The fact that the market is open 24/7 doesn’t hurt as well. If you’re like most people though, you’d prefer to have all your money consolidated into the least amount of accounts.

Below is a list of stock brokerages that also offer forex trading.

* While you pay no commissions to trade forex, your only transaction cost is the dealing spread – the difference between the bid and the ask price.

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If you are unfamiliar with mutual funds, the types that are available, and what they do, then take a second to learn about it.

Because mutual funds are traditionally meant to be held for longer than stocks and an investment company usually manages them, commissions tend to be more than a regular stock or option trader; however, if you are in for the long-term than it makes sense for these prices.

Before we take a look at the list, here are couple things to keep in mind before choosing the right brokerage for your mutual fund investing:

Does your bank offer investment services? With normal stock trading, most banks that offer related services tend to have non-competitive commissions, but many banks actually offer good deals on investing with mutual funds. Many times requiring you to pay no fees at all. Check to see if your bank offers such services.

Does the brokerage in question have access to the fund in question? While many funds are easily accessible, unfortunately there are times when you can’t invest in a mutual fund due the your particular broker. A good way to check is to do a quick symbol query through the site’s ticker search. Odds are if its there, then you can invest in it with them.

A list of the best brokerages for mutual funds.

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1. Discount Stock Brokerages That Offer Mobile Trading Apps

While there are a bunch of financial related apps to do things like stock research and tracking on mobile devices… being able to actually connect with your brokerage account and execute orders can prove to be a very powerful and profitable endeavor.

A list of brokerages that offer mobile trading applications.

Note: Apps can be found and downloaded through the actual phone, iTunes, or individual brokerage site.

Why would you want to mobile trade?

With mobile trading apps you can trade from work, in traffic, at the auto shop, while getting a haircut, during school, and virtually anywhere by just using your phone. Basically it makes it possible to actively trade without needing to be by an actual computer all day.

Learn more about mobile trading.

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Active traders are looking to quickly enter and exit stocks, obviously the higher the commissions, the longer they might have to hold on to make the trade worth playing. The following stock brokerages have been considered best for active traders because of their low commissions and ability to get security prices at low values. Also, check out how to lower your commissions with your current brokerage.

The following is a chart of the best online discount stock brokerages for active stock traders.

Check out a complete list of our stock brokerage reviews.

Want to take your trading to the next level? Learn how to use technical analysis to accurately predict price movement.

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Just like any bank, the fact is that brokerages need your money more than you need them. With many brokers offering to pay most if not all of your transfer fees to switch to them, there are obviously more options for traders today and more pressure on brokerages to keep their customers satisfied.

A simple but effective technique to have your current brokerage lower you commissions is to simply call them up and ask them. Especially, in this economy, brokerages need every bit of business they can get. So if one brokerage is not ready to offer you a commission reduction, then another will.

Let your brokerage know that you are ready to take your money somewhere else because they are offering lower commissions. If you are fortunate enough, then your current brokerage will lower your commissions, and, if not, then at least you tried and you can proceed to take your money somewhere else or just stay put.

Now we must use some common sense here. If you have less than $1000 in your account and only execute a few trades a year, then odds of getting your commissions lowered are probably not likely. On the other hand, it never hurts to try.

People often overlook that fact that brokerage need your business more than you need them. By simply calling them up and voicing any problems you have, often times you may be surprised with the positive outcome.

Check out a list of online stock brokerages with naturally cheap commissions.

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2. What You Need To Open A Stock Brokerage Account

The one constant in trading the financial markets is that you need a brokerage to do it. Whether you buy long, day trade, or short, you need a stock brokerage to do it. Usually the hardest move to start trading stocks, is to open an account.

Which brokerage has what I need? Is the price structuring fair? Does it have the tools needed to help facilitate my trading as well as any growth? The answer to these questions is what ultimately determine if a stock brokerage is good for you or not.

The brokerages in the list below all have low account minimums, great tools and support, and the ability to grow with you.

