To start trading as an online trader one has to make a very important decision regarding choosing a reliable brokerage firm so that the trading goes on smoothly. A lot of brokerage companies will be available to choose from in the market but you will have to be deft regarding finalizing the best one for yourself.
Here are 10 considerable factors you'll want to go through:
Whenever you start searching for a broker do not take into account any kind of discount being offered for opening an account. This may be a luring tactic otherwise.
One very important factor for trading smoothly is that the website of the broker should be fast. Access the websites of the chosen brokers at various time periods in a day and especially at the peak hours of exchange time so that a live performance could be assessed.
Make sure to gather information that apart from online trading facility what other kind of services a broker is offering for letting you trade. This may include IVRS placement of order, manual order placement through the dealer. Also confirm about the service charges for all services.
Try to take opinions about various brokers. This could be through word of mouth or even by joining various forums on the net about trading. People who are already using the services can provide a deeper insight.
Pricing factor is important but do not go only the price factor. Only low brokerage rates cannot be considered for finalising, as the service quality is foremost as trading for being profitable needs obstruction free service.
As the trades involve various kind of order placements like delivery based trading, futures trading, options trading, intraday trading, commodities trading etc., so be alert in knowing the commission rates for each and every kind of trades.
Better know in advance about the minimum deposits required for opening an account and also minimum maintenance amount to keep the account active. Exorbitant minimum amount requirement should be avoided.
Some brokerage houses are more inclined towards investment products like mutual funds, bonds, securities, SIP’s etc. rather than trading so better first enquire about the products you are choosing.
Customer service is an important aspect so make an attempt to infer about the customer service performance of the broker. This can be done by discussing it with members of the brokerage firm about how they rate the customer service. You can also try to infer through some initial calls for understanding the behaviour of the customer care executives of the firm.
Some brokerage firms offer various software packages which could be really handy for better trading outcome. Try to grab information about the various technical advantages of the software being offered. A company which provides operating terminal for trading may tend to charge more for it so a comparison is required for various options of software available at different brokers.
Try to figure out what extra edge is being claimed by the brokerage firm in comparison to other firms and then decide about the edge to be a genuine one to be selected for.
Do remember that trading decisions are important but equally important decision will prove to be the selection of a brokerage firm for a fruitful trading performance in the long run.
Here are 10 considerable factors you'll want to go through:
Whenever you start searching for a broker do not take into account any kind of discount being offered for opening an account. This may be a luring tactic otherwise.
One very important factor for trading smoothly is that the website of the broker should be fast. Access the websites of the chosen brokers at various time periods in a day and especially at the peak hours of exchange time so that a live performance could be assessed.
Make sure to gather information that apart from online trading facility what other kind of services a broker is offering for letting you trade. This may include IVRS placement of order, manual order placement through the dealer. Also confirm about the service charges for all services.
Try to take opinions about various brokers. This could be through word of mouth or even by joining various forums on the net about trading. People who are already using the services can provide a deeper insight.
Pricing factor is important but do not go only the price factor. Only low brokerage rates cannot be considered for finalising, as the service quality is foremost as trading for being profitable needs obstruction free service.
As the trades involve various kind of order placements like delivery based trading, futures trading, options trading, intraday trading, commodities trading etc., so be alert in knowing the commission rates for each and every kind of trades.
Better know in advance about the minimum deposits required for opening an account and also minimum maintenance amount to keep the account active. Exorbitant minimum amount requirement should be avoided.
Some brokerage houses are more inclined towards investment products like mutual funds, bonds, securities, SIP’s etc. rather than trading so better first enquire about the products you are choosing.
Customer service is an important aspect so make an attempt to infer about the customer service performance of the broker. This can be done by discussing it with members of the brokerage firm about how they rate the customer service. You can also try to infer through some initial calls for understanding the behaviour of the customer care executives of the firm.
Some brokerage firms offer various software packages which could be really handy for better trading outcome. Try to grab information about the various technical advantages of the software being offered. A company which provides operating terminal for trading may tend to charge more for it so a comparison is required for various options of software available at different brokers.
Try to figure out what extra edge is being claimed by the brokerage firm in comparison to other firms and then decide about the edge to be a genuine one to be selected for.
Do remember that trading decisions are important but equally important decision will prove to be the selection of a brokerage firm for a fruitful trading performance in the long run.
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