If you want to invest in the stock market, but don’t want to invest a lot of money up front, the prospect of working with a stockbroker might be a turn-off for you. Fees can be high. You may not want the typical back-and-forth on the phone to make trades. Frankly, maybe you would just rather do it yourself.

Unfortunately a stockbroker is required if you want to trade on the Australian Securities Exchange (ASX). Fortunately, that doesn’t mean you have to work one-on-one with a licensed professional. You have another option–you can trade through online brokers!

Online trading might not come with the personal attention, stock picks, or other financial guidance of a private stockbroker, but it offers several benefits of its own including:

1. Lower Fees

Fees for online brokers are generally lower than the commissions you would pay to a personal stockbroker. A few dollars per trade is common.

2. Faster Trading

Without having to talk to a broker before making every trade, you can buy and sell company stocks at the click of a button. Trades (and even sometimes dividend payments if they’re tied to your online broker account) can occur much faster.

3. 24-Hour Access

Even if you can’t make trades at all hours, with online trading you can usually monitor and review your own account at any time day or night.

4. Research Resources

When you use an online broker service, many put research materials right at your fingertips. You can research companies and stocks, and then buy and sell all from the same place.

5. More Control

A personal stockbroker doesn’t have to make every trade you request. They may not trade certain types of stocks, or they might refuse a trade if they feel you’re making a poor decision. When you take part in online stock market trading, there’s no one to tell you “no.” This makes it especially attractive to investors who are well-versed enough to make their own stock picks without the input of someone else.

When deciding whether to invest through a traditional stockbroker or online broker, it’s important that you look at the upsides and potential downsides of each. Before making that decision, determine how much guidance you will really need throughout the stock trading process and whether or not you prefer to have someone else’s expertise to fall back on.

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