Software
If you plan to trade via the Internet, ask your broker what is needed for this. Is it possible to make transactions through the site without installing additional software, or will you have to download a special program to your computer – a trading terminal. Study the system requirements, find out if it is technically possible to install a trading terminal on your computer.
If you are going to trade via smartphone or tablet, check with the broker if this is possible. Check if this mobile application is suitable for your gadgets and if it is paid.
Voice orders
This is telephone trading. If you don’t have internet, you can call and instruct the broker to complete the trade. Evaluate in advance if you need this feature. They may charge an additional fee for it, and not all brokers have it.
Education
If you decide to trade on your own, you will have to learn. Some brokers offer free training: webinars, training videos, step by step instructions. You usually get access to them if you become a client and open a brokerage account. There are paid courses, accompaniment by an experienced mentor, financial advice – explore all the possibilities that your potential broker offers.
It’s good if the broker’s trading program has a demo mode. You register on the broker’s website and receive by mail links to download the trading program and keys (digital security files) for installation. Install the program and try yourself as an investor without opening an account. You will trade not for real money, but in test mode in order to understand without unnecessary risk how exchange trading works.
Commission
All brokers charge a commission for their services. It can be a commission for each transaction or a monthly subscription fee. Many brokers have a minimum amount of remuneration per day or per month (for example, at least 35 rubles per day). The exchange also takes its percentage for conducting transactions – check whether it is included in the commission declared by the broker, or you will have to pay more.
At the start of an investor’s career, while you do not know the volume and number of transactions, it is difficult to determine all the needs and choose the optimal rate. Do not look for a broker with the lowest commissions, it is better to focus on a reliable intermediary, and the tariff can be changed if it does not fit.
The contract with the broker is also not a lifetime contract, you can always change the broker if it does not suit you.