Online Trading

Mark200

Are there any websites that anyone would recommend for online trading?

I don't want any of the advisory things or anything, I just want to be able to buy when I want and sell when I want.

I want to invest (for the first time) in something tomorrow...

I have a second bank account that I've never used, so I'm thinking of just putting 400e into that so I don't have to give the details of my main bank account through the website.

I've never bought shares in anything before, so any tips would be welcomed!

Idu

I dont think you will be able to sign up for any online company that will allow you to trade as early as tomorrow. I could be wrong though

pocketdooz

Hi Mark

I would advise thinking a bit longer about starting to invest with only €400. Most Irish brokerages charge c. €40 per trade so even if you put all your money into one trade (which is a terrible idea to start with it) you would lose 10% on the way in and 10% on the way out.

I think JOC is right - I don't think there are any sites that let you sign up today and trade tomorrow. Most of the big international sites (ETrade etc) - it takes about 2/3 weeks and even the Irish ones I think take about 10 days or longer. You have to provide serious details to open accounts too - passport copies, statements etc and proof of address.

I wish you the best of luck with it. Take your time and think things through though. There's no rush - least of all in the current market.

Mark200

Oh ok thanks for the information. I was under the impression from this site:

https://trading.hoodlessbrennan.com/V11/Application/AccountOpen.aspx

that it doesn't take long. It says " You can apply, credit money to your account all online and be trading in just ten minutes!". I know it's a UK site though.

But they do ask for a lot of details.

Is there any other way that'd be possible to start trading soonish?

One of my friends who's also interested heard you can do it through the EBS..? Another one of my friends works in the EBS so he said he'd check it out but hasn't got back to me yet.

We want to do it as soon as possible because we were hoping to invest in two un-mentionable banks...haha. So it'd probably be 200 in each. I don't really want to get into a discussion about how stupid I might be, but it's not a lot of money really....and I've always wanted to just buy stocks in something at least once.

Thomas_S_Hunterson

Mark200 wrote: »

Oh ok thanks for the information. I was under the impression from this site:

https://trading.hoodlessbrennan.com/V11/Application/AccountOpen.aspx

that it doesn't take long. It says " You can apply, credit money to your account all online and be trading in just ten minutes!". I know it's a UK site though.

But they do ask for a lot of details.

Is there any other way that'd be possible to start trading soonish?

One of my friends who's also interested heard you can do it through the EBS..? Another one of my friends works in the EBS so he said he'd check it out but hasn't got back to me yet.

We want to do it as soon as possible because we were hoping to invest in two un-mentionable banks...haha. So it'd probably be 200 in each. I don't really want to get into a discussion about how stupid I might be, but it's not a lot of money really....and I've always wanted to just buy stocks in something at least once.

You're going to have to provide a lot of information to any broker to be in compliance with legislation.

For such a small sum, I would recommend spread betting as opposed to trading shares. You can do this with a company like Delta Index or many of the bookies.

It will mean you wont have to worry about capital gains tax on your earnings, however the spreads are likely to be large

mickoc

Yeah i would recommend spread betting.

silverharp

Sean_K wrote: »

For such a small sum, I would recommend spread betting as opposed to trading shares. You can do this with a company like Delta Index or many of the bookies.

It will mean you wont have to worry about capital gains tax on your earnings, however the spreads are likely to be large

indeed, you will have a 90% chance of losing:pac:

strmin

Go with cheap US broker like http://www.interactivebrokers.com/ or http://www.mbtrading.com/
Irish brokers charge at least €50 per transaction outside Ireland/UK.

And stay away from spread betting!

pocketdooz

strmin wrote: »

And stay away from spread betting!

To be honest if you don't know what you're doing . . . 'stay away from spread betting' is good advice.

bren2002

strmin wrote: »

And stay away from spread betting!

+1, If share trading you can only lose your initial investment. In spread betting you can lose a lot more than the original investment. Be very sure of what you're getting into with spread betting.

Try a Rabo financial sector account or similar. Sharewatch will do a reasonably fast setup, but still need some personal details. AFAIK, if you've an account with AIB you can buy direct in the branches.