Aug 22, 2018
Welcome to Finance and Fury’s ‘Say What Wednesday’.
Today’s question comes from Braden, “What are the tools for young people to invest in exchange trading funds or the wider share market? Can I only use Commsec or Nabtrade, or are there better options out there?”
Let’s start by considering the following features of competing online share brokers;
Fees
What can you trade?
Research & Access to market data
Trade options
Reporting. Check what reporting tools each platform offers to help you track your trades, record dividends and pass on any relevant information to the ATO at tax time.
Margin loans. A margin loan lets you borrow money to invest and uses your shares as security. If you're looking to borrow money to build your portfolio, check to see whether the platform provider offers margin loans. Don’t forget, this does comes with additional risk.
Education
Does the platform also feature a
range of educational tools and resources, such as how-to guides and
webinars, to help you get more out of your trading account?
Platforms
So, let’s look at some of the
platforms available. Which one is right for you depends on what you
want to achieve.
Your needs
If you’re just a casual
investor, do you really need a share trading platform that offers a
whole lot of complicated bells and whistles?
Some platforms targeted at entry-level traders may not have all the features an experienced investor needs.
Thanks for the question Braden! Any other questions go to https://financeandfury.com.au/contact/