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How to get your stock broker account up and running

by , 06 March 2015

Once you've decided what stock broker you want to open an account with, there are a few things that you should check first.

So what are these things? And when will you be ready to start investing?

Read on to find out…

How to decide what type of stock broker account to pick

You should base the type of stock broker account you open on the level of support and guidance you feel you need.

There are generally three types of accounts on offer:

  • Execution-only;
  • Advisory; and
  • Discretionary.

Go here to read more about these different accounts.

If you opt for an advisory account, you can always change your account to an execution-only once you feel you have the necessary experience to make all your own investment decisions.

Make sure you understand all the costs with your stock broker

Before committing to opening an account with a stock broker, make sure you know how much everything is going to cost you. If you can’t find the information, just ask.

You need to know:

  • Annual fees;
  • Monthly subscription charges;
  • Account inactivity fees;
  • Commission and fees for investing.

Once you’ve completed the application, your broker will ask you to sign a Client Agreement Letter. This details the services that form part of your stock broking account.

You may also find that your broker asks you for a minimum initial deposit. Check that you know how much this is before opening an account. It could be in the region of R10,000.

If you want to trade online through your broker, it’s also worthwhile checking that they have a telephone service you can use if there are any problems with their platform.

Once you’ve signed your Client Agreement Letter and deposited the required funds, you’re ready to begin investing.

So there you have it, how to get your stock broker account up and running.

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How to get your stock broker account up and running
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