The online broker AJ Bell is attempting to entice a new generation of traders into the stock market with a commission-free service similar to Robinhood, the American smartphone app that played a major role in the “meme stocks” frenzy.

The move comes after a wave of young investors flocked to share trading during the pandemic on cut-price trading apps such as Robinhood. 

The surge culminated in the GameStop saga in January that pushed shares in the struggling US video games retailer to almost $500, up from just $4 the previous year. 

AJ Bell said its new “Dodl” app will allow investors to buy a range of stocks and funds on their phones as it takes on low-cost investment platforms such as Freetrade and seeks to attract first-time traders.  

Dodl will also offer “themed investments”, including funds focusing on areas such as technology, robotics, healthcare and ethical investing, the FTSE 250 company said. 

Andy Bell, founder and chief executive, said: “Dodl by AJ Bell is for anyone looking for a low-cost, easy-to-use investment app to help them meet their investment goals such as saving for a house deposit, holidays or retirement.

“The intuitive investment journey and streamlined investment range will appeal particularly to those that are new to investing and want a simple way to manage their investments.”

Dodl, which will launch in the first half of next year, will initially only offer a selection of UK stocks and funds. Shares in foreign companies will follow once the app is up and running.