Things You'll Need:
- Printer Checking account Brokerage account
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Step 1
Determine which online discount broker meets your investing goals. If you're an everyday investor, buying and selling only a few stocks per year, a low-cost broker with excellent customer service might be a perfect fit for you. MSN Money, Kiplinger's Personal Finance, and many other financial websites perform an annual "Best Online Broker" review each year. See the Resources section for one such review.
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Step 2
Open a new brokerage account with the online broker you selected. Standard protocol for opening a brokerage account is entering your personal information, contact information and what type of brokerage account you want to set up. If you're new to online trading, a standard, non-margin account is the best way to go.
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Step 3
Write a check or transfer enough money into your account to fully fund the stocks you wish to purchase. All online brokers have a free ACH transfer system, which will allow you to wire money directly from your bank account to your online brokerage account.
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Step 4
Mail all the required paperwork to the address given by the online broker. This can take several days, because your information will need to be physically processed and approved by account services.
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Step 5
Complete the online registration process. You will likely get an email stating your account is operational and requires further information to be completed. You will be asked to enter new passwords, trading PIN numbers and additional information to verify your identity each time you log in to your trading account.
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Step 6
Review the tutorial information provided by your online broker. Many brokers will have a tutorial video or a series of "hand holding" type exercises where you can get accustomed to online trading and their trading software.
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Step 7
Purchase your first stock online. Find the stock symbol of the company you want to buy, enter the amount of shares you can afford, and click "Buy."
