As a trader when you are choosing a broker you need to be cautious and demanding and as a newbie trader you need to be twice those things!
At Is-scam.com we believe that all traders or trading enthusiasts have different needs which make them settle on a broker, but in order to know exactly what those needs are, you first need to explore the industry and gain some knowledge on how things work.
For example, say that the number one service you look for in a broker is for them to have trading tournaments because you are looking for a challenge. You don’t need to sign up with the first broker who tells you they have regular offers and services. Not having knowledge limits you. There are probably a good 10-20 other online brokers who offer the same service, but maybe with even better terms and prizes.
What we are saying is that, as a trader you need to take matters into your own hands and do some research before committing to a broker. And since the ease and safety of how your investments are being handled are the most important, it might be a good place to start from.
First of all, every trader starts with an initial investment. A process which could go wrong, even though the procedure with almost all online brokers is the same. Opening an account with the broker of your choosing will, no doubt, be free of charge and will take only a few minutes. They usually ask for your e-mail address, names, address, age and gender. After you give up this information and you have agreed to their terms and conditions (which you should really read) comes the depositing part. You will always be given the chance to choose from a list of ways you can do that. Choose the one which is the most convenient for you.
Investment Methods with Stock Brokers:
Some brokers offer a vast variety of ways to investment – eWallets and many more. All of these investment methods are just an addition to the regular bank transfer and credit/debit card investment all brokers accept, without exception.
When investing money in your account for the first time you need to be cautious when choosing the currency as you cannot change it afterwards. Once you pick one from the list of currencies your online broker accepts all of your trades and withdrawals will be in the respective currency unit!
Investments are usually free of charge, but in case you are doing it by bank transfer, it is advisable to check with your bank as sometimes they charge fees which the broker is not accountable for.
Once you invest, the investments will be almost immediately in your trading account and you can start the action. Again, bank transfers can be somewhat slower and funding your account may take up to 5-7 business days.
Withdrawing is another investment-related procedure you need to familiar with before you choose a broker. Always read the terms and conditions for “hidden” fees before signing up with a broker.
Before being able to withdraw your results a broker will ask you for some documents to prove your identity and address. They always ask you for copies of a credit/debit card with blurred out last numbers and security code. If you have not invested via credit card, naturally, they will not ask you for that.
Also, prepare a copy of a government issued ID or driver’s license with a valid date and picture and a copy of a utility bill or bank statement with your address and name on it. You can fax or scan all of those documents to the broker of your choosing.
Some brokers will ask you for those documents during the investing phase.
Withdrawal Methods with Stock Brokers:
Withdrawals are usually a more complicated process than investments, especially the “welcome bonus” withdrawals. If you have accepted a sign up bonus from a broker you will need to finalize a certain trading volume before being able to withdraw it. You will probably have to have trade about 30 times the bonuses value before being allowed to cash it out.
Whenever you withdraw investments from your account they go directly to whatever source you have invested in. Keep in mind that, for matters of security, brokers only send funds to bank accounts with your name on it, so do not use any friend or relative’s accounts.
Withdrawals are not always free. Actually, they are rarely completely free, especially bank wires. Typically, according to the type of client account you have opened you receive different withdrawal arrangement. Standard and Mini account holders usually get one free withdrawal per calendar month and VIP and Platinum account-holders get free and faster withdrawals.
There is a minimum requirement for the amount you can withdrawal. It is usually equal to the minimum initial investment requirement.
Bank wire withdrawals are almost always charged a fee by the bank per transaction. Wire transfers take the longest to process and may take up to a week for the investments to show in your account. All other withdrawals take up to 3-4 business days.