Brokerage account fees
If you've never invested directly in the market before, the process of getting started can seem daunting. From knowing your investment style to screening and selecting stocks, it's easy to get lost in the weeds. But if you think you may be ready to give it a shot, the first question you'll have is likely to be: How much money do I need to begin investing? Setting Up an Investing Account If you're a new investor with limited funds, an online, no-frills brokerage account might be just the thing you need.
Many large banks also offer brokerage services. But the opening amount is just the brokerage account fees of the investment you'll make in your brokerage. Other Fees Funding the brokerage account fees is the first step.
Once you start investing, you will have to pay other fees, including the various trading commissions to buy stocks, mutual funds, and options, as well as maintenance fees and potential low-balance penalties.
The online brokerages vary widely in terms of trading fees, self-service and broker-assisted trades, and the types of tools and research available to customers. Don't be fooled -- many online brokers will promise low trading fees or special promotions, but then hit you with an annual or maintenance fee. You may also get money back as interest earned on the cash you hold in your account. Often that cash is automatically swept into a money market mutual fund or account.
While the interest rates are paltry right now, at least your idle cash earns something while you wait to make a trade. Many are incorporating mobile access and brokerage account fees smartphone apps into brokerage account fees basic service lineups. As with any service, the level of sophistication varies depending on the broker. If you're constantly glued to your smartphone, go ahead and download a few of the apps from brokers you're considering.
You won't get account access, but you should be able to see several of the tools available and whether or not they'll meet your needs. Barring that, check out brokerage account fees videos of how the apps work, either on the broker's site or on YouTube, where brokerage account fees, somewhere, has posted a how-to video of just about everything. If you think you'll need a little extra help to get started, put a brokerage's customer service to the test.
Some have excellent customer service, available via phone, email or chat; others have extended wait times to receive a response even to basic questions or chats that sound overly scripted and robotic. If you want to know that you can get a real, live person when you need help, call the broker's toll-free number and say you have questions about opening an account.
While one representative might not represent the entire pool of service people you'll always get, such calls are a great brokerage account fees to evaluate how friendly, responsive, and knowledgeable the company may be if you become a customer.
Motley Fool contributor Molly McCluskey appreciates your comments. Brokerage account fees up for Breaking News by AOL to get the latest breaking news alerts and updates delivered straight to your inbox. Subscribe to our other newsletters. If you change your mind, brokerage account fees how to allow notifications:.
Stay in the loop! Get breaking news alerts on your desktop. When prompted, click "Allow" you can always change your mind later. Search The Web Search Aol. Finance your fixer-upper with the equity in your home. Experts urge Americans to refinance in What really happened to the cast of The Fresh Prince of Bel The untold story of Rachael Ray Worldation. Click to enable or disable desktop notifications. Brokerage account fees you change your mind, here's how to allow notifications: