day.
• Trade Execution Time: While there are no fees, orders are executed at 3 pm, limiting the ability to buy shares at the most opportune times when fluctuations in the market is moving rapidly.
• Limitations on Orders: Lack of limit orders can be a drawback for investors who want more control over their trade execution.
• Limited Securities: Dodl offers a selected range of popular shares, ETFs, and funds, potentially limiting choices for investors seeking specific securities.

Suggestions for Improvement

Introduce Limit Orders: Allowing limit orders would empower clients to set buy/sell conditions based on target share prices.

My Overall Experience with Dodl

Dodl stands out by offering regulated products like ISA, LISA, and SIPP to UK customers, which are not always available on other low-cost platforms. 

As part of AJ Bell, Dodl benefits from a trusted name, distinguishing it from smaller platforms. It has become my go-to for non-urgent share purchases (within my share ISA allowance), especially for shares that I know I will be buying/selling frequently. Dodl significantly cut my annual trading costs, but it does take some experience to work out when a trade is not urgent. For urgent transactions, I would still recommend that you use other platforms to avoid potential delays when the market is moving rapidly.

As Dodl is relatively new, ongoing improvements are expected. If they are able to introduce the ability to place limit orders in the future, that would greatly enhance trade control for users, making the platform even more attractive. Dodl has become a valuable part of my toolkit, and I anticipate its continued growth in the evolving landscape of investment apps.

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