Q. “I’m new to financial trading and have a few questions. Can you help me out? What’s the minimum amount to start trading? Is Easy Equities a good broker? And how long until I can start trading with your services?”
A. Absolutely, let’s dive in!
1. Minimum Amount to Start Financial Trading:
o Only invest money you can afford to risk.
o The golden rule is to use funds you don’t need.
o Consider depositing around 5% of your savings monthly.
o Brokerage minimums vary, from R0 to R2,500 for basic markets, up to R20,000 for more options.
o Factor in margin trading fees and understand initial and maintenance margins.
2. Is Easy Equities Appropriate for Financial Trading?
o EasyEquities is excellent for long-term investments in shares and ETFs.
o However, it may not be ideal for short-term trading.
o For quick, cost-effective trades, consider brokers with margin trading instruments like CFDs, futures, or spreads.
o These instruments allow for implementing stop losses and take profit levels, crucial for traders.
3. How Long Until I Can Start Trading with Your Services?
o The timeline is flexible and depends on you.
o Sign up with a broker, verify your identity, complete FICA, and deposit funds.
o Once verified, it takes a day or two to open your account and access the trading platform.
o Look out for SMSs or emails from Red Hot Storm Trader and PickpocketTrader.
o You can decide whether to take the trade and kick off your financial trading journey.
In summary, start small, choose the right broker for your trading style, and follow the simple steps to get going.