Steps of buying ConocoPhillips shares
Best 5 brokers for buying ConocoPhillips shares
Fees for investing in ConocoPhillips stocks
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Like most of us, you have probably imagined buying shares of a company that skyrockets in a couple of years in value, making you enough money to travel and chill for the rest of your life. Maybe even ConocoPhillips was among your top picks for buying its shares, or it will be. In reality, investing is a bit more complex than waiting for the birds flying into your mouth ready roasted, but hey, you have to start somewhere right?
The good news is that unlike back in the days, today you can buy shares in companies like ConocoPhillips fully online.
While we do not specifically advise to buy ConocoPhillips shares, this article explains in layman’s terms how you can buy shares in companies in general, taking ConocoPhillips as an example. Whether your first share to buy should be ConocoPhillips or not it’s for you to decide. We strongly suggest to contact investment advisors as this article is not meant to be investment advice under any circumstance.
If you are interested in our guide about how to buy shares online, click here.
https://youtu.be/1kBHZTK7BSE
How to buy ConocoPhillips Stocks & Shares to Invest in COP
Overview of ConocoPhillips
ConocoPhillips is a US Energy company, traded on the NYSE under the COP ticker. It is famous as a multinational energy company. If you’d like to buy its stocks you need to find a broker that gives you access to the NYSE because that’s the main exchange it’s traded on (hang tight, we’ll get into this in a bit).
All of this doesn’t mean that ConocoPhillips is a good company or a bad one. As part of this example you might want to get reminded of what you are considering investing in though.
Let’s see the steps now!
How to buy ConocoPhillips Stocks & Shares to Invest in COP
Steps of buying ConocoPhillips shares
Okay so for your own reasons you have decided you’d like to buy ConocoPhillips. That’s a good start. Let’s see what lies ahead of you before you can officially state that you are a shareholder of ConocoPhillips! The process is rather similar for any company shares and again, we only take ConocoPhillips as an example.
Step 1: find a good online broker
One of the characteristics of an online broker is the exchanges they have access to. Not all brokers allow you to buy shares of ConocoPhillips, simply because they don’t have access to the NYSE. Needless to say, you need a broker that gives you access to this exchange.
The next important thing with a broker is that it should fit you as well. Not all brokers allow every citizen to open an account with them; some brokers are super expensive if you just want to buy a couple of ConocoPhillips shares every once in a while, some brokers can be absolutely free. You can actually get great recommendations on choosing the right broker using our questionnaire:
When recommending a broker, we take into account different factors, like the broker’s fees, trading platform, accessible markets to trade, and how easy it is to open an account. Safety is also highly important, but since we recommend only safe brokers, you do not have to worry about it.
Step 2: open your brokerage account
After finding your online broker, you need to open an account. This is much like a regular bank account and opening one is usually a fully online process. At some brokers it’s as quick as opening a new Gmail account, at some brokers it takes a couple of days until they do some background check on you. Instead of storing money on it you will store your shares on this though, so you definitely need this to buy ConocoPhillips shares and to store them.
Step 3: deposit money to your account
You will pay cash to buy those ConocoPhillips stocks. This cash first needs to be sent (deposited) to your broker. This is usually super easy and quick, actually even easier than opening your brokerage account.
The most common way you can deposit your money is bank transfer and using credit/debit card. At some brokers, you can deposit to your investment account even from different electronic wallets like Paypal, e.g. at eToro.
Step 4: buy the ConocoPhillips share
You have the account, the cash, and the share target. The last step is to press the buy button! You log in to your online brokerage, search for ConocoPhillips share, insert the number of shares you wish to buy, and click buy, which will initiate the purchase of shares (in trading lingo: execute the buy order).
A couple of hints around this: when placing an order, you can choose from different order types. The market order buys at the actual market price, while the limit order allows you to specify the exact price at which you want to buy the share.
Step 5: review your ConocoPhillips position regularly
You are not finished after you purchased your ConocoPhillips stock. Now it is key to monitor your investments. This basically means following your investment strategy. If you bought the ConocoPhillips share for holding it for a longer term, you might participate in the annual meeting and collect all the news and information about the company.
