Why there has never been a better time to open a brokerage account
Do you have a brokerage account? Otherwise, you are missing out. This is the golden age of online brokers, and there has never been a better time to open a brokerage account.
Here are a few reasons.
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1. You have a wider range of brokerage options
While there were a limited number of brokers, many of whom focused on high net worth clients, there are now a large number of brokerage firms. And many of them started out specifically with the aim of democratizing investment and making it easier for the average citizen to invest.
It is now possible to find brokers that allow trading with a mobile app, as well as traditional web-based brokers that offer in-depth research tools and professional trading platforms. This means that investors of any skill level, with any level of interest, can find a broker who is right for them.
2. It’s cheaper than ever to invest with an online brokerage firm
Gone are the days of high minimum account balances and expensive trading commissions. With most brokers now there is no minimum balance so you can start investing with $ 1.
Most brokers do not charge an account maintenance fee or require a minimum of monthly activity to avoid the fee. And most have even eliminated commissions so that you can trade even small amounts of money without losing all of your income in fees.
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3. Now it’s easier to work with a broker
You don’t have to be an investment expert or a tech guru to know how to open a brokerage account and trade stocks, bonds, or other investments.
There are beginner stock brokers who have developed easy to use trading platforms. Filters make it easy to find investments that are right for your portfolio, as well as online webinars and educational reference libraries that help you learn more about investing in your free time.
For those who need even more help, many brokers now offer model portfolios or robotics advisory services that allow you to pay a small fee to have your investments managed for you.
4. You have more investment options
There are a number of assets you can invest in, including exchange-traded funds (ETFs), which are easy to find, charge low fees, and allow you to follow financial indexes or gain exposure to financial indexes. niche markets. The rise of ETFs has solved some of the issues that made investing expensive, such as the need to buy mutual funds with high fees or minimum investment requirements if you wanted to invest in financial indices.
Fractions of shares have also opened the door to the possibility of investing in all stock you want, even the most expensive. A number of brokers allow you to buy fractional shares now, so it is possible to buy some of the largest and most well-known companies in the country with just a few dollars. And anyone who buys a fraction of a stock gets the same percentage of return on their investment as those who buy thousands or millions of stocks.
Since investing is easy and cheap, and there are many options for assets in which to invest, opening a brokerage account makes sense for most people. If you don’t already have one, check out the top brokerage firms and open an account today to start building wealth.