TSME #013 How to Open an Online Brokerage Account
Trading Stocks Made Easy with Tyrone Jackson · Tyrone Jackson
Audio is streamed directly from the publisher (traffic.libsyn.com) as published in their RSS feed. Play Podcasts does not host this file. Rights-holders can request removal through the copyright & takedown page.
Show Notes
In order to make money in the stock market, you must first open a brokerage account. Tyrone Jackson, The Wealthy Investor, explains the different types of accounts and how to get started.
There are 3 different types of online trading accounts:
1) Full Service
Most of the people who open a full service account are not doing a lot of online trading. They want the advice of a professional. These types of brokerage houses take much larger commissions.
Example: Edward Jones
2) Discount
With a discount brokerage account you have the choice of having someone guide you through the stock market process or you can just trade online for one flat rate. That rate is usually from around $9.95 to buy or sell a stock to $29 for a broker assisted trade. There is still a commission, but that commission is tax deductible.
Examples: TD Ameritrade, Fidelity, and Charles Schwab
3) Deep Discount
Some people like paying as little as possible to open their account. A deep discount brokerage account has lower commissions but it is only open during the stock market hours. You also lose hours and availability of customer support.
Example: E*Trade