Posted by forex at 1:55 AM
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1. Research each online broker's commission fees for each trade you make. Know that you are charged a commission fee two times: once when you buy stock and again when you sell it. Check to see what each brokerage charges you per trade.
2. Compare each brokerage's requirements for a minimum initial deposit. If you don't have a lot of cash to invest using an online trading account, the amount you'll need to start your account may be the biggest factor in your decision. The minimum initial deposit can run from zero to $10,000, according to Barron's Broker Review of 2011.
3. Check the other fees you'll have to pay with each online brokerage that you are considering. Some charge maintenance fees, some require a minimum account balance and some have tiered commission schedules.
4. Research the trading options each brokerage offers. All of them offer stock trading, but some also offer other forms of investments, such as U.S. Treasury bonds, municipal bonds, CDs and 529 plans.
5. Compare the trading and investment tools that each online trading account offers its users. Does it have calculators, streaming tickers, alerts, trade time guarantees and so forth? These things may not be the most important to you, but they are worth looking into because the tools provided help you conduct more informed trades.