Virtual Brokers Account Type

Virtual Brokers offers a variety of account types tailored to meet the needs of different investors. The available account types include:

• Non-Registered Trading Account: For cash, margin, and options trading.
• Tax-Free Savings Account (TFSA): A registered account allowing tax-free growth.
• Registered Retirement Savings Plan (RRSP): For retirement savings with tax benefits.
• Spousal RRSP: Allows contributions to a spouse's retirement savings.
• Locked-In RRSP (LIRA): For pension funds that are locked in until retirement.
• Registered Retirement Income Fund (RRIF): For income generation in retirement.
• Life Income Fund (LIF): Similar to RRIF, but for locked-in funds.
• Registered Education Savings Plan (RESP): For saving for a child's education, with a $25/year fee.

With the exception of the RESP, there are no charges to open and maintain these accounts.

Virtual Brokers Broker Account Opening Process

Opening an account with Virtual Brokers is a straightforward process. Heres how you can do it:

• Choose Your Account Type: Decide which type of account suits your investment needs (e.g., TFSA, RRSP, etc.).
• Visit the Website: Go to the Virtual Brokers website to start the application process.
• Complete the Application: Fill out the online application form with your personal information, including:
• Legal name
• Current address
• Social insurance number or tax ID
• Employment details
• Submit Identification: Provide necessary identification documents as required by the broker.
• Fund Your Account: After your application is approved, you can fund your account via bank transfer or other accepted methods.
• Start Trading: Once your account is funded, you can start trading using the Virtual Brokers platform.

This process is designed to be user-friendly, allowing you to open an account quickly and efficiently.