TORONTO, ONTARIO--(Marketwire - May 25, 2012) - More than one-third of Canadians either currently use an online brokerage or are considering it, according to a survey by BMO InvestorLine. However, as widespread and convenient as online investing has become, a few 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."
The Top Four Myths Surrounding Online Investing
Myth #1: Online investing is only for day traders
Online investing is appropriate for all types of investors, not just active traders who make several trades a day. BMO InvestorLine offers several different types of accounts that address the specific requirements of individual investors (e.g. short term or long term) and has the tools and services to suit every type of investment need.
Myth #2: Online brokerages do not offer enough guidance and support
Online investors have access to an overwhelming variety of support in the form of educational materials, investor research and the latest innovative tools and resources. BMO InvestorLine's online tools are geared towards investors of all levels, making investing and planning straightforward and informative.
Myth #3: You should not mix online and full-service investing
Using an online investing platform while also seeking the services of a financial professional provides investors with the best of both worlds. According to Mr. Rainusso, each service complements the other: investors get direction and insight from an advisor and also have the flexibility to manage a portion of their investments and the freedom to use their knowledge.
Myth #4: Online investing is hard to access
Online investing is convenient and completely accessible regardless of time of day or location. In fact, BMO InvestorLine account holders can access their account from anywhere in the world through a secure connection.
Thinking of adopting online investing? BMO InvestorLine offers some insights on how to get started:
Ask for help: Most online investing platforms have 24 hour assistance on hand. Be sure to access the service with any questions you may have.
Take advantage of tools: BMO InvestorLine offers online demonstrations, tutorials and webcasts that provide step-by-step guidance into the world of online investing.
Do your research: Once you settle in, be sure to take advantage of the innovative research tools that online brokerages offer. BMO InvestorLine's bi-weekly eCurriculum emails keep you educated on various investing topics. It also offers three sources of research to clients including Ford Equity Research, Morningstar Equity Research & Pick Lists and Morningstar Credit Research.
For more information on investing online, please visit www.bmoinvestorline.com.
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