Your first trading account is a big deal. It’s your first foray into taking independence of your finances, and creating the wealth you deserve to keep you and your family happy. There are a few things to keep in mind when signing up at a new site. Here are the big things to consider,
Does the site have what you need?
There’s no point in trading at a site that doesn’t have exactly what you want. For example, you want the right set of assets available with the right types of customizations. If you are trading stocks, and you want to be able to sell short, make sure that your broker has this available. If you want to trade currencies and need leverage, make sure that you broker offers the degree that you desire.
Also make sure that you can trade with the money that you have available and still be profitable. If you only have $500, day trading stocks is not going to work, but binary options or even the Forex market will give you a chance if you start small.
If you decide to select a binary options broker, make sure that they have the assets and exotic trades that you need. Not all binary brokers have all assets, and there’s a good chance that they could be lacking in stocks and commodities, in particular. Usually, the biggest and most widely traded companies will be represented, but not any more. This puts stock specialists at a slight disadvantage if they wish to trade with binaries, but only if they have more obscure taste in what they are trading.
Are you making your money work for you?
There’s some things that your potential broker might not tell you. Some deposit amounts will help you more than others. Some brokers, particularly binary and Forex brokers, will allow you to collect a bonus. But, the amount that you get depends upon what you deposit the first time. This means that you should be prepared to deposit the right amount.
Let’s look at an example. Let’s say that you want to create an account, and bonuses are offered in tiers: if you deposit $500 to $1,000, you will get a 20% bonus, If you deposit $1,001 to $2,500, you get a 50% bonus, and if you deposit $2,501 or more, you get a 100% bonus. Ideally, you will want to deposit at least $2,501. If you deposit only $2,500, you will get a free $1,250. If you deposit just $1 more, you will get an extra $1,251 in free cash. Not bad, but if you weren’t paying attention, you might miss out on it.
If you do wish to pursue a bonus, make sure that you can actually enjoy it. Every single broker will have requirements on how to unlock your bonus cash. Usually, it will be by trading 30 times what the bonus is worth. If you have a bonus of $1,000 waiting for you, you cannot withdraw it to your bank account until you’ve traded $30,000 worth of trades. Some brokers will have higher thresholds–avoid these! They are not worth the extra effort when so many brokers are willing to have lower numbers. Just be aware that the bonus will not be easy to earn and beginners may never last that long. So, prepare yourself by studying what you’re doing and learning as much as possible in order to avoid going broke before you earn your free cash.
Use a broker that helps you learn.
Some sites have educational sections or news updates. If you need these, use them. They are there to help you, but do be aware that there are many other resources on the web that are more timely and probably more thorough. Still, these are good starting points if you aren’t sure what you’re doing at first and they will open the door to more info for you.