Investing Advice

How much money do you need to open a brokerage account?

Although most traditional full-service brokerage houses such as Merrill Lynch, Dean Witter, and Paine-Webber, and giant "discount" brokers such as Fidelity and Charles Schwab require a $2,000 ($1,000 for IRA's) opening balance, I have located 10 brokers who will establish your account with no money - $0.00! This can be a standard interest-earning trading account or any kind of IRA.
Muriel Siebert msiebert.com
Bank One oneinvest.com
CSFB Direct csfbdirect.com
Financial Cafe financialcafe.com
First Trade firstrade.com
Harris Investors harrisinvestorline.com
My Discount Broker mydiscountbroker.com
National Discount Broker  ndb.com
Quick & Reilly quickandreilly.com
Web Street webstreet.com

Go on-line and check out their trading fees, services, and available research. When I last looked, M. Seibert's (800-stock-11) standard fee for an on-line trade was only $14.95, while Quick & Reilly's (800-634-6214) was $19.95, CSFB Direct's was $20.00 and Charles Schwab was an uncompetitive $29.95 plus a mysterious $3.00 fee.

The lowest prices offered by on-line brokers are $5.00 and up by ScotTrade, Datek, E*Trade, Ameritrade, and Brown & Co., which all set various minimum account balances. All of these on-line brokers have good research tools.

Other discount brokers include Fidelity (800-343-3548) and Vanguard brokerage (800-992-8327)

Not everyone should choose a discount broker. To get personalized service and someone to bounce ideas off, many investors feel that the $39 to $50 fee charged per trade by a full-service company of is a bargain.

Full service brokers will sit down with you to discuss your portfolio, and many have years of experience successfully advising their clients. The full-service broker also has every conceivable research tool available.
 

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Other Stock Market Basics Topics:

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  16. How much money do you need to open a brokerage account?
  17. Money Market Funds
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  19. Corporation Executive Pay
  20. How much money do you need to open a brokerage account?

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