Feb 03, 2021 (IAM Newswire via COMTEX) -- The holiday season is usually the time when we need more money, as our expenditures tend to skyrocket to the roof. Before the COVID-19 pandemic and the work from home concept, many people got used to incentives, which were a nice way to fill in the mentioned �??holiday gap". The pandemic brought unprecedented economic challenges and uncertainty and the solutions to both could be online investing. Maybe not even an option, but a necessity as savings might not be sufficient to fulfill our financial goals, not to mention they have become even harder to maintain. Current saving annual yields rarely go above 0.75%, and that is better than most CDs in the market. Having that in mind, many banks like Axos Financial, Inc. /zigman2/quotes/202367185/composite AX +0.36% , BancorpSouth Bank /zigman2/quotes/201675841/composite BXS -0.44% and Bank of America Corporation /zigman2/quotes/204280060/delayed DE:BAS -1.44% expanded from their conventional products to online versions like BAS did with Merrill Edge, its electronic trading platform, or online account opening and online brokerage accounts. So, when you decide to open an on online bank account online, there are many options to choose from.
Besides banks, many brokerage companies did the same and their trading platforms are there to make the lives of investors easier. There are many choices, and some of the most popular ones are Fidelity, TradeStations, Ameritrade, Interactive Brokers /zigman2/quotes/208880397/composite IBKR -1.66% , along with E*Trade and its web-based platform Power E*Trade. IBKR Lite, launched by Interactive Brokers, was made to be a simple, cost-free solution for trading US exchange-listed stocks and ETFs. Some of the IBKR Lite's key features are zero commissions on US-listed stocks, no account minimums, no fees for inactivity, free market data, high-interest rates for idle cash balances and low margin rate for borrowing. The clients can choose between IBKR Lite and OBKR Pro, which is actually Interactive Brokers' regular existing service, just rebranded.
At the end of January, AppAnnie reported that apps like Robinhood and WeBull have climbed in U.S. iPhone app rankings. As Redditors take on Wall Street, they brought about a usage boom for share trading apps due to its userbase of millennials. Moreover, retail investors flocked into historically unloved stocks like GameStop /zigman2/quotes/203755179/composite GME -2.15% , BlackBerry Limited /zigman2/quotes/202784246/composite BB +3.12% and Bed Bath & Beyond /zigman2/quotes/209801102/composite BBBY +0.64% . This is a serious wake up call for Wall Street as new investors are clearly showing they want to build their cash piles on their own rather than handing the job off to someone else.
Online trading brought us less time-consuming trading, without the need for a broker's assistance. The beauty of it is that it can be done anywhere, from a desktop, laptop, tablet, or smartphone. It's almost like online shopping for groceries. The use of the platform is very user friendly, and it does not require a lot of learning. The everyday use of the mobile phone taught us enough to understand and use the platform applications. However, the knowledge about which stocks to buy is something else.
Online trading shares the same qualities as conventional trading. It helps in developing a sense of financial discipline, as it requires us to periodically assign a part of our income for investing. Some investments will help us to achieve our financial goals over the long-term, while the others could do it in a shorter timeframe. But that will depend on the amount of risk we are willing to take or more precisely, how much risk can your stomach digest. Considering that all you need is a smartphone, it would be a shame not to at least try. Open a stock account online today or register with one of the online trading platforms and they will open an online trading account for you.
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