The new year is a great time to explore new financial opportunities. Last year I made the decision to learn more about investing – how to start, the benefits, and how it could help me on my financial journey. And while I certainly won’t profess to being an expert on the subject, I have found a tool that is great for beginner investors while still being affordable: TradeKing.
It’s an online investing platform that allows you to really learn the market through their wealth of educational material, as well as being affordable enough to start trading on your own terms. It only costs $4.95 to make a trade, and there are no account minimums! Let me show you how to easily apply for an account with TradeKing.
Getting Started with TradeKing
Applying for a TradeKing Account is pretty similar to just about any other membership or account you create online. Your first step will be to go here and click the “open my account” button and enter in some basic info about yourself – name, email, username and a password. This will be your login info for the site, so make sure you’ll remember your password!
Select Your Accounts
Next, you’ll select the kind of brokerage account that you want to open with TradeKing. There are a ton of different options, so you can make sure your money is being allocated how you want. And if you need more info on the different types of accounts those handy little “?” bubbles will give you an overview. Another thing I really like about the setup of TradeKing is that their FAQ is so easily accessible, even when you’re still creating an account. If I had a question it was super simple to pop over to the FAQ and do some research without losing my progress.
Enter Personal Information
Now you’ll put in a little more personal info such as your address and social security number – i.e. the same info you would provide a bank when they open you an account. And if you’re skeptical of inputting sensitive information to the web, worry not! TradeKing has many different security measures in place to make sure that no one else can access your information.
Enter Employment Info
After that, TradeKing will ask you a little bit about your employment and income. These are fairly standard questions, so don’t worry about digging out your old tax forms. (Did I mention that TradeKing will even send you a 1099 for your earnings when tax time rolls around?)
Select Investment Objectives
The next step is to outline what your financial goals are with your investments. Are you planning on aggressive investing, high risk-high reward? Or maybe you want something more stable like an IRA account in low-risk stocks and bonds. This will help the experts at TradeKing assess your needs and goals.
Enter Beneficiary Information
Like any sort of investment account (IRA, 401(k), etc.), TradeKing will ask you for some beneficiary information. This information helps them disburse your earnings and account to someone of your choosing in the event of a medical emergency or death. Until then, your beneficiary won’t have any sort of transaction authorization on your account.
Submit Your Application!
And you’re all done! You’ll be brought to a page asking you to review the information you provided, as well as TradeKing’s Customer Agreement. To submit, you’ll be asked to enter in your name and the date as a sort of electronic signature. Once you submit your application, most can expect to know whether or not you’ve been approved in just a few minutes! Then you’ll be ready to start your investing.
Easy, right? Click here to get started with TradeKing.
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