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Online Broker Recommendations
Posted on 3/15/12 at 8:29 am
Posted on 3/15/12 at 8:29 am
What are some thoughts on the best online brokers today. I'd like to hear Pros and Cons for each that you have used. I was recently looking at Options House and Trade King because they only charge $3.95 and $4.95 per trade respectively. The only major knock I have seen on the web on Trade King is that it does not have an Android Phone App. I was also looking at ING Sharebuilder since they offered $4 trades and have a pretty user friendly interface but then I saw that the $4 trades are only available when you set up an automated trade for each Tuesday of the month.
This post was edited on 3/15/12 at 9:45 am
Posted on 3/15/12 at 11:24 am to npt817
I use scottrade. I've never had any problems with them. If you're interested, I can give you a referral for 3 free trades, I think it is.
Posted on 3/15/12 at 3:35 pm to ocelot4ark
Thanks. I havent seen much of the Scottrade platform. Is it pretty user friendly? Also do they have a good mobile app? My main reason for looking at Optionshouse and Trade King is it is hard to beat there fees. At $7.95 a trade for Scottrade I can almost do twice as many trades on the other two site for the same cost basis. The reviews I have read on Trade King also tout there educational resources on the site. Does Scottrade have training available as well?
Posted on 3/15/12 at 4:02 pm to npt817
Barron's, Kiplinger, and Smart Money publish annual reviews/rankings so start by reading those.
Posted on 3/15/12 at 8:55 pm to npt817
I have both optionshouse and Scottrade. I like them both, but both have their pros and cons.
What I like about Scottrade is that if I don't have cash deposited in my account, I can deposit and they will instantly give me purchasing power while the funds go through the ACH process. With optionshouse you have to wait a minimum of 3 days after you do an ACH transfer and I have had to wait longer on many occasions.
Scottrade has better customer service and physical locations in most cities.
Optionshouse is still good if you don't want to trade often and want to save money. I would rank Optionshouse in the top tier of the 3rd tier of brokers and ST at the top of the 2nd tier. You can't beat the prices that ST charges for the service you get imho.
I have used Zecco (although cheap, not really a great platform) and I think I did not get a TradeKing account b/c they hiked fees (not sure if it is still the same way).
What I like about Scottrade is that if I don't have cash deposited in my account, I can deposit and they will instantly give me purchasing power while the funds go through the ACH process. With optionshouse you have to wait a minimum of 3 days after you do an ACH transfer and I have had to wait longer on many occasions.
Scottrade has better customer service and physical locations in most cities.
Optionshouse is still good if you don't want to trade often and want to save money. I would rank Optionshouse in the top tier of the 3rd tier of brokers and ST at the top of the 2nd tier. You can't beat the prices that ST charges for the service you get imho.
I have used Zecco (although cheap, not really a great platform) and I think I did not get a TradeKing account b/c they hiked fees (not sure if it is still the same way).
This post was edited on 3/15/12 at 8:56 pm
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