Criteria For Selecting the Broker
If you want to invest in the financial markets such as stocks or the Forex, you must carefully choose your broker. But how to choose a stockbroker? If you decide to use some of many online platforms, you should dedicate your time to some deep research. Discover below criteria to take into account when choosing your broker.
How To Choose A Stock Broker – The Reliability Of the Broker
The first thing to check out is if the broker you plan to choose is serious or not, meaning if it’s regulated one.
To know your broker’s reliability, all you have to do is go to a broker’s site and determine if your broker has the required authorizations and license to practice the trading activity. Regulatory bodies’ websites also offer you a blacklist of brokers to avoid.
Wibe Broker review is an excellent source of information about the broker.So, it’s highly advisable to Read broker reviews before making any choice.
Choose Your Broker According To the Available Markets
When you enter the world of trading, you will realize that there are many types of markets.
In some cases, brokers may offer their clients access to all of these markets, while in other cases, brokers are more specialized. However, you must always have in mind that the number of markets the broker has in no way proves its reliability.
All brokers have their lists of assets they trade on. You could choose to trade with different brokers to make it easier to trade different assets. In general, the more assets to trade with your broker offers, the better for you. That enables you to diversify your portfolio.
Thus, the goal is quite simply to turn to the broker who offers you the market adapted to your needs and your expectations.
How To Choose a Stock Broker – Follow Your Needs
To choose the right broker, you must imperatively consider the quality of his services.
So if you are, for example, a fairly independent trader, you may not need a lot of assistance in making your investments. If you need more support, it would be best to opt for an account manager.
In short, it is preferable to turn to a personalized brokerage service. We enlist you here some essential points that can help newbies to choose the best broker for yourself:
1. Brokerage Fees
Brokerage fees vary as much as the stock price. This value represents the broker’s compensation because every time you buy a security or invest in a business, you have to pay brokerage fees.
Therefore, it is a commission that goes to the broker for the services he has offered you. In this sense, the brokerage fee may vary, as it depends on several different factors.
The more you invest, the higher your brokerage fees will be. Likewise, the type of brokers and the size of the brokerage accounts as well as the number of orders the broker has performed affects these fees.
You may also have to pay other ancillary costs depending on the services you request from your broker. Thus, the best would be to research in depth all the brokers’ price charts to not be fooled before any commitments.
2. Trading Hours
Depending on the actual market, each broker chooses its own trading hours. Most of the time, they close around 9 p.m. CET time and open on Sundays around 11 p.m.
3. User interface
The user interface should be carefully studied before choosing a broker. It determines the service’s overall functioning while retaining ease of navigation, use of tools offered, and the trade execution services.
4. Customer Service
Each broker offers its customers the service available 24 hours a day, 24 and 7 days a week, to resolve queries regarding payments, deposits, withdrawals, technical issues, and the platform’s functionality. They ensure that all requests are processed within a reasonable time. Another app available on most brokerage websites is the “Call Me” button, which guarantees a response in 10 minutes or less. Customer Support must always be available in your native language.
5. Withdrawal Process
Each broker offers a different withdrawal process. It is essential to get to know the withdrawal process, and the amount of time it takes each broker for your winnings to be transferred to your bank account. The transfer time also depends on your bank.