Choosing a great broker is a very challenging task. The low-end brokers are always trying to lure clients in by creating attractive offers and deals. They spend a decent amount of money on hiring professional designers to create a professional-looking website. It is very normal for the rookies in Singapore to set foot into the trap of such bad brokers. To ensure success in the trading business, you must trade the market with a well-reputed broker. When it comes to ETF trading, there is no alternative other than choosing an elite brokers like Saxo. Let’s explore some advanced tips that can help you find a great broker.
Tiers of regulations
Many average class brokers get a license from one regulatory body and start offering services across the globe. To service across the globe, it is important to have regulations from multiple regulatory bodies. A good broker might follow regulations from FCA, FSA, ASIC, CySec at the same time. Getting these regulations is very tough as they have to maintain a certain benchmark. Before you open an ETF trading account with the broker, make sure they are well-regulated. If not, try to seek help from professional traders and they can guide you in the right direction.
Having a great online reputation is a must for good brokers. The good brokers don’t have to spend thousands of dollars to build a strong online presence. The professional traders will speak about them in different forums and blogs. They do so because they want the newbies to make a profit from the exchange traded funds business. Search by broker name and see if they are well-reputed in the online community. If not, you are not dealing with a good broker.
Knowing the details of the offered instrument is critical to your success. Being an ETF trader, you must have access to a wide range of assets. Having limited access to the online market is not going to help. However, you need to know about the offered platform also. A good broker will provide a robust platform like SaxoTraderGo to their clients. By using their advanced tools, you can find the perfect place to buy or sell the asset. Without having access to a premium trading platform, you can’t analyze the market data with an extreme level of precision. Most importantly, you will lose money most of the time.
Before you open a trading account learning about the payment method offered by the broker. The broker must offer multiple payment options so that you can easily access funds in different mediums. Some brokers often ignore the importance of bank deposit and withdrawal. You must avoid them at all costs. Having a relationship with the banks shows the broker is transparent and they will not cheat. Carefully assess this feature before you take further steps.
You might be an experienced trader but you never know the problem that you might face while trading the ETF market. Think about Brexit events. The scam brokers created massive hassle for the rookie traders. But good brokers helped their clients in every possible way. So, how do you know that the broker has great customer service? For that, you can seek help from the senior traders in the community or talk to the customer’s service team directly.
Spending a few days with the customer service team should give you a clear hint about the attitude and business model. If you feel satisfied with their offered service, you can open a trading account and deposit a small amount of money. If things go well, invest big and take your trading to the next level. Be very careful about the quality of the brokers.