Looking for a way to grow your money? There are plenty of ways to start investing from home on the web. Below are just five profitable ways to start investing money online.
Online savings accounts
You don’t need to go to a bank to set up a savings account. There are online banks that can allow you to set up an account online – and you could find that it earns you more interest than a brick-and-mortar savings account. Because online banks don’t have the expense of staffing and maintaining physical branches, they can often provide better interest rates. It’s best for digital transactions of course – paying and withdrawing cash can be done by mail, but is a lot slower.
Stocks and shares
Stocks and shares have long been a reliable way to make a return. There are lots of trading platforms that can allow you to start investing in stocks on your PC or smartphone – some of which allow you to invest as little as a dollar. You can buy and sell with the click of a button and digitally track your investments in real-time. It’s best to invest in a range of stocks to spread the risk. Established and successful companies are usually low risk and will earn you a slow and steady return, while smaller and newer companies are riskier but could make you a big return. Always do your own research before investing.
Cryptocurrency is a digital currency that you can buy online. The most famous example is Bitcoin, which has seen a huge rise in value over the last decade. Such cryptocurrencies have the potential to make a huge return, providing you invest in the right ones at the right time (so make sure to do your research). When looking where to buy Bitcoin and other cryptocurrencies, it’s important to always stick to trusted trading platforms to avoid being scammed. As with stocks, invest in a range of cryptocurrencies to spread the risk. A lot of investors use a digital wallet to keep their crypto secure.
P2P lending is a way of making money through loans. Using a secure P2P lending site, you can find individuals and companies to lend money to. The money then gets paid back to you in instalments with interest charges on top. Interest rates can be as much as 6%. If you’ve already got money saved up in an account, this could be a great way of growing it at a much faster rate than a savings account (although you won’t be able to access this money until it’s all paid back).
A lot of people have also found ways to make money by investing in domain names. Certain domain names could be sought after in the future – by buying them now, you can sell them at a profit in the future. You can buy domain names via a domain registrar. To increase your chances of making a return, consider buying a range of domain names.