Getting Started: How to Open a Brokerage Account

There are lots of brokerage firms out there. Each of them will likely tell you that they can offer more for your investing dollar than any of their competitors can. But when you get right down to it and you're ready to start investing, what should you look for in a broker and what do you need to do to get set up?

Know Yourself

One of the first questions you'll want to ask yourself when you start your search for a broker is, "Which brokers will let me open an account ?" Some brokers have restrictions that limit who will be able to open an account with them. These restrictions usually boil down to age and money.

Age. If you're young and interested in investing, keep in mind that in order to open your own brokerage account, you'll need to be a legal adult (usually 18 years old). If you're not considered a legal adult yet, you can still invest, but your parents will need to set up a custodial account with your broker. ...