Gone are the days of having to study market fluctuations or pay astronomical fees to a full-service broker just to invest in some shares. With the advent of the Internet, you can quickly, effortlessly, and safely sell shares online. Before you jump right into online trading, it’s important that you have some general knowledge of how to do it. Selling your shares shouldn’t be done lightly or without consideration. Therefore, we’ve put together a few things that you should know before you enter the world of selling shares.
Why Online?
Compared to selling shares the old-fashioned way, through a brick-and-mortar full-service broker, selling online is far more convenient. Using a third-party online broker, you can sell shares from the comfort of your home in as little as a day. You won’t need to schedule appointments or consultations and, should you need assistance, any online broker worth their salt should be able to offer advice. You’ll save some coin by paying lower brokerage fees than you would by using a full-service option.
Where Do I Get Started?
First, pick a reputable and accredited online broker. We recommend using sellmyshares.com. They’re easy to use, experienced, and quick! You’ll need to provide some information for them to get work but it’s nothing too in-depth. Simply find the reference number located on the holdings statement you should have received when you purchased your shares. You’ll also need to prove your identity, so have a photo of your driver’s license or passport ready to send over.
How Does It Work?
All you have to do is submit an application for sale along with your documents and let the team of brokers get to work. They’ll confirm your shares with the registry and then value your holdings against the most recent and most competitive market. Once your shares are sold, you can expect to see your money in three days.
Why Must I Wait Three Days?
If you were to receive your payment immediately, there could be the chance that a buyer would default on their payment after they’d already received your shares. By implementing a three-day closing period, you’ll have an added level of security protecting you from scams or financial risk. Rest assured that as soon as the three days are up, you’ll find the money deposited into your bank account or a cheque in your mail.
Selling shares online is practically the norm, so why not take the opportunity!
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