Broker Selection10 Important Steps To Find The Perfect Broker
At the beginning all aspiring traders ask themselves... Which broker will I entrust with my money? ... How do I choose the most professional and honest broker?
The choice is indeed really difficult. If you are in this situation, here’s the right thing to do: in these 10 steps you’ll find the most relevant tips to find the best one without making mistakes.
1. The first thing is to do a search online of the most popular and respected brokers by creating a list of about 10/15 potential "brokers"
2. Select by discarding unregulated brokers or those who entered the market recently; prefer those brokers who have a long and documented activity behind them.
3 .The third step is to search reviews and comments on blogs and forums, and keeping only brokers who have very good reviews. We recommend looking at our RANKING & PROMO section where you can find an updated ranking of the most rated brokers by traders, which you can filter, order and compare as you like. We must point out that the users who voted were all verified as they only had access to the votes after they opened an account. With this ranking you can have a "clearer" view of what may be the pros and cons of each broker: who can describe them better?
4. Another aspect to consider is the "offer":
- Spread should be low
- assets must include the ones you intend to invest on
- the minimum deposit must be roughly what you wish to deposit
5. When you narrow down to 2/3 brokers, the trader can then open an account on each of them by necessary making the deposit.
6. At this point you can make a comparison of the accuracy of the platforms by operating, with caution.It may happen that some broker's platforms are not reactive or are not that accurate, letting you lose some trades that might be winning. For this reason it’s necessary to make comparison between multiple brokers: you will have to open the same identical position on each (at least for a few days) and compare the cost in terms of spread, reactivity and accuracy of the different platforms; If you want to avoid opening up more accounts to test, you might want to evaluate the brokers one at a time, testing the accuracy of the platform using the appropriate service provided at www.endoftrade.com. Warning: All checks on results obtained must only be made using REAL accounts and never on demo accounts! The latter are indeed good for assessing the usability and user friendliness of the website, but unreliable when assessing the platform’s efficiency and reliability of results.
7. During the practical test phase, the trader should test the platform’s usability that should allow a pleasant experience.Usually this test is about opening positions, the presence of useful and handy trading tools to use, monitoring and charts.
8. Another key point to consider before choosing is the broker's assistance. The trader may try to contact support about some random problem and see if the type of assistance he receives is in his or her language, fast or slow, exhaustive, available to resolve the problem immediately.
9. Now we have a clear understanding of the brokers we tried, but before we get to the last step, it's good to withdraw on all brokers we tested.A quick and easy withdrawal is always an assurance of a good broker organization that avoids unnecessary stress on the trader. While the deposit has never been difficult for the user, some small problem with a broker may be noticed on the withdrawal process due to these aspects:
- the time between when the request for withdrawal is sent to the moment the request is processed;
- particular documents required to allow for the withdrawal,
- withdrawal fees,
- minimum sum to enable withdrawal,
- a bonus received during activation process that may somehow bind the withdrawal
10. The last step is to pick the most rewarding and convincing broker and make our final deposit.