Things You'll Need:
- Social Security number
- Employer contact information
- Mailing address
- Email address
- Checking or savings account
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Step 1
Research and compare online brokerage companies. Most require a small flat-rate commission per trade, though the amount varies by firm. Some also offer telephone or face-to-face support. Consider the amount of commission you’re willing to pay and the level of contact you expect to receive for that price. For a review of online brokerages by ConsumerSearch, see the link at the end of this article.
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Step 2
Determine the type of account you will need. Most firms offer a range of options, from standard individual and joint accounts to those designed just for retirement or college savings. If you plan on actively trading futures, for example, you might consider paying extra for a high-speed account. But if you like to buy and hold, you might rather forgo this option.
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Step 3
Check for hidden fees to avoid paying out more money. If you don’t log in to your account regularly, will you be charged an inactivity fee? Is there an account minimum and, if so, will you be able to maintain enough funds in the account to escape a penalty?
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Step 4
Visit the website of your chosen brokerage and select the “Open account" option. Enter your personal information as prompted. You will be asked for your Social Security number, employer information, and mailing and email addresses. Other requirements vary by company. If you plan to fund your account electronically, you will need to enter your bank account and routing numbers.
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Step 5
Check to ensure the entered information is correct. Read the company’s terms and conditions. If everything meets your approval, submit your information.
