Steps to open a trading account
- Choose a broker
- Select your membership level
- Provide ID
- Link bank account
- Submit application
- Start trading
If you want to invest in shares, you'll need to sign up to a stock broker. You have two choices here – you can hire the services of a traditional full-service broker or you can do the trading yourself through an online broker (aka share trading platforms).
Online brokers allow you to buy and sell shares in publicly listed companies over the Internet. Where previously you needed to call up a broker to buy and sell the shares for you, these days investors can trade directly by opening an online share trading account for a much lower cost.
This guide allows you to easily compare online share trading accounts, and takes you through the steps involved when choosing a platform.
Standard brokerage - Australian shares
Competitive broker fees on Australian shares, international shares, forex and CFD trading.
Important: Share trading carries risk of capital loss.
Important: Share trading can be financially risky and the value of your investment can go down as well as up.
When people think of share trading, many still imagine a crowded and chaotic trading room floor. The reality is that thanks to modern technology, the vast majority of share trading is done online. According to a report from Investment Trends, the number of active Australian online share investors grew from 595,000 in November 2014 to 635,000 in May 2017.
Trading shares online offers a secure and easy way to manage your investments. You can place trades at a time and place convenient to you, while buying and selling shares offers the potential to benefit from share price increases and also enjoy an income from dividend payments.
There are of course risks attached to trading shares, including the potential to lose the money you invest, so it’s important to make sure you’re aware of those risks before you start trading.
You'll need to carefully consider your trading needs before deciding on the right online share trading platform. Some of the issues to consider include:
The exact process for opening a share trading account varies depending on the trading platform you select. However, you'll generally need to complete the following steps when signing up:
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