Online trading has become an activity that is open to all who have a device connected to the internet and some money to invest.
The first step is to choose a broker who will give you access to the market through their online platform. But, deciding what online trading broker to use can be a daunting task.
There are many brokers out there, they all seem to be offering the same, so how do you know if the broker you are considering is good or if it will satisfy your investing needs?
Well, a good place to start is investingoal.com, a site that offers reviews, opinions, and a clear and easy-to-use comparison tool to learn about the features and services each broker offers and see them side by side.
Make sure you choose the perfect broker for you, the one that matches your learning path, your experience, and your trading style. To be able to do this, you will need to check out a few aspects.
What to keep in mind when choosing an online trading broker
There are many aspects that traders should keep in mind when choosing an online broker. But even before starting to look at their fees and commissions and what their platform looks like, traders must work on themselves and have a clear understanding of what their objectives are, and know their style of trading.
Entering the market with set objectives will ensure the broker they choose allows them to reach those objectives.
So, are you planning to do Copy Trading? Or maybe Forex trading is more for you? Are you a day trader or a more passive one?
Is the broker you have chosen regulated? This is the first aspect to consider when deciding on a broker. If the broker has multiple regulations, it means they are serious and comply with the international or national standards for operating in the market.
Each broker has a different scheme of fees and commissions and making sure you can deal with those is important. Some brokers may seem more expensive, but the truth is that they may prioritize other aspects, like certain technologies, services, or features.
Traders should avoid just going for the cheapest broker, and make sure that they still offer what they will need to become successful traders.
It’s important to know your broker is reliable and present when you need help. Make sure the broker you are considering offers a variety of channels, as well as open hours to call, chat, or message them.
While it may sound a little silly, when you need support, you will want an answer fast and reliable. Discount brokers sometimes sacrifice their customer support, so be aware of that.
There are different technologies when it comes to the platforms the brokers offer, make sure they have what you’re looking for. And maybe even a mobile app, it may be useful at some point!
Best online brokers
These are our favorite online brokers. They offer something that is different and interesting and makes them stand out from the many more out there.
TD Ameritrade. One of the best choices on brokers for beginners thanks the particular features they offer, seriousness when it comes to security, and their lower fees and commissions.
eToro. A broker that is famous all around the world thanks to their commitment to making trading more accessible and easy for all. Best choice for those looking into copy trading or social trading.
Interactive Brokers. An option of broker designed especially for professional traders. They offer very advanced features and services and interesting analysis tools that expert traders will surely appreciate.