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Frequently Asked Questions
What Online Brokerage Account Should I Choose?
The best type of online brokerage accounts for you depends on your financial goals. For example, if your goal is retirement, focus on tax-advantage accounts like IRAs. You’ll then need to open an account with an online broker that offers them. Learn more about the differences between stock trading and Robo-advisor platforms.
How Much Money Do I Need to Open an Online Brokerage Account?
Depending on the online broker, you’ll have a range of account minimums that range from $0 to several thousand dollars.
Can I open accounts with more than one online brokerage firm?
In short, yes, you can open a brokerage account with as many online brokers as you’d like. However, It’s not necessary to do so. Focus on simplicity and investing strategy as opposed to managing multiple brokerage accounts.
What You Need to Know about Online Brokerage Accounts
Whether you’re planning to actively trade stocks or passively invest in low-cost index funds or get the help of Robo-advisors, you’ll need a brokerage account.
As you decide which online broker to use, consider your investment strategy, as it’ll help inform which platform is best. Look for a platform that offers everything you need in one place. For example, it provides taxable accounts and retirement accounts. And access to different investment types like stocks, ETFs, bonds, commodities, options, or more.