Virtual Investment Apps - A Review of Pros And Cons
Sunday 6 June 2021, 2:39PM
755 views
MoneyHub's new guide to virtual share trading games lets New Zealanders experiment with investing before putting down any money.
MoneyHub's Senior Researcher Christopher Walsh said, "Too often New Zealanders want to invest in shares but don't know what to buy. Even if they do buy, there's uncertainty about when to sell".
“Our review details seven useful online tools to help potential investors get comfortable with trading and long-term investing. We detail one NZX-focused tool, and six US and global markets tools”.
"The NZX's ‘virtual trading platform, which offers $50,000 in virtual money to buy NZX-listed shares and ETFs, is one of several online games to give new investors confidence in their decisions without any risk".
"Beyond the NZX, several US-based share trading games also offer New Zealanders free access, meaning new investors in Hatch, Stake and Sharesies can experiment without risk.
"Our guide encourages investors of all skill-level and experience to practice their investing strategies without risking real money. We explain the pros and cons of each virtual share trading game, and outline what securities can be traded."
“Best of all, some platforms offer challenges and prizes, while others help users get used to trading before putting money at risk”.