Brokerage - who does everybody use?

[poohgoil]

Hey guys. . .shopping for a new online broker. Who does everybody use, and what do you like and dislike?

Brooke

[Justmakinmoney]

Scottrade is what Im using right now. Cheap trades. Only problem is that they don't do electronic bank withdrawls so you either have to mail them a check or take one to one of their branches. Other than that I haven't had any problems.

[TonyM]

+1 on Scottrade I've been pleased with them, they are supposedly working on electronic deposits, according to my local branch manager this may happen later in the year, could be just blowing smoke so as not to lose my business though.

[stck8ter]

Either of you using their scottradeELITE software with level II quotes?

I think I can start using it now that I have the min balance required, and I'm sure I can make the 10 trades a month so that it's free.

[TonyM]

Yes, I love the elite software, a very useful utility. You might need a margin account or have enough settled cash to be able to make 10 trades in 20 days, since you'll be running into the 3 day fund settlement problem if all of your cash is being used for trades.

[Justmakinmoney]

I have been looking into Bank of America's investing accounts. Does anyone have one of these? It seems like it would be very easy to use if it is linked to a checking or savings account there. If you have a certain balance the trades are around 7 or 8 bucks. But as with most banks Im sure there are crap loads of hidden fees.

[TonyM]

I considered them (bank of america) since I have 6 accounts with boa, but after reading over their program I felt they did not offer as much value as scottrade does.

[poohgoil]

Tony, what do you feel ScottTrade has over BoA?

[poohgoil]

I use Fidelity now and Ameritrade. Ameritrade is awful---I only keep them because I had money there and it was hassle to take it out. I'll stop using them once the money is used.

Fidelity has GREAT features. Their trade costs seem a little high. Fidelity has given me Active Trader Pro, a GREAt tool. Their electronic withdrawals and deposits are quick, too. When I schedule a deposit from my BOA checking, I can use the funds to trade immediately.

Guess I'm wondering if someone has a broker with great features and lower cost trading. At Silver level, fidelity is $10.95 per trade up to 1000 shares, and $0.015 per share thereafter.

[mlegha1]

Tradeking for short time trades
Sharebuilder for long term investments..

[clavocat]

Yes, I love the elite software, a very useful utility. You might need a margin account or have enough settled cash to be able to make 10 trades in 20 days, since you'll be running into the 3 day fund settlement problem if all of your cash is being used for trades.


once you have 25k you can make as many trades as you want in a day or week or anything, cuz your legally a daytrader.

[TonyM]

Tony, what do you feel ScottTrade has over BoA?

Well, BoA offers Active Trader Program vs Scottrade Elite, both require minimum balances of 25k, however BoA also makes you wait until you have 31 trades complete for access, and you need 61 trades for level II quotes. As far as I could surmise BoA does not offer a real time ticker or any research tools unless you are an member of the Active Trader Program, whereas a regular Scottrade account does.

I was a long time customer of Wachovia, and switched to BoA because I had several accounts with them any, and they have a more useful online account access and transfer utility, however their fees and customer service leave room for improvement.

[TonyM]

once you have 25k you can make as many trades as you want in a day or week or anything, cuz your legally a daytrader.

$25k does not make you a daytrader, and even if it did it does not change the rules of a free ride; you cannot sell buy or sell funds with funds that were used to buy or sell before the funds settled...doesn't matter if you have $25 million, you must have settled cash or a margin account equivalent to your new buy/sell amount without being charged with taking a free ride.

[unstatusthequo]

I just transferred all 3 of my accounts from Fidelity and Scottrade to thinkorswim.

UNBELIEVABLE service, streaming real-time quotes, greeks, 10 day software trial, $0.015 per share trades (min of $5) or flat rate at $9.95... OR CHOOSE YOUR OWN PRICE STRUCTURE. (No, I **** you not.)

And, unreal perks like FREE ACAT transfer from your broker, possibility of FREE high speed internet (40 trades per month = you get a $40 credit), Palm Treo 700w software, Autotrading, etc...

Anyway, here's the comparison page:
https://www.thinkorswim.com/tos/displayPage.tos?webpage=whythinkorswim

And no, I don't work for them, they just impress the hell out of me... I made 3 support calls with questions, and got a person on the line within 10 seconds...

