More than a third of Canadians use or would consider using an online brokerage. But according to a survey by BMO InvestorLine, four key myths still persist.
“Despite the increasing popularity of online investing, a few misconceptions about the platform remain,” said Cesar Rainusso, Vice President, BMO InvestorLine. “Investing online is a convenient, efficient and resourceful option for Canadian investors, regardless of your level of investment knowledge.”
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Here are some common myths about online investing:
Myth #1: Only day traders use online investing.
Online investing can work for all investors, not only active traders who make multiple trades per day.
Myth #2: Online brokerages don’t offer guidance or support.
Online investors have access to a wide variety of educational materials, investor research and the latest innovative tools and resources.
Myth #3: Don’t mix online and full-service investing.
Using both online methods as well as professional services gives the investor an edge. The methods complement each other. An advisor gives expert direction while online investment leaves the client free to use their own knowledge in managing their portfolio.
Myth #4: Online investing is hard to access.
Of course not: the ability to monitor and manage investments online means that the client can do so any time, worldwide.