Only people over the age of 18 can buy shares on the platform.
Shyft platform, a global money app from Standard Bank, launched share trading on the Johannesburg Stock Exchange (JSE) on Thursday.
The app has historically enabled clients to buy foreign exchange and use that to invest in offshore companies in the US or the UK.
Launching share trading on the JSE will now enable users to invest in South African companies.
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Why the JSE?
Glynn Allen, head of the Shyft Platform, told The Citizen this week at the launch held at JSE Headquarters that they believe most people prefer to invest in familiar companies.
For an ordinary South African, investing in companies that are listed on the JSE has become more accessible.
The platform was launched in 2017 to provide users with simple and easy access to forex, digital wallets, and international transfers.
What would it cost to buy JSE shares?
He said that to invest in the stock exchange, a commission is charged on each trade, which is around 0.4%.
“Charges are displayed before each transaction is completed in the app, so you will always know exactly how much you are being charged and the total of your transaction.”
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Who can make use of Shyft
Allen added that there is an age restriction, as per regulations. Only people over the age of 18 can buy shares on the platform.
At first, the platform was only available for Standard Bank clients. But it has now opened to anyone using any bank.
Through the platform, you won’t need to go through an equities dealer or a fund manager to invest in companies like Amazon, Apple, Google, or US-listed exchange-traded funds (ETFs).
Best ways to invest money in SA
Everycent has recently given tips on the best ways to invest money in South Africa.
The blog lists fixed-term savings or fixed deposits as number one. These are savings that are locked for a fixed period with guaranteed returns.
The list includes flexible savings accounts and money market funds; Tax-Free Savings Accounts (TFSA); Government bonds; Retirement annuity (RA); Exchange Traded Funds (ETFs) and Diversified Unit Trusts, Property Buying; and A Stockbroking Account for stocks.
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