By Yael Warman
With the online trading business burgeoning by the week, brokers are increasingly deciding to offer their customers free items in return for their business. Certain items are now considered to be non-negotiable when customers are looking for an online brokerage, and new traders should ensure that the trading platform of their choice includes these items. In addition, certain items are only offered by a limited number of firms.
Firms are now all too aware that customers want to have immediate, 24/7 access to their portfolio of investments, and that it’s essential to provide a hassle-free opportunity for the customer to trade at their own convenience. The apps may not provide a trader with access to the full range of options available on the web based platform, but they do allow a customer to trade on the move.
Another resource that is now considered de rigueur is the ability to access the trading history of a particular asset. Long gone are the days when a trader was forced to access multiple sites to research an asset’s history, and all trading platforms will now offer customers free access to a number of graphs and resources, all of which are hosted on their own site. Of course, a customer should not expect to find detailed financial news about an asset.
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Whilst bonuses are not offered by every brokerage, a growing number of companies do offer a number of incentives to new and existing customers in the form of bonuses. Some bonuses may apply upon opening an account, e.g., an award of £250 for a deposit of over £10,000, whilst others may award a £5 bonus for every 50 trades.
Bonuses are always an attractive proposition for the customer, but be aware that they aren’t always as beneficial as they may seem. Some sites place heavy restrictions on what can be done with the bonuses that are awarded, whilst other sites charge considerable fees for withdrawing money. An opening bonus should only sweeten a deal, rather than being the main reason for choosing a particular company.
Customer Support/Account Manager
Many firms will now offer limited customer service for free, although many are hesitant since one of the major appeals of online trading for the company is the ability to keep their overhead prices low by maintaining minimal customer service staff. A dedicated account manager whom a trader can contact is a big plus and it shows the brokerage has a real interest in assisting its customers.
A customer looking for an online brokerage is likely to be attracted by the items/services offered for free by the site. However, whilst some free items should be non-negotiable, ensuring that the trading platform is right for you is the most important factor when choosing a brokerage.
About the Author:
Yael Warman is a creative writer with a strong background in marketing and advertising. Yael has been a writer for over 10 years and has worked for clients in various industries as well as her own companies and is currently the Content Manager at Leverate.