Traditionally, investing wasn’t easily accessible for most – it was expensive and required a broker. Nowadays, with online share trading platforms, investing is easier and more accessible than ever before. However, if you need a helping hand to get started with an online trading platform we talk you through how to open an account.
While opening a online share trading account will vary slightly depending on the provider, the steps will be roughly the same.
Deciding on the right online share trading platform is no easy feat. There are so many platforms to choose from. But to help you narrow it down you need to consider your investment needs and goals. How often will you be trading? What kind of tools do you need? If you are new to investing you may want to consider a platform that’s easy to use and one that provides educational materials. Also, consider the fees involved with trading on the platform as they can easily eat into your returns.
At Canstar, we rate and review online share trading platforms using a methodology based on different investor profiles. Understanding the type of investor you are, can help you find an online share platform that works for you.
Casual investors trade shares about eight times per year with an average transaction value of $15,000 per trade. Casual investors should look for user-friendly client services and support, and general education resources, since they are the most likely to use this. Casual traders should also look for cheap brokerages because fees on trading small amounts can be as much as 40-60% of the amount.
Active investors trade shares about 40 times per year with an average transaction value of $15,000 per trade. Active investors may trade managed funds as well as direct shares. Active investors should look for detailed company and market information, and a dynamic trading platform.
Main image source: Art_Photo/Shutterstock.com
This article was reviewed by our Content Producer Isabella Shoard before it was updated, as part of our fact-checking process.
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All information about performance returns is historical. Past performance should not be relied upon as an indicator of future performance; unit prices and the value of your investment may fall or rise.
Canstar is an information provider and in giving you product information Canstar is not making any suggestion or recommendation about a particular product. The information has been prepared without taking into account your individual investment objectives, financial circumstances or needs. Before you decide whether or not to acquire a particular financial product you should assess whether it is appropriate for you in the light of your own personal circumstances, having regard to your own objectives, financial situation and needs. You may wish to obtain financial advice from a suitably qualified adviser before making any decision to acquire a financial product. Please refer to the product disclosure statement (PDS) and Canstar’s Financial Services and Credit Guide (FSCG) for more information, and read our detailed disclosure, important notes and liability disclaimer.
The Star Ratings in this table were awarded in May, 2022 and data is as at that date, updated from time to time to reflect product changes notified to us by product issuers. The search results do not include all providers and may not compare all features relevant to you. View the Canstar Online Share Trading Award & Star Rating Methodology and Report. The rating shown is only one factor to take into account when considering products.
Canstar is an information provider and in giving you product information Canstar is not making any suggestion or recommendation about a particular product. The information has been prepared without taking into account your individual investment objectives, financial circumstances or needs. Before you decide whether or not to acquire a particular financial product you should assess whether it is appropriate for you in the light of your own personal circumstances, having regard to your own objectives, financial situation and needs. You may wish to obtain financial advice from a suitably qualified adviser before making any decision to acquire a financial product. Please refer to the product disclosure statement (PDS), Canstar’s Financial Services and Credit Guide (FSCG) for more information, and read our detailed disclosure, important notes and liability disclaimer.
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This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you. Consider the product disclosure statement and target market determination before making a purchase decision. Canstar provides an information service. It is not a credit provider, and in giving you information about credit products Canstar is not making any suggestion or recommendation to you about a particular credit product. Research provided by Canstar Research AFSL and Australian Credit Licence No. 437917.