Rating Index
Pros
Commission-free trading for stocks, ETFs, and a wide selection of mutual funds.
Extensive research tools and resources, making it suitable for both beginners and advanced investors.
Strong customer support with 24/7 availability and in-person assistance at numerous branch locations.
Cons
Options trading incurs a per-contract fee of $0.65, which may be higher compared to some competitors offering free options trading.
Limited cryptocurrency offerings, currently only supporting Bitcoin and Ethereum.
Some advanced features and tools may be difficult to locate within the platform, potentially overwhelming new users.
Fidelity broker Accounts
Fidelity Account Type
Fidelity offers a variety of brokerage account types to cater to different investor needs:
Individual Brokerage Account: This standard taxable account allows you to invest in stocks, bonds, mutual funds, and ETFs without any contribution limits or withdrawal penalties.
Joint Brokerage Account: Designed for couples or business partners, this account allows multiple individuals to manage investments together.
Custodial Account: For minors, this account enables a designated adult to manage investments on behalf of the child until they reach adulthood.
Trust Account: This account is suitable for estate planning, allowing trustees to manage and distribute assets according to the grantor's wishes.
Cash Management Account: This account combines features of a traditional checking account with investment options, offering easy access to cash and competitive interest rates.
Retirement Accounts: Fidelity provides several retirement account options, including Traditional IRAs, Roth IRAs, SEP IRAs, and SIMPLE IRAs, each with specific tax advantages.
Fidelity Broker Account Opening Process
Opening a Fidelity brokerage account is a straightforward process that can be completed in a few steps:
Visit Fidelity's Website: Go to fidelity.com and click on "Open an Account."
Select Account Type: Choose the type of account you want to open (e.g., brokerage account, IRA).
Fill in Personal Information: Provide necessary details such as your name, address, social security number, and employment information.
Account Settings: Decide whether the account will be individually owned or jointly owned and set preferences for cash management.
Review and Confirm: Review all entered information and accept the terms and conditions.
Fund Your Account: Link a bank account to fund your new brokerage account via electronic transfer, check, or wire transfer.
Start Investing: Once your account is funded, you can begin trading stocks, ETFs, and other securities.
Fidelity Similar Broker Accounts
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