Investing for the First Time? 5 Tips for Finding the Right Brokerage Account

Here's how to find the right place for your money.

The money you have earmarked for emergency expenses should sit in a savings account. That way, you won't have to worry about losing any of your principal (unless you go and take a withdrawal).

But if you have money you don't need for your emergency fund and don't expect to have to use for a number of years, then investing it is a good bet. You'll have a chance to grow that money into a larger sum.

In a recent Fidelity survey, 9% of Americans started investing for the first time within the past two years. If you're gearing up to do the same, it's important to find the right brokerage account. Here are five pointers to guide you along in that regard.

1. Avoid fees for making trades

As an investor, you should feel comfortable buying and selling stocks when you want to, or when market conditions call for that. And you shouldn't have to pay a fee every time you buy or sell a stock -- so find a brokerage account that won't charge one. These days, there are plenty of options for scoring commission-free trades.

2. Find a brokerage that doesn't impose a minimum balance

You may only have a few hundred dollars to start investing with. And guess what? That's more than enough. While some brokerage accounts do impose account minimums, many do not. It pays to opt for an account you can open with whatever funds you have available with the goal of adding to it over time.

3. Don't let yourself get charged for inactivity

Some brokerage accounts charge you a fee when you don't make any trades for an extended period of time. That's not something you want, so aim for an account that doesn't impose inactivity fees.

4. Go after the option to purchase fractional shares

Fractional shares allow you to invest in companies even if you can't afford a full share of their stock. This option opens the door to a lot more investment options, so it's a good idea to find a brokerage account that offers fractional shares. That way, if you have $300 available to invest with, and you're interested in owning shares of a company whose stock is trading for $600 a share, that option won't be off the table. Instead, you'll be able to invest your $300 in that company and buy half of a share.

5. Find a broker that lets you buy crypto if that's an investment you're interested in

Cryptocurrency isn't for everyone, and there are certainly risks in buying it you'll need to account for and accept. But if you're eager to add digital currencies to your investment portfolio, then it will help to find a brokerage account that offers the option to trade crypto. That way, you can have all of your investments in the same place.

The sooner you begin investing, the sooner you can start growing long-term wealth. Use these tips to find the right investment account -- and put your money to work.