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Finding the right broker can be a difficult process. This is especially true for first time investors. If you are looking for the best brokerage accounts for you to consider, there can be many different factors to take into account. If you are an inexperienced investor, that can be daunting. But, do not worry. That is what this post is here for. Keep reading to find out how to pick the best brokerage accounts for yourself to narrow down the vast field of online brokers out there.
Uptime
When it comes to picking an online broker, uptime and loading speeds matter, especially if you plan to get into proprietary trading. This is especially important to consider during peak trading hours. Online brokerage services use all different types of servers. To determine loading speeds for online brokers you are considering, visit their websites at peak trading time. If a particular platform takes an excessive amount of time to load, this will be costing you money once you actually invest. That is why you may want to forego a slower website with more downtime for a slightly more expensive option that has guaranteed 100% uptime and fast load speeds. Regardless of what you decide, uptime and load speeds should certainly factor into your decision.
Broker VS. Broker-Resellers
The best brokerage accounts are going to be actual brokers, not broker-resellers. This is important to keep in mind as a first time investor. Otherwise, you may fall victim to your lack of knowledge. Broker resellers are different than traditional brokerage accounts. Brokers deal directly with clients like you. Broker resellers, on the other hand, act as an intermediary between you and the real broker. Because of this, broker resellers are oftentimes less reputable than regular brokers. However, that does not mean all are bad. Just keep this in mind. Then, you can decide whether real broker services or broker reseller services are right for you.
Account Minimums
You definitely want to factor required account minimums when deciding on the best brokerage accounts for yourself. This is especially true for investors on a budget. Many of the best online brokers have opening balance minimums that are quite costly, just like low income housing investments. But, you will find that some have more reasonable minimums. You just have to look. Be sure to pay close attention to account minimum requirements when considering brokerage services.
Fees
Just as account minimums will vary, so too will fees. This is something to consider in your search for the best brokers. High fees will add up and cost you a lot of money in the long run. While fees may not be the ultimate consideration, it is certainly something to take into account. Determine what brokerage services charge fees that you are comfortable with while still offering top of the line services. This will help you find the best broker account for yourself.
Additional Resources
Beginner investors need to factor another element into their decision – the additional investment tools and advice offered by each online broker. Many top brokerage platforms offer an incredibly vast array of investment advice articles and educational materials to their clients. These resources can help you learn to get the highest ROI possible throughout your investing tenure. They make you the best investor you can be. Make sure you check out the additional educational materials, investment strategy guides and other resources offered to you. This will help you find the best brokers for beginners like yourself in particular.
If you are a first time investor, finding the best brokerage accounts can be a daunting task, just like trying to find the best penny stocks to buy today on your own. There are many different broker services to choose from, both online and off. Thankfully, you can use this post to help you find the best broker for your needs. Make sure to consider these 5 things when choosing a broker. This way, you can be sure to find brokerage services that meet all your needs and wants.
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