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There is lots of competition when its comes to commodity trading online here in the UK, which can lead to confusion when having to decide which broker will be best to use. We have listed some tips and suggestions which can be useful in helping you choose which commodity trade broker to use:
Before you start commodity trading, you want to be sure that the online broker you decide to use has taken the proper measures to be regulated, thus ensuring that your investments and personal information are adequately secure. The Financial Conduct Authority (FCA) is the regulatory body here in the UK. Due to potential safety concerns, you will want to ensure that your accounts are opened with trading firms that have comprehensive regulatory measures in place.
When selecting an online Commodity broker, many just concentrate on one asset. However, it is critical to keep in mind there are many other types of investment alternatives offered, including Forex (FX) currencies, stocks or shares, futures or options, to name a few.
Before choosing a Commodity Broker, you will want to take note how inclusive their customer support department is. Commodity trading is conducted almost 24 hours a day, so for beginners and your security and peace of mind, you may prefer having a broker who offers a 24/7, or even a 24/5, customer service department. Some companies even have a live chat support options and a local number where you can reach their support department.
With some brokers, there is a long wait period to withdraw your balance, as well as having withdrawal fees. If you know that you will need your funds soon after you have completed your trading, it is probably best if you look for a commodity trading broker who has little or no waiting period.
Interest and Commission:
Different online commodity trading brokers offer different commission and interest rates. A commodity broker should be able to give you the information which you need. Some brokers offer no commission, yet they have high maintenance fees. Knowing what each firm offers is important before you choose which broker is best for you.
If you are conducting most of your trading while you are away from your computer, you should look for a commodity trading broker who has an innovative mobile platform. Some brokers only have desktop platforms. Knowing what your needs are will help to narrow your options.