Best online brokers

[clavocat]

I did search, and i found some stuff, but i own Scottrade now, and the 7$ commisions kill profits, im investing with smaller amounts but I will be very active. I heard Interactive Brokers is good with low commission...any other suggestions, also how does everyone like IB?
Thanks
Chris


one more thing, what does it mean when you guys say its more of a software program, or something like that...you guys said it is different than say scottrade, etrade and ameritrade???

[mlegha1]

www.tradeking.com
has no min balance and commission is $4.95 for the shares above $2.00
IB is good but the min balance is atleast $2000 commission wise it is one of the cheapest out there.

[clavocat]

www.tradeking.com
has no min balance and commission is $4.95 for the shares above $2.00
IB is good but the min balance is atleast $2000 commission wise it is one of the cheapest out there.


so all i need is 2000 in there and im good to go? is there any catch that i will see problems with...it seems too good to be true (cheapness wise) thanks for the help

[Bman409]

so all i need is 2000 in there and im good to go? is there any catch that i will see problems with...it seems too good to be true (cheapness wise) thanks for the help

There's no "catch" that I know of at IB..

$2000 to start, and you're in.. I've used it for years and I swear by it


there is a $10 minimum monthly "fee" that is waved if you do $10/month (or more) in commissions.

[Bman409]

There's no "catch" that I know of at IB..

$2000 to start, and you're in.. I've used it for years and I swear by it


there is a $10 minimum monthly "fee" that is waved if you do $10/month (or more) in commissions.


and what's even better.. it is almost NEVER "down" (ie, inaccessible)

I can think of only 1 or 2 times in the past 2 years and even then, it was for like an hour

[clavocat]

and what's even better.. it is almost NEVER "down" (ie, inaccessible)

I can think of only 1 or 2 times in the past 2 years and even then, it was for like an hour


thanks, actually ur the one who told me about it, i looked at it and it looks good, beats 7 dollar trades...how do you like the software? and how does it differ from other brokers (ie. scottrade, etrade, ameritrade, etc) like does it have streaming quotes, easy buy/sell, all ur limit orders, good research and charts. thanks again.

[roehrigs01]

I use IB...only $2k to play...actually you can play with less... open an account and x-fer in $500..they will let you play with it that is how I started... use to use Buy&hold..they are a bunch of clowns...pick from about 4K stock at all market buy & sells in 3 1-hours daily windows...

at IB, commisions are cheap, but the accounting is crap pretty much...

and it usually is down at night... like right now...lol

and they will make sure you are not on the edge of a "day trader" violation if you are under $25K....

[Bman409]

thanks, actually ur the one who told me about it, i looked at it and it looks good, beats 7 dollar trades...how do you like the software? and how does it differ from other brokers (ie. scottrade, etrade, ameritrade, etc) like does it have streaming quotes, easy buy/sell, all ur limit orders, good research and charts. thanks again.


I have no problems with the software.. streaming data is excellent.. buys and sells are wonderful.. you have a whole host of different kinds of orders you can place (limit, stop limit, market, market on close, etc, etc).

Research stinks.

I don't use the site for any research at all, nor do I use it for charts..

I use a simple subscription to QUOTE.COM for my live intraday charts.

[tekbubble]

FolioFn.

There are several plans. I pay $300 a year for 400 free window trades a month, 3.95 limit, market, etc orders. Windows are at 11am and 2pm. Whatever orders you place are executed at the window. Stocks are organized in Folios, which can be atomatically balanced to whatever percentage you set. And they have ready-to-go folios.

[rgrbic]

What about Fidelity? Anybody out there trading through them? I thought that with my IRA and rollover IRA, why not trade through them as well?

Thanks...

[David411]

I use firstrade.com, works great for me

[roehrigs01]

I used IB TWS this morning.. it is IB's stand-alone trading software...pretty good... definitely better than their webtrader... took me a little bit of screwing around to figure it out but I got it... plus they do have a huge online manual for any help.

[Bman409]

What about Fidelity? Anybody out there trading through them? I thought that with my IRA and rollover IRA, why not trade through them as well?

