Online brokers are a dime a dozen.
To spot the one that best suits your needs, be on the lookout for the following information.
Broker Commissions and Fees
When it comes to commissions and fees, you are charged something on each and every transaction. Sometimes there are other fees for deposits and withdrawals, or extra fees for special orders. Be aware of all commissions applicable fees so you’re not being taken to the bank.
Speed of order execution is important
If you’re transaction isn’t placed quickly enough, it can negatively impact your trade. If not placed fast enough, it could very well impact if your trade is placed at all. The best brokers out there will place your trade as quickly as possible, ensuring best trade possible.
Always make sure your broker’s site is fast and responsive. If it has a historical tendency to move slowly, you may want to move on. The last thing you want to experience is a slow site that can lead to missing profit opportunities, or misplaced orders.
Make sure there’s ease of use
Make sure the online brokerage is well managed, and organized. Also, make sure the site is easy to navigate and understand. Does your preferred online broker have a trustworthy site that can’t be hacked? Identify and ask questions to see what security measures are in place.
The last thing any of us need to do is lose money, especially to a hacked site.
Make sure the site has a good reputation
Some of the best online brokers – as mentioned above – have great track records for high quality servicing to customers. Stick to what’s well known and used often, and you can sleep better at night. We mentioned those sites above to help make your decision-making process a bit easier, too. They have some of the highest qualities.
Consider the knowledge and level of customer support.
We’ve all been through poor customer support issues before. And – as always – it’s inexcusable. If you get a guy on the line that has no idea was a limit order is for example, move on. If you get a guy on the line that’s rude or places you on hold without a care in the world, move on. It’s your money at stake.
Keep these things in mind at all times.