There is a lot of competition right now among online brokers. There’s a lot of money to be made in the stock market, with some indexes hitting record levels. However, given the financial difficulties of the past decade and everything that was revealed about how the big banks operated, there are many potential investors who don’t want to hand over control of their money. This means that there is a large market of people who are looking into the idea of getting an online broker and doing some of their own trading.
This situation is leading to a lot of competition that is good for consumers. Different online brokers are starting to feel a lot more pressure to offer advantages like cheap trades so that they can draw in new clients. It’s also giving them an incentive to improve the set of tools that they provide to investors to help them decide where they should put their money. Even if you already have an account with a brokerage firm, you should look into what has changed over the last few years and see whether you might be able to transfer your money to a company that will give you the same service while keeping a much smaller cut for themselves.
As you make the decision about whether to move, you should turn to reviews of several online brokers to get more information about what it’s like to be a customer right now. The demonstration version of a company’s software might look great, but a review could reveal that it’s harder to use than you might expect based on the polished user interface. On the other hand, you could discover that a company that looks good on paper has serious issues with providing good customer support.
A quick read through some reviews can save you from wasting a lot of time on paperwork and waiting for funds to transfer, only to discover that you’re no happier with your new service provider than the old one. Put in a couple of hours looking through reviews and finding out what the real user experience is like, and you’ll be able to sign the transfer forms with a lot more confidence.