Discussion in 'Small and Medium Sized Businesses' started by Benjamin, May 25, 2005.
on a scale of 1-10, how important do you feel a broker is for advising where you put your money
1. I trust my own research enough.
are you satified with your scottrade account?
does anyone have anything to say about sharebuilder? I am just starting out with investing and they seem to offer the best plan for someone like me (no minimums). They were mentioned in an article @ msn money
Start investing with just $100
I'd like to know that myself. Considering my income level, and I'm just now learning and preparing to start a portfolio online, I'm probably gonna start with Sharebuilder. Maybe start with a couple hundred in an index I like that gains kiler returns and then slowly grow it with more earnings from some safe short-term "shoe-in" trades...at least until I get my feet wet. It sounds like a pretty good deal for starting out if you're not gonna hastle with options and other more complex methodologies. I already know the ups and downs between market orders and limit orders, but for now, someone like myself can't beat $4/trade. Only thing is, I think the difference between a $4 market order and a $20 limit order seems a bit suspect. Probably about the same difference everywhere though.
Anyone got any insight to add?
so after doing some thinking ive decided to open up a scottrade account. Im funding it with a security that ive owned for a while but was holding onto.
Now i think i have the confidence to get started , and scottrade seems to be the best for me
scotttrade is the way to go...
If you are really limited on amount to invest sharebuilder is nice but onyl for the long term as to get in on there low priced deal your stock is bought only once a week or day i think... unless you want to pay the higher fees.
Scottrade hands down! Cheap and they have good help.
I believe to get the $4 a trade from sharebuilder you have to be okay with them making the purchases on Tuesday. I do not remember exactly what policy is but I would look into it before opening an account with them.
Sharebuilder is not where you go for real-time trades! The price for one is $16?!?!
geb9696, how is your Scottrade account treating you?
So far everything has been going very well. I like that fact that the commsion is so small. Since I have limited money in the account that was a huge concern for me. Another thing that is nice for me is that they have an office that is only 15 minutes from my house. So if anything goes wrong I can just drive there and they can fix it for me. Lastly they have an option to have an account balance trade conformation mailed to your house after you buy something but it cost $2. This is an option in the preferance section of each account. I did not know about it but when I made my first trade they called my house to notify me about about it and how to change it incase I didnt want to pay the $2 on future trades. So far I like it.
Did you have to pay the $2 or did they clear it with you first? It seems like in the age of email its just a way for them to make a couple bucks... heh I bet that is where all their profit comes from.
They charged the two dollars but they told me how to set it so I recieve an e-mail. If you open up an account with them I would change that before you make any trades.
As of next week, Harris Direct will be absorbed by E*Trade.
How have you being doing with your Scottrade account. Any insights?
Any new members need to vote here on this? It's good to get as many opinions as possible. 8)
"Enter orders for stocks and ETFs (Exchange Traded Funds) in either dollar or share amounts. TradeKing charges the same $4.95 per trade commission for all clients. $4.95 is all you pay, regardless of the size of your account or your trading frequency, and that same rate applies to market, limit, stop and stop limit orders."
I like TradeKing just because they are cheap 4.95 per trade on limit or market orders and they trade options at .65 per contract, and their screener is flat out awesome and even better than the new yahoo java screener, there is no account minimums for cash accounts and you can actually open your account with no cash (of course you can't trade like that) . They are relatively new and based in Boca Raton Florida, that's all I have to say about them. Check them out. I am sure Scottrade is the pick for most of you mainly because they are cheapest, cheers to competition. 8)
Why, did you start this thread Benjamin? lscratch
A friend asked me which brokers I would recommend him with no minimum balance required. I currently use Scottrade for mutual funds (IRA) and LowTrades for stocks.
I'm satisfied with Scottrade except the fact that they charged me $17 each for selling some of my Bridgeway and Royce fund. They told me that they are no longer a NTF (no transcation fee) fund. I thought they should have sent me a memo on this then I would not have sold some of my positions in the fund.
Lowtrades I use because of the low commissions but it is barebones. $5 per trade, market or limit. They have trailing stops (but not trailing percentage stops) at no extra cost.
I told my friend that I'm not really satisfied with Lowtrades. They now charge an inactivity fee plus you are only allowed up to 500,000 sh/trade on penny stocks. If he likes dirt cheap commissions with more features, then he should try TradeKing. I'm planning of transferring to TradeKing which charges $4.95 for all commissions. Choicetrade is another one which charges $5 also for everything.
MB Trading is another low-cost broker to keep an eye on. If you buy or sell 500 shares or less, it will cost you a penny per share. So if you trade 500 shares, your commission will be $5. If you trade more than 500 shares at one time, you are charged a half a cent for every share above 500. So if you buy 1,000 shares, your commission will be $7.50
I say have two brokers. One with ultra cheap commissions and one that has lots of features. Not sure if Scottrade is the best in the features aspect. I think Ameritrade or Etrade wins on this but they require bigger minimums plus I think they charge you for account inactivity. One feature I'm looking for is a trailing percentage stop.
BTW, I really like Ameritrade's web interface, their trading desk, the research features, screeners, streamers, etc. I have a friend who uses it. I also have another friend who uses Etrade who can compete with Ameritrade with those features. I couldn't say the same for Scottrade.
If you are still undecided here's a link to help you decide:
http://www.brokeradviser.com/?kw=Broker ... erAdvisors
BTW, BuyandHold & Foliofn are better (commission-wise) than Sharebuilder if you plan to hold a lot of stocks. It's like being your own mutual fund manager. But before you delve into fund managing, you may want to test the waters first. A site like eInvesting.com but caters to mutual fund management is Marketocracy.com where you can create a virtual portfolio of stocks and get ranked against fellow members and against real funds. Foliofn.com also allows you to create a virtual portfolio.
You have to include more selections. Here is an article of the best online brokers. I don't think it's complete however.
http://www.dailyreckoning.com/rpt/BestO ... okers.html
Owned by Ameritrade. $5 trades, no maintenance fees, no per share charge. $5000 min to open account.
$5 trades, no inactivity fee, no limit on shares to be traded. No minimum to open account.
$4.95 trades, no inactivity fee as long as you make one trade every 6 months, limit of 5m shares per transaction. No minimum to open account.
$1 to trade 100 or less shares. $0.005 per share over 100 shares. $5000 min to open account. $10 monthly inactivity fee.
$1-$3 trades depending on subscription package ($0-$15/mo). $500 account minimum. No inactivity fee. Trades over 5000 shares is regular commission + .005 per share above 5000. Add'l fees apply for stocks <$1
Free, $2500 minimum to open account.
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