How to Open an Account for Investing in Stocks
Investing in the stock market can be a good way to grow your nest egg, but it is important to choose the right stock broker for your needs. Selecting the right broker for your stock investing needs is the best way to keep your costs low and your profits as high as possible.
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Instructions
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Determine how much money you want to invest in the stock market. It is a good idea to invest in a mixture of stocks, bonds and fixed income investments, rather than putting all of your eggs in one basket.
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Contact several online discount brokers and ask about their minimum balance requirements. Cross the broker off your list if you are unable to meet the required minimum balance.
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Compare the costs of trades for each broker. Some online discount brokers charge as little as $5 per trade.
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Choose the online discount broker that best meets your needs, then complete the application to open the account. In some cases you can complete the application online and fund it with a transfer from your bank account. If not, print the application, fill it out and submit it with your check.
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Follow up after a week if you have not received the welcome packet from your broker. Once you receive your welcome packet you will be able to sign up for online access and start making trades.
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References
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