3 Ways Digital Investing is Evolving
Everyone is looking for ways to get rich quick. This is no less true in the world of online investing. The convenience of moving funds around with a mouse click or a tap is hard to ignore. The information age is here and anyone can get access to breaking financial news in the palm of their hand. So, if you’re going to take the time to stay informed, why not look at a few ways digital investing has evolved.
Competitive Markets Bring Down Costs
There are hundreds of services that will allow you to invest in traditional financial vehicles online. Whether it’s stocks, bonds or gold, if you can purchase it with your stock broker, you can find a site that will let you manage the process yourself online. This doesn’t even begin to count the individual stock brokerage firms that have online websites which allow you to review your accounts and communicate with their advisors.
The more firms, the less fees.
You’ve likely seen advertisements on TV by the big online investing firms, offering super low trade fees. Paying $6 today for a stock trade is amazing considering the 90’s and early 2000’s were full of brokers charging massive fees (placement plus management plus profit-based) that really ate into people’s portfolio growth. Basically, the more players the more savings. The online trading market is saturated, and that’s a good thing! Plus, online investing if really putting you in the driver’s seat (for better or worse).
One of the more surprising areas of online trading is support for additional currencies. No, I’m not talking about the foreign exchange markets. There are plenty of those online and good luck making a couple bucks in that market. Politics and money are crazy things to invest in.
I’m talking about companies that offer trading in digital currencies. BitCoin is the natural extension of online banking and commerce. It’s a form of currency that is solely digital and resides in the cloud, as well as hard drives on computers and mining hardware around the world.
As with anything new and revolutionary, there’s significant fluctuation. The risks though could be worth the minimal work it takes to create bitcoins. A computer connected to the internet can be tasked with completing the work units that generate bitcoins (or digital currency codes) that can be exchanged with other bitcoin merchants and users, or invested online.
Online Financial Planning
Apps and websites dedicated to helping millennials plan for retirement are becoming increasingly popular. The beauty of this approach is that the digital age has brought so much information to us, that we’ve learned to trust it. Just as we purchase furniture and consumer goods online, financial strategies for wealth creation can be set on autopilot from our smartphone, tablet or laptop.
The world of online investing and asset management is an exciting place. I’m confident that we’re only witnessing the beginning. More innovation from more places means an incredible quality of self-help tools are becoming mainstream.
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