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Friday, April 29, 2011

New IRA Brokerage

A couple of days ago, I opened a new IRA Brokerage account. I picked Charles Schwab out of all the discount online brokerages because of the following factors:

  1. Great website (TD Ameritrade was a contender, but I heard that sometimes the website is unavailable and that's not acceptable even as a rumor, especially if you want to do some trading on the spot)
  2. Easy search for mutual funds
  3. Largest amount of no-load funds available (I like no-load mutual funds for the IRA account as overall they are less risky than individual stocks)
  4. Funds available from multiple families (important as I want the greatest diversity to find a fund that is highly ranked)
  5. Great customer service (I received a welcome call, unlike when I opened ShareBuilder)
  6. Low start-up costs (Fidelity and Vanguard are great companies, however, they require initial deposits of $2,500 and $3,000 respectively)
  7. Overall highly ranked and reviewed online

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