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Top Online Broker
Posted on 2/21/17 at 7:59 am
Posted on 2/21/17 at 7:59 am
I don't want to pay $10 per trade and want lots of research. Need to have Level 2 information. Who would you use?
7
Posted on 2/21/17 at 8:22 am to jprice4608
Fidelity.
Posted on 2/21/17 at 8:46 am to jprice4608
quote:
I don't want to pay
quote:
and want lots of research.
Lol..
Posted on 2/21/17 at 10:36 am to jprice4608
quote:
I don't want to pay $10 per trade
well, you would have never made it in the old days before internet trading. I had to pick up the phone and call my commodity broker to place a trade and in those days it cost between 50 and 100 a trade total!
Posted on 2/21/17 at 11:03 am to jprice4608
Robinhood is free. I use it to day/swing trade
I use tdameritrade for long term/investments
Both have great apps
I use tdameritrade for long term/investments
Both have great apps
Posted on 2/21/17 at 7:03 pm to jprice4608
You have four options:
A. Don't pay $10 a trade but miss out on the research and Level 2 that you want.
B. Pay $10 a trade and get the research and Level 2.
C. Request lower fees from TD Ameritrade. It helps if you have a large trading history, large account, or you promise to deposit a large sum soon. I got them to reduce mine to $7.95.
D.Interactive Brokers, though you'll need a $10k account minimum, and they'll charge a monthly fee if you don't trade enough unless your account value is $100k+.
A. Don't pay $10 a trade but miss out on the research and Level 2 that you want.
B. Pay $10 a trade and get the research and Level 2.
C. Request lower fees from TD Ameritrade. It helps if you have a large trading history, large account, or you promise to deposit a large sum soon. I got them to reduce mine to $7.95.
D.Interactive Brokers, though you'll need a $10k account minimum, and they'll charge a monthly fee if you don't trade enough unless your account value is $100k+.
Posted on 2/21/17 at 7:31 pm to Omada
Even on IB you need to pay for various news feeds, market center market depth feeds etc. But you can narrow those charges down a lot because most investors don't need direct feeds from the various options exchanges as an example.
IB is ala carte. But I don't know of a less expensive and more sophisticated platform that retail investors can use.
Otherwise ask E trade for free L2 and 7.99 trades and you might get it. I have no idea about Think or Swim. Think or Swim is a simplistic online brokerage that seemingly a lot of people like to use to trade, and probably get their heads ripped of on. It's probably fine for routine stuff.
Trade Station is another legit place you can check.
IB is ala carte. But I don't know of a less expensive and more sophisticated platform that retail investors can use.
Otherwise ask E trade for free L2 and 7.99 trades and you might get it. I have no idea about Think or Swim. Think or Swim is a simplistic online brokerage that seemingly a lot of people like to use to trade, and probably get their heads ripped of on. It's probably fine for routine stuff.
Trade Station is another legit place you can check.
Posted on 2/21/17 at 8:25 pm to Iowa Golfer
quote:
I have no idea about Think or Swim. Think or Swim is a simplistic online brokerage that seemingly a lot of people like to use to trade, and probably get their heads ripped of on. It's probably fine for routine stuff.
I've seen that ToS is a preferred platform for many professional traders. Certainly not all, of course, and likely not even a majority, but a significant amount. I don't know how simplistic it is compared to IB since I don't have any IB experience, but it's still capable of quite a bit.
Here's a link to a pic of my setup. The link is to my Google Drive since I don't have imgur or anything similar. The sidebar is quite customizable. I put an additional Level 2 app on the sidebar along with the Trade Flash app that alerts me of any large trades as they happen, particularly large options trades and delta hedges. I also have a more expanded Level 2 table in the bottom right. The phone app is quite good, too. Overall, I'm still learning and haven't really scratched the surface.
Posted on 2/21/17 at 9:01 pm to Omada
Interesting. I looked at the online broker ratings and ToS is pretty highly rated. My experience is somewhat dated. Back when I had thought about it, market caster was pretty new stuff, so since then they've upped their game it appears.
Can you route trades on it?
Can you route trades on it?
Posted on 2/21/17 at 9:25 pm to Iowa Golfer
quote:
Can you route trades on it?
Yes, though I don't know how to. From the FAQ:
quote:
In the case of listed stock execution, thinkorswim routes to the NYSE SuperDot system. NASDAQ orders will be routed to the one of eight different ECNs that has the best market, and option trades are routed to the exchange with the best market. The option exchanges are: AMEX, CBOE, PHLX, PCX and ISE.
It's definitely a nice platform, but it reminds me of a Bloomberg terminal: I know it is powerful and capable of quite a bit, but I don't know how to scratch the surface of its full potential.
Posted on 2/22/17 at 7:53 am to Omada
It looks like it auto routes. IB you can manually route and get liquidity rebates.
I agree with the spaceship stuff. I don't need that stuff. I need to be able to manually direct, and to hide trades to the extent possible. I don't really trade per se any more, so a lot of the layout etc is useless to me.
I agree with the spaceship stuff. I don't need that stuff. I need to be able to manually direct, and to hide trades to the extent possible. I don't really trade per se any more, so a lot of the layout etc is useless to me.
Posted on 2/22/17 at 10:35 am to jprice4608
Take a look into Merrill Edge, too.
Posted on 2/22/17 at 8:58 pm to jprice4608
A number of decent options mentioned here. Personally, I think Schwab is head and shoulders above the competition. Their commissions start at 6.95 and they provide research from third parties that cover the entire gamut. Macroeconomic, industry-specific, and individual equity research is all available from over 5 different providers, including several bulge bracket investment banks.
They even provide you with Level 2 data for free, if you commit verbally to 36 trades a year.
They even provide you with Level 2 data for free, if you commit verbally to 36 trades a year.
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