If you are even slightly in touch with the digital world (read: have a smartphone or computer), then you’re in luck!
Because, there really is nothing more to getting started with a brokerage account than there is for creating a Facebook or Amazon account. Now, I’m not going to review the many brokerage options (no pun intended), because, as long as you’re going for one of the more popular ones (Fidelity, TD Ameritrade, Schwab, E*Trade), then there really isn’t a show-stopping difference of one over another (gasps from potential sponsored links!).
What would be a good idea to look at before deciding, however, is the following:
Simply put, this is how much the brokerage charges you each time you make a trade, typically between $4-$6 (hint: trade 100 shares of XYZ stock or trade 1 share of XYZ stock, commission is same price either way)
Is the brokerage company up with the times? How is their mobile platform? User friendliness? Overall utility and reliability?
This really boils down to what research or educational tools are offered for your particular skill level of trading. For example, does the brokerage offer a knowledge resource of videos, whitepapers etc. to teach you the basic, intermediate, and/or advanced topics of trading?
Once you’ve settled on the one that looks best for you based on the above factors, the longest part is over! All you have to do now is:
- Create an account
- Link your checking/banking account to your new brokerage account
- Start trading like a boss
You are now on your way to making your money that your money makes make money!