What Type of Online Broker Should I Choose?

There are hundreds, if not thousands of online brokers out there to choose from. It is incredibly difficult to know which one is best for you.

Some brokers are better than others when it comes to beginners, whereas others are better for more experienced traders. However, certain factors work well with most or all traders that your broker simply must have.

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Your Online Broker Shouldn’t Require Large Sums to Get Started

Some online brokers require you to invest $100 or more for your first investment. That sort of request makes it obvious that these types of online brokers are not interested in your success. They simply want you to put a large enough sum in to get them their servicing fee then watch you waste it all on that investment.

Investments come in all sizes. Sometimes, you can put as little as $5 into something and come out with thousands by the end of the year. For this reason, I strongly recommend working with online brokers that allow you to invest as little as you want in each investment. Do not be limited by the greed of certain online brokers!

Your Online Broker Should have a Good Reputation

You do not want to end up stuck with a bad online broker. The easiest way to avoid this is to pay attention to the reviews of people who have already used the online broker. The ideal reputation to look for is between 90-95% satisfaction.

What is the reason for this percentage, you ask? Well, no matter how good an online broker is, there will always be those people who are never satisfied. Those types of people will leave a bad review even if the broker is really good.

An online broker with a 100% satisfaction rate may be using review bots to fake said reviews. No one can organically gain 100% satisfaction from their customers. NO ONE!

So long as you remember these two key factors for choosing an online broker, I am confident that you will find a good one.

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Good luck and happy trading!