| Posted by | Message |
Lsut81 
LSU Fan
Member since Jun 2005
54807 posts
| Online Trading Sites (Posted on 1/20/13 at 8:07 am)
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?
|
| Back to top | Share on  |
BullredsRus
LSU Fan
Baton Rouge
Member since Aug 2007
333 posts
| re: Online Trading Sites (Posted on 1/20/13 at 12:03 pm to Lsut81)
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.
|
| Back to top | |
Beerinthepocket
LSU Fan
Dallas
Member since May 2011
312 posts
| re: Online Trading Sites (Posted on 1/20/13 at 12:37 pm to Lsut81)
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.
|
| Back to top | |
Lsut81
LSU Fan
Member since Jun 2005
54807 posts
| re: Online Trading Sites (Posted on 1/20/13 at 2:05 pm to BullredsRus)
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.
|
| Back to top | |
Feed Me Popeyes
LSU Fan
Baltimore, MD
Member since Apr 2008
1962 posts
| re: Online Trading Sites (Posted on 1/20/13 at 2:06 pm to Lsut81)
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)
|
| Back to top | |
ATL TGR
LSU Fan
Houston
Member since Apr 2008
2600 posts
|
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
|
| Back to top | |
Lsut81
LSU Fan
Member since Jun 2005
54807 posts
| re: Online Trading Sites (Posted on 1/20/13 at 4:25 pm to ATL TGR)
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.
|
| Back to top | |
ATL TGR
LSU Fan
Houston
Member since Apr 2008
2600 posts
| re: Online Trading Sites (Posted on 1/20/13 at 4:33 pm to Lsut81)
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
|
| Back to top | |
matthew25 
Ole Miss Fan
Member since Jun 2012
1510 posts
| re: Online Trading Sites (Posted on 1/20/13 at 9:49 pm to ATL TGR)
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.
|
| Back to top | |
ds1tiger
LSU Fan
Closer than you think
Member since Apr 2006
203 posts
| re: Online Trading Sites (Posted on 1/20/13 at 10:34 pm to matthew25)
Was TD Ameritrade quick to make the $7 offer? I have my accounts with them and have considered moving them to Scottrade.
|
| Back to top | |
Lsut81
LSU Fan
Member since Jun 2005
54807 posts
| re: Online Trading Sites (Posted on 1/21/13 at 6:54 am to matthew25)
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?
|
| Back to top | |
matthew25
Ole Miss Fan
Member since Jun 2012
1510 posts
| re: Online Trading Sites (Posted on 1/21/13 at 11:23 pm to Lsut81)
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.
|
| Back to top | |
DNaquin
LSU Fan
Right here
Member since Nov 2011
3821 posts
 Online
| re: Online Trading Sites (Posted on 1/22/13 at 6:55 am to Lsut81)
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.
|
| Back to top | |
Chris Farley 
Maryland Fan
Regulating
Member since Sep 2009
3077 posts
| re: Online Trading Sites (Posted on 1/22/13 at 8:25 am to Lsut81)
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.
|
| Back to top | |
