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Beginner’s Tips to Investing

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, past and present stock prices, and don’t just buy into trends or hearsay.

Really do your own research, and don’t believe all the editorials written by stock market publishers. They are paid to create content after all and there’s no way to tell if they’re bias towards a company because of that. Whether it’s positive or negative, just keep that in mind and do your own due diligence.

At the end of March, I then started getting into cryptocurrency. I first started with Shakepay so I can buy some Ethereum and I really like the fact that there was an e-transfer option so I can deposit money right away. The app also rewards you with pennies worth of Bitcoin just by shaking your phone daily. Pretty cool if you keep up with that. So this app allows you to trade Bitcoin, Ethereum and USD and it’s also a wallet so you can send and receive crypto from other people.

When I first started investing I created a spreadsheet to keep track of buy and sells, I got really into it until my portfolio expanded with more stocks and I learned to do a bit of day trading for some quick income. I doubled 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 dont mind the $1k initial deposit, then  Questrade is my second option. Or if you want, you can open both accounts just to get a feel of each and see which platform you feel most comfortable using. They’re both free to sign up anyway. They both also give you options on what type of account you want to invest with, ie. TFSA, RRSP, or Personal. This is obviously for tax benefits 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 of with an RRSP or TFSA account is beneficial.

There are differences between the two and I’ve already mentioned one above and thats the initial deposit, but 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 companies available are limited. Questrade on the other hand has more advanced options like Options Trading and there are 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 dont 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.

On 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 on other alt coins and blockchain 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:
https://shakepay.me/r/WXUG6EK

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

Links:

https://www.questrade.com?refid=nch7zp2m

https://www.questrade.com/campaigns/qbaffl50t102?refid=nch7zp2m&a_bid=6e76e0d8

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

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