Rating Index
Pros
User-friendly web-based trading platform with multiple time frames and charting tools.
Access to a variety of trading products, including stocks listed on Bursa Malaysia and precious metals.
Responsive customer support available via email and phone.
Cons
Lacks valid regulatory licenses, posing a potential risk to traders.
Limited operational history of 5-10 years, raising concerns about stability and trustworthiness.
Insufficient information on spreads, commissions, and payment methods, making it difficult for clients to assess costs.
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Fidelity Account Type
Fidelity offers a variety of account types to meet the needs of different investors. The main types include:
Cash Accounts: These accounts require investors to pay for securities in full using the cash available in the account. There is no leverage involved, making it a safer option for beginners.
Margin Accounts: These allow investors to borrow money from Fidelity to purchase securities. This can amplify potential gains but also increases the risk of losses. Investors must maintain a minimum balance and pay interest on borrowed funds.
Retirement Accounts: Fidelity provides options like Traditional IRAs and Roth IRAs, which offer tax advantages for retirement savings.
Education Savings Accounts: These accounts help investors save for educational expenses with potential tax benefits.
Joint Accounts: These accounts allow two or more individuals to pool their funds for investing together.
Determine Account Type: Decide whether you want a cash account, margin account, or a retirement account based on your investment goals.
Visit Fidelity's Website: Go to the Fidelity website to begin the application process.
Fill Out Application: Complete the online application form, providing necessary identification information, such as your Social Security number, current address, and employment status.
Select Funding Method: Choose how you will fund your account. Options typically include:
- Electronic Funds Transfer (EFT): Transfer funds from a linked bank account.
- Wire Transfer: A quick way to fund your account directly from your bank.
- Check Deposit: Mail in a check to fund your account.
- Asset Transfer: Move assets from another brokerage account.
Submit Application: Review your application and submit it. Approval usually takes a few hours, but may vary based on circumstances.
Fund Your Account: Once approved, transfer funds into your brokerage account. Depending on the method, your funds may be available within 24 hours to one week.
Start Investing: After funding your account, you can begin researching and purchasing investments through Fidelity's platform.
Fidelity Broker Account Opening Process
Opening a brokerage account with Fidelity is a straightforward process that involves the following steps:
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