[impulse]

I use e*trade

[roehrigs01]

Think or swim also.. much better than Interactive Brokers... I very much agree with unstatusthequo

[deerhunter]

scottrade

[Lou]

Scottrade and Charles Schwab - had Schwab for about 7 years. Scottrade about two.

[aiki14]

E-trade for trading in small amounts and stocks under $3. Merrill Lynch for everything else.

[WhiteKnuckling]

Scottrade.

Straightforward, great web design, and instanteneous execution.

Level II quotes, and reasonable option trading commissions, too.

[channao]

I use E-Trade. If you make enough trades in a quarter (I forget the exact number), you get promoted in status and your commission is cheaper.

[bahroor]

I just transferred all 3 of my accounts from Fidelity and Scottrade to thinkorswim.

UNBELIEVABLE service, streaming real-time quotes, greeks, 10 day software trial, $0.015 per share trades (min of $5) or flat rate at $9.95... OR CHOOSE YOUR OWN PRICE STRUCTURE. (No, I **** you not.)

And, unreal perks like FREE ACAT transfer from your broker, possibility of FREE high speed internet (40 trades per month = you get a $40 credit), Palm Treo 700w software, Autotrading, etc...

Anyway, here's the comparison page:
https://www.thinkorswim.com/tos/displayPage.tos?webpage=whythinkorswim

And no, I don't work for them, they just impress the hell out of me... I made 3 support calls with questions, and got a person on the line within 10 seconds...
FYI... the 9.95 flat rate is good as long as your order is under 5,000 shares.
Otherwise they will charge more for additional shares. That can be a problem with penny plays (since I bought 120,000 shares with my last penny play), otherwise looks good.

[Seamus]

I guess I am the only Ameritrade person that likes the service so far. I do have it connected to my checking account and moving money back and forth is setup for free and can be done online.
they have dropped their commission rates and I trade enough to get the Apex service for free. Hasn't hurt, and does what I expect.

[stck8ter]

I've been using Scottrade Streaming Quotes which is their web-based java program. However, I know qualify to use their premiere Scottrader Elite with Level II quotes.

Does anyone else use scottrader elite? I guess I'm used to the java program and am having a weird transition. Which option and features do others use?

[Tides_are_Turning]

About time. I just signed up for Scottrade's direct deposit:lol: :lol:

[Rhoniel]

Hi all,
On some days I do not have all day access to my desk top. I am interested in an online brokerage with good pda / cell phone software to monitor the positions and execute the trades.

What other brokerages offer mobile trading solutions besides thinkorswim and Scottrade (very rudimentary mobile access solution)?

Regards,

[Empire]

This is off topic but I'm somewhat confused on margin rates and I didn't think it deserved its own thread. The average 9% or so margin rate is what? Do you pay 9% after you sell back what you margined off? So as if it's a 9% hit on your investments? Or do you pay 9% per year on your total margined amount, like an APR or an interest rate? Please help, haha.

Thanks!

[TonyM]

This is off topic but I'm somewhat confused on margin rates and I didn't think it deserved its own thread. The average 9% or so margin rate is what? Do you pay 9% after you sell back what you margined off? So as if it's a 9% hit on your investments? Or do you pay 9% per year on your total margined amount, like an APR or an interest rate? Please help, haha.

Thanks!

It's just like a loan from the bank, so for 9% apr take 9% of the amount you borrowed and divide by 12 for a monthly payment amount, divide again by 30 or 31 days for a daily cost of the amount you are borrowing.

[bahroor]

Hi all,
On some days I do not have all day access to my desk top. I am interested in an online brokerage with good pda / cell phone software to monitor the positions and execute the trades.

What other brokerages offer mobile trading solutions besides thinkorswim and Scottrade (very rudimentary mobile access solution)?

Regards,

scottrade offers mobile trading?????????????

[Billionaire Boy]

I'm a Fidelity man

[Rhoniel]

scottrade offers mobile trading?????????????

You may want to check out following site.

https://mobile.scottrade.com/ppc/index.asp

It is not the best online trading solution, but it lets you monitor your positions and execute trades through a smartphone or wireless enabled pda.

