In today era, there are number of brokers in the market and it can be complex to figure out which one to hire. In this article, I am going to highlight some facts that are really important before selecting a broker for you, hope this would be beneficial for you. One of the first need for investing in stocks is having an ideal broker. Selecting the right broker is not easy for everyone, it is very hard to choose a perfect broker for better results in the market. The best method according to me is to make a checklist of facilities you want from your broker. An investor should take trading tips for better results like stock tips, commodity tips or gold and silver tips.
You want to make sure this broker has the right credentials, understands the market, and has similar wealth-building beliefs as you do.
Here are the important factors an investor should consider while selecting a broker for him –
1. Brokerage –
First, you should know brokerage amount of the broker so that you can compare commission of different broker related to their services. A trader should consider the commissions and other fees that broking companies charge. Also, he understands the facilities offered. Usually, most of the brokerage houses have at least two plans. One is usually for intra-day traders and the other is more suitable for long-term investors.
Most of the brokers attract clients by showing their quality of research report of the market for both fundamentals and technical. A broker earns his money by manipulating his client to do more trading. Generally, the broker is more interested in his profit rather than the clients.
Customer Service is important, if a person is a trader then he should look such a broker with a high level of service standards. If the broker is giving better customer services to his clients then it is good for the traders to perform better in the market. A trader should look for customer reviews online to know more about the brokerage firm.
The most important factor while choosing a broker is to analyze his credibility. Do not opt for such broker who has many client’s complaints against him. Brokers who are always willing to place their credibility at first by either advertising or promoting on social media are the ones that can be suggested. Also, one should look for social media and Sebi sites to track the credibility of the broker.
5. Direct support –
There should be direct support of your broker at any time when you need him most. The financial derivative market generally open for 24 hours thus, direct support of broker is highly required. So your brokers should available to support you via chat or phone to avoid any waste of time and money of the traders.
Your broker is an important person for the traders because he guides them for right investment. Choose carefully because your profit results also depend on your broker. Also, you can take trading tips from a sebi registered investment advisor for more profit and avoid risk.