Which Broker is Best for me?!

Which Trading Broker is Best for Me?

When it comes to trading stocks & options, you are going to need a trading broker. There is no short supply of brokers available to use. This question still stops new traders in their tracks. It is important to know what your goals are before choosing a broker.

Questions to ask yourself before choosing a broker are…

  1. What type of equities am I trading?

    • This could be stocks, options, futures, forex, or even cryptocurrency.

  1. Am I day trading or am I swing trading?

    • Day traders might need a broker with faster executions

    • Swing traders do not need a fast broker, instead a swing trader might need a broker that has ease of access and ability to set orders.

  1. How big of an account am I trading with?

    • For accounts under $25,000 you will be bound by the Pattern Day Trading Rule. Meaning you cannot day trade unless you use an offshore broker like Capital Market Elite Groups (CMEG).

    • Over $25,000 a more legitimate and reliable broker would be ideal for a trader. This could be a Think or Swim by TD-Ameritrade, E-Trade, Interactive Brokers, & others.

While there are many brokers to choose from, we will focus on a few of the best options.

New Traders With Less Than $25,000

For new traders with accounts under $25,000 looking to get introduced to the markets through swing trading and occasional day trades, we recommend a simple and user friendly broker such as, Robinhood or Webull. These are both free commission brokers that will greatly lower your barrier to entry for trading the markets. You can easily download the app on your phone and get set up in a short amount of time.

Traders Day Trading With Less Than $25,000

For traders looking to focus more on day trading with an account under $25,000, a broker such as Capital Market Elite Group is a great choice. Take this with a grain of salt. Since you are day trading with under $25,000, you need to use an offshore broker like CMEG to not be bound by the Pattern Day Trader Rule. Hence, an offshore broker with high fees and commission structure.

Traders Day or Swing Trading With More Than $25,000

Traders with accounts over $25,000 looking to day trade or swing trade, a more reliable and well-known broker such as TD-Ameritrade or E-Trade should be sufficient in getting the job done. For accounts of this size, a trader is most likely more experienced and choice of broker will be more of a personal preference at this level.

No matter which broker you choose, there will always be pros and cons to each. Typically the broker doesn’t make or break the trader, it is the level of effort the trader puts into actually learning how to trade.

If you still have questions about stock and options trading brokers, fill out the form below and we will get back to you as soon as possible!

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