Brokerage - who does everybody use?

Discussion in 'Online Brokers' started by Stacked, Feb 13, 2014.

  1. baudwalk

    baudwalk Senior Investor

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    Scottrade for pin money for a year or two, but I didn't trade enough to warrant keeping the account. Schwab for 8 years or so, but things were too complicated trying to use Schwab Bank and Schwab for brokerage and IRA accounts. The Gold card and moving money around was a pain when paying bills or buying stock. Fidelity is my home now. Easy to use, calm, cool and collected. No muss, no fuss and I have immediate access to everything financial via the smartphone whether we are home or away. My tax guy finds the Fidelity statements the easiest of the bunch to extract and shovel data into the federal and state forms.
     
  2. anders

    anders Well-Known Member

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    Just a quick note to day traders not to overlook the spread cost. Many brokers will give you very attractive monthly fees and other commission breaks, only to find that you're having to trade a massive spread which will actually not only eat up your profit long-term, but make individual trades much more tricky. I fell for this mistake early on - in fact I didn't even know that the spread value could vary between brokers until someone told me!
     
  3. 111kg

    111kg Guest

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    Am I the only one expecting Robin Hood to come to Europe? The fees here are ridiculously high: 0,65% of every order in average, which is extremely high if you ask me, not to say that most of the brokers in my country don't give free trades or bonuses.
     
  4. remnant

    remnant Well-Known Member

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    One should select an online broker with discretion with an eye of what they want to achieve in the stock market. The online brokerage account you use will have a big impact on your expenses and trading capabilities. My favourites are Option House and Ameritrade. They offer strong customer support and advanced trading platforms with no balance or trade minimums and research. Though their commissions are on the higher side, the cost is worth.
     
  5. crimsonghost747

    crimsonghost747 Senior Investor

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    I don't consider that to be such a high fee. As you see here a lot of the brokers are charging between $5 and $10 per trade, resulting in pretty high percentages if you are investing smaller amounts. I'm not sure how these brokers work but usually the fee stated is the minimum fee and it will be higher if you trade in larger amounts. Say you have $1000 extra per month to invest, if you split that into 2 stocks at $5 per trade you'll be looking at 1% fee.

    Personally I'm with IB where the trades are roughly $0.5 per trade but it comes at the expense of a $10 monthly minimum until you reach 200k in your account. It's still ridiculously cheap, especially if you are trading a lot. For the long term investors (like me) it's not THAT useful but still much better than paying those larger fees for every trade.
     

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