How to Set up a Brokerage Account
Get started in cannabis investing today with this step-by-step guide…
Every journey starts with a single step.
As an important member of the National Institute for Cannabis Investors community, we’re here to help you make that step a little easier.
Already, you have done your homework, wrote out a list in your notebook of your must-buy cannabis stocks, and created a budget plan of how much you want to spend.
Perfect!
The finish line is just ahead.
All that’s left is to set up a brokerage account and you’re ready to make your first trade. In fact, it can take as little as 15 minutes to create an account.
After that you’re ready to:
- Own the top CBD and cannabis companies.
- Buy IPOs.
- Place options trades.
This is how to make it happen today…
Setting Up a Brokerage Account
Before you can buy a stock, you will need a brokerage account.
Not sure how to decide which cannabis stocks to invest in? Check out the 2020 Pot Profits Roadmap for a list of our top cannabis stock recommendations.
Setting up an account online can take as little as 15 minutes, and the customer service departments for these trading platforms are more than happy to walk you through the process if you need help.
While the brokerages below aren’t recommendations, our members have found the trading features easy to use.
For your convenience, we have provided the websites and the phone numbers for each.
TD Ameritrade Customer Service – 1 (800) 669-3900
Fidelity Customer Service – 1 (800) 343-3548
E*TRADE Customer Service – 1 (800) 387-2331
Robinhood is also very easy to use, but the amount of cannabis stocks offered on the site for trading is limited right now.
The process of signing up will vary slightly between each service but, again, it is all relatively simple. We’ll use what the process looks like in E*TRADE as an example.
This is the PDF version of the application, which you can access here if you feel more comfortable printing it out and mailing it in.
Step 1: Select Account Type
You’ll start by deciding if you want an “Individual Account” or a “Joint Account.”
You can read the descriptions of each below and determine what is best for your personal situation.
Step 2: Provide Account Owner Information
After that, you will enter all of your personal information.
Step 3: Complete Your Investment Profile
In this section, you will fill out more information about your investment goals, experience, how often you trade, the purpose of your account, and how you will fund the account.
Step 4: Select Your Account Features
For account features, you will get more details about the uninvested cash program. You can also decide which documents from your account you would prefer to receive in the mail.
Step 5: Determine Account Funding
Here, you will simply indicate how you will be providing the funds needed for your account. The minimum deposit amount will vary from service to service, but in this example, E*TRADE does not require a minimum deposit unless you choose additional account features.
Step 6: Provide a Trusted Contact Person
Fill out the contact information for anyone you would want to have the brokerage contact regarding the account.
Step 7: Sign and Date Application
All that is left is to sign and date your application.
There will be additional forms to fill out if you want to trade options, but you can always do that after you get your account up and running.
And that’s it!
It will be a quicker process to sign up online but, again, you should do what makes you feel most comfortable. If that’s filling it out by hand and mailing it in or faxing your investment account application, that’s what you should do.
Also, remember that the customer service department will be more than willing to help you if you have any questions about setting up your account.
Take care,
Comments
18 responses to “How to Set up a Brokerage Account”
Leave a Reply
March 12 2020
I opened my Schwab account the day after I became a member. I have continued to build my positions, including the original 5 you recommended & others I have researched on my own. I continue to add to my positions in this ridiculously oversold market, & avg my cost basis down. I continue to follow your comments & opinions& am so glad that I chose to be an NICI MEMBER. I look forward to the growth of this market & the potential growth of my own personal wealth! Best $79 I ever spent! 👍
Hello, I use TD Ameritrade. Unfortunately, I’m told that unless I have a certain amount to invest (it’s not a small number) or a 6-figure salary, I’m not allowed to invest in IPO’s. Is this true for the other brokerages?
Hi Tricia,
When a company goes public, on the date of the IPO, you can invest in the company. Buying the IPO on the day the company goes public is just like buying any other stock, so there shouldn’t be any restrictions on doing that. Probably what the representative you were talking to was referring to was investing in a company before the IPO. But thanks to some changes in the law, there are now ways for non-accredited investors to invest in private companies. We will have more information on that process going forward.
I am a UK citizen living in Thailand and have not been able to open a brokerage account can you tell me which account would be friendly to a non US citizen?
Thanks James Howard
13 de marzo de 2020
Soy un ciudadano mexicano residente en mi pais y al igual que otras personas , no he podido abrir mi cuenta de corretaje pueden por favor decirme que debo hacer para poder iniciar operaciones.
Muchas gracias.
Atentamente
Renan Ostoa Torres
Hi James,
These are two options that might work for you – Interactive Brokers (https://www1.interactivebrokers.com/en/home.php)
Or TastyWorks – (https://tastyworks.com_)
i was trying to invest $25 monthly in a cbd stock. im on a fixed income. do all these brokers want large amounts to begin with. yes, im really lost about what to do, but I really want to get involved even though I don’t have much to invest, what is the plan I should go by….thank you SJS
fidelity works good you can buy the otc stock ticker
I would like to know how much money it takes to get started as a small investor just to provide some extra income for my children when I pass on. Do any companies take on small investors, what amount is required to get started or does any company care about a little person?
Hi Joann,
Some things to think about are your risk tolerance and your long-term goals. You should also never invest what you can’t afford to lose. If you want to buy one share of a company that is trading for $10, that’s all you’ll need to get started.
You will also need to set up a brokerage account to invest in the companies.
These are the brokerage services a lot of our members have found easy to use:
eTrade 1 (800) 387-2331
Fidelity – 1 (800) 343-3548
TDAmeritrade – 1 (800) 669-3900
Robinhood is also very easy to use, but it does not have all of the cannabis stocks we trade.
Hello. I appreciate being a member and try to keep up with learning. One thing I learned after it was too late, not all brokerages can service you when out of the US. I have st my account before and now travel but cannot use the account to invest or make changes. What are some global servicing companies or brokerages?
Hi Mark,
One service that should work is – https://www1.interactivebrokers.com/en/home.php
We would suggest contacting the customer service department of Interactive Brokers and talking about your situation.
We have also seen reviews that international investors like this service, but you may not be able to buy every cannabis stock we recommend on it – https://tastyworks.com
Thanks, I am waiting on my information on my account, I want a Brokerage Account” , I have applied with E*TRADE, completed the paper work.
I am an affiliate with CTFO, I promote their products, now I want to invest in this business.
To start learning how to trade does it take a large amount to open any account? Or can I simply start with a little as I have to accumulate more to place a basis from there?
Hi Joepell,
Most brokerages will not require you to deposit a minimum amount of money to get started.
You can also buy as many or as few shares as you would like.
Thanks. The Q & A from others helped me. However, I am still unclear on how to enter the Stop Losses as suggested. I have an account with TD Fidelity. Any suggestions?
Hi as a avent follower an member of NICI reading the names of the brokerages firms in USA are there any firms affiliated with brokerages say NZ I’d be interested as the currency exchange takes place our NZD is more expensive to be able to secure an opportunity to trade etc.can you suggest a reputatable nz brokerage company for to make a start .
I have enjoyed your articles for the past year and have just tried to absorb all that you’ve had to offer concerning cannabis investing. I finally have taken the plunge to a brokerage account and have found that by utilizing all the information that you have made available it has made it all a very positive endeavor’n every aspect’ w/ 7 positive positions going strong. Thank you so much for sharing.!