Before we actually start trading on the stock market, it is very important to choose the best broker for our needs.
Like with every other business, there are scamming websites, scamming stock trading brokers that are ready to take your money. And usually, these are the brokers that will start calling you on the phone. They will ask you to deposit money, will tell you what is the upcoming IPO, what is the best opportunity to invest at the moment. All they want is to take your money.
And what usually happens is the people never see their money again. These are the so-called scam brokers, which you need to stay away from when trading. You should always be very careful when you are choosing your stock trading broker.
Is your stock trading broker regulated?
In many of my courses and videos, I show that I usually deposit some money with the broker. A small amount, let’s say $100 or $200. Then I withdraw them back to make sure that the website is trusty.
So the first important thing is for the stock trading broker to be regulated. There are different regulatory companies in different countries. We collected some trusted and regulated stock trading brokers. So always make sure that your broker is regulated.
Don’t take the brokers we use or review as a recommendation
And secondly, always test the stock trading broker with a small amount before you fund an account with a huge amount and then find out that actually, that was the wrong broker.
Now, the next important thing is to find a stock trading broker with low commissions. I usually avoid suggesting any brokers in my courses, and quite often I ask my video editor to hide the broker name in my videos.
I don’t want anyone to accept any broker as a recommendation. Because if I tell you I’m using that broker right now, it’s a very trusty one. By the time you’re watching that video, this broker could be gone, no more on the market. Or they can change their commissions. And actually, it happens all the time. The brokers change their trading fees, commissions, all their conditions.
The best thing to do is every 3 or 6 months to look around for a new, better stock trading broker that you can use. And of course, if you are looking into stock trading or stock investing, seriously, you better keep your stocks and funds in a few different places. Same thing with cryptocurrencies. I always keep them on few different crypto wallets so I don’t put all of the risks in one basket.
Let us know if you need assistance finding a stock trading broker
Now, the thing with these no commission brokers is, usually, they offer stock trading or investing via mobile app, and I do that as well. I have a few accounts with different brokers from where I buy and sell stocks from the phone. Probably I’ll be recording some more courses in the future about that as well.
But when we are talking about trading with Expert Advisors and robots, algorithmic trading, you need to have the MetaTrader platform. So when you are choosing your stock trading broker, make sure they offer stocks on the MetaTrader platform so you will be able to trade with the robots. And if you have really hard times finding a stock trading broker, let us know in the comments below. We will give you always some names, but one more time, that’s a personal choice.
The broker you use is a personal choice
Always do your diligence, do your research, talk with some experts in the field, so you can choose a trusty and regulated stock trading broker. And most importantly, the broker that will make you feel comfortable while you are trading or investing with that broker. If you would like to know which are the brokers that we currently use, we have a page on our Academy’s website called Brokers.
And there, we keep like the top brokers we use at the moment. So my team always does the research for the brokers and we do detailed reviews about the brokers. But one more time, not a recommendation. This page is just for the people who have no idea from which broker to start. So we have listed a few brokers that you can choose from.
But at the end of the day, it’s your decision and you should make the choice of the right and trusted stock trading broker for yourself.