DaVinci Resolve is piece of professional software from Blackmagic where you can edit video, colour grade, edit audio and create effects all in one place.
It's compatible with both mac and windows computers and is now also available for iPads.
It comes in two versions, one is free and one is paid. The paid version is called DaVinci Resolve Studio and currently costs $295.
The free version is more than enough for most people, the paid version should only be considered if there are key features which you find yourself in need of.
Here are a few limitations with the free version:
It cannot accept video shot in frame rates above 60fps. This means that you will be limited for some slow motion effects. Avoid the 'slow motion' recording settings on smartphones as this is usually 120fps or higher.
It has difficulty processing HEVC / H.265 videos. DaVinci Resolve 18 does state that H.265 videos are compatible with the software, but many users have reported difficulties with importing and processing these file types in DaVinci. In order to avoid this potential problem, try to record in .mp4 or .mov where possible. In iPhones, you can adjust this by going into the settings of your camera app, then selecting 'Formats' and choosing 'Most Compatible'
The highest video resolution it can accept is 3840 X 2160, which is called UHD or Ultra High Definition. Smartphones call this 4K, even though this is technically inaccurate. For most smartphones, UHD will be the highest resolution you can record in so you should be fine, but if you had a video camera capable of filming higher, avoid doing so when working with the free version.
It cannot accept footage shot in 10bit colour. This is mainly applicable when you are using professional recording equipment, however some newer smartphones have settings which record in 10bit, HDR Video on some of the newest iphones being one of them. If you wish to edit these videos in DaVinci, they will require conversion in external software before they can be used. Ideally avoid recording in these settings if you intend to edit on the free version of DaVinci.
The free version can be slower and a little bit more prone to freezing. The paid version is designed to be a bit more efficient which how it uses your computer's processor. You may need to have a bit more patience with the free version.
DaVinci Resolve, unlike most other editors, is almost like a full editing suite, with different pages performing different functions. The 7 tabs are as follows:
Media - On this page you can import, organise and manage your source files and folders.
Cut - This is one of DaVinci's video editing pages. It can be used instead of or in conjunction with the Edit page to form your video edit.
Edit - This page is a traditionally laid out video editor and is very similar in layout to the majority of other video editors out there. This is the page you will use for the majority of your edit. You could make do with this page and the deliver page to produce a full video edit.
Fusion - DaVinci's special effects page. This page is very powerful, but does have a bit of a learning curve. It functions quite differently to other editors out there, but once you get the hang of it, it has some useful tools.
Colour - This is where you can apply colour grade or colour correction to your video clips. DaVinci has long been the industry standard for colour grading so as with the fusion page, it can be quite complex at first, but once you have a few basics down, you can make key adjustments as needed.
Fairlight - This is DaVinci's audio editor. You can make many audio adjustments, mix, add effects, etc all with the clips in sync with your video editing timeline.
Deliver - This is where you will export your video into its completed form ready for presentation.