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Choose your Broker today

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A common question that pings most of the traders and investors is whether they actually need a broker a not. For the investors who have just entered this market should consult a broker as there a lot of new things that they need to learn. A stockbroker is a person who performs trade and does all the tedious formalities in place of their clients and charge commission for their services.

They are a link between the investor and the stock market. For a trader, the share broker is a source of information for market updates as well as rules and regulations. There are numerous areas where the stockbroker can be of great help in the market. He is the person who helps to have technical analysis as well as chart readings that can prove helpful for a client to decide if he wants to go for the trades of shares of the concerned company or not. The trader also knows the movement of the price and forms a strategy for the same.

Work done by the stock brokers

A stockbroker has to complete the given duties:

• A stockbroker acts a bridge between the trader and the trade
• Stockbroker either works for a firm or is an independent agent
• The main mission of the stockbroker is to execute a trade
Some Facts about brokers
• Stockbrokers belonging to firms are generally paid by salary and commissions is charged
by the independent agents.
• Not every person in the stock market qualifies to be called as a stockbroker. A stockbroker must crack two examinations SERIES-7 and SERIES-63. The best stock broker successfully qualifies these exams. Only after qualifying these exams they become eligible to practice their services.
• The firms that employ the brokers are known as brokerage houses. These brokers are paid for advising the clients.
• Brokers do deal with full investigation and study. This research is either done by the broker, or they hire research analysts for the purpose.

Full-service v. discount broker

Brokers are of two types- the traditional brokers and the discount brokers. A client is free to choose any one of these brokers according to the need and choice. Here is given a little description about the brokers:

Full-service brokers

A full-service broker is a person that carries out a trade on behalf of their client and also provides them counseling and suggestions regarding the investments. They offer various added services like annuities, insurances, bonds, and derivatives. Associating with the full-service brokers is a convenient option but can be quite expensive as they charge a high commission. They intend to gain maximum profit from every deal they sign.

Discount brokers

Discount brokers are known to proffer their clients with the platform to carry out a trade. They are quite affordable; however, they do not offer any investment advice. They can be contacted through the social platform. They are a boon for active clients who carry out a frequent trade. They are known for transparent business dealings.

Latest Activity: Mar 26, 2018 at 8:47 AM

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