07 June 2021
When it comes to determining the success of your trading activities, a key component is your choice of an online stockbroker. While there are few guarantees when it comes to trading, a skilled, knowledgeable, and accessible stockbroker can increase your chances of success.
Timely trade execution is of paramount importance, but it’s not the only thing to consider. There are several factors that separate the leading online stockbrokers from the rest.
Accessing markets is now relatively simple and straightforward for a wide range of traders and investors. Online platforms make the whole process simple.
So, how do you find the best online brokerage for you?
Different types of traders will require different types of brokerage. If you’re just starting out, you’ll need a broker who offers more than just trade execution. They should offer all the information you’ll need, from glossaries to more detailed guides to markets and sectors.
There should be easy-to-access support staff available whenever you need them. Many people also benefit from a facility that allows them to place practice trades prior to risking real money.
If you already have some investment experience, your requirements will be slightly different. You’ll need less basic information and more detailed opinions and analysis. You may require slightly less specific guidance and a broader set of technical data on which to base your decision making.
This is a key stage in the development of any trader when they move beyond the basics to a more detailed understanding of how the markets work.
For more experienced investors, then efficient and best execution skills will be critical. At this stage of your trading career, you can add value to your trading by changing your broker to one that can better suit your needs.
As well as high-level analytics, you should prioritise low-latency trade execution, conditional order options, as well as the ability to trade a variety of different asset classes.
The key thing to consider is where you are in your own particular trading journey, what you need to progress, and your ultimate goals.
If you’re looking to build long-term wealth, perhaps for retirement, your requirements will be very different from someone who is hoping to secure an extra modest income stream.
If you’re looking to progress to full-time trading to earn a profitable living, your requirements will be quite specific. Ultimately, you need to decide what you hope to achieve before you begin researching potential brokers.
After you’ve narrowed down the field of potential brokers to perhaps a handful of likely candidates, you’re then in a position to look a little deeper into each brokerage, how they operate and what they offer.
Efficient trade execution should be a primary consideration but other questions to consider are how they are regulated, what technology they use to keep your account safe, and the level of collective experience at the company.
A key concern will, of course, be fees. Does the fee structure make your level of trading affordable or unrealistic, and do they offer the kind of account you need?
With a team of brokers that have extensive experience at Tier-1 institutions, the trade execution services offered by Global Investment Strategy are second to none. Embracing innovation and technology, at Global Investment Strategy we offer our clients a nimble and efficient service that enables them to achieve their financial goals.
Call +44 (0)20 7048 9440 or email info@gisukltd.com to find out more about our services.
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