“There’s nothing remarkable about it. All one has to do is hit the right keys at the right time, and the instrument plays itself.” – Johann Sebastian Bach
What do Johann Sebastian Bach and online financial market trading have to do with each other? Well, nothing directly. But, the principle of safe and secure trading is similar to the principle of playing a musical instrument. As with playing a musical instrument successfully by hitting the right keys at the right time, all you need to do is to make the right decisions to invest safely on the global financial markets.
Therefore, the question that begs is how do you trade safely? There are a considerable number of warnings on the internet about the dangers of online financial market trading. Some are justified while others are nothing more than scaremongering. How do you tell the difference between the fake and accurate information? Here are several tips to help you choose the right online brokerage to ensure that you are not caught out by a fraudulent company:
Well-designed website with easy to understand information
Using the quality of an online trading brokerage’s website as a benchmark of whether they are worth trading through, is a good yardstick to use. In short, a hacker, scamster, or fraudster will not take the time to build a high-quality, user-friendly, usable website. Therefore, by looking at the state of the company’s website will give you a good idea of whether the brokerage is authentic or not. This decision will help you in your quest to trade safely and securely.
Internet and online trading security
Succinctly stated, an authentic and genuine online trading brokerage will have implemented the highest levels of security, and they will make sure that their clients know about it. Their existence and success as a business depend on the fact that their traders are comfortable with their online security measures.
All authentic online brokerages devote a part of their website explaining in detail the stratagems they use to protect your financial transactions. Even though the reality is that nothing is 100% secure in the online space from hackers, online trading is as good as offline trading at implementing the best security for your monetary transactions.
Online trading platform
One of the questions that need to be asked and answered is how easy is it to navigate around the brokerages online trading platform. A brokerage firm that is keen for its clients to trade successfully will make sure that its trading platform is simple to use and easy to understand. On the other hand, a trading platform that is complex and convoluted increases the risk of making mistakes when trading and should, therefore, be avoided at all costs.
Knowledgeable and helpful customer support staff
Every trader has to start at the beginning at some stage of their online trading journey. Beginner traders need to rely on the advice and assistance from an online trading company’s customer support staff.
Thus, when you open an account with an authentic online brokerage, you should receive a phone call (or email) from the company to discuss your trading goals and needs and to pair you with a personal advisor. Furthermore, your trading broker’s customer service division should respond to your queries shortly after you have contacted them. If they don’t, then it’s not worth continuing trading with the company as the risk that they are a fraudulent company is too high.
Trading academy and educational materials
The bottom line when choosing an online trading brokerage is to determine whether the company cares about whether you place successful trades or not. A bona fide brokerage will do everything in its power to help you trade successfully. We have already discussed the website quality and the customer support staff.
Also, an authentic brokerage firm will provide its traders with an extensive trading academy (or education centre) with training materials that cover all aspects of online trading from beginner to advanced materials. They will also include documents on how to use their trading platform and how to interpret the advanced trading signals and analytical tools like technical indicators and oscillators.
Therefore, if you cannot find an exhaustive training academy, then it is better not to sign up with this brokerage as it is clear that they do not have your best trading interests at heart.