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.
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.
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.
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.
17 responses to “How to Set up a Brokerage Account”
March 12 2020