How do you choose a
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Finding a good discount futures broker is very important, as you will most likely be with them for long time. There are many ways of researching brokers, whether it is by using online searches or even getting a good referral from a friend who likes the one they are with.
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Commodity trading criteria: What to look for
when choosing a discount futures broker
It is important that you trust your broker and feel good about the integrity and quality of the company. You can get an idea of how successful they are by looking up their Alexa ranking or their Google page rank. These can tell you if it’s a fly by night company or one that has been around a while and knows what they are doing.
Different commodities brokers have different minimum deposits; this could be an issue if you are starting out small.
Some brokers have extra services like a debit card attached to your account or check writing privileges. You may want to look for one with these features.
Beyond trading commissions some commodities brokers charge extra fees for things like wiring money to your account, closing your account etc. Be sure you have a look at their “other fees” sheet.
It is very important that your discount futures broker executes you trades quickly. If they don’t pick up the phone when you call, or your trade executions are slow, you may have found a dud. There's a good chance that no amount of oil on their hinges will make them change. Don't try waste too much time giving them suggestions to improve, just move on and find one that will meet your needs without change.
Look for a broker that provides good overall value, which can be seen by comparing many factors including commissions, quality, service level, and more.
After you choose the broker, you will be required to fill out personal information to open the account. Make sure you read everything before you sign it so you know what you’re getting into. Don’t be surprised if there seems to be an endless number of forms.
Lastly, make sure if the company’s preferred method of trading is through their website that they allow you to call in your trades in case you are not able to access the trading platform online.
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