My uncle told me to avoid a broker with a $500 account minimum

He said a low minimum often means they make money from hidden fees. I opened a $300 account with a different broker anyway, and my first withdrawal had a $25 charge not listed on their site. Now I see his point about reading the fine print. Has anyone else found a good broker that's clear about their fees from the start?

2 comments

2 Comments

grant13014d ago

Feel for you, that's a rough way to learn a lesson. Some brokers are just better about being up front with their costs. Maybe check out some user reviews focusing on fee complaints before you try another one.

emery60314d ago

I used to think a low minimum was just a good deal to get started. Your uncle's point about hidden fees is spot on. I learned the hard way too with a small account that had "inactivity fees" I never saw coming. Now I look for brokers that put their whole fee schedule on one clear page, not buried in legal docs. It really does pay to be picky about that stuff first.