If you’re looking to find the best stock trading platform australia, there are a few things that you’ll need to consider before locking in your decision. Today we’re exploring these factors so that you can assess your options and make an informed choice:
What’s The Company’s Reputation Like
The first thing you’re going to want to consider when hunting the best stock trading platform australia is the reputation of the company who hosts the exchange. This may not seem all that relevant at first as you’re not investing your money in them, but as they’ll be handling your funds, you’ll want to make sure that everything is above board. This greatly reduces the risk of you losing all of your money if the exchange happens to go under and is simply good practice.
What Security Measures Are In Place
The next question you’ll want to ask when hunting the best stock trading platform australia is what security measures are put in place in order to keep investor’s funds safe. Cyber crime and account hacking have become increasingly problematic over the past few years so to claim the title of best stock trading platform australia, your chosen exchange will have to put significant time and effort into looking after those who do business through them.
What Markets Can You Access
The best stock trading platform australia is, in all honesty, a rather subjective term. What works for some won’t necessarily work for others and the same applies vice versa. That’s why it’s important to look into all angles before committing. One that is often overlooked, unfortunately, is what markets are accessible via any particular market. This is an incredibly important factor to consider because even if an exchange ticks all of your other boxes, it isn’t going to be right for you if it doesn’t allow you to access the shares that you’re looking to purchase and deal in.
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What Is The Fee Structure Like
The next question you’ll want to ask when hunting the best stock trading platform australia is what the fee structure is like. Some exchanges charge a fixed fee no matter the size of your investment while others use a percentage, each has its own unique advantages and disadvantages so you’ll need to have a think about which is better for you.
What Are The Minimums For Deposits And Withdrawals
Just as what goes up, must come down, what goes it, must eventually come out. Because of this, it’s important to understand both the minimum deposit figure, and the minimum withdrawal one. While they’ll line up some of the time, this won’t always be the case, and if you want to find the best stock trading platform australia for you, you’ll need to ensure that these figures align with your goals.
Do They Facilitate Dividend Reinvestment Plans
Finally, although this may seem surprising, not all exchanges offer or allow for this feature. Dividend Reinvestment Plans, or DRPs for short, are one of the best ways to take advantage of compound interest and can help your portfolio grow with little to no effort on your part so they’re definitely something you’ll want to have the option of making use of. We suggest including this as one of your considerations when searching for the best stock trading platform australia, even if you don’t intend on using a DRP at the present point in time, as it may save you a lot of hassle in the future.
Now that you’ve got a better idea of what to look for when selecting your exchange you’ll be able to better assess which option is right for you. Remember, the best stock trading platform australia is the one you’ll get the most value out of, so don’t be afraid to be picky.
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