To all the posters in this site who trade in shares, what app/site/brokers do you use and which is best? I want try trading, only on a small scale 'cause no idea what I'm doing. Interactive investor seems like it's ok, dunno if others charge less. First time poster long time lurker
Also I'm not in america so can't use robinhood
Would be good if there was a more specific board for this kinda stuff so that it doesn't have to mix with all the shit posting about how to make £££ from nothing
Literally use any platform you can that doesn't involve heavy fees.
Learning to trade has nothing to do with the broker or platform you use.
Your task right now is to learn how the markets work and to learn how to watch your share prices rise and fall without panicking.
Jump right in and you will be fine.
>Jump right in and you will be fine.
Worst advice ever.
The huge number of idiots recommending this are mostly shills working for RobinHood.
The idea is to get you to sign up for their shit "free brokerage".
Once you figure out it's like a broken tricycle in a motorcycle race, you'll realize "free" comes at a gigantic cost.
Put simply, RH can use a free business model because they're not providing anything that would cost them money.
Unfortunately, the things they aren't providing (margin, leverage, pre & after market access, etc.) are vital to serious traders.
This makes them suitable for gamblers playing with pennies, but they should never be confused with a legitimate brokerage.
Sadly, many come here, see "Free Stock Trading", and do just that.
good answers but think I'll try interactive investors
Be like £100 a year but might as well try it.
Oil looks like it could be kinda wild this year
Out of interest how much did you guys start with, Like a few thousand $/£ ?
I started with 50K, but I'm not really sure that's enough anymore.
I'd find out what kind of minimums your version of the SEC requires. That and how bad they'll fuck you on stamp duty.
Here they want a 25K minimum for day traders, if you get flagged, your account gets frozen.
Most I'd consider starting with is nothing like 25k but I believe there is no real minimum for me. (UK anyway) I guess the smaller the starting figure the longer it takes to make any profit though
Seems like there is no real equivalent to the sec in the uk, but stamp tax is 0.5% on each purchase.
>the smaller the starting figure the longer it takes to make any profit
And the greater likelihood you won't have built up much when you get whacked.
Question about Stamp Tax: That shit is based on the value of the trade, right, not the profit?
In other words, a $100,000 trade will cost me $1000 ($500 to open, $500 to close) whether it's profitable or not, yes?
Because if so, fuck that noise.
Seems like it's just 0.5% on the purchase not on the sale or value. This is all new to me desu
Seems like the best explanation
Right, it wouldn't affect investors that much.
For trading here, you generally just pay whatever your income tax rate is, since you don't tend to hold for a year, which is the cutoff for long term gains.
The SEC has a tax, but it's like two dollars for the trade I mentioned.
That idiot Barney Sanders is supporting changing things here to your method, except he wants it doubled (buy and sell).
Dont know the current US tax laws but in Europe in general you can deduct comission fees of capital gain taxes
I'm not shilling for Robin Hood. I don't use it personally.
All I'm saying is the only way to be good at something is to practice.
The dude needs to quit worrying about which platform will help him "trade" the best and he needs to get a little skin in the game.
Yes the system is very different in states. In europe you have income tax rate and the capital gain tax rate which is usually flat, or so that you have flat rate on over a 50k annual you have a different flat. like 29-33%.
In usa futures trading is very popular as they have different tax structure and it often comes much cheaper for professional traders to trade futures only