Becoming a trader in Dhaka Stock Exchange will give you additional room for making the most of your money. There are many organizations that are operating in the share market with very high potential. Investing your money on these shares can give you a good return on your idle money.
If you are wondering how to become a trader in Dhaka Stock Exchange or what are the requirements of start trading in Dhaka Stock Exchange, you have come to the right place. In this article, we will elaborate on the process of getting started as a trader in the Dhaka Stock Exchange.
By following these easy steps, you can start your journey as a trader in the Dhaka Stock Exchange. In the following, we will narrow down and list the steps required and elaborate on them gradually.
How to Become a Trader in Dhaka Stock Exchange:
- Open a bank account
- Find a broker house to open your BO account
- Prepare necessary documents for opening a BO account
- Open a BO account
- Set up your BO account
- Start trading using that BO account
These are the six simple steps you can take and start trading in the Dhaka Stock Exchange. Let’s get to know more about these steps in the following.
Open a Bank Account
Having a bank account is the prerequisite of starting as a trader in Dhaka stock exchange. This is the very first step that is needed to be taken if you want to become a trader in the Dhaka Stock Exchange. There is no specific advantage for opening an account in any particular Bank. You can create an account in any bank and use that to go on with the next steps.
Follow the necessary steps required to open a bank account. Every Bank have their own specific requirement and that needs to be followed to create the bank account. The bank account should have the exact name that you want to use to start trading in Dhaka Stock Exchange.
After completing all the necessary formalities, your bank account will be ready and you have completed the very first step of becoming a trader in Dhaka stock exchange.
Find a Broker House
Every trader in Dhaka stock exchange is registered under a broker house or institution. Selecting a right broker house is a significant step of becoming a trader in Dhaka stock exchange. Because your journey as a trader will be shaped by the facilities of the broker house.
We always recommend to do our research of the available options and find the best one for you. There are many broker house that can cater to your requirement, so you will have the total freedom to research and pick a suitable one.
While researching for a broker house, you should consider a few must-have features of a good quality broker house. You can read this article to know more about the features of a best broker house.
Prepare Necessary Documents
Opening BO account is very easy. Once you are done with opening a bank account, you are halfway through of creating the BO account. To create a BO account you need to have specific documents ready. There might be some additional requirements based on the broker house but in the following, we will list down the must have documents.
Documents required to open a BO account:
- Voter ID card/license/passport
- Bank statement of your bank account
- Nominee details (NID, Photographs)
- Joint account holder’s details (if any)
- Power of attorney’s details (if any)
These are the basic set of documents required to open a BO account. Along with the documents you will have to give proper accurate information of related individuals.
If you want to create a BO account online and that can be done as well. In that case, you will have to arrange the soft copy of the required documents. By following the process of the online application, you can also create the account with ease. However, not every broker house has the option of online BO account application. So make sure to find a broker house that has that feature.
There might be some charges included which are known as the BO account recharge. And it is necessary to create a BO account. After you are done with the formalities, your BO account will be ready.
Set Up Your BO Account
Once the BO account is ready, you will have to credit the account with some amount of money. This amount will be used to buy and sell shares using your BO account. To go through the process of purchasing, you can take the help of the broker house and also and do it for yourself.
BO account charge is a charge that is renewable every year. You will have to renew your account by providing the renewal fee early. However based on the broker house there might be other arrangements of providing the renewal fee for the BO account.
Basic Financial Literacy
As you have already in the process of creating the BO account, we assume you have some basic understanding of the share market. However, it is essential to have basic literacy of the stock market so that you can make better financial decisions.
The broker house you are registered under can have their basic onboarding process to guide you through the basic literacy. Once you have that knowledge, it will be easier for you to understand the share market and take effective decisions. Without basic literacy, it is highly likely to take decisions that will not end well for you financially. As a result, we always recommend going through the necessary learning process to ensure you are taking accurate decisions.
We from Royal Capital, take initiatives to update our clientele with necessary and required literacy. Our holistic training and development program is based on creating a learning experience for our clients to give them the proper knowledge to make intelligent investment decisions. Arranging question and answer sessions with our clients is among our monthly practice. This increases the overall communication with our clients, we try to give solution to the problems our clients are facing and address their queries.
These initiatives are taken to ensure all of our clients are part of a healthy ecosystem that will provide financial security and prosperity in the long run. The overall focus of these initiatives is to increase the knowledge base and literacy of our clients.
Up to Date Information
Staying updated and informed is a must-have for any traders. Many news, events, organizational decisions has a ripple effect on the share market. It is essential to stay up to date with relevant information and to connect the dots is vital for a trader. If you are aligned with a good broker house, they will proactively update you with the relevant information. And you are encouraged to do your own part as well to stay up to date with relevant information.
A combination of updating oneself and staying in the loop with the market trend will help you sustain in the share market. There are many blogs, research insights and more that can guide you with up to date information and help you to make better investment decisions.
These are the overall steps required to become a trader in Dhaka Stock Exchange. If you are planning to start your BO account, feel free to reach out to us.