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Do you want to trade options in Belgium but don’t know how? You are not alone! There are so many brokerage firms(read more here) out there that it is hard to determine which one would be best for you. To help you narrow down your search, here are the main things that you should look for when choosing an options broker in Belgium:
Commissions and fees
One of the most important criteria for most traders when choosing a broker is cost. After all, who wants to pay more than they need to? Regarding commissions and fees, these can range from flat-rate per order or per share fees (where buying or selling is charged once regardless of several shares) or volume-based fee structures (where the cost of trading is proportional to volume).
Account options and minimums
The second most important criteria for many traders will be the account options and minimum deposit required by a broker. Depending on the broker, these can range from 100 dollars to more than 10000 dollars. Make sure that you pick one with no or low minimum deposits and accounts that meet your needs (i.e. day-trading vs long term buy and hold).
Education/news/research
Belgium option brokers should offer their clients access to education, news bulletins, fundamental data, technical analysis tools and market commentary via their website or other online resources. Make sure that the information available is relevant to your needs as a trader and easy to navigate and understand.
Commodities and futures trading
There are many trading options; some people will prefer to trade plain vanilla options on stocks only, whereas others might want to test their strategy with commodity or futures options (which can be more volatile). Make sure your broker allows the type of options trading that you desire (you may need separate accounts for different types of products)
Usability/platforms/mobile accessibility
Belgium option brokers should provide traders with access to their account through various platforms, including web-based, mobile apps and desktop programs. No additional fees should be associated with using multiple platforms, and ease of use is crucial.
Education and experience
Many options traders in Belgium will be relatively new to the market, but many experienced veterans trade options for a living. Ensure that the broker you choose has employees with good credentials (e.g. CMT) and experience (many brokers offer testimonials on their website).
Customer service/support/account managers
Belgium option brokers should provide clients with professional customer service to ensure that all queries are answered quickly and efficiently to avoid any unnecessary disruptions when trading. They should also assign an account manager who can help guide you through setting up your account and opening trades when you need assistance.
Trading tools
Belgium option brokers should provide traders with intuitive online tools which allow them to trade options without the need for additional assistance easily. These should include advanced order types, economic calendars, live charts and screeners. Options traders in Belgium will also appreciate the availability of free paper trading accounts.
Establish profitable trades
Once you have set up your brokerage agreement, it is time to start trading. Remember that there are people on the other end of the phone when you are placing trades, so if you need to speak with someone, then be sure to let your broker know well in advance. Setting up a demo account is also a good idea for learning the ropes, but remember not to risk any money until you have mastered all the necessary techniques and feel confident in your abilities.
In conclusion
Remember that there is no one best broker out there for all people or all trades; you might want to experiment with a few until you find one that suits your individual needs. If you are unsure where to start, check out our top-rated brokers here or read some tips on choosing an options broker.