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With all the different options available in the UK trading industry these days for online CFD Stock Brokers, making the decision on who to trade with seems like quite a complicated and daunting task. This guide has a few main points to have in mind to help you reach an educated decision on picking the best broker for you to help you buy stocks:
Each country has their particular regulatory body who is in charge to make sure that the rules and regulations are followed to help protect and maintain the integrity of the market, traders, investors, and the brokers themselves, such as the Financial Conduct Authority (FCA) in the UK. These regulatory bodies help members meet regulatory responsibilities. As a beginner, to avoid any potential safety concerns with regards to the deposit, you should always make sure that your accounts are opened with regulated trading firms.
Before choosing an online broker for buying stocks, you will want to see how comprehensive their customer support department is. For your security and peace of mind, you will want to be able to reach and get the help you need without having to wait too long to be answered. Some companies offer 24/7 customer support with a live chat option or even a local UK phone number.
You will want to look at how long it can take to withdraw your funds once you have completed your trading and buying stocks. Some online stock brokers have fees for withdrawing remaining balances. Some also have long waiting periods for the balance to be withdrawn.
Depending on what type you are interested in opening, you will need to know the different account options offered by each online CFD stock broker. While some fx brokers offer a broad range of accounts, others have a single account type available. You may want to look for an online broker who has a different account type for beginners, intermediate and advanced fx traders for buying stocks.
While selecting a broker, it’s possible to just concentrate on buying stocks. However, you should keep in mind there are countless types of investment alternatives offered. Such as, Forex (FX), ETFs, CFDs, or trading in futures, options or precious metals, to just name a few.
An online CFD stock broker should be able to provide you all the necessary information about the interest you could be charged when you take leverage. Although there isn’t a great difference in the interest rates between online stock brokers, it is something to be still aware of when choosing a specific broker.
Most beginners don’t know how they will be trading. However, many advanced traders know that they will be conducting the majority of their trading while on-the-go, so they specifically look for an online CFD stock broker who has an excellent mobile platform to allow you to buy stocks. It is best to know what your platform requirements are with regards to your online CFD stock broker.
For more information on CFD Trading please see our tutorial: The Basics of CFDs