Do you want to start investing or are looking to switch brokers? Then check out my broker: stock page. Also if you interested in investing, see another article of mine, Start Trading Online Today.
At some point most of us will want to choose a stock broker. Stock brokers like most service firms vary a lot. Choosing a broker is about prioritizing your investing needs and getting what you value. Your first pick for a broker may not have everything you want but be sure they have the most important things.
Five features you need to review when looking for a broker.
Trading commissions – Investing means transactions costs. While there is no way around this you should try to keep these to a minimum. One piece is commissions.
The commission rate will depend on the level of service from that broker. Stock brokers that focus on independent investors will have lower commissions than full service brokers. I personally choose lower service brokers with low commissions and flat fees for stocks.
Minimum deposits and hidden fees – A lot of online brokers require a minimum deposit to open an account. Is the $10,000 minimum account size all right with you? No? Then move on. Also, some brokers, may offer $0 minimum, but then charge you a maintenance fee. This is when you want to break out the magnifying glass and be sure to read their fine print.
Online access – Make sure that you can trade via a secure and robust web based trading platform and not have to install software from the broker. Stock trading (especially profitable stock trading) is difficult enough with out not being able to trade because you’re not home.
Investment products – The investment product line offered varies significantly from broker to broker. Stock, bonds, and options are usually offered by most and some brokers will expand into derivatives. You also should check if the broker has retirement accounts and IRA’s. It’s important to get a broker that has products you want.
Check legitimacy – A very important step is to do a quick background check on the broker. Stock brokers must be registered with the Financial Industry Regulatory Authority, which regulates securities firms in the U.S. Also make sure they have insurance through Securities Investor Protection Corporation (SIPC).
So be sure to keep these things in mind while looking for a broker. Stock investing is challenging but with a broker that fits your needs it will be that much easier.
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