Here are some of the factors that will impact your choice of broker:

1. How much money you have to spend – those with budgets of $100,000 and more who would like a professional to invest it on their behalf may be best off with a discretionary service, particularly if they have a very limited knowledge of investing. Beware however that if you choose an advisory service of any type, if you're putting less money on the table then you're more likely to get a junior advisor.

2. Frequency of trading – If you're a frequent trader who trades several times a week (or day) then brokerage costs will be far more of an issue than a long term investor (who may only make a handful of trades every year). If you do make frequent stock trades, and know what you're doing, then you may be better off with an online execution only brokerage service. This type of service tends to be least expensive with some stockbroker companies offering execution trades for just a few dollars. Other brokerage houses also offer special deals that benefit frequent traders, with special rates and a host of tools to facilitate traders.

3. Knowledge & experience – if you're a hotshot who's on the ball then you're not going to want to spend the high fees associated with advisory stockbroker services.

4. What types of products you will trade – some investments, such as Ofex and other small markets, may not be freely available with some execution only online brokers. The same may be true of stocks in particular global markets. For those wanting to trade such irregular products, an online execution only service may not be suitable.

5. Will you be paid interest on any cash balances? If you have a large amount of capital that moves in and out between the form of stocks, bonds and cash then you will want to ensure that your broker pays interest on any cash balances you may have.

6.The type of trader you are – we've touched on this on other points but the category of investor/trader you are will determine the type of brokerage account that will suit you best. Day traders often trade on very short time frames and may require more sophisticated brokerage & system options than a longer-term investor.

Choosing the wrong broker can be an expensive and frustrating affiar. It's worth doing a little research and finding the right broker that fills your needs from day one.