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Question #1: How much money do you have to invest?

Many brokers will cut their commissions for larger accounts (larger may mean anywhere from $100,000 to $1 million in assets). And some brokers such as Bank of America and Wells Fargo, even offer investors free commissions (up to a limit) if they keep $25,000 in brokerage or deposit accounts with the bank.

Brokers also may offer perks for larger accounts. TD Ameritrade, for example, offers clients with $100,000 or more in assets enhanced research tools and priority customer service.

On the flip side, if you have only a small amount to invest, a few brokers, such as Firstrade, TradeKing and Sharebuilder, have no minimum initial investment requirements. And Scottrade requires just $500 to open an account.

Next: Question #2