Do you want to start trading Online? Do you know what it takes to start?
Well, I assume you already know you’ll need a trading account from a reputable broker to be able to access the markets. But when searching for a suitable broker platform, what should you look for? You don’t know, do you?
Today’s post addresses the process of choosing a reputable broker, giving as many tips to avoid scam brokers as possible.
My hope is, by the time you finish reading this post you should become better at telling if a broker is worth it or not.
Here are the 7 tips for choosing the Best Fixed Time Trades Broker;
- Market Experience.
- Safety and Reliability.
- Account Types.
- Trading Platform and Tools.
- Free Education.
- Deposits and Withdrawals.
- Customer Support.
1. Market Experience.
Market experience may seem like a complicated term at a glance but you will be shocked to realize that it only refers to the number of years a broker has been in operation. Why the hell do you need to know for how long a broker has been operating yet all you are interested in is the service?
Let me not overemphasize the fact that the longer a broker has been in operation, the more customer confidence they hold.
Stay away from far-fetched examples and look at this.
There is that outlet where you always pick your groceries. What if a new outlet just opened? Will you now quickly jump from the previous outlet that has served you for years to go shop at the just-opened one? I bet not.
Which outlet would you confidently recommend to a friend? One that has been in operation for such long or the new one?
I guess the former. This is because it has been there, serving clients, experiencing different difficulties and solving them, handling client complaints, and so on.
You know where I am headed right? That is the same thing with a broker. The more the broker has been in the markets, the better the broker. Newly opened brokerage firms may collapse and not most people will prefer them.
2. Safety and Reliability.
This involves gauging whether the broker is safe and reliable. How you do this is by ensuring that your money and data will be safe with the broker. Better still, knowing that you can trust the broker even in case of an eventuality.
You need to know if the broker is licensed and regulated. As if that is not enough, going further to know who licensed and regulates the broker is of the essence. Some regulatory bodies will confer benefits that others may not confer to the trader.
Some regulatory bodies require the broker to hold trader money in separate bank accounts from their pools so that traders’ money will be safe and secured. Other regulatory bodies require the broker to insure the traders’ money such that a trader will be entitled to an indemnity in case of anything.
You see those good things I just mentioned about some regulatory bodies? Not all do all those things or even at least any. That is the point of going to the extent of knowing who regulates the broker.
3. Account Types.
Brokers out here are giving traders an option of choosing from different account types. Some brokers give account types which are micro with minimum initial deposits which are so low and high profile accounts of high minimum deposits too. Other brokers will not provide micro-accounts at the expense of that trader who wants to start small.
Gauge what kind of a trader you want to be. If you want to start small, look for that broker who offers Micro account as one of their options. If you do not want to start small, then look at the various brokers and the benefits attached to their high profile accounts and choose the broker with the benefits that please you most.
4. Trading Platforms and Tools.
Accessibility of a broker and the tools available on the platform are a crucial factor. Whether the broker has platforms supported on the Web browser, Desktop or Mobile smartphones is of the essence.
You understand yourself best to know which kind of platform would suit you best. If you would prefer trading on the Desktop yet a broker is not available there, then you have no business with them. If Mobile Apps bless your soul yet a broker offers no option of being accessed via Mobile Apps, would you even want to look at them twice?
The tools available on the platform such as technical indicators matter. In essence, these help you to predict more accurately than if not used. Imagine a broker that gives you a plain chart to trade using your instincts and guts. That’s laughable. You would rather do other things with your money.
The good thing is that most traders have chart analysis tools on their platforms. What matters now is the number and types available, which should suit your taste.
The interface of the platform is vital to monitor. The platform interface should be friendly to you and easy to navigate. If not, move on.
5. Free Education.
When you join a broker as a newbie. Does that broker value you so much as to give you access to free educational resources? Remember these are the materials that will shape your trading from the word go as a trader.
Imagine where a broker wants you to pay for such materials yet another is willing to offer you trader education for free. Which broker would you go for?
6. Deposits and Withdrawals.
Regarding this matter, brokers support and accept different payment methods. Some are methods you can access while others you may not. Go for that broker that serves your convenience by supporting payment methods you can access without straining.
Deposits and Withdrawals may be charged or free. Does the broker want you to pay a commission on deposits and withdrawals or offers the service free? You already know where to go.
Deposits and withdrawals take different time frames to be processed. Some brokers will take days to credit your account after either a deposit or withdrawal as others do it instantly!! Do I even need to tell you who to choose?
7. Customer Support.
You will not always have a good time with your broker. Times will come when that deposit will take exceedingly long to reflect. Another will come when you need to consult on something so important.
Now assume that time has come and you have no way of reaching your broker customer support. Horrible I tell you. So terrible.
You need to look at the channels that the brokers offer through which their customer support can be reached. Is it a channel you can afford at that time you need a service so badly? Then, well, go ahead. Some brokers can be reached via Phone, Email, Live Chat, and even Social media platforms like Facebook – choose wisely.
You have seen and felt that I was so candid with you in discussing the tips. Implement them now.