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View Full Version : Online brokers - recommend please

11-28-2005, 02:23 PM
I'm looking to get an online brokerage account to start a little portfolio.

I used to have an etrade account and was fairly happy with their service but since this was about 2 years ago I would love to hear some new recommendations.
Sniper
11-28-2005, 04:11 PM
If your intent is to make a few trades a year, then just about any of the primary online brokers are good.

You should select the one that has the research products you are most interested in, and an interface that you are comfortable with.
11-28-2005, 05:09 PM
Well I might be making about a dozen or more trades a month as I plan on taking a small amount of money to basically gamble on anything that looks interesting in short time frames (right now I'm planning on putting the real bulk of my savings in the safest thing I can find as I am clueless about real investing and dont want to f up).

I was really just wondering if there was a clear 'best choice' out there. But I guess I'll just use etrade since I already have an account with them and from the tone of your post it seems they are all basically equal.
Sniper
11-28-2005, 05:35 PM
They are all basically equal, unless you plan to be an active trader, at which point you should look for a Direct Access broker... like Tradestation, Cybertrader, InteractiveBrokers, TerraNova, etc.

A direct access broker will generally provide less hand holding/support/extras, in exchange for lower commissions and better executions for an active trader.
11-29-2005, 12:37 AM
If you aren't going to actively trade, I recommend Scottrade. I use it for my personal portfolio and for the investment club at my college. Good service, $7 a trade, nice interface.

Yes, this is my first post. No, I don't work for Scottrade.
RikaKazak
11-29-2005, 12:41 AM
www.scottrade.com (http://www.scottrade.com) is a MUST!!!!!!!!! Excellent customer service, quick to answer, and only $7 a trade, no account minimum, no $0 balance fee, ETC. ETC. I've used them for over 3 years and STRONGLY RECOMEND them!!!!!
Sniper
11-29-2005, 02:51 PM
[ QUOTE ]
If you aren't going to actively trade, I recommend Scottrade.

[/ QUOTE ]

Scottrade is not the best choice for an active trader, you will get horrible executions compared to a direct access broker.

Are you using ScottradeElite?
housenuts
11-29-2005, 04:48 PM
[ QUOTE ]
and only $7 a trade

[/ QUOTE ]

do most brokerages have a flat fee like this? are any based on %? I plan on making smaller trades and $7 per could really cut into the profit (if any)
Sniper
11-29-2005, 05:07 PM
[ QUOTE ]
do most brokerages have a flat fee like this? are any based on %? I plan on making smaller trades and $7 per could really cut into the profit (if any)

[/ QUOTE ]

The commission at the direct access brokers are < .01/share.
11-29-2005, 10:20 PM
[ QUOTE ]
[ QUOTE ]
If you aren't going to actively trade, I recommend Scottrade.

[/ QUOTE ]

Scottrade is not the best choice for an active trader, you will get horrible executions compared to a direct access broker.

Are you using ScottradeElite?


[/ QUOTE ]

Yeah Sniper, I said "If you aren't going to actively trade, I recommend Scottrade."
Sniper
11-29-2005, 10:42 PM
oops... thats what I get for multitasking /images/graemlins/wink.gif
11-30-2005, 12:03 AM
does scottrade work for canadian too??
11-30-2005, 12:10 AM
I know ameritrade does. Pretty much like scottrade tho waits on the phone are a bit longer,,,also if you trade a lot they'll send you an ameritrade pen, my friend got one for make 10k trades last yr lol
gmandan
11-30-2005, 12:53 AM
Troy Group Inc. recently had their eCheck system compromised and Scottrade uses this company for their ACH transfers. So now you can't do ACH transfers online but I believe if you have a local branch nearby you can just drop off checks. Btw, are these direct access brokers worth looking into since it seems that the commissions will come out to be much lower than Scottrade's. I'm a buy-and-hold type of investor so I make about one or two trades a month if at all.
Packerfan1
11-30-2005, 07:11 PM
Ya, I quickly switched from Scottrade to MB Trading once I learned about them. $1 or $2 a trade vs. $7 a trade is a big difference when you're making 3-6 trades a day.

As a side, I kept my Scottrade account active with a little cash as a backup broker and a chart backfill service for MB's Quotetracker interface.

Hope that helps.
Pack
11-30-2005, 10:43 PM
looking at their commission structure its not to good if your trading 5k shares of something compared to ameritrade or any of the other biggies.
Sniper
12-01-2005, 12:08 AM
[ QUOTE ]
looking at their commission structure its not to good if your trading 5k shares of something compared to ameritrade or any of the other biggies.

[/ QUOTE ]

If you are trading in size, don't forget the impact of breaking up your order flow to leg into and out of trades.

Some of the commission schedules work much better for doing this than others.
12-01-2005, 12:14 AM
well that all depends on liquidity, if your trading JDSU it aint gonna matter but if your trading ABLE then yes its beneficial
Packerfan1
12-01-2005, 11:48 AM
Since most of my swing trades are 100-500 shares, I wont have to worry about that issue for quite awhile.

Didnt think a guy looking for his first broker was going to be trading in $200,000 blocks. Silly me.

Pack