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Best Online Brokers

There are brokers and then there are great brokers. And if you really want to gain some respectable grounds in this business venture, you need to find yourself some of the best professionals to work with you. The most preferred choice is always finding a broker from an established brick and mortar business. Not only would you know first hand whether or not the business is legit, but you can also pick and choose from their roster of talents as well. Unfortunately, not all of us have access to such brokerage companies. In fact, there are now growing numbers of traders trying to find trading professionals online.

The first step to take when trying to finding the best online brokers is to weed out the scammers from the legit professionals. Once you have a list of legitimate practitioners, you can slowly pluck out those with less desirable working traits and experiences. Then you can concentrate more on finding brokers who are at the top of their game. Here are some other things to consider:

1. Make sure that you can communicate easily with your potential brokers. The norm these days is that virtual brokers and virtual brokerage companies use their websites as the platform for communication. However, this is a very easy setup to do and there are also multiple scam sites up and running. Try visiting the broker’s or the company’s websites at different times of the day, particularly during the actual trading period (between 9 am to 4 pm Eastern Time) and see how fast their pages load. Very slow sites are not at all advisable to patronize.

Click on all the links of each and every website to see if all of these links work. Needless to say, any site that offers brokerage services with one or more pages “under construction” is always a bad sign. At the same time, you might also be redirected to other non-relevant sites, or be asked for personal information and credit details before you are allowed access to their links. Both of which are sure signs that you are facing credit information capturing sites.

Legitimate sites will also get back at you quickly if you send them a query via e-mail. However, the mark of true professionals is when they provide you enough contact information on their website like their business’ addresses, landline or mobile numbers, fax numbers and the lot.

2. These alternative forms of communication are also great ways of gauging the versatility and flexibility of the broker or brokerage companies. Try to see if they offer other means of placing trades like fax ordering, touch tone telephone trades or even directly talking to the brokers.

3. Many legitimate online brokers and brokerage companies advertise their backgrounds in order to gain more business. It would be safe to say that brokers who do not post such information can be considered as fakes. It would also not do to hire virtual brokers who may be legit, but may have never handled any accounts before. Since the backgrounds of the legit professionals are posted, it would be fairly easy to check up on each and every claim.

Pay careful attention to accreditation, awards and affiliations. The best online brokers would only have one accreditation merit but may have multiple awards and affiliations.

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