Which Discount Brokers is the Best?
There are tons of stock brokers on the market but who's the best? Here's a summary of the more popular options and what I think of them.
Etrade is one of the earlier players in the discount brokerage and practically invented online brokerages. The user interface is amazing and the commissions are on the higher side in this day and age.
TD Waterhouse acquired Ameritrade to make TD Ameritrade. They also changed it to green but that's about all the changes they made. The online user interface still looks like it's from the 1990s when everything was based on command lines. I would recommend other options over this one any day.
Charles Schwab has been taking share ever since Etrade blew up with its mortgage business. It's sad to see Etrade doing so bad but at least they came up with the Etrade baby. Charles Schwab also has a neat 2% reward credit card which is great if you use them as your brokerage.
TradeKing is a smaller player in the space but it's solid. In fact, it's won many awards from the likes of Barons and Smart Money for its interface, customer support and fast execution.
Zecco has the worst marketing ever but it is one of the few broker that offers free stock trades. If you have over $25,000 or trade 25 times or more, the trades are free. Otherwise, it's $4.50 per trade.
SogoTrade is a nice option because it's $3 per trade. However, it nickel and dimes you on other things like a SEC fee (what is a SEC fee you ask? Exactly!). You may just need to run the numbers to see whether it's going to be cheaper. SogoTrade does seem to do many trades though but it doesn't seem to offer options trading.
Wells Fargo offers a trading platform in its WellsTrade as well. It's free for people with over $25,000 of combined assets with them so it's worth a look (if you have the money). My personal experience is that the platform is lacking but for retirement accounts and/or investors who don't trade often, free trades are a good alternative.
Bank of America came to the self trading platform a few years ago when it offered free stock trades for its clients who have more than $25,000 in assets with them (it could be savings, checking among others). A few years later, you don't hear much about them but I'm sure some of their customers are using them since it's free.
OptionsXpress is known for its options trade. Instead of charging you per option like most firms, this company has a set pricing. They also claim to have no hidden fees so it might be a good option (no pun intended). - 23211
Etrade is one of the earlier players in the discount brokerage and practically invented online brokerages. The user interface is amazing and the commissions are on the higher side in this day and age.
TD Waterhouse acquired Ameritrade to make TD Ameritrade. They also changed it to green but that's about all the changes they made. The online user interface still looks like it's from the 1990s when everything was based on command lines. I would recommend other options over this one any day.
Charles Schwab has been taking share ever since Etrade blew up with its mortgage business. It's sad to see Etrade doing so bad but at least they came up with the Etrade baby. Charles Schwab also has a neat 2% reward credit card which is great if you use them as your brokerage.
TradeKing is a smaller player in the space but it's solid. In fact, it's won many awards from the likes of Barons and Smart Money for its interface, customer support and fast execution.
Zecco has the worst marketing ever but it is one of the few broker that offers free stock trades. If you have over $25,000 or trade 25 times or more, the trades are free. Otherwise, it's $4.50 per trade.
SogoTrade is a nice option because it's $3 per trade. However, it nickel and dimes you on other things like a SEC fee (what is a SEC fee you ask? Exactly!). You may just need to run the numbers to see whether it's going to be cheaper. SogoTrade does seem to do many trades though but it doesn't seem to offer options trading.
Wells Fargo offers a trading platform in its WellsTrade as well. It's free for people with over $25,000 of combined assets with them so it's worth a look (if you have the money). My personal experience is that the platform is lacking but for retirement accounts and/or investors who don't trade often, free trades are a good alternative.
Bank of America came to the self trading platform a few years ago when it offered free stock trades for its clients who have more than $25,000 in assets with them (it could be savings, checking among others). A few years later, you don't hear much about them but I'm sure some of their customers are using them since it's free.
OptionsXpress is known for its options trade. Instead of charging you per option like most firms, this company has a set pricing. They also claim to have no hidden fees so it might be a good option (no pun intended). - 23211
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Stock Trading Brokers give you the latest reviews on different brokers so you don't have to sign up for every one out there and find out which one suits your needs.
posted by X - Men @ 1:28 AM
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