Why do some people have so much trouble choosing their broker?

Finding the “right broker” is often seen by beginners as a real obstacle course.
Why is it so difficult? And how can the process be simplified?

Finding a broker is not always easy...

Just type “broker” into a search engine to immediately see What problem do beginner traders face?.
Between endless lists and advertisements of all kinds, the search for a broker can become as unpleasant as looking for water in the middle of the desert.

And the more we search, the more questions we ask ourselves...

First of all, we notice that some brokers charge an entry ticket (i.e. a minimum deposit), which is not necessarily within the reach of everyone.
For example, FXCM asks for at least 2,000 € deposit.
Yet others don't ask for any minimum. Are they any less good for that?

Regarding fees, it is also quite complicated, since these can vary widely from one broker to another. And even a beginner understands that this will necessarily have an impact on his performances.

Next up are the products offered: not all of them offer the same possibilities. Should there be several brokers specializing in a single product? Or a single broker who offers several products?

Should we choose a French broker? Or a foreign broker?

And finally, can you trust a broker that offers more bonuses than features?

No, choosing a broker when you have no experience is really not the easiest thing to do.

Make your research easier:

In fact, you have to understand that the problem is not finding the right broker, but to know how to do it correctly.

This will be done in at least 2 stages.

The first is to note your needs. Being aware of your own situation as well as your goals is an important first step.
How much capital do you have? What types of financial products are you looking for? Do you want a French broker or a foreign broker?

We then need to compare the brokers with each other to find an initial list that more or less matches our criteria, without forgetting to compare fees.

We can also look for additional elements that are considered a sign of seriousness, in particular, if the broker offers a guaranteed stop, Or a refund of negative accounts in its conditions.

For the products offered, it is a subjective choice.
Nothing prevents us from having different accounts, at different specialized brokers, depending on the financial products you wish to trade.
But you can also choose to invest only in a single broker, which offers a wider choice of products.

At the level of regulation, it is also necessary to prefer regulated brokers by the main financial market authorities (AMF, SEC, or FSA), rather than by Cyprus for example.

Finally, bonuses are not a guarantee of seriousness either. Most of the time, it is even the opposite: brokers attract customers with their bonuses, but then only offer limited possibilities, or very high fees.

Assuming that cash withdrawals remain easy...which is far from always the case.

Ask for advice:

Stock market forums are a wealth of information of this kind.

Broker users are constantly coming to give their opinions, the problems they have encountered, or those they have not met.

Taking this into account can be useful, but be careful: this does not exempt us from going to see for ourselves to ensure that the broker really corresponds to what we are looking for.

Because we must never forget that the brokers who suit each other may not be suitable for others.