How to swim the online Financial Markets like a Pro

The World Wide Web has become the single largest market for products and services and the Indian financial marketplace has equally migrated to digital platforms.

Apr 16, 2016 08:04 IST India Infoline News Service

People are visiting physical offices less often and are meeting more on the internet by exchanging emails and chatting on platforms. The World Wide Web has become the single largest market for products and services and the Indian financial marketplace has equally migrated to digital platforms. Products such as mutual funds, insurance, loans and credit cards and services like tax-filing, budget management and financial planning are increasingly becoming popular fuelled by a young tech-savvy population.

In the midst of such an array of products, one caution should be at the back of our minds at all times, full money back refunds are hard to come by in case you realized later on that you bought into something you really don’t need. Here’s how you can swim through the online financial markets and get the best deals

Be Clear on What You Want
Since there is a flood of products and “special offer” flashes you will receive, it is easy to get confused while at the shop (website). It is paramount that you know and are clear on what you want. Sufficient research prior to diving in the e-market is requisite for you to be clear on the product, intended objective and subsequently, net the appropriate product.

Check who is selling
Digital merchants come in different names such as mobile apps, insurance aggregators etc. it is worth noting that all these traders operate in a licensed and regulated environment. These merchants will often offer more products, however, they all seek to make a commission from selling you the product and put more emphasis on products which earn them more commissions.

How good is the Deal?
Whereas many financial ecommerce sites try to distinguish their services by claiming offer quality advice to investors, the case may not be so. Analyze the quality of data being used to establish a basis of which they arrive at their recommendations and determine if the references made are skewed or flawed.  If the web site has links with only four companies on a particular product, their recommendations will definitely be questionable.

Data Security
Trading online often involves exchanging sensitive personal information. There is an obvious risk of possible misuse personal and financial data. It is important to check the authenticity of the online platform you are dealing with and question if they request for irrelevant data from you.

Online financial trading is a revolution that cannot be stopped, however to swim in this market like a pro you need to know what you want and be ready to roll up your sleeves , ask tough questions and do plenty of research.

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