The following is a chart of the best online discount stock brokerages for new stock traders.

Check out a complete list of our stock brokerage reviews.

Looking to enter the stock market, but don’t know how? Check out our FREE eBook, Guide To Entering the Stock Market.

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5 Reasons To Have More Than 1 Stock Brokerage Account

1. Better Order Fills. Whether you want to trade options, buy and sell stocks, short stocks, or whatever, there are just so many types of stocks and investment tools that only one brokerage can try to satisfy. Perhaps you want to short a particular stock, but your brokerage does not have any shares of that stock to borrow. If you had multiple accounts, your other brokerage(s) may be able to fill the order. At the same time, other brokerages might be able to get you shares at more optimal prices depending on the particular stock.

2. Ability To Execute More Trades. Be it by your brokerage or legal laws, there are restrictions that prevent traders to execute a certain amount of trades in a given time period, unless they qualify to be an active trader. Some of the guidelines usually require you to have a particular amount of money in your account and conduct a certain amount of trades regularly within a given time period. While that is all good, many of us just do not have the ability to consistently trade so many times or fund out account with that much money.

By having multiple accounts, we allow ourselves the ability to execute more trades without needing to quality to be an active trader.

3. Commissions Allocation. While some stock brokerages have flat-rates, others vary their commissions based on how many shares you are dealing with. Also one brokerage might have better stock trading commissions, but another brokerage might have better option trading commissions. By having multiple accounts we can easily utilize that particular brokerage that will limit our commissions fees for a certain trade.

4. Access To More Tools And Resources. Almost no online stock brokerage has the same type of tools and resources. One brokerage may have a powerful research platform, but another brokerage may have better commission rates. Why not research on one, and execute trades on another? Some brokerages also offer mobile trading applications to trade from anywhere.

5. Trade Foreign Market. While most traders are satisfied with trading on the U.S markets, there are occasions when they might want to trade stocks that happen to be on foreign markets. Not every brokerage allows you to trade in various markets, so by having multiple accounts you can always find a brokerage that will allow you to trade that stock.

Overall, while it may seem tedious and annoying to manage multiple stock brokerage accounts, if used correctly, the benefits can drastically outweigh the cons and even make you more money.

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3. What You Need To Open A Stock Brokerage Account

The truth of the matter is that opening a stock brokerage account today has become so easy and much more efficient that everything can be done without really having to leave the computer. There are a just a few papers/documents you will need.

Depending on the broker you are signing up for will determine when you need to supply certain information. Some brokers allow you to simply create a user name and password and see what all services and tools are available, however, once you are ready to add money, they will require more personal information. On the other hand, there are brokers that will require all the information upfront.

The key to remember is that signing up for a online stock brokerage is not a permanent event. Just like with any bank, you can easily take out your money, close your account, and move it somewhere else. In fact, most stock brokerages will cover most if not 100% of any transfer fees that occur when transferring to their brokerage.

*Side-note: Brokerages need your business, so make sure to let them know about your concerns or problems before closing your account. You may be able to get some sweet deals out of it.

That being said, here is what you will need to completely sign up for an online stock brokerage:

1. Copy of driver’s license and social security card. Some brokers will be satisfied by just a copy of your driver’s license however others might also require a copy of your social security card. Make sure to already have a copy of them ready, as you will need to fax it to the brokerage.

2. Bank account and routing number. Obviously we need to fund our account in order to actually start trading. While you could always perform some sort of wire transfer, most discount stock brokerages allow you to electronically fund your account directly from your bank account. This will drastically increase the setup time.

3. Knowledge of previous credit history. Because trading does have tax implications, you are required to provide your social security number. In order to make sure you are who you say you are, some brokerages may try to ask you questions about your previous credit history. For some brokers, answering correctly may allow you to not need the items listed under the first bullet; otherwise, if the brokerage is still unclear than they will require you to send them those documents.

As you can see there is really not much that you need to open an online stock brokerage account; however, it is important that you stay updated on the process, so that you can get your account up and running in no time at all.

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