If you plan to sell it shortly after you see some increase in the price, you might use different position management tools. E.g. you can set the target price at which you want to sell the share with a profit, or use the stop-loss to set a price at which you want to sell the share to avoid further losses.
Now that you have mastered the 5 steps of buying shares, take a moment to look at the top 5 brokers we have selected for you.
How to buy ConocoPhillips Stocks & Shares to Invest in COP
Best 5 brokers for buying ConocoPhillips shares
| Interactive Brokers | Interactive Brokers is a US discount broker. It is listed on a stock exchange and regulated by several authorities, including top-tier ones like the FCA and the SEC. | Visit broker |
| Alpaca Trading | Alpaca Securities LLC is US-based broker providing commission-free API stock trading. The company is regulated by the top-tier SEC and FINRA: | Visit broker |
| TradeStation Global | TradeStation Global is an introducing broker of Interactive Brokers. This practically means that assets and cash are held with Interactive Brokers, but services like fees and customer support are provided by TradeStation Global. TradeStation Global is regulated by the top-tier UK FCA. | Visit broker |
| Zacks Trade | Zacks Trade is a US discount broker that also allows international clients to open an account. Zacks Trade is a division of LBMZ Securities, which is regulated by SEC and FINRA. Customers are protected by the SIPC scheme, up to $500,000 (including a $250,000 limit for cash). | Visit broker |
| Saxo Bank | Saxo Bank is a Danish investment bank. It is regulated by several financial authorities globally, including the top-tier UK FCA. | Visit broker |
How to buy ConocoPhillips Stocks & Shares to Invest in COP
Fees for investing in ConocoPhillips stocks
You have to count with different kind of fees when you are trading with ConocoPhillips shares.
Commission is a fee, based on the traded volume or a flat fee per trade. For example, 0.1% of €10,000, $5/trade or $0.005/share.
Needless to say, these are different at each broker. Let’s see the fees of trading with ConocoPhillips shares at our recommended five brokers
| Saxo Bank | Fusion Markets | CMC Markets | Interactive Brokers | Capital.com | |
|---|---|---|---|---|---|
| EURUSD spread | 0.8 | 0.0 | 0.7 | 0.1 | 0.6 |
| GBPUSD spread | 1.3 | 0.2 | 0.9 | 0.3 | 1.3 |
| AUDUSD spread | 0.8 | 0.0 | 0.7 | 0.1 | 0.6 |
| EURCHF spread | 1.4 | 0.6 | 2.5 | 0.4 | 2.2 |
| EURGBP spread | 1.4 | 0.3 | 1.1 | 0.2 | 1.5 |
How to buy ConocoPhillips Stocks & Shares to Invest in COP
How to reduce risks
Effective Risk Management Tips for Investing in ConocoPhillips Stock
Every investment involves some level of risk, and ConocoPhillips shares are no exception. Being aware of potential dangers and applying the right strategies can help you protect your capital. Below are some essential tips to help you manage risk more effectively.
Be Aware of Investment Scams
Risk:
The online trading world is full of fraudulent brokers looking to take advantage of investors. If you encounter advertisements promoting binary options or automated trading systems with unrealistically high returns, consider them a warning sign.
How to manage it:
When investing in stocks online, choose reputable and trustworthy brokers. Opt for platforms that have been carefully reviewed, tested, and consistently monitored for reliability and security.
Spread Your Investments
Risk:
Putting all your funds into one or two stocks can expose you to significant losses. If ConocoPhillips experiences a downturn or fails, your entire investment could be affected.
How to manage it:
Build a diversified portfolio by investing in multiple stocks rather than relying solely on ConocoPhillips. Diversification helps reduce overall risk. A well-balanced portfolio typically includes around 20 to 30 different stocks.
How to buy ConocoPhillips Stocks & Shares to Invest in COP
Bottom line
How to purchase ConocoPhillips shares online?
Just follow these five easy steps:
- find a broker
- open your account
- fund the account
- buy the share
- review your position
It may look tricky for the first time but all you need to do is progress step-by-step.