So, you are serious about starting online trade and are looking for a platform where you can begin. You’ve just learnt how to start a forex business and you’re ready to make some cash! There are a number of brokers in the market, and if it is your first time doing trade, you are likely to be caught by those advertisements and make a wrong decision. Thus, keep reading, and you will find out how to choose the best among online trading platforms.
Discount is not necessarily good
Many newbies are lured into choosing the wrong broker by offering them the catchy discount deals. You need to consider that it is your first time trading and you should start with a full-service broker. It is because the full-service broker helps you in becoming aware of the market. He will let you know where you can put your money and where you should let things go. With the passage of time, as you spend money and make deals with the help of a full-service broker, you will become a more sophisticated investor. From there, you can make a move and start controlling most of your money on your own.
Availability is critical
A critical point to anyone is the availability. When you are doing trade online, you must make it certain that the broker’s website is up and running all the time. The company must ensure their site does not get slow during peak hours. To check it, try browsing the site and check for the response delay during a busy time. The site should load fast, and links must work appropriately to ensure that there is no technical issue.
Consider alternative options
We all love the internet but we cannot sit at our computers all the time and keep on working and working. We have to proceed with some other chores too. So, it is always good to check for the other options that the company provides by which you can trade. It can be the touch-tone telephone, fax orders, low-tech way, talking to brokers over the phone, etc. All these might have different pricing so ensure that you check that too!
Price is not everything
People tend to look for the price, and they find the lowest option. However, you might have heard about “you get what you pay for, ” and that is true in this scenario as well. At times, the price also indicates the quality of the services that you will get. Generally, the price gets high as you consider the limit orders, options, and trade with a broker over the phone. Also, there are cases when the advertised commission does not apply to the type of deal you are willing to make. Therefore, be careful!
Customer service matters
There are times when you need to consult with your broker. Sending messages and waiting for 20 minutes or holding the phone in your hand for half an hour before you finally get to speak can be a lot irritating. Thus, test the response time before you pick the broker.
So, these are certain things considering which you can choose the best among online trading platforms. Note that everyone has different needs and a platform good for an individual is not necessarily good for another person too.