Before you start investing, I highly suggest that you do research on the company you want to invest in. Check out the company’s financial situation, future plans, and past and present stock prices, and don’t just buy into trends or hearsay.
Before investing in any company, I would highly recommend thoroughly researching that company. Get an understanding of their financial situation, their plans for the future, and how their stock prices have fluctuated in the past. It’s important to not blindly buy into trends or listen to hearsay. rather, do your own research to ensure you’re making a smart investment. Be wary of editorials written by stock market publishers. They are paid to generate content and there’s no guarantee that their information is unbiased. Always be cautious when investing and take the necessary steps to ensure you’re making a sound decision.
At the end of March, I t started getting into cryptocurrency. When I started trading cryptocurrency I signed up with a Canadian company called Shakepay. I wanted to buy some Ethereum and I really liked the fact that there was an e-transfer option so that I can deposit money and trade right away. The app also rewards you with pennies worth of Bitcoin just by shaking your phone daily, which is pretty cool if you can keep up with that. So, through Shakepay, you can trade Bitcoin, Ethereum, and USD, and it’s also a wallet so you can send and receive crypto to other people.
When I first started investing, I created a spreadsheet to keep track of my trades which I really got into until my portfolio expanded with more stocks, and learned to also do a bit of day trading for some quick income. I doubled my profit from one stock and sold it so I can purchase other stocks I’ve had my eyes on.
If you’re a newbie and have been wanting to get into stocks and crypto, then I do recommend you check out Wealthsimple in Canada, or if you don’t mind the $1k initial deposit, then Questrade is my second option. You can also open both accounts just to get a feel of each platform and see which one you feel most comfortable using. They’re both free to sign up anyway and they both give you options to choose the type of account you want to invest with, ie. TFSA, RRSP, or Personal. This is obviously for tax purposes and if you have room in your TFSA and RRSP contribution limits then definitely pick those first. Depending on your country, state, or province, tax rules vary and a majority do tax you on capital gains. This is why starting off with an RRSP or TFSA account is beneficial.
There are differences between the two and as I’ve earlier, the initial deposit requirement and the trading fees are also different. Wealthsimple is a very basic straightforward platform that allows you to buy and sell stocks, and create buy and sell limits, but the list of companies available to trade is limited. You won’t be able to find OTC (Over-the-counter) securities and Options trading is currently not available with Wealthsimple. Questrade on the other hand has more advanced options like Options Trading, and OTC securities, and there are far more companies available for trading.
For now, Wealthsimple works for me, and since my Questrade account is already open I could just deposit when I wanna start doing some Options Trading later on. Let’s just get my initial investments some great profits first.
So when it comes to stocks, these are the two companies I recommend based on my personal experience, and if I have more to review I’ll keep you updated. As I said in the beginning, do your own research before investing, and if you feel comfortable using your bank for trading then go for it. Just make sure you don’t make the same mistake I did and read the fine print, learn about the fees associated with trading, and fees for keeping the account active.
In my next post, I’ll share my favorite apps/exchanges to use for buying and selling crypto. I already mentioned one above but if you want to venture into other altcoins and blockchains then stay tuned for that post. Wishing you financial success, have an awesome day!
Have you tried Shakepay? Sign up with my link and we’ll each get $30 to buy crypto:
Wealthsimple Trade is Canada’s first $0 commission stock trading app – sign up now and you’ll get $10 to trade. https://my.wealthsimple.com/app/public/trade-referral-signup?code=ZVXFTA
Simplify the way you trade cryptocurrency by joining me on NDAX – Use my referral link and we will both get $10. https://one.ndax.io/bfQleT #ndax #crypto