Online
brokerages have made investing possible for anyone with a computer, an Internet
connection and enough money to open an account.
You can buy
and sell stocks instantly, with just a few clicks of the mouse. However, before
you start trading stocks online, there are a few things you should understand,
including how to pick the right broker and what investments to consider. Here
are some tips to help you get started.
What is a
brokerage account?
To purchase
stocks, you’ll need to set up a brokerage account, where you can deposit funds
and place investment orders. Starting a brokerage account online is usually
free, but often requires a minimum deposit, which can range anywhere from $500
to $2,000 or more.
You will
also pay fees for each transaction you make – buying or selling a stock can
cost you anywhere from $5 to $10 or more in commission fees, depending on your
broker.
If
you are starting out with limited funds, keep in mind that trading stocks often
can end up eating into your profits. For example, if you have $1,000 to invest
and make 10 trades with a commission of $10 per trade, you’ll already have
forfeited 10%, or $100, of your initial deposit
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