How to Open Account on Optionsxpress for Online Trading
Many of my colleagues ask me similar question like this “How you can make money on Stocks? How you trade online?” It’s a simple question. But seems, there still lot of people out there who don’t know where they have to start if they want to trading online. For you who totally blind about this field, first i recommend you to understand how the risk investing / trading stock/option/forex/futures/CFDs. The most important thing you must understand is you can loss all your money if you don’t have the correct trading mindset. So the first step to decide you want to enter this field or not is you know the risk and you can afford for the risk. If you ready for that, you can step to the next step. The second step is to learn the basic about investing & trading. There are lot of free knowledge about this in the internet. You also can buy some books about this in the bookstore. I will not explain about this on this post. If you already know about the basic, the third step is to open account on brokers.
For stocks & options, i reccomend 4 online brokers i’ve already tried. They are Optionsxpress, Interactive Brokers, Think or Swim, Tradestation. Some people recommend E*Trade, but i haven’t tried it yet. As i hear last year, this broker didn’t accept Indonesian Trader. That’s why i don’t registered to them. I don’t know how the rule for now. Maybe if i already tried, i will share with you here.
So. From this post, i want to give you a tutorial about how to open account on one of the online brokers i recommended, Optionsxpress.
1. Open www.optionsxpress.com and click Open an Account
Page 1 : Open An Account
2. Type Country of Permanent Resident with country where you living, then choose Individual Account, then choose Cash/Margin, then click Options, after that click Next Step
Page 2 : Getting Started
3. Fill Email with your active email, fill email confirmation once more (use your true email), then fill your desired Username (min 6 char), type your Password (must consist letter and number, ex : trader88), then confirm your password. Choose desired Secret Question and the Secret Answer (this is useful, if you forget your password), then click Save and Continue
Page 3 : Account Holder Info
4. Fill First Name & Last Name only. The type your Passport /Gov ID# as written on the Your Government Identity Card / Passport. Fill your Date of Birth, Marial Status and Dependents (how much children you have on your family). After that, click Save and Continue
Page 4 : Contact Information
5. Fill Address Line 1 with your home address where you living right now (continue on Line 2 if not enough). Postal Code must be filled. Fill Phone (Day) with your telephone number where you can be contacted on the morning & afternoon. Fill Phone (Eve) if your number can be contacted is different from Phone (Day) number on evening. Fill Phone (Mobile) if you have mobile phone number. After that click Save and Continue
Page 5 : Employement Information
6. If you want to fill Employment Status with Employed its Ok. But i recommend you to fill it with Retired, then there will be no question asking about your work. Then click No on three question below that.
7. Choose Individual on Select the type of beneficial owner. Then Click Yes on question below (Is the beneficial owner a resident within the meaning of the income tax treaty between the United States and a foreign country?). The Name of Country will appear. Then Click No on the rest of question on this page Then Click Next Step.
Page 6 : Investment Background
Check Growth & Income as Investment Objectives. Then check all Trading Stratregis To Be Utilized.
Fill Years of Stock Trading Experiences with 2. Fill Annual Stock Trades with 120.Fill the same amount on Option Trading Experiences and Annual Option Trades as Stock. Click Yes on Are you experienced in trading online? question. After that click Save and Continue.
Page 7 : Trader Profile
Fill Liquid Net Worth, Annual Income, Net Worth with less than $25.000. Fill Tax Bracket with 0-15%, Choose No Thanks – please do not sweep/invest my free cash credit balance for Money Market Fund Sweep question. Choose Yes – I do not object to the disclosure of such information for SEC Rule 14B-1(C) Election.
You can choose Yes or No Thanks for the Secure Funds Transfer PIN Setup. Leave empty on Promotional Code. Choose Friend for How did you hear about us?. Leave the checkbox on Email Offers & Announcements. After that click Save and Continue
Page 9 : Terms and Conditions of Your Account
Check checkbox on Customer Aggrements and click Save and Continue
Page 10 : You Are Almost Done – Print and Sign
Our Register in OptionsXpress now finished. Print the form and fill it with your handwriting and signature. After finished send the documents via mail to OptionsXpress. After this, click Finished
Now you can login to your OptionsXpress account (include Virtual Trade Account).
After your account in OptionsXpress is finished, now you can learn to trade by using virtual account. Virtual Account means that you trade with real market data but with fake money. It’s assume that you already have couple of bucks on your account. Be sure to practice first before decide to trade with your real money.
– Open www.optionsxpress.com and click Login
– Click ToolBox and choose Virtual Trading. Then click Launch Virtual Trade on the right side of the screen
– Now Virtual Trading is ready to use
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