TuringTrader Account Types

TuringTrader offers two main types of accounts for investors: Taxable Accounts and Retirement Accounts.

• Taxable Accounts:
• Also known as standard brokerage accounts, these allow investors to deposit and withdraw funds without restrictions.
• Any income earned through interest, dividends, or gains on investments sold is subject to taxes in the year received.
• Capital gains tax is generally lower than regular income tax if assets are held for over a year.
• Retirement Accounts:
• Designed to save for retirement, these accounts may have contribution limits and penalties for early withdrawal.
• Contributions to 401(k) accounts and traditional IRAs are made with pre-tax money, while Roth IRAs are funded with after-tax money but allow tax-free withdrawals after five years.

TuringTrader Broker Account Opening Process

Opening a brokerage account with TuringTrader is a straightforward process:

• Select Account Type: Determine whether you want a taxable or retirement account based on your investment goals.

• Choose a Brokerage: TuringTrader does not have special requirements, making it easy to select their services.

• Complete Application: Provide basic personal information, including your name, address, and Social Security number, which typically takes about 15 minutes.

• Fund Your Account: After your account is approved, you can fund it through electronic transfer from your bank account.

• Start Trading: Once your account is funded, you can begin trading with the portfolios available on TuringTrader.

For more details, visit TuringTrader's brokerage account page.