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Online Broker Advice

  • 11-07-2008 3:12pm
    #1
    joekelly123
    Closed Accounts Posts: 29 ✭


    Hi all,

    I'm looking at setting up an online trading account and was wondering what the general consensus on the best one to go with?

    I'll be trading mostly American stocks.

    I've been trying to do my research but its a bit of a mine field trying to figure out all the small text.

    Of importance is:
    • Costs and Commissions
    • Trader Platform/Software (ease of use etc.)
    • Maintenance fees
    • Min Account Balance
    • Support

    This is a bit on what I've found out on some

    FirstTrade
    Commission = $6.95 flat rate for online orders. No limit on shares or dollar amount and no handling fees.

    E*TRADE
    Seem to have a lot of if buts and maybes.
    Not sure if it can be used by Irish Residents

    ScotTrade
    $7* unlimited shares
    $0/$0 Quarterly/Annual Account Maintenance Fee

    Interactive Brokers
    USD 0.005 per share
    Max 0.5% of trade value plus exchange, ECN, and specialist fees
    Not sue on Maintenance

    TD Ameritrade
    Trade free for 1st 30 days + $100 sign up bonus
    $9.99 per trade thereafter (No maintenance fees)

    Fidelity
    $19.95 standard ($.015 per share for each share over 1,000)
    $10.95 72+trades/year ($.015 per share for each share over 1,000)


    Any help would be great.


Comments

  • #2
    HappyT90
    Closed Accounts Posts: 1 ✭HappyT90


    I currently use Firstrade. Their cost and commissions are cheaper than most big name brokers like Scottrade, Schwab, Ameritrade, and Etrade. Their trading platform is catered to beginners. There are cheaper brokers like Interactive Brokers, SogoTrade, and Zecco, but they are all hard to use. Zecco, who has free trades, has especially bad customer service. I guess Firstrade's service is decent. I would recommend them.


  • #3
    SoCal90046
    Closed Accounts Posts: 192 ✭✭SoCal90046


    I use Zecco; if you can use Zecco from Ireland, I'd suggest you use it. It doesn't have customer service, but I have never needed it. There is a discussion forum where people are pretty friendly and helpful.

    I'd also suggest that you look at sogotrade.com and sharebuilder.com. I have found all three to be very easy to use. zecco is a little hard to set up an account, but after that, it's easy.


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