Account management can be a daunting task. Fortunately, advanced brokers offer specialist services that act on your behalf. It is a convenient option for those investors who do not have time to constantly check their MetaTrader 4 account to be prepared for any fluctuations on the market. Let’s talk about other advantages of account managers and how to choose the right service.
Why Do You Need a Manager
While it may seem suspicious to someone to entrust their money management to an outsider, this option is still worth considering. Among the advantages are the following:
- you will have more free time;
- your funds are in the hands of a pro;
- you have the opportunity to choose an investment strategy;
- you do not have to pay a fee for the period in which you did not earn anything;
- you can refuse services at any time.
The fact that someone else is managing your account does not mean that you relinquish power. You are in full control of all the actions of a specialist. That is why you should also have at least a basic knowledge and understanding of the main principles of markets. It is the only way to assess the correctness of a person’s actions.
How to Choose a Manager
Although account manager services have undeniable advantages, they also have disadvantages. If you choose an unreliable broker and, accordingly, a manager, you are likely to face scammers. Therefore, you need to responsibly approach the choice of a broker and focus on the parameters described below.
A license is the first thing you need to check. No company has the right to provide brokerage services without the appropriate permission. Features and regulatory agencies may vary by region. For example, in the US, these issues are handled by the NFA and the CFTC. They regularly re-check brokers and can revoke approvals if a company does not meet the requirements.
When choosing a broker, you can refer to statistics and ratings on the Internet. As a rule, such lists are headed by large and reliable companies. Pay attention to the number of clients, turnover, number of active accounts, history, and so on. It is not profitable for large firms with high turnover and long history to perform fraudulent actions with client accounts.
3. Commissions and other conditions
Any company charges money for its services. Low fees should make you suspicious. Good service usually provides several plans with different conditions, leverage, and commissions. In addition to paying directly for transactions, a broker can take compensation for depository services, account maintenance, deposit and withdrawal of funds, and much more.
4. Available tools
The more available tools a broker can offer, the better the outcome will be. If you are interested in something specific (e.g., a foreign market), first find out if the company of your choice has access to it. If you are a novice trader, consider ready-made investment solutions that offer advanced services.
A nice bonus, especially for beginners, is the opportunity for training and access to educational manuals, blogs, videos, and other materials. Besides, brokers also usually post economic calendars and other analytics that are useful in trading on their websites. All this will help you better navigate the world of investments.
Be Careful When Choosing an Account Manager
Before deciding on a particular broker or account manager, talk to a support team. Pay attention to the service quality and ask clarifying questions on any topic that interests you. If you have already started using any service, do not hesitate to express your complaints if something does not suit you and ask for another manager.