Things You'll Need:
- Funds with which you can purchase stocks
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Step 1
Determine how much research you can conduct on your own. If you can perform your own research, you can reduce your stock fees by setting up a brokerage account at a discount brokerage. However, if you want access to research performed by stock analysts, you may be better served by a full-service brokerage.
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Step 2
Decide how much money you have available to invest. Brokerage houses have different minimums, typically ranging from a few hundred dollars to a few thousand dollars.
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Step 3
Compare special offers from brokerage houses. Many discount brokerage houses provide introductory offers to appeal to new customers.
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Step 4
Compare the fee schedules available from the brokerage houses. There are stock fees that are charged for each transaction, as well as maintenance fees and transfer fees. The fees may depend on the number of transactions that you conduct each year.
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Step 5
Set up an account with either a discount brokerage or full-service brokerage house. Most brokerage houses enable you to set up accounts online. You may be required to deposit a minimum amount of money into your account, either through an electronic transfer or by sending in a physical check.
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Step 6
Conduct your stock buy and sell orders online from brokers listed on Motley Fool (see Resources below). Both full-service and discount brokerage houses offer the option of placing orders online or conducting business over the phone with a broker. You can reduce your stockbroker fees by placing as many of your orders as possible online.
