The Motley Fool Discussion Boards

Previous Page

Financial Products & Services / Discount Brokers

URL:  http://boards.fool.com/captaineyebrow-you-wrote-i-am-22-years-old-and-30176098.aspx

Subject:  Re: Selecting a broker Date:  7/30/2012  10:37 AM
Author:  joelcorley Number:  49991 of 50177

captaineyebrow,

You wrote, I am 22 years old and have never had an account before. Is there a place where I can look at the information for the most popular brokers, including hidden fees? Ideally I would open an account somewhere with no inactivity fees (I can't see myself making more than twelve transactions per year), and a minimum balance of less than $1000.

There are plenty of sites that do annual broker reviews.

http://www.smartmoney.com/invest/markets/smartmoneys-annual-...
http://www.smartmoney.com/invest/stocks/the-2011-broker-surv...
http://online.barrons.com/article/SB500014240529702035236045...
http://consumerreports.org/cro/magazine-archive/may-2009/mon...

Each site has its own criteria.

Most brokers will open an individual account for less than $1,000. You won't be able to trade on margin of course. And buying individual stocks may be problematic given brokerage commissions.

In the end surveys can only narrow the selection down to a handful. You'll have to do things like review their fee schedules and investment options on your own.

- Joel
Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us