Tuesday, August 27, 2013

Opening a Trading Account is Simple and Easy

If you want to open a new trading account, you are going to have to provide a bit of information at the beginning, before your account will officially be created. If you do not give the company everything that they ask for, they will not be able to invest for you or maintain the account. Forgetting to send in some of the paperwork - or to fill out the online forms, depending on the way that your broker operates - can keep you from getting your money or putting it into the stocks that you want to buy. So, what do you need?

It all starts with basic identifying information, such as your name and your address. You may be asked to provide a piece of mail with your address on it - such as a bill - to show that you really do live there. If you live in Australia, you need to tell the company which province you live in as well, though overseas traders may not be asked for the same details if their countries are not divided with a similar system. This address will be used to give you your tax information at the end of the year.

Next, you need to give out contact information. The most useful bit will be your email address. This will be a quick way for you and the broker to communicate about anything at all, from buying new stocks to cashing out your account if you have done well. You may also be sent confirmation emails whenever you place a trade so that you can keep records of what you have done with your money. On top of that, you will probably use your email address whenever you decide to log into your account, along with a password that you have created.

Finally, you need to provide financial information. How do you want to transfer funds into your new account? Do you want to use a debit card or route the money straight from your bank account? Do you want to use your credit card? When you get the money, how do you want it to be sent to you? These are all good questions to ask yourself when deciding what financial information to provide. Once this is done, you can move money to and from your account, and you can start using that money to place your trades.

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