Posted by forex at 8:44 AM
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Gathering Information
1. Call several major brokerage firms in your area and ask for the broker-of-the-day, duty broker or new accounts broker. Be ready to take careful notes of each conversation.
2. Ask each broker about the firm's minimum deposit for opening a trading-only or cash account and what account features are offered (for example, the ability to trade on margin).
3. Inquire about account fees, broker compensation and whether the firm provides any online services. Ask for brochures.
4. Thoroughly discuss what costs, such as commissions, are negotiable. This is important!
Choosing the Brokerage
5. Review the information you have gathered and rank the top three brokerage firms.
6. Call the brokers, top-ranked firm first, and make appointments to visit their offices during market hours.
7. Tour each office and note the availability of research materials, a customer computer terminal and a cashier station for processing deposits and checks.
8. Choose the firm that you feel offers the most resources and services that you will use for the best cost.
Opening the Account
9. Take home the documents requiring your signature for opening an account and carefully read all the terms and conditions to which you will be agreeing.
10. Open your account only after having all your questions answered and making sure you understand critical information regarding your account's cost, features and limitations.
11. Get copies of all signed documents relating to your account.