Posted by forex at 7:38 AM
Read our previous post
1. Contact a bank, mutual fund company, brokerage or other type of firm that offers IRAs. Ask them if they offer a 'brokerage IRA' or some other type of IRA product that allows investors to buy and sell stocks similar to how you would in a taxable account. Not all companies offer this option, but some well-known firms such as T. Rowe Price, Fidelity and E-Trade, as well as most major banks, do.
2. Meet any account minimums. Some companies require high minimums. Others allow for no minimum deposit or a small outlay if you agree to set up automatic monthly investments.
3. Examine the fee structure of the brokerage IRAs you are interested in. Realize that you will pay commission on your stock trades just as you do in a taxable account. Some firms offer free trades and other fee-reducing specials for active traders or new customers. Other fees, such as account servicing fees, may apply. Shop around.
4. Purchase and sell stocks just as you would in taxable account. Most firms allow you to place trades online, using an automated telephone system or with a stock broker on the telephone.