Account creation

Learn more about accounts, and how accounts are fundamental to investing in securities.

Ready to invest, almost there.

Creating accounts on the DriveWealth platform is very simple. Just a few considerations, on the types of accounts.

We offer the following:

  • Cash Account πŸ’°- commonly referred a as self directed account. The user choose when/how much is invested.
  • Robo Advisory Account - Our partners curate portfolios for users, and the DriveWealth platform will keep the user's account inline w/ those weights and drift parameters.
  • Managed Account - The account is fully managed by our partner' and they full control over the account.
  • Teen / Custodial Account - A teen or custodial account is designed to transfer to the beneficiary at a age of majority, commonly 18. To learn more, see here.
  • Limited Purpose Margin Account (LPMA) - A LPMA is an account designed to allow users to trade on funds that are in flight to the brokerage firm. A LPMA gives the user that instant buying power after a qualifying deposit or buying power check.
  • Margin Account - A margin account allow a user to borrow funds at a 2:1 leverage.
  • Retirement Account - We offer a few different types of IRA accounts. Traditional IRA, Roth IRA, Rollover IRAs, Rollover401Ks and more.
  • Health Savings Account - The HSA account allow users to invest in securities once their account balance is commonly above $1,000.00.

Common FAQs

  • Store the id and the accountNo from the response when creating the account.
  • There is a one to many relationship for user and accounts.
  • Beneficiaries information collection is not required, but recommended.