Heya all,
Due to all the discussions and threads that I see poping up regularly in online communities like this one I had an idea.
Let’s crowd source a checklist/spreadsheet/comparison table?
The main idea is - instead of a newbie having to go around different forums, social networks, and various other websites - and asking the same questions “How to pick a broker, which broker is best, is this broker good” and so on - let’s all pitch in and create a sort of checklist which a newbie can get, look at a broker and check all the boxes that apply.
Then decide if that broker fits his needs/requirements - based on the checklist.
The way I see it is a table.
Top to bottom - line up of broker features
Left to right - broker names
Something similar to this one:
Add the features that you’ve seen or you’d look for in brokers below. Go!
Nice thought Bradley, but there are a couple of problems.
If you laser-etched recommended brokers onto the eyeballs of some newbies they would still ignore it and sign up with some Caribbean-regulated cowboy offering free bonuses, zero spreads, or because they have a nice yacht/sports car on their website
Staff from the cowboy brokers would contribute to your table in their droves, rendering it meaningless.
No no no. The idea of the list is just to compile features that a broker should have.
No brokers will be mentioned in it. It will be up to the one who’s using the table to go out and find brokers and then compare their features.
We’ll give them just the template, they’ll have to do some work as well. Gathering a broker list and doing the research on what they offer or not.
@eddieb I’ve been working on something of the sort but have some urgent projects that need taking care of. So, it’s currently on hold.
Also, wanted to gather as many suggestions as possible before finishing it and sharing it for all to use.
@purtle Will make it into a freely accessible google spreadsheet, xls and printable PDF formats that anyone can download, copy, print and fill-in/edit for themselves.
The number one thing I’d like to see would be if they’re regulated and based in the US (or wherever you’re located). Also finding out how long they’ve been operating.
Transaction costs/rollover rates would be the next one, obviously whoever has the lowest/lower rates.
Great Opinion. Different people can choose different broker as per their trading style and requirements. We can only mention strictly regulated broker and their features.
Aside from what @purtle has mentioned, I’d like to see if they have a hassle free deposit and withdrawals. Also, brokers vary on the tools they provide. I’m curious to see which ones provide over the web, mobile or through phone apps.
deposit / withdrawal methods (because in some countries cards are blocked and need to use local online bank transfer OR e-wallet) this is very important
I think some people have gotten mixed up somewhere along the way of this post as far as brokers go. What he’s suggesting is not to name highly recommended brokers or a specific broker for a specific style/platform… he’s suggesting a list of what to look for in a broker of that traders choice. A list that could help raise the red flags and potentially prevent someone from getting scammed by a broker.
