LMS Account Type

LMS offers a variety of account types to cater to different trading needs. The primary types of brokerage accounts available include:

• Cash Accounts: This is the most basic type of account where investors fund their accounts with cash to purchase and sell securities. It is less risky as it does not involve borrowing money.

• Margin Accounts: These accounts allow investors to borrow money from the broker to purchase securities, enabling them to buy more than their cash balance would allow. However, this increases risk, as losses can also be magnified.

• Retirement Accounts: Specialized accounts designed for tax-deferred savings for retirement. Contributions are made with pre-tax money, and taxes are deferred until withdrawals are made.

• Joint Accounts: Accounts held by two or more people allowing them to pool funds and invest together. Both parties have access to the account and can make trades.

• Proprietary Trading Accounts: These accounts are part of a funded trader program, where traders use the firms capital for trading after passing a qualification process.

LMS Broker Account Opening Process

Opening a broker account with LMS involves several steps:

• Choose Account Type: Decide which type of account suits your trading needs (e.g., cash, margin, retirement).

• Gather Required Information: Prepare necessary documentation, including:

• Legal name
• Current address
• Social Security number (or other tax ID)
• Banking information (bank name, account number, routing number)

• Complete Application: Fill out the application form available on the LMS website, providing all required personal and financial information.

• Submit Verification Documents: Upload any required identification documents for verification purposes.

• Fund Your Account: Once your application is approved, transfer funds from your bank account into your LMS brokerage account. The funding process may take from 24 hours to one week.

• Start Trading: After funding your account, you can begin trading. Its advisable to practice using a simulated trading platform if available before engaging in live trading.

For further details, visit the LMS portal for specific instructions and support.