How to buy Lockheed Martin shares

Of all the brokers that offer Lockheed Martin shares, these are the ones that I think are best, based on stock trading fees, strength of regulation and the overall quality of broker features:

1. Interactive Brokers - Extremely low fees. Wide range of products. Many great research tools.
2. eToro - Low stock and ETF fees. Seamless account opening. Social trading.
3. Fidelity - Commission-free US stocks and ETFs. Great trading platforms and research. US and international stocks.
4. Zacks Trade - Low fees. Extensive stock and ETF selection. Great customer service.
5. Charles Schwab - Free stock and ETF trading. Outstanding research. Great customer service.

Read on to learn why these features are important and exactly what fees apply to you at these brokers when buying Lockheed Martin shares.

So how to decide where to buy your Lockheed Martin shares? First of all, since Lockheed Martin is traded on the NYSE, you'll need to find a broker that allows access to the NYSE. This may sound trivial, but not all popular brokers you may have heard about in various forums offer stocks listed on the NYSE. Some may focus on specific European or Asian exchanges only, while others may not offer stocks at all.

You'll also need a safe and legit broker. In our view, a broker is considered legit if its operations are overseen by at least one top-tier regulator, such as the US Securities and Exchange Commission (SEC) or the UK's Financial Conduct Authority (FCA). At BrokerChooser, we only recommend such regulated brokers.

If you want to invest in Lockheed Martin, you'll probably want to do so at the lowest cost possible. We chose brokers that charge nothing or only a very low commission for buying and selling stocks like Lockheed Martin. Meanwhile, if you plan to hold your Lockheed Martin shares for the long term, be aware of potential inactivity fees. These are charged by some brokers if you don't trade or otherwise use your account for an extended period of time.

And in general, it also helps if the broker offers good services overall, such as user-friendly trading platforms, easy funding or cool research tools. This is reflected in our overall score of each broker, also found in the table below.

Once you have settled on a broker, opening your account and buying your Lockheed Martin shares is relatively straightforward:

Step 1: Open your brokerage account

Opening a broker account typically involves registering your details, providing some information about your investment experience, and then identifying yourself by uploading a few official documents. All of this takes place online and can be completed fairly quickly. However, following your registration, most brokers need some additional time - from a few minutes to a couple of days - to confirm your account and allow you to start trading.

Step 2: Deposit money to your account

To be able to buy your Lockheed Martin stocks, you first need to deposit cash to your broker account. The most common way you can deposit money is by bank transfer, but many brokers also allow you to deposit by credit/debit card or even electronic wallets like PayPal. Deposits are usually free of charge, and the majority of brokers do not not have a minimum deposit requirement.

Step 3: Find and buy your Lockheed Martin shares

To buy your Lockheed Martin shares, you first need to locate it within your broker's trading platform. Just look for a search bar and enter 'Lockheed Martin' or its stock exchange symbol, LMT. Some brokers also allow you to search for stocks based on country or sector - if you do that, all you need to remember is that Lockheed Martin is a US Industrial company that is famous as a global aerospace, defense, security and advanced technologies company.

Once you found Lockheed Martin, just enter the number of shares you want to buy, and click the 'buy' button. An increasing number of brokers also allow you to buy fractional shares - so for example you can buy Lockheed Martin shares for just $10 or any other amount of your choice, even if the price of a single Lockheed Martin share is much higher.

When placing a buy (or sell) order, you can choose from different order types. A 'market' buy order buys the stock immediately at the current market price, while a 'limit' order allows you to specify the exact price at which you want to buy the share.

Step 4: Review your Lockheed Martin position regularly

Once you bought your Lockheed Martin shares, it's a good idea to monitor the value of your investment, and see if you need to take any action - maybe sell some of your shares or maybe buy some more - to meet your investment goals.

If you're a short-term investor, you may consider using various order types to manage your holdings. For example, a take-profit order lets you set a price at which your stock is sold automatically to lock in profits; while a stop-loss order can help limit your losses if stock prices fall.

Want to find out more about these brokers and see how they stack up against one another - and other competitors - in various areas? Check out our broker comparison tool, where you can pin your favorite brokers or filter them according to your preferences.