A solid first step in your long-term investment goals is to put your money to work using investments. You’ll need a brokerage account to make this happen, but fortunately, you can get started in a matter of minutes.
After you’ve read our review to determine if a TD Ameritrade account is right for you, you can follow these steps to open a new brokerage account for your future investments.
Required Items to Get Started
You only need a few things to get started with a new account according to the TD Ameritrade website:
- Your Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN)
- Your employer’s name and address
While not required, you might also want to have access to funds to seed your new account. There is no minimum cash deposit required to get started, but every trade costs $6.95 and if you want access to options or margin trading you must invest at least $2,000 in your account.
If you run into questions or issues as you work to open your new account, you can use the customer service number TD Ameritrade provides for assistance. You may also see a chat box pop up on your screen periodically. You may also ask any questions in this chat box as you follow the steps to open your new account.
Step 1: Begin Your Application
The first step in opening a new account is to make your way to the TD Ameritrade new account page. From there you will fill out basic information about your name and contract information. You will also specify the type of account you want to open. In these steps we will be discussing the process to open a new TD Ameritrade individual brokerage account.
Step 2: Enter Your Information
Now is the time to enter more personal information. You will use your Social Security number, mailing address, your date of birth and your current employment information.
You will also be asked to disclose if anyone in your household works for a stock exchange or if you or your immediate family owns 10% of a publically held stock or is a director in a publically traded company. Most people will answer “no” when asked these questions.
Step 3: Review Your Information
The third step in the application process is to review the information you just entered. Double-check what you’ve typed to be sure that there are no mistakes. Then click on the Continue button to move forward to Step 4.
Step 4: Check to Agree
You’ll find some technical things to agree to on this step. You will have access to the PDF for the client agreement, the business continuity plan, an IRA disclosure agreement and the account handbook. Read through the documents that apply to you before continuing with the application.
This screen also gives you a choice in how to handle the cash in your account that is not currently invested. If you don’t specify another choice, the funds will be put in an FDIC-insured deposit account. Another interest-earning option is the TD Ameritrade account which also is protected by the Securities Investor Protection Corporation, or SIPC.
Your final set of questions is reminiscent of the IRS W-9 form. You will need your Social Security or Tax Identification Number again to check for correctness. You will also have a choice about withholding taxes and also if you are a United States citizen. When you have answered the questions, you can click Continue to move to the next step.
Step 5: Establish Your Login
This final step will give you a chance to choose your username, password and to set the answers for your security questions. After this step your new account will be opened.
Once opened, you can fund your account according to your own plans and financial ability and edit personal preferences including trading features. Your new account number will also be displayed as you finalize your application.
When you have finished these steps your new account should be open and ready for trading!
Still curious about the benefits of a TD Ameritrade account? You can read more about what you can expect with a new brokerage account in our TD Ameritrade review.
American investors are taking note of the possibilities emerging in the Canadian markets. If you are interested in the possibilities of investing in the new marijuana marketplace or in any other booming Canadian markets, you may be limited by your current brokerage account. Opening a new TD Ameritrade account can give you access to markets across the border and into brand new markets.