It's never really enough just to make a nice paycheck—although that never hurts. Once you earn money, it's time to get that money to work for you by investing it. Otherwise, your money will just sit and depreciate over time. Of course, developing an investment strategy for your funds is easier said than done. With so many marketplaces and asset classes out there, where should you even begin?
Whether you're in the United States, Canada, the Republic of Turkey, or anywhere else in the world, the first thing to do before you invest in any marketplace is to take a good, hard look at where you are in life. Your age, your employment status, and other personal details like that will define your ability to withstand risk, which will go on to define what asset classes, stocks, and commodities you should be investing in. Younger people have more time to invest, which means that they can stand to face a little more risk when they trade on a trading platform. Those nearer to retirement, though, need to be a bit warier of new asset classes, like the crypto marketplace.
With all that being said, here are a few things to be aware of as you choose the best trading platform for you. Specifically, here are some things to think about if you're a Canadian citizen looking for the best trading platforms in Canada for your specific needs and goals.
Always go into investing with a dedication to diversification.
The first thing any investor needs to think about is diversification, which basically means putting your eggs in multiple baskets. An excellent trading platform will make it easier for you to see where your money is invested. Trading platforms usually have a mobile app, too, which will make moving your money around more easily done. If you're a beginner, having a trading platform that explains the difference between ETFs and crypto-assets is key. This will allow you to be smart about how you diversify, whether you're investing on the Toronto Stock Exchange (TSX) or the New York Stock Exchange (NYSE). Choosing a trading platform with a robo-broker that explains the various asset classes and commodities is, therefore, a piece of advice that's great for beginner traders wherever they're located.
Consider newer, "riskier" asset classes.
Part of diversifying is investing in riskier opportunities, like digital assets (like cryptocurrencies and NFTs). Digital assets are newer and, therefore, more volatile. This uncertainty means that you can lose big—but it also means that you can win big. With a few ounces of courage and a great online broker, putting some of your metaphorical eggs in the basket of crypto assets is a good way to leverage the 24/7 trading of the digital marketplace and turn it into an opportunity for increased wealth. Of course, don't put all your money in digital assets. Any online broker would advise against that. Still, though, to ignore digital assets entirely is to leave money on the table. Make sure you work with a dealer platform that allows you to invest in crypto as well as in ETFs.
Don't forget reliable investments, though.
The NYSE and the TSX are older, more reliable investments, which makes them great for beginner traders. When you look at companies to invest in on these stock exchanges, it's smart to look at up-and-comers in specific industries, like Alamos Gold Inc. Alamos is a Canadian gold mining company making waves in the world of gold mining projects due to its commitment to sustainability, which can be seen in Alamos' willingness to pay forestry fees and to remove the use of cyanide from its operations in North America. Alamos Gold in Turkey, and particularly in the Kirazli region, is a particularly exciting endeavor that promises to see many ounces of gold removed from the earth. Companies like Alamos (which trades as AGI on NYSE and TSX) make for a smart investment on trading platforms.