What are the best online brokers?
Finding the best broker, it is the necessary thing to do to make a substantial step towards becoming a successful trader. You will be pleased to know that given the massive competition that there is at the moment in the online trading industry, some of the best brokers are charging very little or no fees and they are offering top-quality resources that can help you learn more about investing without risking too much of your capital.
Surely not all the online brokers are offering the same level of service, and this is why here at TopTradingPlatforms.co.uk we have created this article to help you in what is a very crucial decision.
If you are looking to invest this year, also take a good look at our best broker section where you will find a full review on each of the best brokers that we have selected.
What Matters When You Trade Stocks on Your Own?
Managing your own money and trade could be a stressful challenge. To minimise the impact and to avoid information overload it is important to use all the resources that are made available by your online broker. Below are some of the must-have of a best online broker:
Clean Interface – when trading it is essential to be able to navigate easily in the trading platform. Having a trading platform that is not well designed will mean that you will lose time and get buried under a tremendous amount of drop downs. The trading platform should have intuitive access where you will be able to see your balance, available cash, real-time P/L and that you can navigate between the different areas seamlessly.
Quick access to basic charting – having the right tools when trading it is critical as they could give you an edge over the competition. Having clean charting can go a long way in helping you to make the right decisions in the shortest time possible. In the same way, if things are not going in the direction you have hoped, they do help you in exiting a bad trade as quick as needed and therefore reduce the loss.
Low Fees – one of the main issues to become a profitable trader could be that you are getting charged too much by your online broker. Since the competition has forced lots of online brokers to reduce their pricing structure, it makes complete sense to shop around and see what is the best deal that you can get is. We have selected the best and most trusted brokers in the UK so do take a look before you commit to any broker. The industry is very complex than you might think and pick any online broker before looking at the options available is not advisable.
Figure out first what are the features you are looking for and also the type of trading strategy that you are expecting to deploy. From that, you should be able to find the best broker that suits your needs.
What Makes a Great Online Broker?
Our team of experts have looked at the elements that the best broker should have. Please take a look at those as they will be a good point of reference in your broker selection. Price is significant, but there is more to it in the decision: you will need to consider the resources you are getting for the cost that you pay for a trade.
Quality trading tools and technology
Multiple trading platforms for all levels of traders
Excellent mobile trading features
Quality educational resources (possibly free of charge)
Having a great online broker is a solid start in your trading career. Don’t expect however that the broker will make it for you: as good as a broker can be, to be successful you will need to be very disciplined and follow some principles and a clear strategy:
Have a plan
Entries AND exits matter
Most people do lose when treading as they approach it as if they were gambling: trading, however, is all about risks and rewards.
It is crucial that you stay disciplined as this will help you to lose too much money and also lock in your gains. When we talk about discipline, we mean that you should make your decisions and then stick with it: you will need to establish when to get it and when to get out and execute the plan without letting the emotions to sway from this.
A perfect thing about the online brokers is that you can start trading virtually with a demo account before going in and risk your own money: this is brilliant as basically, you can practice strategies and also track your gains and losses without having the emotions that come with investing your cash.
Only when you are ready, you can then apply your learnings and hopefully start to get a decent income out of it over the medium term. It won’t be easy, and this is why having the best broker next to you along the way is going to help you greatly.
Many have said that ‘trading is the hardest way to make an easy living’: unfortunately this is true. We would be lying if we would say otherwise. The best traders are very disciplined and do spend a considerable amount of times in researching the latest trends and if needed, also considering switching from online broker to online broker.
Trading online is not about having 100% of trades successfully: this is impossible even for the best traders in the world, and you have the best broker to assist you. To be successful, you need to focus on trying to make more money from the biggest winning days to the amount you will lose on the worst losing days.
We are telling you these things as we don’t want you to sign up for one of the best brokers we have recommended and then lose all your trading money. If you are interested in online trading, we want you to find the way to build a substantial income and grow your money safely over time.
We recommend that you open a demo account with a full-service broker that is fully licensed in the UK. You will find in this website all the information you need to select the best broker: all the operators you will see here have been thoroughly reviewed and hand-picked by our team of experts traders so go and have a good read!