facebookHello, I am 19 years old and just about to start investing. My plan is to buy stocks with 4-5k that I have saved and hold for a term of about 5 years. Which brokerage account is suitable? - Seedly

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Hello, I am 19 years old and just about to start investing. My plan is to buy stocks with 4-5k that I have saved and hold for a term of about 5 years. Which brokerage account is suitable?

Im considering Saxo and poems but im open to other suggestions. Any LaoJiao please help. The inactivity fee of saxo is quite high, and that means im forced to make a transaction with a minimum fee of 15? every quarter. seems a waste to me since i want to hold long term. Not sure about the inactivity fee of poems. the minimum trading fee is quite substantial to me. Wonder if any of yall that started investing with a small amount faced this problem or not. Any advise would help

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Discussion (8)

What are your thoughts?

Ezekiel C.

Ezekiel C.

26 May 2020

Level 6·Main Developer at Retirement Planner

Use Interactive Brokers as their commission is the lowest at USD 1. In addition, when you buy or sell options, there is no commission, and when the options are exercised, no commission as well.

They also offer free 1 x withdrawal per month and USD 25 thereafter.

The monthly statements provided by Interactive Brokers are also very useful for tracking your transactions, portfolio growth, dividends received etc. You can even lend out your shares to get paid by short sellers borrowing your shares since you intend to hold them for about 5 years.

I was using TD Ameritrade for many years until I was introduced to Interactive Brokers and have shifted everything over ever since.​​​

V

Victor

30 May 2021

Level 8·Financial Service Consultant at AIA

You can check out td ameritrade. No fees but account opening take very long, my friend say take more...

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