With rising interest rates and uncertainties in the job market, a growing number of people are looking for more than one income source.
Online trading is becoming a preferred route to get additional income for many people. Moreover, new-age robust online trading platforms are garnering the attention of millennials. In fact, in the first and second quarter of 2020 alone, close to 6.3 million demat accounts were opened, taking the total count to 44.5 million.
Looking at the spike in online trading in the recent past, News18.com in association with Binomo, an online trading platform realised the need to make people more aware of online trading. Through the campaign – ‘Giving Wings To Aspiration’, we are addressing the common concerns of traders and debunking the myths centered around trading.
So let’s decode trading and become more aware of it.
- Is online trading safe?
Yes, online trading is safe provided you trade on a reliable trading platform like Binomo. Before investing, it is wise to check the certifications and accreditations to ensure the authenticity and reliability of the trading platform.
- What features should an online trading platform have?
The best online trading platform should offer a mix of robust features and ease of usage. It should be simple to use and convenient at the same time.
For instance, Binomo is one of the best trading platforms that offers an assortment of helpful features such as easy navigation, multiple payment options, a demo account with $1000 virtual cash, deals and promotion and a lot of helpful resources for investor education and research.
- Can online trading serve as an additional source of income?
Yes, if you have the knowledge of trading coupled with the right skills, you have a good chance of getting additional income from trading. Remember, trading has little to do with luck or God’s grace. Getting additional income through online trading requires continuous learning, applied knowledge and financial analytics experience.
Binomo enables you to earn on the gains or falls in stock prices, indices, currency exchange rates, commodities and other assets.
- How does trading work?
In order to trade, you need to login to the online trading platform and enter your email id and password. Next, you need to choose the currency to trade. Next, accept the terms and conditions and your account is created. That’s it, you can now start trading!
Binomo lets you trade with a minimum account balance which can be as low as Rs. 350 and the minimum cost of trade starts from just Rs. 70.
- How to begin with online trading as a beginner?
As a beginner, one should gain a good understanding of the market and what drives the prices in the market. Once you learn the market dynamics, you can start trading with a small amount to gain practical experience. An important thing to remember for beginners is to practice self-control and stay away from greed. It is important to access how much risk you can undertake and trade accordingly.
- What are the basics of trading and what should one know before investing?
The first and foremost thing to understand here is, there is a difference between trading and investing. Although these words are used interchangeably, they both mean different things. Trading is to get additional income from the market using the market volatility whereas investment is more passive, it is used for building long-term wealth.
- What are the rumours around trading that need to be debunked?
Novice traders often get swayed by rumours and end up taking positions based on the rumours. This often leads to wrong trading decisions. So one of the biggest learning here is, to understand the market, get equipped with basic market terminologies and invest accordingly. Don’t rely on rumours.
- What are the dos and don’ts of trading for new traders?
Some of the key dos and don’ts of trading are:
– Learn and understand the marker mechanism before investing or trading
– Do your research well before investing
– Keep your emotions in check
– Don’t get swayed away by rumours
– Understand the sentiments of the market based on your trading goals
Hope this article helped you become more aware of online trading. If done in a right and well-informed manner, online trading can help you achieve your goals.
This Article has been written by Studio18 on behalf of Binomo.