Stock brokers play a vital role in your investment journey and can make your life easier. It is due to these brokers that you can operate smoothly in the stock market because they serve as the middleman in the execution of your trade. It is not possible for the trading industry to survive without a broker, which makes them very important for every trader. Therefore, when you decide to use a stock broker, you need to assess their services thoroughly. Shay Benhamou states that they will have an impact on your experience significantly, so you should make this decision carefully.
There are some services that a stock broker should definitely provide for you to be able to have a seamless experience. What are they? Shay Benhamou has outlined some of them below:
- Share trading tips
The first thing that you should look for in a broker is their ability to explain the latest trading tips, market trends and also provide you with all relevant and necessary information. Shay Benhamou states that your broker should provide you with all information related to portfolio securities, trading accounts and online trading, which include their pros and cons. A full-service broker will definitely provide you these services because they understand the importance of these.
- Online trading platform
The most crucial feature that an online broker is their online trading platform, as it is the software that you use for executing your trades. However, this doesn’t mean that you want just any trading platform. According to Shay Benhamou, you need a robust one that can make online trading hassle-free. It should offer seamless connectivity and a good user experience. Plus, it needs to have a secure payment gateway as well because there are cybersecurity risks involved. In addition, the trading platform that a broker provides to you should also be capable of hassle-free and instant transactions. It is recommended that you first test the features and offerings of the trading platform before you sign up. Reputable brokers provide a demo account to let you do so.
- Financial planning
It is also essential for your broker to understand your financial goals properly in order to help you achieve them. This means that the broker should provide you with proper resources and they should also be able to offer you the required information that’s necessary for helping you achieve your financial objectives. Shay Benhamou states that the stock broker should provide you with information on all types of investments, which range from short-term investment options to tax-saving investments and can help you in building a good portfolio.
- Portfolio analytics
It is a well-known fact that you need a lot of experience and effort to achieve success while trading in the stock market and even experts can make mistakes. According to Shay Benhamou, sometimes the market is highly volatile, or it may be making gradual shifts across different sectors. It is also possible for your portfolio to be running a substantial mark to market (MTM) loss. These are situations where your broker has to come to your rescue and help you in surviving. Therefore, you have to ensure that the stock broker you choose is willing and has the knowledge to provide you with portfolio analytics that can help you in salvaging your loss-making positions.
- Client support
Another essential service that you should expect from a stock broker is client support. Shay Benhamou says that you might come across some unknown features when you are using an online trading platform. This is where you will require client support to help you in understanding and navigating them. Likewise, you can also make mistakes during online trading and your broker should offer you support to help you figure out what to do.
If you are looking to open a trading account with a broker, Shay Benhamou recommends that you look for one that can provide you with the features and services mentioned above.