Since he's a middle man, the fees he charged were big and he would not pay attention to you if you are a small investor. This is why people think that only the wealthy can afford buying stocks. The money you'll need to spend on a broker makes it hard for lower and middle class to afford the stock market.
Fortunately, everything changed since the internet. Nowadays, your broker will simply be a website where you'll place your order.
The advantage are the following:
- lower fees
- no holding fees
- buy and sell from your computer any time you want
- no need to have a middle man who will place your order
- the websites are very complete with lot of information that will help you decide which stocks to buy
Please be aware that each time you buy and sell stocks, the broker will get a transaction order fee. This can cost from 20 pesos to 1000 pesos depending of your broker and the amount you're buying. On top of that, the broker will charge you taxes for each transaction.
The one that I use is COL Financial (www.colfinancial.com). I like it because there are a lot of information that helps me decide which stocks to buy and the fees are minimal. Moreover, I pay only 20 pesos on average when I buy stocks for an amount of more or less 5,000 pesos.
They also conduct seminars that are really useful for people getting started in the stock market.
To start your account, you'll need to fill some application forms and provide some documents. Once you get your COL Financial account, you need to wire money on that account for you to start trading. Here's the complete process: https://www.colfinancial.com/ape/Final2/home/open_an_account.asp
I would advice you to attend one of their seminar and open an account while you're there.
Have fun starting building your wealth!
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