How To Trade Stocks Without A Broker - 3 Tips That Will Save You a Fortune in Commissions
How To Trade Stocks Without A Broker
The main advantage to using a stock broker is for the benefit of his or her investment advice - and you pay dearly in sales commissions for that advice too. If you make your own investment decisions and feel comfortable managing your own portfolio, you should know that you don't need a stock broker's or financial advisor's help or "connections" to buy stock.
While it is true that you need to purchase stock through a brokerage account (or directly from a fund or from the company for which the stock was issued), the purchase options I'll show you here don't involve a stock broker or financial advisor in the process at all.
In fact, most of these tips allow you to buy stock without a broker and with no commissions, no fees, and will put 100% of your money to work for you from day one!
1. Open an account with a discount brokerage
There are dozens of discount brokerages both online and offline that will allow you to set up and manage your investment portfolio yourself. I'll leave researching them to you, but realize that you can typically make trades for around $10 a trade through a discount online brokerage as opposed to the significant 1 to 2% sales commission that you would be paying to a financial advisor for the same transaction. How To Trade Stocks Without A Broker
2. Buy mutual funds directly from the fund company
You can buy mutual funds directly from the mutual fund company without going through a stock broker or using a brokerage at all. After researching which funds from which mutual fund company you want to buy, call the mutual fund company or visit their website to buy directly from them. In most cases, you won't pay any sales commission at all when you buy funds like this (sales commissions that you would pay had you gone through a broker or brokerage).
3. Buy single shares of stock
There are several specialty companies that allow you to buy single shares of stock. These shares typically come framed and are meant to be used as conversation pieces or as novelty gifts. But, buying that one share qualifies you for the dividend reinvestment plan (DRIP) for that stock which is another little known but very powerful way to buy stock without a broker and pay no commissions at all. How To Trade Stocks Without A Broker
How To Trade Stocks Without A Broker - 3 Tips That Will Save You a Fortune in Commissions
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