How Careful Should I Be With Picking My First Broker?

Discussion in 'Online Brokers' started by Colebra, Mar 12, 2015.

  1. Colebra

    Colebra Well-Known Member

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    Here's the thing:

    I know I have to do all the math with commissions and whatnot, in order to have the best ROI possible.
    But what happens when I move on from ETF's, and want to invest on products that this particular discount broker does not work with?
    Is the process of moving stuff from one account to another easy?
    What's the best move here?

    I know this should probably be last on my list of concerns right now, but think long term, right?
     
  2. crimsonghost747

    crimsonghost747 Senior Investor

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    Choosing a good broker is one of the first things on your list, definitely not the last. :p Just keep in mind that there is nothing stopping you from having more than 1 broker. If you found one that fits your current situation well then go with them, later on you can open another account with another broker if you feel that the current one doesn't offer you enough choices.

    If that happens then it's up to you to choose if you want to keep both accounts or transfer all your holdings to the new one. The transfer process itself isn't difficult but the broker you are transferring away from will charge you a fee.
     
  3. Colebra

    Colebra Well-Known Member

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    I mean worrying about a future where I now am investing in something other than ETF's.

    I know. I'm just an organization freak... Plus if the new broker provides better stats on investments, why not benefit from it?

    Naturally... :p

    Thanks for replying!
     
  4. crimsonghost747

    crimsonghost747 Senior Investor

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    There really is no right or wrong here: it's up to you. Financially it would be smartest to go with the broker that offers you the best fees on those products that you want to use right now and then change later on if necessary. There really is nothing wrong with having multiple accounts at different brokers, if the one you are looking at now offers the best pricing for ETFs then go with them and if you move onto direct stocks later on you can have those on a separate account. That way you have the best ETF broker for your needs and the best stock broker for your needs.

    I still have 2 accounts, simply because I have some long term buy & hold investments in a market that my main broker doesn't offer.
     
  5. JR Ewing

    JR Ewing Super Moderator Staff Member

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    For investing and most deposit account dollars, I'm inclined to stick with the big publicly traded companies that are in good financial shape and that are heavily internally and externally regulated - Wells Fargo, JPM, Goldman, etc. Mainly for safety and security.
     
  6. Duong

    Duong Active Member

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    This is an old thread, but the benefit of new viewers; The quickest way is to find someone who trades what you intend trading and let them recommend a broker that they use comfortably. There are so many criteria but you can just save yourself the stress. I use Forexchief broker; they have very low spreads, 1:400 maximum leverage and very fast server. The high leverage also applies to stock trading.
     
  7. fxstreet

    fxstreet Senior Investor

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    I want to also recommend Forexchief. It should not be that difficult to see how solid the broker's platform is.
     

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