I have no idea what discount broker to use
 

My friends and I are starting an investment club.

Pretty small time at the moment.

Out club is going to be modeled as such:

Long term buy and hold
purchases of 1-5 stocks a month
Some of the purchases will be the in same stock
Dividend reinvestment would be a plus
Monthly purchases would total $200 a month (Unless for some reason we sell a position (not really club objective) and have a lot of additional cash)

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Buy and Hold seem to carter to long term investing, but slap you for $15 for a real time order

Same with Sharebuilder

The upside to those is that they have low monthly costs for our club, and we'd get 2 trades for cheap.

Scottrade looks nice at $7 a trade, but sadly no reinvestment.

Any other I'm missing, or thoughts from the crowd?

Sarge[img]/images/graemlins/diamond.gif[/img]

Re: I have no idea what discount broker to use
 

Even the lowest one you mentioned was $7, which is a 3.5% bite of each and every single investment you guys make. Ouch. With such small numbers, I think you should either buy one stock per quarter and buy $600 of it, or up your ante.

Re: I have no idea what discount broker to use
 

Sharebuilder is $4 on the buy side and $15.95 sell side. Sounds like that is the way to go with me.

Real time buys don't sound important to me as you are in it for the long term.

Ditto on the transaction costs, $200 needs to buy only one stock not anymore.