The Right Broker for you?

[sunny1234]

This is specially for all the beginners, who are often confused while choosing the right kind of broker to start their trading with. Often the association with the right kind of broker is a secret for successful trading.

Listing down few points on how to choose the right kind of broker:
1. Regulations- whether the money u r going to invest is safe or no? is the broker genuine or fake
2. Customer Support: Very Imp. Check for online chat / their assistance over the phone by calling up from a pseudo phone.
3. Withdrawals- See how much time it takes to withdraw your money. For a spot transaction it is T+2 (Transaction time + 2 Days). Make sure it takes 2 or max 3 days.
4. The Trading Platforms- utmost important because that is gonna be your window to the market place. Check out how advanced it is , & how much comfortable you are with its usage.

These were the main pointers I think are the most essential. If you think there are other imp ones pls feel free to add & help the new traders!!

[mehraj]

Sunny1234,

how can you miss out on the imp. factors like margins, commissions, & the initial amount for deposits????

because these are as imp factors jus as the ones mentioned by you friend!

[mehraj]

also, the mode of money transfer & withdrawal!!

for Indians it can face a huge problem because of legalities and all....

[sunny1234]

Hi mehraj,
thank you for reminding me about the forgotten points.
Yes off course the margins, commissions should be utmost important. for most of the brokers work on the spreads rather than the margins or commissions. so one should be careful, if you 're paying fixed/variable spreads, there shouldn't be commissions and the other way round as well.


Also, try to look for local offices i.e. operations of your broker / brokerage firm in your country as well and not in a far-fetched land! It makes things much easier & not forgetting safer.

Withdrawals, the ideal time is T+2 (T=trade executed day; 2= two working days) and make sure, you're pretty strict about the withdrawal period with your broker. Read the offer documents carefully! Good luck folks!

[salem]

thanks for the interesting thread !
want to add "reputation" a trader should really be well informed about the broker before to open a major account