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Thanks to online share trading platforms, buying and selling shares online is easier for the average Joe than ever before. This step-by-step guide explains how you can start buying and selling stocks on exchanges around the world, and also has plenty of tips to help you get the most out of your online trades.
Let’s get started.
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Global stock trading
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US stock trading
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Asian stocks
Choosing an online share trading platform (aka online broker) can be one of the most difficult parts of the process. There are dozens of platforms available to investors – many provided by specialist share brokers.
Make sure you compare the features and fees of a number of platforms before choosing the right one for you. Depending on what you’re after, it may save money to have more than one platform; for example, one for New Zealand shares and the other for another market such as US stocks or forex.
What you need to consider when picking a broker:
There are plenty of other factors you’ll need to take into account, so check out our guide to choosing the best online share trading platform for more details.
Once you’ve chosen a platform you’ll need to register for an account. This step is usually free, but keep in mind that some providers may charge subscription fees or ongoing fees for features such as market research.
The registration process takes place online and if you’re a new customer you’ll need to provide:
You’ll usually be asked to deposit a specified minimum amount in order to open an account. Once your application has been assessed and approved, it’s time to start trading.
You may have already decided what shares you want to buy but if not, now’s the time to start researching stocks that match your investment goals. You’ll often be able to access a wide range of market research, analysis and even trading recommendations through your platform, so use this info to help make an informed decision.
You’ll also need to consider the number of shares you want to buy. This will obviously be down to your budget and your investment goals, but keep in mind that issuers of securities on the NZX may have their own minimum holding requirements.
It’s also worth pointing out that larger purchases may incur higher fees or involve different fee structures depending on the trade. For example, your platform may charge you $30 as a brokerage fee to buy a smaller number of shares, but will change the fee structure to 0.1% of the trade value when larger amounts are purchased.
This is where things can get a little confusing for novice share traders. You have two main options when placing a trade to buy shares: you can place the trade “at market” or “at limit”.
Depending on the platform you choose, you may also be able to take advantage of a range of conditional orders that allow you to take advantage of market opportunities. For example, by placing a rising buy order, you can instruct your online trading platform to buy shares in a particular company once its stock price reaches a certain level.
Once you’ve entered all the specifics of your transaction, you’ll then get a chance to review all those details before placing your buy order.
You’ll need to have sufficient funds in your online share trading account to cover the cost of the transaction, including the brokerage fees that apply. The trade settlement period on the NZX is two business days, commonly referred to as T+2.
Now you’ll need to monitor the performance of your shares in regard to your investment plan. However, the frequency with which you monitor them will depend on your strategy. For example, if you have a long-term investment strategy, you may only check in and see how your shares are performing every month. If you have a medium-term strategy, it may be a good idea to check each night or each week.
Whichever option you choose, you can review the performance of your investments by logging into your trading account.
When you decide to sell your shares, the process is very similar to the method of buying shares described in Step 4. Once again, you can choose whether you want to sell them via a market order or a limit order. A market order means the shares will be sold immediately at the best available price, while a limit order allows you to set the minimum sale price you’re willing to accept.
If you want to get more out of your online share trading, try to keep the following tips in mind:
Before you start buying and selling stocks with abandon, make sure you’re aware of all the risks involved, including:
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