Online Trading Sites | TigerDroppings.com

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Lsut81
USA Fan
Member since Jun 2005
63070 posts

Online Trading Sites


Anyone have feedback about

OptionsHouse or TradeKing?

They look to be the two lowest at 3.95 and 4.95 a trade, but is it worth switching from them to Scotttrade?


For my background, I'm not looking to day trade or make huge investments in the stock market, as I plan on maxing out a Roth every year. But I would like to do a little stock trading for the fun of it. I have had a Scottrade account for a few years and had positive experiences.

I like Scottrade because they are huge and the $7 is for almost everything, where as I'm hesitant with these others that it might get down to it and there be some hidden fees on something that I wanna do in the future.

Thoughts from the all wise MT?







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BullredsRus
LSU Fan
Baton Rouge
Member since Aug 2007
366 posts

re: Online Trading Sites


I can't really answer your question because I only have one online account for my Roth IRA through Fidelity.

But since you have Scotttrade, I wanted to get your opinion on them. Also, do you know anything about the Scottrade retail stores? Are they just an extension of their web services? I am thinking about opening an online account with a few thousand to see what I can do with it, and I like the idea of being able to deal with a person from time to time so the retail location close to my house is appealing to me if that is the case.






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Beerinthepocket
LSU Fan
Dallas
Member since May 2011
559 posts

re: Online Trading Sites


Like in most things, you get what you pay for to some extent. Those "cheaper" sites you listed may cost you in terms of service, tools, analysis, and hidden fees. I'd go with a more respected name that may cost you slightly more per trade. Schwab, etrade, Scotttrade, etc.





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Lsut81
USA Fan
Member since Jun 2005
63070 posts

re: Online Trading Sites


quote:

I can't really answer your question because I only have one online account for my Roth IRA through Fidelity.


I'm pretty positive I'm going vanguard for my Roth... One of the posters on here pointed out the downfall with scottrades Ira services


As for their retail stores, as far as I know they are just extensions of the website. I know to withdraw money, I had to call my local branch and they cut the check.






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Feed Me Popeyes
LSU Fan
Baltimore, MD
Member since Apr 2008
2050 posts

re: Online Trading Sites


I've been happy with TradeKing since my account was migrated to them after they bought my former broker (Zecco). Given that I do my research online for free, I don't really care if my broker site has a lot of bells and whistles. IMO it's nonsensical to pay more elsewhere for the same core service (i.e. buying and selling securities)







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ATL TGR
LSU Fan
Houston
Member since Apr 2008
2874 posts

re: Online Trading Sites


I have both an ira and investment account at Scottrade. No complaints with either account with a wide variety of funds and $7 trades.

Have used the in-store services a few times. Helpful and courteous. Nothing extravagant but processed everything I needed



This post was edited on 1/20 at 4:08 pm


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Lsut81
USA Fan
Member since Jun 2005
63070 posts

re: Online Trading Sites


quote:

I have both an ira and investment account at Scottrade. No complaints with either account with a wide variety of funds and $7 trades.


Someone said that if you have an Ira with them that your dividends and such aren't automatically reinvested, that you have to then pay commissions to reinvest them

The trading is nice, but just don't know if its worth going to the two I listed bc they are a few bucs cheaper.






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ATL TGR
LSU Fan
Houston
Member since Apr 2008
2874 posts

re: Online Trading Sites


quote:

Someone said that if you have an Ira with them that your dividends and such aren't automatically reinvested, that you have to then pay commissions to reinvest them 


The ira essentially has the same functionality as the investment accounts. Within the ira I can elect to reinvest all dividends or not

Eta: at least within mutual funds, not sure abt stocks



This post was edited on 1/20 at 4:34 pm


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matthew25
Ole Miss Fan
Member since Jun 2012
3359 posts

re: Online Trading Sites


Nice folks at the Scott store here in Jackson. I can give them a check in the afternoon, it's in my account that night, and I can trade the next day.


If I have any questions, it's nice to know the people, and they will call St. Louis home office if they have questions.

$7 a trade, and TDAmerica just came down to $7 to keep my account with them.






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ds1tiger
LSU Fan
Closer than you think
Member since Apr 2006
233 posts

re: Online Trading Sites


Was TD Ameritrade quick to make the $7 offer? I have my accounts with them and have considered moving them to Scottrade.





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Lsut81
USA Fan
Member since Jun 2005
63070 posts

re: Online Trading Sites


quote:

I can give them a check in the afternoon, it's in my account that night, and I can trade the next day.


Question about funding... I've always just done the bank transfer via their website and if you have to do that, even though the funds show up in your account immediately, you're not allowed to use those funds for 3 days.

Is it different if you drop off a check at the office? If not, is that a regulatory thing that all sites have?






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matthew25
Ole Miss Fan
Member since Jun 2012
3359 posts

re: Online Trading Sites


ds1tiger - Yes, they were quick. Call them up and tell them you are considering moving to a cheaper wire house. If they don't come off their current fee, Scott is just as good. (Scott has a feature on the home page where you can watch potential trades you are following).

When you go to Scott, tell them you want the free stock/ETF trades for 90 days, and 10 mutual fund trades ($17 each). I used about 8 stock trades and all of the MF trades.






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braindeadboxer
LSU Fan
Utopia
Member since Nov 2011
5015 posts

re: Online Trading Sites


I've been using TradeKing for 4 years and am satisfied. It wasn't that great when I opened the account but they've made huge strides over the last year since the merger with Zecco. The chat IM hotline is great when you need help or have questions.





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Chris Farley
Maryland Fan
Regulating
Member since Sep 2009
3636 posts

re: Online Trading Sites


quote:

Question about funding... I've always just done the bank transfer via their website and if you have to do that, even though the funds show up in your account immediately, you're not allowed to use those funds for 3 days.


This should only occur for non-marginable securities (stocks under $4), anything else should be fine to trade.









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