Can I have two accounts in different stock trading apps?

Asked 4 years ago

Would it b problematic? I invested my first $500 a few months ago just to get a feel for it and learn ‘how to invest’. I’m ready to put some more money into it now but I’m not overly keen on the platform I chose. I am on IG Trading. I have since been recommended to use Self Wealth and am also looking into Commsec. Is there any harm in having two accounts - if I left my current $500 in IG and just opened a new account with SelfWealth or should I withdraw the 500 from IG and put it together all in one account? Is there any cons of selling such a small amount?

Stock trading accounts

Andia Rispah Igobwa

Friday, May 21, 2021

It's legal to have more than one brokerage account. 
The advantages include:
Being able to invest in different things. For instance, you can invest in a Roth IRA and take advantage of the tax benefits and then open another account.
Being able to take advantage of various offers like commission-free trades