The steps for using ETrade for the first transaction are similar to those for any land-based financial institution. The main difference is that you can use ETrade to trade online rather than in person. You can use ETrade for your first trade anywhere you have an internet connection, and you don't need to talk to anyone or hear any selling points before or after the purchase. Your transaction costs may also be lower than those of traditional brick-and-mortar businesses.
1. Account Opening
ETrade allows you to complete all online account request forms. First, click on the "Open an Account" button on the ETrade home page. Choose the type of account you want to open, such as a regular investment account or an individual retirement account. You must provide the same information as when opening an account with a traditional business, including your name and address, date of birth, social security number, and associated financial information, such as name. and your employer's address. According to the E * Trade website, the entire process shouldn't take longer than 10 to 12 minutes.
2. Account Funding
After receiving the account number, deposit funds into a new ETrade account. You can fund your account by check, wire transfer, or wire transfer from another account. ETrade also allows deposits to be made through its “Quick Transfer” service, which is an ACH fund transfer from another account (eg, a checking account).
3. Buy research Stocks
Before deciding which stocks to buy, you should analyze which stocks are most likely to help you meet your investment goals. Some stocks have high return potential but high risk, while others are less attractive but more reliable. View analyst reports, company earnings, market trends, stock prices and valuations, and other factors to help you choose the right stock for your account. This step is especially important if you are only using an investment fund to buy a stock.
4. Choose your investment method
With E * Trade, you can buy stocks online or through mobile devices (such as smartphones). If you want to trade stocks on a mobile device, you need to download an app.
5. Use the order entry platform
Go to the "Stocks" tab of the E * Trade order entry platform. Enter the order type, this will be your first "purchase" in a stock transaction. Enter the number of stocks in the order and the stock code you wish to purchase. If you want to execute the order immediately, please enter “market” under the order type. Otherwise, please select the appropriate time or price modifier, such as "close price" or "limit price". If you choose a limit order, you must enter the price at which you want to buy the stock - your "price limit" price. If you want the order to take longer than today's transaction, please enter a time modifier, such as "valid for 60 days".
6. View and complete your transaction
After entering all the relevant parameters, click "Order Preview" to view the order, then click "Place Order" for the first transaction.