liviathan said:Looking for something that maybe charges less if you want to buy multiple stocks per month...Before you get reemed, you may want to search for DRIPS. Dividend Reinvestment PLans..They offer you shareholder to purchase directly from them through a transfer agent shares on a monthly basis with little to no fees.
Click here http://www.wall-street.com/direct.html
They offer lists of transfer agents that can accomodate your need. I currently DRIp...conagra, GE, Heinz, and dow chemical.Total monthly fees is $2.00 and they offer free diviend reinvestment. Some have minimum purchases of only $10.00 a month..but you either must be a registered shareholder..in other words the shares have to be in your name, not your broker.
If you're NOT looking to trade, but, rather to buy and hold, then FOLIOfn might be what you're looking for. They allow up to 200 trades per month for $19.95. The catch is that they are "window" trades. They offer two "windows" each day - 11:00 AM and 2:00 PM. When you place a trade they will execute it at the next available "window". Like I said, if you are looking to buy and hold, then this might be what you are looking for. In addition to their "window" trades, they also offer standard trades that are executed whenever you wish. They charge $14.95/market order and $17.95/limit order (if you are going to need these frequently then there are other places that are less expensive). They will sometimes add some other fees depending on your activity and type of account. You can check their pricing details HERE.
If you're accumulating stocks or ETF's on a regular basis (in effect creating your own diversified basket of securities, something like your own customized mutual fund), then the price plans of FOLIOfn will probably suit you. They also allow you to download to Quicken or Money, maintain your cost basis for you, provide tax related guidance when selling, and will reinvest your dividends (unlike Scottrade).
But, as I said, if you are looking to trade, then this would not be the place to do it.
Good think about Foliofn, no minimum amount, nor do you have to buy a whole share even. For example, you can by $10 worth of a stock. You can buy and sell and feel like a trader, with very small amounts I've been using them for 3 years, and love not having to pay commisions.
loserguy said:I've been using them for 3 years, and love not having to pay commisions. Well, there are commisions. They might be low, but they still exist. You can choose to pay $4 per window trade, $19.95 for up to 200 window trades per month, $14.95 per market order or $17.95 per limit order. You can choose what approach you wish to use, but one way or the other you are going to pay. You can call it a monthly fee if you wish or a service charge, but a commision by any other name still stinks.
mikeres said:but a commision by any other name still stinks.I agreed with your point up till your commission point, everyone has to make money one way or another!
Buddino said:mikeres said:but a commision by any other name still stinks.I agreed with your point up till your commission point, everyone has to make money one way or another! I'm glad you take such an egalitarian view. I too don't mind if other people make money, it's just that I would prefer if it weren't making it off of my money.
mikeres said: view. I too don't mind if other people make money, it's just that I would prefer if it weren't making it off of my money.When you figure out a way to trade directly to sellers, then let me know! I d also not like to pay my broker their due!
Buddino said:mikeres said: view. I too don't mind if other people make money, it's just that I would prefer if it weren't making it off of my money.When you figure out a way to trade directly to sellers, then let me know! I d also not like to pay my broker their due! We're beginning to get a bit off-topic here. But (hehe), if Scottrade can do trades for $7, and FOLIOfn can do them for $4 apiece or 200/$19.95, and IB can do them for $1/100shares, then exactly what is a fair price to pay a broker?
If all a broker does is enter your trades into an automated system, then perhaps s/he should be compensated the same as a data entry clerk. However, if the broker adds value and helps you come up with winning trades then there would be much less reluctance to pay their requested commissions.
SUCKISSTAPLES said:freetrade does them for free Free is good (even if it's only for the first 20 trades/month). I looked at them a while ago, but wasn't satisfied with something about them - don't remember what. Time to give them a second look.
I can get a $50 bonus for opening a sharebuilder account, cause I have a costco card. Has anyone on FW tried this deal, is it hard to close? How much is the min. to fund an account, how long do you have to keep it open, do they charge you fees for closing it, etc. I know you have to make at least one transaction to get the $50 bonus, basically I want to know if this is an easy $50 to make like ING or is it a PITA like NetBank, thanks for any help.
I went to the sharebuilder site, this is what I found out, No min. balance, bonus will be credited to the account in 4 to 6 weeks, must make at least one transaction, so can I send them $10, buy a cheap stock, pay the $4 fee for the trade, and than close my account and get $50, seems to easy IMO. I bet they will try to charge service fees, or they won't add the $50 bonus, cause I didn't fund my account with enough money.
mikeres said:loserguy said:I've been using them for 3 years, and love not having to pay commisions. Well, there are commisions. They might be low, but they still exist. You can choose to pay $4 per window trade, $19.95 for up to 200 window trades per month, $14.95 per market order or $17.95 per limit order. You can choose what approach you wish to use, but one way or the other you are going to pay. You can call it a monthly fee if you wish or a service charge, but a commision by any other name still stinks.
What do you want, a company to buy and sell stock for you for nothing? Not a good business model. To me, 200 trades for $14.95, or 7.5cents per trade, is FREE. I still remember when you had to pay like $200 per trade, back before the internet.
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I've been using them for 3 years, and love not having to pay commisions.
