How to buy shares through your stock broker

Julie Brownlee, Fsp Invest, 04 Mar. 2015

Tags: stock broker, how to buy shares with a stock broker, buying shares, investing in shares, how to invest in shares, how to buy shares, stockbroker,

Once you’ve opened an account with a stock broker and put money into your account, the next thing is buying shares for the first time.

So what do you say to your stock broker over the phone?

Let’s take a closer look…

How to buy shares for the first time

You may be able to buy shares online or over the phone depending on your stock broker.

Let’s take a look at how it works if you phone your broker…

Before calling your stock broker, you decide you want to buy shares in Company A.

When you first phone your stock broker, he’ll first take your account details and name. Then it’s down to the shares you want to buy.

The conversation may go a little something like this…

YOU: I want to buy shares in Company A. What’s the best price?

BROKER: The best price in Company A is 86c.

If you feel the price is higher than you want to pay or you change your mind, you can just thank your broker for his time and end the conversation.

But let’s say you want to go ahead with the deal.

You must be 100% certain as by telling your broker to buy shares for you, you’re entering a verbal contract. You can’t change your mind once you give your broker the instruction to buy.

How to tell your stock broker to buy shares

YOU: I would like to buy 6,000 shares in Company A at 86c please.

BROKER: That’s 6,000 shares in Company A at 86c. That comes to R5,160 including commissions and costs. Would you like to go ahead?

YOU: Yes please.

BROKER: Thank you. That’s 6,000 shares at Company A at 86c. The deal’s gone through.

Once you end the conversation with your broker, he’ll email you through the broker note. This will detail the transaction for you.

Selling your shares is exactly the same, but the process in reverse.

If you’re new to investing, you may find it easier to deal with your stock broker over the phone until you feel confident to do it yourself online.

So there you have it, how to buy shares through your stock broker.

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