Can I open 5 Roth iras for $1000 each at one broker?

Discussion in 'Trading' started by eddiegorniakjr, Aug 15, 2007.

  1. 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.
  2. 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.
  3. tman


    charged or charged and convicted???
  4. 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.