With rising interest rates and uncertainties in the job market, an increasing number of people are looking for more than one source of income.
E-commerce is becoming a preferred way to earn extra income for many people. Additionally, robust new-age online trading platforms are attracting the attention of millennials. In fact, in the first and second quarters of 2020 alone, nearly 6.3 million demat accounts were opened, bringing the total number to 44.5 million.
Looking at the peak of e-commerce in the recent past, News18.com in association with Binomo, an e-commerce platform, realized the need to educate people about e-commerce. Through the campaign – “Giving Wings To Aspiration”, we address common traders’ concerns and debunk trade-centric myths.
So let’s decode trading and become aware of it.
- Is e-commerce safe?
Yes, online trading is safe provided you are trading on a reliable trading platform like Binomo. Before investing, it is a good idea to check certifications and accreditations to ensure the authenticity and reliability of the trading platform.
- What features should an online trading platform have?
The best online trading platform should offer a mix of robust functionality and ease of use. It should be simple to use and practical at the same time.
For example, Binomo is one of the best trading platforms that offers an assortment of useful features such as easy navigation, multiple payment options, a demo account with $1000 virtual money, offers and promotions and many useful resources for investor education and research.
- Can e-commerce be an additional source of income?
Yes, if you have the knowledge of trading coupled with the right skills, you have a good chance of earning extra income from trading. Remember that trading has nothing to do with luck or the grace of God. Earning additional income through e-commerce requires continuous learning, applied knowledge and experience in financial analysis.
Binomo lets you earn on gains or falls in stock prices, indices, exchange rates, commodities, and other assets.
- How does the trade work?
To trade, you need to log in to the online trading platform and enter your email ID and password. Next, you need to choose the currency to trade. Then accept the terms and conditions and your account is created. That’s it, you can now start trading!
Binomo allows you to trade with a minimum account balance which can be as low as Rs. 350 and the minimum trade cost starts from just Rs. 70.
- How to get started with online trading as a beginner?
As a beginner, you need to get a good understanding of the market and what drives prices in the market. Once you have learned the market dynamics, you can start trading with a small amount to gain hands-on experience. An important thing for beginners to remember is to practice self-control and stay away from greed. It is important to know the level of risk you can take on and trade accordingly.
- What are the basics of trading and what do you need to know before investing?
The first thing to understand here is that there is a difference between trading and investing. Although these words are used interchangeably, they both mean different things. Trading is about earning extra income from the market using market volatility while investing is more passive, it is used to create long term wealth.
- What trading rumors need to be debunked?
Newbie traders are often swayed by rumors and end up taking positions based on rumours. This often leads to poor trading decisions. One of the biggest learnings here, then, is to understand the market, equip yourself with basic market terminologies, and invest accordingly. Don’t trust rumours.
- What are the dos and don’ts of trading for new traders?
Some of the main do’s and don’ts of trading are:
– Learn and understand the marker mechanism before investing or trading
– Research well before investing
– Keep your emotions under control
– Don’t be swayed by rumors
– Understand market sentiment based on your trading goals
I hope this article has helped you become more aware of e-commerce. If done in the correct and knowledgeable manner, online trading can help you achieve your goals.
This article was written by Studio18 on behalf of Binomo.