There are numerous stockbrokers to choose from these days. While the main focus is on what is it going to cost you to complete a trade there are also a number of other questions you should be asking before you decide which firm to work with.
Some stock brokers cannot deal with registered plans which is a consideration for those who like to trade from their retirement plans. With a bit of searching you should be able to find a stockbroker which will work for you.
Before you begin, you should identify what type of trader you are. For example some of the questions you should ask yourself before you start looking for a broker are:
Things to watch out for when choosing a brokerage firm are:
Now that you have a rough idea of what you are looking for, you may want to look at a number of articles which compare the various online brokers. A good summary on US based brokers is published yearly by the American Association of Independent Investors.
Some of the more popular online trading firms are: Scottrade, Fidelity, E*Trade, TDAmeritrade, Charles Schwab, Interactive Brokers and Barclays. Fees range anywhere from $1.00 up to approximately $ 27.00 per trade. This range in stockbroker fees can have a major impact on your trading results.
Once you know what you want in a stockbroker and know what the brokerage firm offers you should be able to choose the firm that will match your trading style.
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