#759 - Can I Have Multiple Brokerage Accounts?

The "Daily Call" From Option Alpha

Hey everyone. This is Kirk here again from Option Alpha and welcome back to the daily call. Today, I want to answer the question, “Can I have multiple brokerage accounts?” I think the short answer to this is yes, you can and should have multiple brokerage accounts. Now, don’t go crazy with this, obviously. But because all brokers are now effectively at zero commissions, there’s no reason why you can’t have multiple accounts and therefore, have the ability if you need it, to more quickly transfer funds from one account to the other. A lot of the pain for most people when starting to trade is actually the process of opening up a brokerage account. Now, this process has been made easy by the likes of Robinhood and some of the other brokerages that are out there that really do make the process a lot more streamlined, but this still becomes a big hurdle for many people to actually go down the path of starting to trade options.

My opinion is when you start trading of even if you’ve been trading for a little bit now, open up a couple of different brokerage accounts and try out different platforms. See which ones you work best, see which ones you like the best and therefore, when you’re ready or if you need to, you can more quickly move money back and forth between platforms. Truth be told, my main account is obviously at TD Ameritrade with Thinkorswim has been for a really long time, but I do have a Robinhood account with $100, $200 in it and I do have a Tastyworks account with $100, $200 in it as well and I keep those there because I like to use the technology. I like to look at it. I like to see what other people are doing. If the time comes where I think it’s worth it to move all of the funds to one of the other accounts, then I’ll do it. But I keep them there and just keep them stale and stagnant just to have the availability there if I need it in the future. Hopefully this helps out. As always, if you guys have any questions, let me know and until next time, happy trading.