One of the oldest types of trading is metals investing, and today it remains as popular as ever. Prized by humankind since time immemorial, gold, silver, copper, and their cousins have been used as everything from jewellery to tools, weapons, and ornamentation. Societies have grown rich on the back of them, and they have been present at every stage of our evolutionary journey, providing everything from hunting apparatus for ancient cultures to plumbing parts for modern day man.
Today, the metals trade is thriving. The advent of the internet and mobile technology have reenergised it, and millions of investors have seized on the opportunities it offers. Lucrative, thrilling, and complex, it provides a perfect pastime for those looking to profit.
But investment success is never guaranteed, and this is true of the metals trade as much as any other. That’s why choosing the right broker is so important. So, to help you out, here are three things to consider when you’re on the lookout…
#1: Reputation
Choosing the right broker is a minefield, and not every firm will be suited to every investor. This can make the hunt for one very time-consuming, and would-be traders often don’t know where to start. The best tip is to begin by doing your research. If you know anyone that has invested successfully, speak to them and find out whom they use. If you don’t know anyone suitable to ask, then turn to the internet instead. A quick search on Google will reveal a myriad of possibilities to explore, and there are lots of internet forums and industry websites that are chock-a-block with recommendations and information. Try to find some brokers with a great track record, like Sucden Financial, make a shortlist, and go from there.
#2: Customer Service
Once you have a list of potential brokers, it’s worth getting in touch and speaking to them in person, to give you an idea of how they operate and how well you gel with them. Firms that are hard to get hold of, provide poor answers to your questions, or are rude or abrupt should instantly be checked off your list; if they can’t provide a sterling service from day one, then the chance of them being able to provide the service you need further down the line is negligible.
#3: Cost
After speaking to your potential brokers, you should be left with a short list of firms that you would feel happy using. Some people might have an instant preference for one over the others, in which case they should go with them. However, for most, the decision won’t be so clear-cut, and this is where it’s important to take a look at how much they’re charging. Although there is some truth behind the old adage that ‘you get what you pay for’, you should also have a clear budget in your head, and should take pains not to exceed this. Furthermore, it’s worth bearing in mind that the less you spend on a brokerage firm, the greater the profit margin there will be in any successful investment.
If you can find a firm that ticks each of these boxes, then you might just be onto a winner.
This is a Guest Post