Now I'll appreciate if someone can please tell me which other online brokerages offer mobile trading solutions? Thank you in advance.
Regards.

[Rich]

Just came across a broker called Zecco, a division of Equinox.

http://www.zecco.com/reference/faq.aspx

Forty free trades a month with up to 10 free trades a day, renews every month. After 40 trades per month its only $3.50 a trade.

For a small time investor just starting out this seems right for me....

Anybody have any knowledge or information about this broker?

I found it here: http://www.broker-reviews.us/

[scottykaps]

Just came across a broker called Zecco, a division of Equinox.

http://www.zecco.com/reference/faq.aspx

Forty free trades a month with up to 10 free trades a day, renews every month. After 40 trades per month its only $3.50 a trade.

For a small time investor just starting out this seems right for me....

Anybody have any knowledge or information about this broker?

I found it here: http://www.broker-reviews.us/


I am using Zecco for my trades. They are a new company, guess they will be upgrading to offer more in the future.

They free trades is with a $2500 minimum signup. You do not need to maintain a balance after the $2500 transfer (and all the paperwork).

They have electronic money transfer - you just need to setup your account and verify 2 small deposits.

Customer service is awesome. Just wish they had mobile support.

[bahroor]

Just came across a broker called Zecco, a division of Equinox.

http://www.zecco.com/reference/faq.aspx

Forty free trades a month with up to 10 free trades a day, renews every month. After 40 trades per month its only $3.50 a trade.

For a small time investor just starting out this seems right for me....

Anybody have any knowledge or information about this broker?

I found it here: http://www.broker-reviews.us/

so basically, unless you day trade, youll never have to pay for a trade. Am I correct?
From your link.. this quote.... "No customer service phones"

sounds too good/fishy to be true.
hopefully you find some happy users before you give them your money.

[scottykaps]

From My Zecco Account:


Contact Zecco.com
We have created Feedback Topics in the Forum area. Feel free to post your comments, so we can take them into consideration as we strive to improve your user experience.

If you want to contact us directly about the Zecco Community or Portal, please send an e-mail to the Zecco Editor at editor@zecco.com.


Contact Zecco Trading
Need to contact Zecco Trading? Here you will find instructions to get in touch with us, to fund your account, and to answer general questions about your account.

* To contact general Customer Services, please send an e-mail to:
customerservice@zeccotrading.com
* For questions about your New Account, please send an e-mail to:
newaccounts@zeccotrading.com
* For telephone orders and questions you may reach the Zecco Trading Team at: 909 657-6655. Please keep in mind the costs associated with placing telephone orders.
* Our fax number is: 909 657-6638



They have a customer service number. They just charge extra to trade over the phone - I guess

[bahroor]

forget the customer service number, since you use them. how is it? any feedback?
enjoying your 40 free trades every month??

EDIT:
missed your post above.
so you DO get 40 free trades every month, correct?

[scottykaps]

So far. so good. I am enjoying the free 40 trades a month - Figure I can make a trade a day. Its perfect for someone who is looking to only make a few trades a week (or month).

Trades are really quick. Maybe it takes 10 seconds MAX. Non of my limit orders have kicked in yet, so I can't really comment on that, but I am sure it works fine.

I was told by one of their reps that they also offer a money market option where you can earn interest on the money just sitting in your account.

They send me a monthly statement from their clearing house (Penson) every month. I just got October's statement last week.

[bahroor]

Non of my limit orders have kicked in yet, so I can't really comment on that, but I am sure it works fine.
can you elaborate on this? meaning you always use market orders?

I was told by one of their reps that they also offer a money market option where you can earn interest on the money just sitting in your account.
isn;t that where the money you deposit sits anyway until you use it for a trade?

thanks in advance

[scottykaps]

can you elaborate on this? meaning you always use market orders?


isn;t that where the money you deposit sits anyway until you use it for a trade?

thanks in advance


I have only used market orders with Zecco so far.

And yes - the money that you deposit which is not in the market I would think is the only thing eligible for interest. I do not have this feature enabled yet, so I couldn't really tell you about the interest you can earn.