Looking to grow your money through investment? The internet has opened up an array of new opportunities that could be worth looking into.
Here are just five ways to invest your money online.
Set up an internet savings account
Savings accounts are always the safest and most stable form of investment. Whilst you can always go through a traditional brick-and-mortar bank, you could earn more money by using a savings account from an online bank.
Many of these online savers have much higher interest rates. It may take longer to transfer funds from one of these accounts than it would from a traditional bank, so this is something bear in mind.
You’re also not going to make a huge profit through a saver alone compared to other riskier investments. That said, if you want to keep the risk low and aren’t too concerned with making a huge return, this could be the investment option for you. Use savings comparison sites to find the best account for your needs.
Try peer-to-peer lending
Peer-to-peer lending is another form of investing your cash online. It involves handing out a loan to another user. You then get this money paid back to you over the following months with interest attached. This could be as much as a 15% interest rate.
By going through a secure and established peer-to-peer lending site, you can be sure that you’ll get you money back from the debtor, making this a fairly stable form of investment.
Many sites allow you to choose the cause that you believe in, so that you only lend money to someone you trust and want to help.
It’s worth researching multiple peer-to-peer lending platforms before signing up to one in order to find the best investment opportunity for your budget.
Cryptocurrencies are the new trendy digital asset to invest. The likes of Bitcoin have actually been around a good few years and were introduced originally as a neutral currency for getting around foreign currency transfer fees.
Nowadays, there are many cryptocurrencies and they’re used mainly as an investment tool – you simply buy a certain amount of cryptocurrency, wait for it to rise in value and the sell it when you want to make a profit.
Of course, certain cryptocurrencies have proven themselves recently to be very volatile, making them a lot riskier than many other forms of investment.
You’re best doing your research into aspects such as blockchain development and mining before getting involved in cryptocurrencies.
You should also only ever invest as much as you’re willing to lose – because these currency values are harder to predict, you should treat them more as a gamble.
Invest in domain names
Domain names have become another popular digital asset for investors. This form of investment involves buying a website address and selling it for a profit.
Some domain name investors choose to buy single words or common phrases such as insurance.com or privatejet.com, whilst others go for more complicated combinations.
Often it requires a lot of speculation in order to choose a domain name that could be valuable. Buying a domain name is fairly straight forward and there are plenty of domain name registrars out there where you can find cheap available domain names.
You could also consider employing the help of a domain name broker who can help to sell your domain name for the highest possible price.
Use a robo-advisor
Don’t trust brokers? You can now seek investment advice from a robot. Robo-advisors are a relatively new form of software that can help recommend the best places to put your money based on hard unbiased data.
There are even robo-advisor apps that can allow you to invest on the go. Many robo-advisors come with some kind of monthly fee which is something to be aware of when downloading this software.
Others may require you to make a certain minimum payment into an account before signing up. Read reviews online to try and find the best robo-advisor for your budget and needs – there are free options out there, although these are often the most basic.