1. Number Of Clients Or References
You are investing your hard earned money through the Broker. Therefore you should make sure to get feedback from existing clients. A detailed survey of quality check should be done on the firm you are interested in. This is really one essential feature to be concentrated on before opening an account.
2. Service Standards
The main factor that needs to be looked for is the customer satisfaction and service standards. If you are a trader then you should look out for a very high level of service standard. You should make sure that you are given priority to answer your queries while trading. These days the entire trading system is going digital. Every brokerage firms have started providing robust online trading platforms and mobile apps to trade. A detailed awareness of the trading platform should be known in and out before opening an account.
Nowadays going digital is the new trend. With this in hand physical presence of the broker is no longer looked for. Due to this you should check the technological side of the brokers. High volume of clients and trades is an indication of a good trading platform.
Trading and investing is just like a business. Keeping your cost low will give you a result of higher profits in the long run. Since everything is digital the brokerage plans and services might tend to be high. You should make sure that the brokerage charges are cost-effective, as well as serves your purpose well digitally.
Many brokers tend to attract stating their research quality and their expert trading features. But you should know that the researches provided by the brokers may not provide a positive results always. You should make sure to understand the market yourself and invest the amount of your own choice while opening an account.
Many traders tend to borrow money from brokerage firms while trading. It is essential you check the leverage limit your broker is willing to give. The most important factor is to check the number of times you can trade and the interest rate charged for your leverages. Higher limit and lower interest rate are a good mix to go with. A professional trader will be able to handle this, as they know the risks and the measures to control it. Whereas a beginner should not try this out.
It is completely your cash. But sometimes it is hard to get it out of your account. Some brokers tend to have ceiling on withdrawals or few tend to say that your minimum balance in the account should exist. Hence you should make sure to understand the rules involved while withdrawing your own cash.
8. Product Offerings
Every broker has his own unique selling point. They provide you various products and access to trade easy like never before. But beware. They tend to charge extra fee for it. Hence you should make sure that there are no hidden charges available while using the products.
9. Free Trial
You should be able to opt for free trial or demo of the services provided before you invest a huge amount in it. Through this you may not be able to avail all services, but will at least understand the entire structure and get a taste of it.