I'm thinking about opening five Roth iras and want to make each of my five grandchildren the beneficiary on one. Can I open five Roth iras for $1000 each at one broker? Can you recommend a broker with cheap commissions and one that doesn't charge annual fees? Feel free to offer any additional advice. Thanks. Eddie
I forgot to say that Interactive Brokers rejected my application to open a regular account because I was charged with illegal gambling in 1998. So I guess they are out. Eddie
In their email message they said during their pre account opening investigation they came across information that I was charged with illegal gambling in 1998. It had nothing to do with trading. It had to do with illegal sports wagering. Since then I have had accounts with about 4 different brokers. I never had it come up with any of them. When trying to open the account at IB I had a regular account with Ameritrade and a Roth ira with Ameritrade. I still have the Roth ira account. I closed the Ameritrade account and was going to open one at IB because of their cheap $1 commissions. I also have a futures account at Crossland. But I can't trade stocks there. And I am a member of the cbot. Right now I'm leasing an IDEM mothly membership until I can afford about $45k to buy a membership. So it seemed a little out of line for IB to reject me from opening a regular stock account there. When I applied for the cbot membership I had to pay $1500 in fees. And they did very thourough backround checks for over a month. Eddie