Online brokers come in all sizes and expenses. The various kinds all have their pros and cons, but we always recommend newcomers to choose a free online broker, to begin with.
Why is this, you may ask? Well, the simple fact is that if you aren’t used to working with online brokers, you may not know exactly what qualities you are looking for. Read on to find out more!
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Learn What Questions You Need to Ask
As someone who is new to online trading, you’ll likely have little knowledge of the questions to ask a high-end online broker. Working with a free platform first gives you the visual knowledge to see what kind of things you should look for in an online broker.
Upon using the free platform (preferably starting with a free demo account as well) you’ll notice things such as whether or not the quotes are in real-time, the level of security that the platform provides, the level of variation and customization, and so on.
Once you’ve used it for long enough, you’ll have a fairly good idea of what you might need. Bear in mind that the platform you use may not be perfect either. You’re looking for the things that it lacks as much as the things that it does well.
What is the Most Important Question to Ask?
We believe that the main question you need to get an answer to is whether or not you will have total control of your trades. It is imperative that a platform leave you in control. They can advise you on what trades they think you should make, but they should never make the trade or alter the trade without your permission, if at all.
Generally, it is always best to manage a trade directly. You can use the guidance of the platform you are working through, but you should still make the alterations yourself.
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