Getting Started

Opening a brokerage account is a relatively simple procedure. On average, most brokerage firms will open an account for about $2,500. However, as this is an average, the initial amount may vary. Many brokerages offer accounts at various levels with a number of enticements to make the investor open the account with as much money as possible. Open an account at $10,000 and you get a toaster. Open an account with $100,000 and someone from the brokerage will come to your house to make the toast. See how that works?

In all seriousness, the fight for new investors is fierce and you can make out as the various brokers battle for your business. Most e-brokers are currently offering everything from reduced trade prices to outright free trades for an extended period of time, a year for example, if you commit to keeping your account with them. Whether you open an account online, by telephone, or in person, be sure and ask what kind of perks are available or you might miss out on a great deal.