A lot of people who have never set foot in the world of stocks or mutual fund investment assert that they will never try because they perceive trading as a complex, risky and expensive endeavor. While such assertions may hold some truth, they are no reasons to abstain from investing.
For beginners, thinking of stepping into the stock market or waiting to make their first order, it’s not uncommon to have their nighttime dreams be plagued with the thoughts of losing all of their money in the stock market. But it’s time to take a deep breath and wave off such thoughts because this blog can help clear the air related to these complexities. Today, we’ll uncover how you can allocate more funds to your investment endeavors by saving wherever possible on a mobile trading app.
- Search for zero brokerage trading accounts.:
In the present times, it’s possible to open a Demat or trading account through an investment app. Still, these services usually come with a brokerage fee, which goes to the brokerage firm or financial institution offering the service. Without adequate research, it is surely challenging to discover an app that offers the service of opening a Demat account with no brokerage fees. However, when you look around and compare enough services, it’s possible to stumble on an app that offers zero brokerage Demat or trading accounts.
- Wave goodbye to maintenance fees
When you open a trading account on a mobile platform, you may be asked to pay the maintenance fee to the platform provider or brokerage firm. The brokerage fee is a recurring charge imposed by the company to cover the costs associated with managing and maintaining your trading account. The best way to avoid this fee is by carefully reading and educating yourself on the terms, conditions, and any additional fees charged by the platform. With proper research, finding an app that checks all the boxes you’ve set for transparency is easy.
- Ditch the inactivity fees.
Inactivity fees may be confused with maintenance fees, but they’re two distinct charges. Inactivity fees are charges levied by financial institutions when a trading account stays dormant for a certain period. Similar to maintenance fees, it’s possible to escape this fee by staying active on the trading platform or avoiding trading platforms that charge this fee altogether. Before opening a trading account through any trading platform, read their terms and conditions to understand their fee structure fully.
Final Thoughts:
While it’s not possible to save yourself from downturns when you invest in stocks, there are some recurring and static charges that you can cross off your fee invoice. These fees include hefty brokerage fees, account maintenance fees, and inactivity fees. By searching extensively and exploring different trading apps or platforms, it’s possible to stumble on an app that doesn’t charge unnecessary fees from investors.
As a safety practice, please read all the terms and conditions of the trading platform before you become associated with it. Being well-informed about the fees of the trading platform can help you make good decisions and maximize your investment potential, as you’ll acquire the ability to allocate more to your investments after cutting down on unnecessary fees.
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