Want to invest on the stock market? You’ll need a stock broker…

Julie Brownlee, Fsp Invest, 09 Jun. 2015

Tags: stock broker, investing, stock market, opening an account with a stock broker, finding a stock broker,

If you’re serious about investing on the stock market to grow your wealth, the first thing you need to do is open an account with a stock broker.

Without a stock broker, you can’t invest on the stock market.

So why do you need a stock broker? And how can you open an account with a stock broker to invest?

Read on to find out…

Why you need a stock broker to invest

Unless you decide to invest in unit trusts, you need a stock broker to buy and sell shares for you on the Johannesburg Stock Exchange (JSE).

A stock broker acts as the go-between you and the stock market. You can’t approach the stock exchange directly.

If you want to invest on the South African stock market, you’ll need to find a stock broker which is a member of the JSE.

It’s easy enough to find a broker. Just visit the JSE’s website.

Picking a stock broker

When it comes to deciding which broker is for you, you need to check out a few things…

Minimum investment amount
Brokers tend to have a minimum investment amount they’ll accept to open an account. Check how much this is before applying for an account.

Some broker focus on high net worth individuals and corporations rather than retail investors.

Check the broker offers the services you want.

Charges and fees
Look at how much a broker charges to buy and sell shares for you. Also check if there’s an administration or management fee.

Opening your account with a stock broker

Once you decide which broker to open an account with, you need to complete an application form. You can probably do this online.

You’ll also need to provide FICA documentation:

  • A certified copy of your ID;
  • Proof of your income tax number;
  • Proof of your banking details; and
  • Proof of your residential address.

Once your broker opens your account, deposit your funds and you’re ready to start investing.

So there you have it. Sorting out a stock broker so you can invest on the stock market.

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