Unique Characteristics for Millennials
One major characteristic among the millennials is their desire for making quick cash; a trait that is now referred to as the microwave mentality. Indeed the millennials are always looking for a faster, efficient and more effective way to achieve their goals in life, and that is not a bad thing; it is perfectly right. To achieve their aspirations, millennials are turning to technology and the internet in search of convenient online trading platforms such as binary options trading and using robo advisors such as M1 Finance in making investment decisions.
The computer environment into which the millennials were born dictates and shapes their day to day lives. They have grown in an era whereby a few key strokes connects you to millions of people around the world and an environment whereby if they wanted shoes made in China, they would order them and receive them in a few days. Their desire for faster wealth creation strategies is therefore just a part of the whole ecosystem in which they were born and live in today.
Another unique characteristic of the millennials with regarding to wealth creation is that they do not want to be involved so much in the day to day activities in the financial markets if they choose to invest part of their income in financial instruments. However, they still want to maintain some sense of control and be in charge of their wealth creation and the decisions being made on whether to invest in a given portfolio or not. They also want to have control over the periodical buy and sell decisions based on how markets are moving. Millennials do not fully trust the brokers to trade on their behalf fully; hence they want to influence the trading decisions and feel that they are part of the whole trading process.
Investing using robo advisors
It is this desire of being remotely in control on one’s wealth and trading decisions that innovators within the fintech space discovered and started creating robo advisors. You can use these financial applications from anywhere in the world as long as you have some internet connection hence giving you the convenience you need to move about but still be monitoring your portfolio and making trading decision on the move.
Other features added to the robo advisors to make them more appealing to the millennials is the personal finance advice that they have integrated into their systems. Using some pre-determined algorithms, most robo advisors are able to take all the information that you key in when making any financial inquiry and generate solutions or recommendations that are personalized or customized to you. This enhances the speed in which you can be able to get financial solutions and saves you the time and cost of going to meet a human financial advisor. Although they are still new in the markets, robo advisors are expected to be a main-stream product for a majority of the millennials joining the bulging middle class globally.
Online binary options trading
Robo advisors can give financial advice and help you to make investment decisions on your portfolio; however, the real thrill for most millennials is the new wave of binary options trading. Using your online binary trading account, you are able to access the financial markets and make money without actually owning any assets in the market. All that is required from you is the decision as to whether the price of a given asset in the market will go up or down. From this choice of two options, you then stand a chance of making money or losing money by the time the pre-determined trading period elapses.
The simplicity of binary options trading is making it popular among most working-class millennials who are now able to make extra incomes from trading online at their most convenient times. Depending on the binary options trading broker that you open a trading account with, you are exposed to a wide range of different assets that you can trade on. Most brokers however, tend to include in their portfolio the common assets such as currencies, indices and commodities such as gold, oil, cereals and silver. The wide range of assets also adds to the attractiveness of binary options trading to the millennials since you can choose to concentrate on trading in any one of the asset classes that you are most familiar with.
Trading information is also provided in most binary options trading sites in order to enhance the quality of your trading decisions. Market updates and analyses are very important for determining whether to predict a downward trend or an upward surge in the price of your chosen asset. Before you open a trading account online, you need to ensure that broker provides these extra informational services in order to increase your chances of winning in every trading transaction you make.
In summary, the millennials are transitioning into online trading platforms in large numbers. However, you need to be very careful when it comes to choosing your online account broker. Top on your list is to check their authenticity and security of their site. You should then do a due diligence on their past performance and compare them to other brokers in the market before finally signing up with them.