What are the traits of good broker?
- by Anna K.
Choosing a good broker is of the keys to a successful trading and good win percentage. That being said with the number of brokers on the market today it is fairly easy to lose oneself in the options. The process of choosing a good broker can be just as hard as choosing trading assets, so it is important, especially for those only getting into trading, to know the qualities of a good broker.
1) Communication skills. The key to feeling comfortable with the trader of choice begins with that first communication while verifying recently opened account. Broker’s readiness to help trader cope with the first difficulties and professionalism of the support team are the indicators of a good broker.
2) Minimum deposit. Although there are brokers who set their enrolling minimum too high, typically the number lies in between $500-1000.
3) See-through business conduction. It is very important that every aspect of the broker’s activity is understood by the traders who use their services. After all, broker deal with someone else’s money and it is of paramount importance that traders can actually see every transaction.
4) Clear fees. Every broker has different fees for trades execution but, in any case all of the fees should be out there for the trader to know them before he ever signs up for their services. Plus, there is a question of affordability of the fees, as not all of the traders come into the business with a lot of starting capital. So, the fees should be known and affordable with the good broker.
5) Experience. Of course, in the age of crypto trading it is impossible for every single trader to be in the market for tens of years. But as the practice confirms, it is usually better when the brokers understand the market from traders’ point of view and have vast trading experience.
The basic rules for spotting a good broker are pretty see-through and obvious but it is still difficult to find a broker who will be reliable from all points. So the search and decision must be tough-through and well formed.