2Once you select the online stock broker company, open a brokerage account.
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Opening an account is fast and usually takes less than 10 minutes. Some of the information you will need is your name, address, social security number, your employer’s address/phone number, driver’s license, and annual income. Some online stock brokers will ask if you want to open a cash account or margin loan account.
A cash account is one where you must pay for your stocks completely, at the time that you buy them. A margin loan account is an account where the brokerage company can let you borrow money at the time of purchase. A margin loan account is not recommended because you will end up paying money in interest costs.