I want to invest in stocks, trading and option trading, but i’m now starting out and have no, or little experience. I would like to know which broker I should join to do online transactions. Thank you.
I think it’s $1000 at E*Trade, but read this information on their website about the various maintenance fees, etc. if you have a balance that low: https://us.etrade.com/e/t/prospectestati…
At TDAmeritrade, the minimum is $2000 if you want the “free trades for 30 days” offer. I’m not sure if they allow you to open an account with less than that if you don’t want that offer. They say they have no maintenance fees.
My own personal opinion is that a mutual fund from somewhere like Vanguard or Fidelity that is based on a major market index like the S&P 500 or Russell 2000 is the best place for new investors with only enough money to meet the minimum. To reduce risk, it’s important to spread an investment across many stocks. Even at a discount broker, the commissions required to do that will be a significant percentage of the investment if the total amount of the investment is only a few thousand dollars which makes it difficult to make any money.
I tried signing up for an account on scottrade and it said it had to check my credit report first! WTF! I didn’t end up finishing the sign up cause I did not want them to pull my credit. Why were they trying to do this and does this happen with all online stock trading sites? Can you recommend a site that does NOT do a credit check?
Is it possible to buy stock online using paypal? Is it a trustable website?
I’m a young professional, with a healthy 401k, and a bit of disposable cash. It seems the stock market is hot for people willing to take some risks. What’s the best online stock broker for someone looking to buy stocks with a total of less them $3000 to invest?
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