Finance

5 questions to ask before saving and investing online

3 Mins read

By virtue of reading this, you have never tried your hand at investing and decided it’s high time you did, or you are very much new to investing online. Choosing from diverse online investment platforms may be a pain in the neck and a real breeze. The odds are even.

Losing your investments may pose a greater risk to your wealth, and the struggle to pick the right online platform could leave you scratching your head.

Not to worry, these 5 questions would help you choose and make the best decision with saving & investing online.

What charges would I pay?

Does the platform charge a fee for opening an account? The types of charges will vary between platforms. When signing up, you may find common ones such as ‘set up fees’. With so many potential charges, it really pays to research before signing up for anything. It’s important to know exactly what you’re paying for and the impact this can have on your investments. So, look at the service it offers, administration charges, dealing fees, and any other extra costs. It is worth paying for quality, but make sure you get that before investing using an online platform.

What is the reputation of the company?

For online investors, impeccable reputation and good reviews are key to determining good investment platforms. Almost all websites have areas where people can leave comments describing their personal attitude toward a provider and its services. Study the company’s “About us” page and learn about its background; search for the personal records of each member on the Board of Directors; read legal documents and their testimonials. This could be a lot of work, but it will save you unnecessary headaches and stress in the future.

What are their offerings?

What are the products the platform is offering? You must never invest in something you do not understand. Ask questions, and ensure the platform gives you a detailed explanation about their products and offerings. If you can’t understand how an online investment platform works, seek the help of a trusted financial expert. Without understanding an investment, you cannot properly assess whether the particular investment matches your financial goals, risk tolerance and timeframe.

Is the platform easy to use?

Ease of use is one important factor you should consider as a user when investing through an online platform. We’re all not pro-investors. Many are just starting out or only have a small amount to invest, so look for services that are easy to use for everyone, regardless of experience. Is the platform’s mobile app user-friendly? Good online investing platforms offer free assistance, such as tutorials, articles, FAQs, and blogs, to help users navigate/ invest smoothly.

For instance, the HerVest app was recently upgraded with an improved and intuitive user interface to provide seamless and smooth navigation for users. The app also provides tour guides on its features and how to best use the product.

What is the Support/Customer Service like?

Because online investing can be a bit nerve-racking, the best platforms provide excellent support by telephone, email, instant messaging and chat. Certainly, every financial platform offers assistance, from using a platform to building a winning investment strategy. However, the level and quality of the help greatly vary. Ensure your platform offers a reliable support channel to resolve your queries and issues when needed.

What kind of technology is the platform secured with?

Find out the kind of technology the platform would use to ensure your account is protected and if the platform clearly explains how it uses them to protect your account information and how they work. For example, HerVest uses Paystack (with bank-grade certification) for easy and secure transactions, as Paystack’s automated and manual fraud systems protect users from fraudulent transactions and associated chargeback claims. Our savings are also placed with VFD Microfinance Bank, which is NDIC insured and regulated by the Central Bank of Nigeria. Our investments are also insured by Royal Exchange General Insurance Company. Our partners ensure your money is invested in secure options as promised.

Finally, as an investor trying to save and invest online for the first time, you should make sure the company’s products are properly/duly insured and certified by necessary bodies before saving and investing online. What kind of insurance do they provide to protect you if the product fails? You may check for its Trustees and see if the SEC regulates the company (Securities and Exchange Commission).

Investing online can be one of the best decisions you’ll ever make. Especially for women, it can be life-changing. This is why we have designed HerVest just for you, an all-in-one savings and investment platform created with you in mind. With HerVest, you can impact invest in smallholder women farmers and female entrepreneurs while earning highly competitive rates on the go. You can also invest in dollar-denominated assets (US rental properties and fixed incomes) and earn up to 10-14% interest annually.

Download Hervest now to start saving and investing like a pro!

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