My Grandparents Gave Me Stocks, How Can I Trade It Online?
Thursday, June 18th, 2009 at
4:59 pm
My grandparents gave me stocks. I have never had any dealings with stocks or investments. I want to put my stocks in an online account and maybe start trading online. Whats the easiest and cheapest way to do this?
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There are several licensed “discount brokers” that are quite cheap, and several of them are quite good. I personally would suggest tradeking.com, but you may want to take a look at this website for more broker information.http://www.picktherightbroker.blogspot.c…
Just go to a brokerage/firm and open an account.
Once your account is open you can deposit the stock into that account.
However, you must be 18 year of age, the stock that you want to deposit must be in your name.
If the stock is in a custodian account, you can open the account in your name, and deposit the stock along with a certified copy of your birth certificate AND the certificate must be signed by the custodian.
Depositing the stock in an account. is nice, but you will still have to deposit money to trade/invest with.
You could use that stock you deposit, sell it then use the proceeds of the sale to invest/trade with
HOWEVER, before you start to trade/invest you MUST learn about the stock market and the products that trade in that market.
If you don’t learn what you’re doing you will loose you money and it doesnot matter if the cheapest way or not.
If you are 18 or older, go visit one of the online brokers and open an account.
You can mail in the stock certificates you were given. (Before you sell them, be sure you understand what your cost basis is…as you would need to report the sales and calculate the gain/losses when you do your taxes.)
Also, if the value of the stock is modest, you may be charged fees for having a small account.
Find a licensed broker. In the current market, trading for yourself is silly.
Open a brokerage account at Zecco.