If you hate your job and long for more spare time or dream of deciding what to do with your day in the spur of the moment, I’ve got the answer you’ve been looking for. You should become a broker. There are three kinds of brokers – namely full service brokers, discount brokers and online brokers – and they all work as intermediaries between buyers and sellers in all kinds of industries, selling goods and commodities. But I’m not going to go on and give you the definition of “online broker” because we both know you’re probably going to reconsider becoming one when I tell you about what you’ll need to go through in order to get a degree. And there really is no need for wasting time and money on qualifications since you can benefit from online trading now. All you have to do is pick the right online broker and I’m here to help. Here are the top 3 questions you should ask before making that essential decision:
Is Your Online Broker Regulated?
It’s common sense but you’d be surprised how often people forget about the most important question. And if there’s one thing you should remember it’s to make sure the brokerage company whose services you’re using is properly regulated. In the world of online trading the name UK citizens should remember is FCA – it stands for UK’s Financial Conduct Authority and is your guarantee that the broker you’ve chosen to represent you is regulated and 100% legal.
Does the Online Broker Offer Good Customer Services?
Customer services are often underestimated. We just take them for granted. And we shouldn’t. When it comes to an industry where things change with the speed of light, instant answers to your questions are vital. Many serious brokers offer a chat service and that’s good enough for some but, in fact, you should be able to rely on a speedy reply via email as well. Also, look for those who offer telephone support as well. Though it might seem a bit outdated or ironic when we’re talking about online brokers, providing a postal address speaks volumes of their dedication to their customers and the customers’ interests.
What Fees and Charges Should You Expect?
Last but not least, you’ll want the broker to make you money, not cost you money. Before you settle for a representative, make sure you’re aware of any fees and charges you’ll be expected to pay. Will there be any monthly or annual fees for having a brokerage account, etc? Those are all things you need to take into consideration. Also, look for a tight spread. If you’re wondering what a spread is, you’re not ready to let someone handle all your funds. You should read up on the essentials before putting all your eggs in one basket. I suggest browsing through www.realmoney.co.uk/broker/ to get a better idea of all things broker, including a neat explanation of what a spread is.