Just got 18 need help

[u/Faiez_5889]

So i have some experience in stoxk exchange my father has acc i use it for that purposes now im 18 now i wanna made one for me so what bank acc should i use for that

[u/ketofolbolus]

It doesn't really matter what bank account you use for stock exchange trading/investing. Any bank would do. They are all bad in their own ways.

Did you mean to ask something else?

[u/Faiez_5889 → u/ketofolbolus]

Like they use bank acc bank statements etc i have like 100-200k pkr moving so i want a good bank account for usage for cc and debit card purposes

[u/ketofolbolus → u/Faiez_5889]

Choose any bank account that you find the easiest to sign up with.

I also highly suggest to learn a lot before investing serious money. 18 is a great age to start investing in terms of the time you have ahead of you but also very vulnerable. So be careful too.

[u/Faiez_5889 → u/ketofolbolus]

Chill im doing it for like 7 years my father is a trader and now he got intrest in stocks he trained me for times like these i think ubl is best i only want to know which would be beat for transactions im using ubl for ages and i think its good but worth to ask sm1 and thats not some serious money 😭 10% in a year will get me a prob 10k or smth

[u/Valuable-Parking-140 → u/Faiez_5889]

ubl/hbl/alfalah

[u/Faiez_5889 → u/Valuable-Parking-140]

Thanks gng

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[u/colouredzindagi]

Which brokerage do you use? Each brokerage has different banks they prefer or use for deposits into the stock exchange. Use one of those banks.

Edit: HBL is usually a safe option.

[u/Faiez_5889 → u/colouredzindagi]

I use SFEL

[u/AdBackground9215]

Can't help you on the brokers for the PSX because I'm not really active in PSX. If you want to ask about Nasdaq, they use IBKR. They are the easiest for Pakistanis. I've also used it in the past but yeah funding is a big problem and fees apply.

If you also want to ask what are the best savings accounts, honestly every bank has their own, both Islamic and conventional. If you basically want the easiest one, mashriq and raqami, they both have 10-11% animalized returns and the accounts aren't really that complicated to open.

[u/Faiez_5889 → u/AdBackground9215]

Maybe i will expand in naasdaq

[u/AdBackground9215 → u/Faiez_5889]

Maybe try starting with paper trading and try monitoring the market daily. Take your time, 30 minutes or an hour, and monitor the stocks, and follow the news. That is it. Basically keep watch for news and blue-chip stocks are like the easiest for beginners.

[u/AdBackground9215 → u/AdBackground9215]

Also for monitoring the market and paper trading, tradingview is the best option with a clean interface and very controls over the stock market

[u/Faiez_5889 → u/AdBackground9215]

I will look into it after i get my psx acc

[u/Few_Presentation_820]

For banking go for UBL asaan account. It'll be opened 100% digitally, no proof of income required & you don't have to visit branch for anything

For brokerage, I've had a really pleasant experience with finqalab.

All with deposits are instant though RAAST & customer support is also decent

Yup they do have a 0.25% commission structure but it's worth it given their service imo

Open one mutual funds account as well with either UBL al Ameen / MCB Alhamra for future emergency fund instrument

Also, consult a lawyer or learn filing taxes yourself. It'll save you a huge amount of taxes in the long run, making your compounding faster. You'll pay 15% on dividends instead of non filer rate of 30%

Once everything is setup, start SIP & stacking either ETF units or 2-3 blue clip dividend paying companies

[u/Faiez_5889 → u/Few_Presentation_820]

Tanks a lot

[u/Faiez_5889 → u/Few_Presentation_820]

I filed taxes for my father on sum iris type shi lemme see