Joining a broker platform like Pepperstone is not as easy as you might think. You have to do thorough research on different brokers to choose the right one. You might plan to join a broker in back 2020, but due to some reasons, you didn’t.
Now, again in 2022, you are determined to start your career as a trader. It is a probability that you don’t want to run into broker research. You would prefer to go with the one you have chosen before.
Remember that 2 years have passed the world has advanced 200 times. Thousands of new brokers have entered the marketplace, and rankings are more transparent now. Don’t skim over the broker research stage. It is critical to your success as a trader.
This blog details the process of searching for the best broker in the industry, considering Pepperstone broker as an example.
Finding the Right Broker:
The moment you think of becoming a trader is important. What dragged you into this? What are your trading goals? Is it just a way of generating passive income, or you are interested in pursuing it as a main career? In any case, you should be answerable to questions like why, when, and how.
Let’s work on questions about ‘how’. These include, ‘how you would be successful as a trader?’, ‘how you will choose the broker?’, ‘how do you learn through the broker platform?’, and others.
There are so many questions, and you should know the answer to each? Why is it needed? It will help you to find the right broker according to your needs and goals. When you are not sure what you need and why you need it, you can never make the right choice.
Collect some References and Recommendations
The next step is to gather some references and recommendations. You may ask your colleagues or post a story on social platforms to get their suggestions. It will narrow down the research to some brokers in the market. You may also explore the search engines where you will find hundreds of brokers.
Again, it is recommended to have references and search them before you do your own independent search. Maybe you can find the ideal one among the list of recommended brokers.
What constitutes Broker Research?
Is it that you will just rely on the information on the home page that usually contains signup offers to tempt you? Avoid letting them scam you through fake promotions. Homepage research is not enough.
Search for the market reviews. Whether the broker is 10 years old or 1 year old, there will be so many reviews published by authorized websites. Again, don’t just rely on Trustpilot reviews. These can be fake.
It has become a common practice to buy reviews. Instead, search for platforms like tradesunion.com. This platform does not rely on customer reviews and instead monitors the activity of a particular broker. You may search for any broker in the syntax “brokername_reviews”.
For example, search for Pepperstone reviews. There is an extension article on it. You will find out which organization is regulating the finances and what are the pros and cons of using the platform.