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Secret #2: Even if you do qualify for the best commissions, it can still cost you more than you bargained for.

Commissions are only one way online brokers make money. Fees are another source of revenue for them.

And depending on how big your account is, how frequently you trade, what type of account you have and how much of your investing business you want to do online, the fees you pay could even surpass the commissions.

Before you open a new account with an online broker, get a breakdown of all the fees you may be charged. (But watch out — here are some of the more popular hidden fees to watch out for!)

Pay close attention to whether or not the broker charges annual maintenance fees, fees for inactivity, fees if your account drops below a certain asset level, fees to host your IRA, fees to close your IRA, fees for paper statements, and confirmations and fees to transfer your account to another broker.

Click here to compare brokers online now.

Next: Secret #3