Individual Account
A brokerage account with only one owner. Only this individual is authorized to access the account. The person named on the account is responsible for all account activity and tax liability.
Joint Account
A Joint Account is an account for general investment purposes and is limited to five owners only. The primary tenant's social security number will be used for the account and is also responsible for all tax liabilities. All checks and written correspondence must be in both tenants' names. Each owner will be eligible to trade in the account and to receive income, proceeds, or securities from the account.
Trust Account
A trust account is an account managed by a trustee, an other designated individual(s) or entity on behalf of the beneficial owner(s). This account must be opened in the name of the trust by the trustee(s). A copy of the trust agreement must be provided for our records. Examples include educational, living, revocable and irrevocable trusts.
Investment Club Account
An investment club is a legal entity and is comprised of a group of retail investors who pool their funds and make joint investments. Club members usually include friends, coworkers, church members, neighbors and family members. Club accounts are registered in the name of the investment club. Place Trade Financial requires that one person be listed as the contact for the club and all club members actively participate in investment decisions. The benefits are diversification, shared knowledge and reduced transaction costs.
A club is set up very much like a mutual fund. Club members contribute money every so often, and may eventually withdraw money once the club portfolio gets large enough. Each year the individual partners must pay taxes on their share of the capital gains, dividends and income from the club. Tax ID numbers are required for all investment club accounts.
Corporate Account
A corporation is one of the most common forms of business organizations. This account must be opened in the name of the corporation. A Corporate Resolution with a raised corporate seal or a Limited Liability Company Investment Authorization form must be included, along with a cash/margin account agreement in addition to regular forms.
Partnership Account
A partnership is a type of unincorporated business organization in which multiple individuals, called general partner(s), manage the business and are equally liable for its debts; other individuals called limited partners may invest but not be directly involved in management and are liable only to the extent of their investments. Place Trade Financial requires that one person be listed as the contact for the partnership.
Custodial Account
This account is created for managing the assets of a minor (an individual under the age of 21), with an adult as the custodian. A custodial account contains trading and cash management features, for eligible customers. This type of account must be a cash account and the custodian, not the minor, must sign all required documents. Funds transferred into a custodial account are irrevocable gifts to the minor and all funds shall only be used by the custodian for the benefit of the minor. Click here for more information about Custodial Accounts.
Individual Retirement Accounts
Place Trade Financial offers a variety of retirement accounts. Almost anyone with earned income can take advantage of our tax-favored IRAs. We offer Traditional IRAs as well as Roth IRAs, which offer greater tax savings and withdrawal flexibility. You may rollover an IRA, without paying taxes and penalties. Employers may take advantage of our SEP IRAs, SIMPLE IRAs, 401(k)s and group 529 College Savings Plans. Place Trade Financial also offers the Coverdell Education Savings Account to help save for a child's elementary or higher education. When opening an IRA, you have the flexibility to invest in stock, bonds, mutual funds and more. Place Trade Financial IRAs do not have maintenance or setup fees. Click Here for more information about IRAs.