In stock broking, as with life, what you pay for isn’t always what you get. It’s important to take your time to find a broking firm that’s right for you.
To make this review process less onerous on our valued readers, we at Egoli have taken the liberty of compiling the most important services and features to look for in a broking firm – irrespective of what model you choose.
Customer Service – Customer service ranks number one on our list of desirable traits in a broker. You can verify this by contacting the broker firsthand. Signs of poor customer service include getting placed on hold for extended periods of time, or having to listen to an array of automated phone menus before getting a hold of a live person.
Phone Trading – Surprisingly not all brokers provide phone trading. This is most common with online brokers. Interruptions to your internet connections and computer problems can stop you from accessing the information you need at critical points. This is why it is crucial to have alternate trading access to your broker.
Brokerage Rates – This is the rate at which you are charged for buying or selling an instrument through your account. This rate can vary dramatically depending on a multitude of factors, such as how the trade was placed (i.e. online or over the phone), the size of the trade and the broker/execution platform you have chosen to place the trade through.