It’s always good to keep an open mind when it comes to money and your personal finances. Keeping your money safe is the first thing to keep in mind, but what about investing it?
You might think that the first step towards better financial security is to put your money in a savings account, where it could at least earn an interest, and you’d be right. You might also think of putting your money to work with investments, such as stocks and securities, and you’d be right yet again.
A common first step in the direction of the latter is to open an account with an onlinebroker, a complex decision to make at the best of times. However there are always many options to choose from, and while you certainly want to choose the best broker out there, traditional online brokers are not your only option, and not necessarily the best.
Another option with lots of unique benefits is using a trading bank.
What Is A Trading Bank
A trading bank is just like any other bank with which you can open an account with. It is particularly convenient to have a savings account with, but more importantly than that, it also functions as an online brokerage service with which you can use your deposited funds to trade with stocks, bonds, forex, and other financial instruments.
By using an all-encompassing service such as that, you are removing one intermediary step that stands between you and the market, and thus allowing for lower fees and spreads that would otherwise severely impact your bottom line. With a good trading bank, you can be expected to pay £0.00 on sharesCFDs and low spreads on indices and FX.
Choosing with whom to trade online should never be approached precariously. There are countless services vying for your patronage and it is safe to say that most of them are not reputable institutions. Firstly, the only entity with whom you should be doing such business is a certified brokerage service that is regulated by the relevant regulatory financial body of the geographic area that is relevant to you.
Any other choice would be some sort of scam. Even when you narrow down the list of choices to certified ones, you still have many choices and some are much better for you than others.
What makes a trading bank account the top choice, both for personal banking and online trading, is that it keeps all your personal finances united under one roof, in a manner of speaking. You can hold your money and access it at any time with your bank card, or through online services. Your account can also hold securities and financial instruments. Using such an account, one can be “converted” to the other much faster and with greater ease, along with other benefits.
With the right trading bank account, you will have access to some of the best trading platforms and trading experience. With such platforms, you can trade from your personal computer, or mobile device, from any location. You can also use the platform’s demo account, if available, to engage in simulated trading, that is exactly like trading with real money. This is a useful way not only to practice you trading skills and ideas, but also to become familiar with a particular trading platform and the real-time use of its features.
You will also want to consider another feature of great importance, good customer service. When engaging in online trading, you will inevitably need help at some point. Be it a technical issue, a random question regarding your account, or any other need, you will want quick and effective access to someone who can efficiently help you. Being part of a larger organization, trading banks will be able to provide you with the staff and expertise you will require at times of need, and ensure you don’t have to suffer the extreme frustration of being unable to reach assistance when your time, money and patience are being tested.
Getting Started
Whenever you are ready, be sure to make your choice based on the relevant criteria that we discussed above. You can always book a demonstration with the bank whenever it suits you, get acquainted with the account and all the platforms and features offered, and of course have all your questions answered.
