All you have to do is to choose a broker and answer a few questions about your investment goals. Do you hope to invest in several separate joint stock companies? Long-term retirement investment? Are you interested in day trading or more advanced investment strategies?
Depending on the types you are interested in, you can start evaluating brokers on several factors, including the following:
Price and design
Tools, education and functions
Look for advantages
Do you want a broker with a application? Or low fees? Or no fees? Whatever you expect from your broker, look for one who can fulfill your wishes! This is an important step, especially in the preferred way of trading. Especially if it's important to trade actively so that you can reduce your fees.
However, if you want to keep your investment for a long time, fees should not be such a problem. Take a look at the brokers in the market and find out which ones suited you!
Be careful what you pay
You may not avoid account fees altogether, but you can minimize them. Most brokers charge a fee for inactivity or cancellation of your account. Of course, the types of fees and their amount vary from broker to broker. Therefore, it is important to pay attention and study well what is actually valid.
You can avoid most other fees by simply choosing an intermediary who does not charge them or by opting out of services that are at an additional cost. Usually brokers can charge you annual fees, inactivity fees, trading platform subscriptions, and extra fees for research, for example.
Try trial service
Problems can occur all the time, but it's more frequent if you have lousy support that isn't interested in finding a solution. It's great to find out how good the service method is. Contact the selected broker by phone and e-mail and find out how long it takes you to contact someone who pays attention to you and is useful to you. If even your best service doesn't offer your potential, it's a red flag! Every broker should have service reports, which is for the company's professional approach to its clients! Remember, it's about your future and your finances.
Have you completed all the steps? Now you can determine what suits you best! Take a look at the most popular options, see reviews, decide what business needs you want, what accessories a broker should have, and narrow your selection to final candidates. When you find them, test them for the next step - test their favourites with a Demo account.