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    LadyGC's Avatar
    LadyGC Posts: 1, Reputation: 1
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    #1

    Apr 27, 2017, 02:06 PM
    What is the best online trading platform?
    Hi. I am interested in investing and just started doing some research in the last 2 days. It is all quite overwhelming, but before I begin, can I ask you all which online trading platform you would recommend?

    Also, do you think it would be a good idea to start between $5-$100 for the first investment?

    Thank you.
    joypulv's Avatar
    joypulv Posts: 21,593, Reputation: 2941
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    #2

    Apr 27, 2017, 06:57 PM
    I have had money in both Fidelity (1990s) and Vanguard (last year). Both were excellent and easy to use.

    I believe that Vanguard has the most money under management - TRILLIONS! They could start a country.
    The website is pretty easy to use.
    I don't think you can start with $100. They will tell the minimum.
    [I looked at Vanguard - $1000 for some and $3000 for others)
    You start with NO MORE THAN YOU CAN AFFORD TO LOSE. THERE ARE NO GUARANTEES!
    Obviously some funds are safer than others.
    You can fill out a profile and they will make suggestions.
    Don't buy anything but FUNDS at first. No stocks.
    Generally, you want to open an account and put money into cash (no funds) while you decide what you want. You need that cash section so you can buy and sell.
    You can send them a check to start, but need to arrange digital transfer afterwards, for your own good.

    Truthfully, I'm not sure I would invest right now... the market is pretty high. I'd wait for a downturn that bottoms out and is starting to go back up.
    But you can ignore that if you just plop some money in a safe fund and let it sit there for the long haul.

    Your tax return next year will be more complicated, so keep that in mind.

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