In this video what I’d like to do is give you some insight into different types of brokers between the discount brokers and full-service brokers and how to really choose the right broker for you and your needs.
Iām Sasha Evdakov and thanks for joining me in this lesson. Before we get into the different brokers and which one you should choose for your trading, let’s break down the two different types or the main types of brokers that we have.
Two types of Brokers
The way I’m going to do that is we’ll call it D for Discount brokers and the other broker that we have is the Full service and we’ll just call that F, we got discount and full-service brokers.
Now my guess is if you’re watching this video you’re probably going to go with the discount broker just because you probably want to do things on your own and I’ll show you some of the benefits here in a minute regarding these discounts brokers.
Full-Service Brokers
Really, if you’re looking at full service versus discount brokers, the full-service brokers still do something to the end-user and many people in the general public will go with a full-service broker. For example, a full-service broker, what they may do is give you advice.
They give you advice based on your taxes, they give you advice based on your future planning, they give you all this additional service on the phone, in person, as far as your retirement planning, as far as you are investing and what they do is they’ll actually execute the trades.
They do many more things, however, this costs you a lot of money because they have to make up their money somehow their revenue they get paid big bucks in order to do recommendations and consultations.
In the end, that’s what it goes down with and they execute your trade. So if you want to invest in Microsoft, if you want to invest in Apple they will still execute your trades but typically you will pay much more, sometimes $50 to $100 sometimes even more so to execute that trade.
Discount Brokers
Discount brokers are more online kinds of brokers they’re cheaper. So they’re cheaper brokers and in this scenario, it costs less cost you less money for a discount broker but really what they mostly do is they just execute trades. That’s really the name of the game for these discount brokers.
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