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Discount Stock Broker - 3 Tips For Picking The Best Online Stock Broker
Are you ready to open up your first account with a discount broker
? Or are you unhappy with your current broker and are just shopping around? In either case, here are 3 tips to keep in mind before you make your pick:1) Broker Commissions
Don't weed out brokers based only on their commissions per trade. As you might have experienced already, the cheapest option is not always the best option. Like a lot of different scenarios you just end up getting what you pay for. Brokers with commissions ranging in the $6.99 to $19.99 per trade don't have many differences amongst them if you are the buy-and-hold type of investor who is not interested in day-trading or frequent buys/sells. Anything lower than that range and you are likely to have some trouble getting them on the phone. If you go much higher, you should expect additional investment advice and other perks.
2) Initial Deposit Requirements
When you're starting out, you will have limited funds at your disposal. That's when you have to pay attention to the minimum deposit requirements to start investing. For discount brokers this could vary from 500 dollars to 2000 dollars. Read the fine print and always be aware of minimum deposit requirements.
3) Customer Service
How often you will need access to customer service? The answer to this will depend on two factors - your investing experience and the brokerage website's general ease of use. If you have been investing for a while, you have crossed most of the hurdles while placing orders and are pretty familiar with how to place different orders. However, if you are new, you might need some assistance on the phone before you get the hang of it. Since you are likely to place most if not all of your trades online, you should have a look at the actual website itself.
If the broker, has an online demo definitely have a look at that too. If the website is easy to navigate and you are able to find what you were looking for without a great deal of stress, your customer service needs are likely to be minimal. Don't forget to use the search feature with some basic keywords to see if you can find something that should be relatively easy to explain.On the other hand, if you are already confused while browsing the website, you are likely to use customer service a lot. Give them a call before opening up and account to get a feel for what to expect.
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