Steps to open a trading account
- Choose a broker
- Select your membership level
- Provide ID
- Link bank account
- Submit application
- Start trading
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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.
Standard brokerage - US shares
Get $0 brokerage on US, Hong Kong and European stocks with trades as little as $50 when you join the world's biggest social trading network.
Important: Share trading carries risk of capital loss.
Disclaimer: Trading CFDs and forex on leverage is high-risk and losses could exceed your deposits.
Important: Share trading can be financially risky and the value of your investment can go down as well as up. Standard brokerage is the cost to purchase $1,000 or less of equities without any qualifications or special eligibility. Where both CHESS sponsored and custodian shares are offered, we display the cheapest option.
When people think of share trading, many still imagine a crowded and chaotic trading room floor. The reality is that these days 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 is less expensive than hiring a full-service stock broker. You place trades yourself whenever is most convenient and may apps have simplified this process for absolute beginners.
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. For example if you want to buy Australian shares, you'll need to open an ASX share trading account. If you want to buy US stocks, you'll need a platform with access to Wall Street.
Some of the main things 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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