Create a broker account at any broker

You are ready to create a broker account. Although none are identical, they all share common features. In this article, we will walk you through how you can create a broker account, regardless of which broker you choose.

Broker name  Type Review Rating Broker site
Etoro Investor & Trader Link 4.6 Visit broker

*eToro is a multi-asset investment platform. The value of your investments may go up or down. Your
capital is at risk.

How to create a broker account in 7 easy steps

  1. Look for a broker that offers the features and services that you need. Make sure to check out their fees, commissions, and other terms and conditions.
  2. Open an account with the broker. This usually requires filling out an online application and providing some personal information.
  3. Fund your account. This can be done by transferring money from your bank account or by using a credit or debit card.
  4. Start trading! Most brokers will offer a demo account so you can get familiar with their platform before risking any real money.
  5. Monitor your account. Keep an eye on your balance and make sure your trades are going as planned.
  6. Withdraw your profits. When you’re ready to cash out, just request a withdrawal from your broker.
  7. Close your account. If you’re done trading, you can close your account at any time.

1. Pick a broker

There are a few key factors to consider when choosing a broker-dealer, including:

  1. Services Offered: Make sure the broker-dealer offers the services that you need. For example, if you plan on trading options, you’ll want to make sure the broker-dealer offers options trading.
  2. Commissions and Fees: Compare commissions and fees between different broker-dealers to find the most competitive rates.
  3. Financial Stability: Choose a broker-dealer that is financially stable and has a good reputation.
  4. Customer Service: Find a broker-dealer with good customer service in case you have any questions or problems.

To make sure you are making an informed decision, you can make use of pages such as our broker reviews, which will provide you a quick overview of these factors per reviewed broker.

2. Click open account on the website

Whichever broker you go with, odds are they have an open account button on their website. Click this and you will start what is known as an onboarding process. Whilst onboarding, you go through fields of information that brokers are legally obliged to ask you about.

So don’t worry about providing your personal information, if the broker has been deemed safe. Neither should you blame the broker for such a cumbersome procedure, as it’s an industry-wide standard!

The actual information you’ll need when creating a broker account varies depending on the broker you use, but typically you’ll need to provide at the very least your name, address, date of birth, and Social Security number along with identification documents. Some brokers may also require you to provide financial information, such as your annual income and investment goals.

Finally, when in luck a broker might offer STP (straight-through processing), which means you can log in through a governmental-owned/approved identification system that fast-tracks your onboarding significantly.

3. Start funding your account

All right, so you made your account & got approved. Almost there. To fund your account, you can either transfer money from your bank account or use a debit or credit card. Some brokers also offer alternative deposit methods.

4. Create a broker account and trade

There is no one-size-fits-all answer to this question, as the process of placing a trade in a broker account can vary widely depending on the broker and the type of account you have. However, in general, you will need to log in to your account, select the asset you wish to trade, and then enter your trade details.

Eager to learn more on how to place a trade? Have a look at our trade ticket article that explains this process & the types of trades you can make.

5. Eyes on the price

There is no unified way to monitor your account. However, you can keep track of your account by logging in regularly to check your account balance and transactions. You can also set up alerts to notify you of account activity.

6 to 7. Closing your account or switching brokers

If you are active whilst trading, do remember to open and close positions based on your predefined take profit or take loss values. When trading actively, it is never recommended to close all trades, withdraw your money and close your account. You will likely want to do this only if you are completely done with trading or if you are switching brokers. Note: Even when switching, contact the new broker first to double-check you can do a securities transfer instead, so you do not have to pay taxes on gains you are planning to reinvest!

Bonus information before you create a broker account

Consider reading at least one, if not several investing broker reviews to help decide which broker is right for your needs. We have an IG review and Etoro review live and are working hard to expand to add our experience from Trading212 for example.

Broker name  Type Review Rating Broker site
Etoro Investor & Trader Link 4.6 Visit broker

*eToro is a multi-asset investment platform. The value of your investments may go up or down. Your
capital is at risk.

Best copy trading broker 2023
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