Saturday 19 June The cheapest way is to set up an online account see table. With your bank details and a debit card, you can start trading almost immediately with just a few hundred pounds. That said, if you set up an account with a company you've never had any dealings with before eg, if you opt for Halifax share dealing but your bank account is with Lloyds , you won't be able to start dealing until you receive a password in the post.
Most of the providers offer dealing services by phone, though these may cost a little more per deal. There are dozens of online stockbrokers, all charging different fees. If you are starting with very small sums, it's worth looking at the Share Centre. Watch out for sites that charge higher fees if you trade bigger sums. Select the stock name you want and you are given an indicative price quote, normally in pence per share. Then you choose the amount you want to spend, and deal.
You'll get a real-time quote and have around 15 seconds to execute the deal. The money is cleared from your online account. Obviously you can only deal with the amount of money you have deposited with the share dealer. There is a 0.
If you are contacted out of the blue by someone inviting you to invest in shares, say no. It is almost certainly a share scam, or a boiler room scam, where high-pressure salespeople try to convince you to buy a stock which they say is about to take off. One way to build your confidence in share dealing is to join an investment club, where you can learn about the stock market and swap ideas. ProShare has lots of information on setting up a club.
Share investment is an area with almost endless information available on the web. The BBC's Market Data pages are a rich source of information, as is Citywire , while you can find individual data and stock quotes at Reuters and Yahoo. After years of avoiding shares investment, I'm one of those who has bought BP stock in the belief its price has gone below its true value, writes Miles Brignall. I can only see oil prices going in one direction over the next decade — up.
I signed up to buy the shares online with broker TD Waterhouse, which took a bit of time but was relatively easy. I'm a complete beginner. Where do I start? How do I find the right account for me? What do I actually have to do to trade? Do I have to pay tax? What's the best account for regular traders? How easy is it to get stung? Where can I find more information?
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