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How to find the right broker in 6 easy steps!
You are thinking about starting to invest, but you don’t know how to find the right broker for you? Don’t worry; we got you covered! This article will show you how to find the perfect broker for you and your needs in only six easy steps!
Why is it so difficult to find the right broker?
The thing about investing is that it attracts a lot of scammers and black sheep. Where there is money involved, you will find people who are looking to scam money fast! Especially brokerages are a possible section where people get scammed. You invest money and keep it there for an extended period of time; that’s why you need to have a broker that you can count on. Luckily, there are many possible brokerages that you can choose from, so how can you find the perfect fit for you?
Six steps to the perfect brokerage:
Do you want to start investing but haven’t found the right brokerage for you? We will show you how to find the perfect broker for your needs in only six steps – Let’s start!
Look at the most popular options.
Looking for a broker but don’t know where to start? The first step should be to look at the most popular brokers. There is a reason why these brokerages are so popular and have a lot of customers! They are legit, offer reasonable fees, and have many happy customers – but this is only the first step!
Read the reviews
The most popular way of determining if a broker is legit or not is to look at the reviews! Here, you can learn from other people’s experiences and better understand what this broker is all about. For example, look at a real review of binary.com. This is a binary options broker that has a lot of reviews from current and former customers. You can get an idea of what this broker is all about without ever signing up. Especially when a broker has many negative reviews, we would highly recommend not investing money.
Choose a broker that focuses on your assets.
Even though going with the most popular brokers might be a good idea, we recommend you look for specific options if you are interested in some unique trading methods. It can be complicated if you use a random broker for binary options and then get into Social Trading after a few weeks, months, or years. If your current broker doesn’t offer this feature, you’ll have a problem.
The worst case would be that you have to move to a different broker. This means you have to sell all your assets, pay the fees of your current broker and pay the taxes on your gains. That’s why we highly recommend thinking about what types of trades you want to make before investing!
Look at the extras
Do you want a broker with an app? Or low fees? Or no fees? Whatever you are expecting from your broker, look for one that can fulfill your wishes! Especially with your preferred trading method, this is an important step. If you, for example, decide that you want to become a day-trader, then having low or no fees is an important point.
Or instead of day-trading, you’d rather want to invest money for your retirement? In this case, fees shouldn’t be the issue since you only sell your assets once. Look around at brokers on the market and see which one would fit your needs!
Try out the customer service.
Problems can occur all the time, but it’s more frustrating if you have lousy customer support that is not interested in finding a solution. This is an excellent way to find out how legit your broker is and how good the customer service is. Contact the customer service through phone and e-mail and see how long it takes to contact someone and how helpful these employees are.
If your broker doesn’t even offer customer service – it’s a red flag! Every broker should have customer service, which is an indicator for a professional brokerage!
Make your decision!
Did you finish all the steps? Now you can determine which broker is the right fit for you! Look at the most popular options, read the reviews, decide what trading method you want to use, what kind of extras the brokerage should have, and narrow down your possible brokerages. Contact the customer service and see which one makes the best impression and then finally – invest!