To have a fully functioning account, brokerages are required to have your signature on file. After they have your signature, you can buy or sell as much as you want, 24 hours a day. However, you orders aren't executed until the market opens.

After you open your account, you can log onto the Internet, go to your brokerage Web site, and enter orders by completing the online form. You can access your account at any time, check all your investments, and monitor your investments by using online news or quote services.

If you think an electronic broker is right for you, you may want to consider the following examples (all prices are subject to change without notice):

 *  Ameritrade (www.ameritrade.com) requires $2,000 to open a trading account and $1,000 to open an IRA account. Market and limit orders are $10.99. Ameritrade offers a trading demo and investor education center called Investor Basics. Expect to pay a $15 maintenance fee every quarter.

*  HarrisDirect (www.harrisdirect.com) is ideal for beginning online investors because it doesn’t require any initial minimum deposit for trading or IRA accounts. The more you trade the less the cost of trading. For example, 1 to 17 market or limit orders are $19.95, 18 to 59 trades are $14.95 and 60 or more trades are $9.95. The brokerage offers access to a wide variety of research resources. (Investors with $100,000 or more have direct access IPOs). Customers can place trades via the Internet, telephone, or wireless devices in addition to proprietary software.

*  E*Trade (www.etrade.com) is one of the top-ranked online brokerages. You’ll need $1,000 for the initial deposit. Market trades are $14.95 for up to 1,000 shares. Customers have unlimited access to IPO information, real-time quotes, charts, baseline reports, market news, and more.

The Securities Investor Protection Corporation (SIPC) insures brokerage accounts in a way that is similar to how the Federal Deposit Insurance Corporation (FDIC) insures bank accounts. Each customer's account is insured to $500,000, and some brokerages have additional insurance. In other words, if your brokerage firm fails, your investment is covered.

Investors are wise to look into the background of a brokerage firm before investing. The Central Registration Depository (CRD) files are available at your state securities agency or the National Association of Securities Dealers (NASD). Additionally, each month the New York Stock Exchange releases a disciplinary action list at www.nyse.com.

The table below shows a few examples of the features that online brokers offer. These additional benefits change regularly, so check at the online brokers Web site before you open an account.

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Last modified: June 13, 2008