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April 8, by Guest Contributor: Opening a brokerage account can be a bit of a tedious process, but in reality, it's just as easy as opening up a new savings account at the bank.
In fact, having a brokerage account is nearly the same as having a savings account, but with the added benefit of having the ability to invest the money at your discretion.
To learn more about the similarities and differences between brokerage accounts and savings accounts, check out this infographic. We get a lot of questions about opening a brokerage account, which is why we wanted to provide an FAQ resource for all of your burning brokerage account questions.
Having a self-directed brokerage account will allow you to make your own investment decisions. It differs from having an account with a typical bank because they are in different industries and therefore have different regulations for each. Opening a brokerage account will allow you to put your money in an account that has access to stock and option markets. Because savings accounts yield very small returns the current average return is. If you do not have trading experience under your belt, trading options in a brokerage account can be a little tricky.
One of the requirements of getting permission to trade options is to have some sort of experience trading them a bit of a catch if you ask us. Keep in mind, by no means does this guarantee that you will receive options permission, but it does help. To learn more about the doughjo, check out this blog post.
When you are filling out the brokerage information you want to make sure you apply for margin trading tier 2 and as many privileges as possible. As we discussed before, many people open brokerage accounts to open themselves up to different ways of investing, and potentially making a nice return in their account.
The terms listed on the application range from protection to speculation. Protection is the most conservative term which means using strategies that protect the capital in the account. Speculation is the most aggressive term which means using strategies, such as naked options, to grow the account rapidly.
Depending on your risk tolerance and goals, you may select anything that interests you. Selecting the more aggressive terms may help you obtain higher option trading approval since those permissions are required to trade speculatively. Transferring money into the account funding the account will take a few days from the initial transfer. Funds may be used immediately for trading stocks if you are granted margin, but option trades will only go through once the funding check or transfer fully clears.
This can take a few days. Once your account is created, you can log into your account and start playing with the software. Check out the dough trade page to see how it helps you understand and visualize options trades or watch Step Up to Options to learn more about trading. If you have any questions about the "Options Education Broker Certificate'" or opening an account, email support dough.
Cousin It, I mean Tracy from support, gives a brief look at what you will find on the dough curve trade page. Find out button by button what's on the dough trade page! Need help placing your first trade on the dough mobile app?
Here is a step-by-step guide to help you through! Want to see what's new on the dough trading platform? Beginner intermediate Blog Sign Up Login. Why do you need a self-directed brokerage account to trade? I have never traded options before.
Can I just open a brokerage account, fund it, and start trading? What account type should I apply for? There are 3 account types. What is the minimum funding requirement to open a brokerage account for options trading? It depends on what you will be using the brokerage account for. How long will the entire process take and when will I make my trade? How to Use dough's Trade Page.