OPM Account Type

OPM offers various types of accounts to cater to different investment needs. The most common types include:

• Cash Account: This is the most basic account type where investors fund their accounts with cash to buy and sell securities. It is simple and least risky.

• Margin Account: This account allows investors to borrow money from the broker to purchase securities. While it increases buying power, it also heightens risk due to potential losses.

• Retirement Account: Specialized accounts that provide tax-deferred savings options for retirement, allowing investors to contribute pre-tax money.

• Education Savings Account: Designed for saving for educational expenses, these accounts also offer tax advantages.

• Joint Accounts: Held by two or more individuals, allowing them to pool resources and invest together.

OPM Broker Account Opening Process

Opening a brokerage account with OPM involves several straightforward steps:

• Eligibility Requirements:
• You must be at least 18 years old.
• You should not be an undischarged bankrupt.
• Document Preparation:
• Gather necessary supporting documents, including identification and financial information.
• Account Type Selection:
• Choose the type of account that suits your investment goals (e.g., cash, margin, retirement).
• Application Submission:
• Complete the application form, which can be done online or in-person, providing personal details such as:
• Full name
• Address
• Social security number
• Employment information
• Funding Your Account:
• Transfer funds into your newly opened account through various methods such as bank transfer or check.
• Account Activation:
• Once your application is approved and funds are deposited, you can start trading.

For more detailed information on the specific requirements and processes, you can visit OPM's official website.