Virtual Brokers broker Accounts

Virtual Brokers Account Type

Virtual Brokers offers a variety of account types to cater to the needs of Canadian self-directed investors. The account options 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): A retirement savings account with tax benefits.
• Spousal RRSP: A retirement account for a spouse.
• Locked-In RRSP (LIRA): For pension funds that are transferred to a locked-in account.
• Registered Retirement Income Fund (RRIF): For managing retirement income.
• Life Income Fund (LIF): A type of locked-in retirement account.
• Registered Education Savings Plan (RESP): For saving for a child's education, with a $25 annual fee.

Virtual Brokers is known for its low fees, including commission-free ETF trading and competitive equity trading fees, with commissions as low as $1.99 and a maximum of $7.99 per trade.

Virtual Brokers Broker Account Opening Process

Opening an account with Virtual Brokers is a straightforward process that typically involves the following steps:

• Research and Choose an Account Type: Determine which account type suits your investment goals.
• Gather Necessary Documentation: Prepare personal information, including your Social Security Number, identification, and financial details.
• Visit the Virtual Brokers Website: Navigate to their website and look for the account opening section.
• Complete the Application Form: Fill out the online application with accurate personal and financial information.
• Account Verification: After submission, Virtual Brokers will verify your identity, which may take a few hours to a few days.
• Fund Your Account: Once approved, fund your account via electronic funds transfer, wire transfer, or by mailing a check.
• Start Trading: With your account funded, you can begin trading and investing.

By following these steps, you can effectively open an account with Virtual Brokers and start your investment journey.