The duties of the dealer include executing the order on the conclusion of transactions in the industry, a compilation of reports on transactions and movements of funds, and calculating the tax on profit. Another dealer develops investment and trading strategies, forms asset portfolios, and offers the services of a personal consultant on finance. For a beginner to choose a mediator, you need to pay attention to many factors. The most important thing is the license, a good dealer should work officially. On the broker’s website, in the section on disclosure, you can specify whether there have been precedents with the revocation or suspension of the license. There is also data on financial records, information on litigation, and technical malfunctions. The legislation strictly regulates the activities of such companies, so you can not worry about reliability.
You also need to choose the type of account. The broker earns a commission from the amount of the transaction and depending on the tariff the size of the commission will be different. Also, sellers can charge a commission for the entry and withdrawal of funds, the use of the trading platform, voice orders for the transaction, etc. Some brokers may have a minimum compulsory commission or subscription fee — guaranteed earnings even in the absence of transactions. If you plan to keep a small amount on your account, it is better to choose a tariff with a commission from the transaction, otherwise, you can lose a significant part of the funds on the subscription fee. The exchange commission is usually already included in the tariff.
By the way, Is IC Markets Good for Beginners? First, the broker is regulated and has an official license from two countries. IC Markets is outside the European Economic Area and is not subject to this regulation. Traders continue to use 1:500 leverage with this broker. Available over 2,000 different assets. The terms are very good. For comparison, you can rarely find cheaper and safer brokers. The broker has an elevated account minimum than other sellers. And it doesn’t offer a cent, mini, or micro-summary.
But beyond those shortcomings, every other factor of IC Markets is beginner-friendly, including the simple report opening procedure, deep fees, easy-to-use trading strategies, and academic equipment.
In widespread use, the dealer is relatively acceptable for beginners, despite some drawbacks.