Before some years of things getting digital, people had to go to the post office and other such places to buy the shares of a particular company. Now, since there are a number of websites as well as mobile applications, buying and selling of these shares have become quite easier. You can learn how to buy shares on ASX. But with this ease of trading the shares, there also comes a number of problems and frauds with the same. To avoid it, one should follow the below discussed points while they are buying the shares online:
- Making of Account:
Before starting to trade via a particular online website, you need to make an account over there. This process is quite complicated and people need to take care while making this account. They require some of your original documents to be scanned which needs to be uploaded. Also, you will need to set some passwords like your account password, transaction password and a number of other types that you need to keep in mind and keep them recorded at someplace. Also, make sure that all the details that you fill are correct so that there are no problems later.
- One Time Passwords:
When you will be moving forward to make any kind of transaction or when you are making your account, you will get a number of one time passwords. They are essential because they ensure that the details provided by you are true and hence they verify your account. They are also required to make sure that none other than you can make a transaction from your account. Therefore, it also becomes important that you do not share these one time passwords with anyone. No one on-call can ask you for that one time password.
- Buying and Selling of Shares:
This process can be easier after you have performed one transaction after making your account. There are a number of terminologies that can be unknown to you. Buying or selling of shares without knowing those terminologies can be dangerous. Therefore, after making your account, you can either take advice from a person or can also watch some of the related videos. Different types of choices available over there can provide you different choices for the trade. Therefore, it becomes important for you to understand all of them.
- Brokerage Fee:
For every transaction, you make on that website you need to pay a particular amount of brokerage fees. The percentage of profit you make in the share market differs from a small percentage. Therefore, you should be concerned about the brokerage fees that the company is asking per transaction. The best method is to compare the advantages as well as brokerage fees of the different websites and applications and then make your account which has the lowest brokerage fee. Following this point, it will ensure that you make the maximum profit on a particular transaction you are making by paying the lowest brokerage fee.