Thanks...


I used Fidelity's Activetrader trading platform... not as good as IB's , but it was adequate

I didn't have nearly as many options on trading order types, etc (limit, stop limit, etc) as I did with IB, but it was Ok

[clavocat]

I used IB TWS this morning.. it is IB's stand-alone trading software...pretty good... definitely better than their webtrader... took me a little bit of screwing around to figure it out but I got it... plus they do have a huge online manual for any help.


you mean there is a software version and a website version? explain please. i want to get this but i wanna make sure its good first. thanks

[roehrigs01]

yep... 2 versions... TWS and Webtrader

-stand alone TWS that you can install on the computer.
-Internet based TWS that uses JAVA.
-Internet based WEBTRADER (good for firewalls and incognito trades while at work).

The TWS is better (has more features) but the Webtrader works fine too.. I have to use webtrader at work due to firewall..but use TWS at home. I like the simpleness of webtrader but TWS shows a lot more info...

go to the IB website under TWS.. they have a dummy login that you can use to play around with the TWS and webtrader software...

[clavocat]

yep... 2 versions... TWS and Webtrader

-stand alone TWS that you can install on the computer.
-Internet based TWS that uses JAVA.
-Internet based WEBTRADER (good for firewalls and incognito trades while at work).

The TWS is better (has more features) but the Webtrader works fine too.. I have to use webtrader at work due to firewall..but use TWS at home. I like the simpleness of webtrader but TWS shows a lot more info...

go to the IB website under TWS.. they have a dummy login that you can use to play around with the TWS and webtrader software...

Thanks, now why do they have 3 different ways to trade? besides the firewall issue. do they all cost the same. thanks again, any more details about this would be appreciated...like how should i send money in (should i wire it in)...also it sais something about a fee for withdrawals?


Chris

[roehrigs01]

The TWS is the same program...you can install it to your computer or just use the online version.... or if java is blocked/firewall issues... you can use the webtrader...

commisions are all the same as shown on the site for all programs.

once you make an account you can set up a direct link to your bank account thru thier Fund management section...to xfer money..no transfer fees that I have found yet. you can wire money in...but your bank will charge you... with no gaurentee you can start trading any quicker...

I'd make the account and set-up the link to your bank account.. this takes a few days while they approval everything.. meanwhile you can use the demo to learn the trading software/system....

[clavocat]

sounds good, so all my money in my bank account could be used to trade with, and when i buy it takes money out and when i sell it puts money back in, so if i need to i can take it right out?

[roehrigs01]

I saw in another thread you are using scotttrade... you might be able to do an acat from IB... which is a full account transfer from scotttrade to IB... that would make it very simple.. they just transfer everything over from scott to IB...

I use to use Buy and Hold... they don't accept acats... so I have to sell, withdraw, deposit to my bank and ach over to IB... sucks... like 3weeks downtime of that funds....

[clavocat]

I saw in another thread you are using scotttrade... you might be able to do an acat from IB... which is a full account transfer from scotttrade to IB... that would make it very simple.. they just transfer everything over from scott to IB...

I use to use Buy and Hold... they don't accept acats... so I have to sell, withdraw, deposit to my bank and ach over to IB... sucks... like 3weeks downtime of that funds....


I'm not sure im understanding you exactly...are you saying i could just transfer my funds straight from scottrade to IB, then if i need to add funds i would have to do a transfer from a bank..and it takes 3 weeks?? and then u said i could do an acat from IB , but then u said they dont accept acats?? sorry im just confused...bare with me im new to all this lol...but thanks for all the help.

[roehrigs01]

I said Buy & Hold (my old online broker) doesn't accept ACATS... they suck... That is what takes 3 weeks... due to having to sell all and make a withdraw from B&H....

I looked on IB.. they do ACATS with Scottrade.. so you can just open your account with IB and then submit an ACATS from the IB site to transfer all holdings & cash to IB from your Scottrade account. Transfers take "From 4 to 8 business days depending on your third-party broker. "