Hi, Netizen
Interested in owning Disney Tesla or Amazon shares? In a sophisticated era like currently, you'll own shares on the US securities market albeit you're domiciled outside US. The answer is to use the GoTrade app.
What is GoTrade
GoTrade could be a brand of TR8 Securities opposition., an organization authorised to try and do business by a regulative and superordinate agency from the Malaysian government, like OJK in Indonesia. So, GoTrade isn't a security however a service supplier for getting and marketing investment instruments within the us. Now, as a service supplier for getting and marketing investment instruments within the us, GoTrade is collaborating with Alpaca Securities, LLC, associate degree application programming interface (API) company for stock commerce based mostly within the us.
Register to GoTrade
How to register the GoTrade application is quite exclusive. You can't necessarily have a GoTrade account just by downloading the app. To be able to have an account in this application, you must first get an invitation from an existing user. This is the same as the referral code in other applications.
After getting the referral code, you only need to add personal data and proof of identity to provide registration information. Well, you at least wait at least one day for account verification.
Even if you can't buy shares because the data is considered incomplete, you can contact the GoTrade team via the intercom conversation in the application. But remember, this application is run in English.
Instrument Purchase Fee
GoTrade itself does not only offer purchasing services, but also exchange traded funds (ETFs), Real Estate Investment Trusts (REITs) and American Depository Receipts (ADR). These four types of instruments can be traded with 0% commission or free of charge.
However, if you top up via GoTrade, you will be charged an international transfer of $0 – $5 per transfer duration, according to the terms of the international transfer from the bank or digital wallet that is applied to your account. Basically, the need for deposit transfers and withdrawals from and to banks or digital wallets in Indonesia is carried out by GoTrade in collaboration with Rapyd, a financial services company from the UK.
You will also be charged a withdrawal fee of $4 – $12 per withdrawal if you make a withdrawal from your GoTrade balance.
To find out the fees charged for making deposits and withdrawals according to the digital wallet and bank you choose.
How to Buy Stocks on GoTrade
After you make a deposit with an amount of money in your account, you can immediately transact by owning the shares, ETFs, REITs, and ADRs you want.
Next, you can buy the investment instrument by selecting the 'Trade' button and then you will have the type of order type; buy with US dollar denomination, stock fraction and minimum price limit.
The same applies when you want to sell your investment instrument in GoTrade.
The advantages of the GoTrade
- GoTrade's User Interface (UI) is quite minimalist compared to other applications. Many people equate GoTrade's UI with the investment app Robinhood in the United States.
- Get a bonus of US$4 when you buy the first share
- The registration process is relatively easy and fast
- Have not charged transaction commission
- Purchase of shares from US$1
- The process of transferring deposits and withdrawals is relatively fast
The weaknesses of the GoTrade
- The registration process can only be done with an invitation scheme
- Relatively, expensive withdrawal fee of US$12 per withdrawal
- Errors in bank details in the withdrawal process resulted in a fee of US$20
- Not available in Indonesian
- Don't have an official operating license in Indonesia yet
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