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use td ameritrade go to tdameritrade.com/7 to get $7 trades. They'll offer more services and such. Money sitting in cash gets barely anything though.
I'm only recommending them because you mentioned Scottrade and they have been fair to me in the past.
I just opened a Fidelity account to take advantage of the bonus United airlines miles, butyou can get Delta or Starwoods points. Also an option for $100 for opening an account with 10k.
Go in brach and they'll give you 1 year of $8 trades by coding your account as "Gold" status and they might give you free trades too depending on how much you deposit.
Also got a free pen and one of those sack type book bags, which I will use as a small laundry bag.
I don't know how much you are beginning with, but if you're going to make less than 10 trades a month, and don't have any idea of what to expect in an online brokerage then go with Zecco.
If you request the money market sweep (this is for balances above $500) you can get ~4.25% interest on your money which is higher than everything else out there. Sogo is about 2%.
With BoA you get free trades with 25K in a BoA checking/savings account, not in your actual brokerage account.
If you make anything over 10 trades a month, I would go with either SogoElite ($1/trade as long as you are trading less than 250 shares at a time) or Interactive Brokers ($1/trade, 200 shares max, $10 min/month) for the improved customer service/trading platform.
You need to provide more information to get useful answers. There are direct brokers that will charge $1 for 100 share trades.
What is your typical trade size (# shares)? How many trades per month on average? What is your avg account balance?
Have you considered either MBTrading or InteractiveBrokers (IB) - depending on your answers to above they might fit your needs better then a flat-price/trade broker.
you might also want to consider wellsfargo PMA account in that bunch. for 25K balance in their accounts combined (brokerage+mortgage+checking+savings)you get 100 free trades/year. I have account with scottrade as well but why pay $7 when you get it for free.
if you make more than 100 trades then its a different case.
Consumer Reports Money Lab evaluated about twenty online brokers and firstrade was their first choice earning an excellent rating the next two were E*trade and Tradeking. 50% of the score was based on trading cost, other half of the score includes easy of use, research ability, NTF funds etc. check out the June(?) 07 issue at your local library.
TheGersh said:I don't know how much you are beginning with, but if you're going to make less than 10 trades a month, and don't have any idea of what to expect in an online brokerage then go with Zecco.
If you request the money market sweep (this is for balances above $500) you can get ~4.25% interest on your money which is higher than everything else out there. Sogo is about 2%.
With BoA you get free trades with 25K in a BoA checking/savings account, not in your actual brokerage account.
If you make anything over 10 trades a month, I would go with either SogoElite ($1/trade as long as you are trading less than 250 shares at a time) or Interactive Brokers ($1/trade, 200 shares max, $10 min/month) for the improved customer service/trading platform.
How do I request the money market sweep?
By the way, Zecco Trading will credit an interest rate of .5% annually (.5% APR) on cash balances held in all accounts. 0.5% APR paid monthly based on average monthly cash balance.
Zecco executes fast in my experience. As fast as Ameritrade. You can have Zecco put your cash in a MM Sweep that was paying 4.3% before the rate drop, not sure what it is now. Thinkorswim has the best trading software imo and offers $5.00 trades.
gotsmack said:use td ameritrade go to tdameritrade.com/7 to get $7 trades. They'll offer more services and such. Money sitting in cash gets barely anything though. Offer expires 9/30. Any new link?
scanchain said:gotsmack said:use td ameritrade go to tdameritrade.com/7 to get $7 trades. They'll offer more services and such. Money sitting in cash gets barely anything though. Offer expires 9/30. Any new link?
Nope. Try to push it through anyway. If you don't get the $7 trade then call up to complain and threaten to go somewhere else.
I had an existing account and I called to complain about new customers getting $7 trades, then the rep spoke with his manager and let me have the $7 trades for depositing $2k.
I am an apex client though so you may not have the same outcome if you only have a few $k.
I am not a trader.... I am not going to play with a lot of MONEY! I have a couple of certificates for stocks... which I want to pu into an acoount.... then maybe trade and cashout, or maybe play some more!
I want the cheapest trades, no fee for closing, no hard inQ's for opening , etc.... ALTHOUGH I may want to use the resulting funds in a ROTH.... so that is the last twist I am adding!
I have been researching and I think Zecco may fit the bill.... but others may have other opinions which I welcome!
1) They charge 1/2 a cent per share and never more than 0.2% of the trade. 2) They give you interest at LIBOR - 0.5% (only for cash in excess on $10K) 3) They have the fastest execution platform. This is probably the best feature. Their smart routing will take your order where you get the highest price for selling and lowest price for buying. Ameritrade, ETrade & others route it to a market maker and you will never get the best price as Interactive Brokers. This alone means you save more than your commissions. 4) They are an integrated platform with stocks, options, futures & FOREX , all in one place(and with cheapest commissions). 5) You can trade over 10 different exchanges across the world, all from your browser.
I challenge anyone to find a better broker out there than Interactive Brokers.
NorthStar2020 said:You guys have ignored the best broker in the universe. Interactive Brokers
1) They charge 1/2 a cent per share and never more than 0.2% of the trade. 2) They give you interest at LIBOR - 0.5% (only for cash in excess on $10K) 3) They have the fastest execution platform. This is probably the best feature. Their smart routing will take your order where you get the highest price for selling and lowest price for buying. Ameritrade, ETrade & others route it to a market maker and you will never get the best price as Interactive Brokers. This alone means you save more than your commissions. 4) They are an integrated platform with stocks, options, futures & FOREX , all in one place(and with cheapest commissions). 5) You can trade over 10 different exchanges across the world, all from your browser.
I challenge anyone to find a better broker out there than Interactive Brokers.
I don't disagree that IB may be a great place for traders --- but for a small investor with a small amount of trades --- tradeking is a nice user friendly environment --- the $5 trades are cheap enough --- and the customer service is good
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