Opening a Stock Account
Opening an account with the US stock exchange is not difficult. You need to have your identification documents and the rest you may do online or with the brokerage firm. Consider your brokerage fees and after planning your stock you may start with your own account. Here you find the details in easy steps to get your account started.
Kick Start your US Stock Account today:
There are several stock exchanges in the US. Among them NYSE (New York Stock Exchange) is the most famous one. Boston Stock Exchange (BSE) and American Exchange (AMEX) are also well known. You can invest in most of the stock exchanges of US, but before that you need to get a good stock broker who is licensed to purchase security for you.
Documents are very essential, keep them on hand:
Your identification documents are needed. They generally ask for scanned copies of them. You will require providing a scanned copy of your passport or license. They will also ask for your financial details as employment details or income certificate.
Determine you can do it alone or need Professional support:
See, your investments need proper guidance to be fruitful. If you are good at it and can do it alone, then it’s good otherwise find out the brokerage firm that matches your planning of investment. Check their records and their membership with the Financial Industry Regulatory Authority. Also check their commission and charges. Carefully understand all their terms before signing it.
You need to fund your US Stock Account:
Now you must have a budget for your investment. You can plan it in any range depending upon minimum transactions of the particular brokerage firm you have chosen. You may choose a cash account where you pay cash up front and buy stock, otherwise you may choose a margin account where you can borrow money from the brokerage firm and get your stock.Most firms will ask for payment by check or electronic bank transfer. You start your purchase once it’s granted.
US Stock Account and its connection with IRS Form & 1099 Form:
Since you are opening an account in US, Stock you must be aware of these two forms. The IRS refers to Internal Revenue Service. Brokerage company will take this form from you as it’s US legal tax collection service. Whereas 1099 form is one that you will get (if you are a citizen of US)from your broker at year end about the total profit and loss over the whole year.