Comments on: which online broker is best?

Question: which online broker is best?

BillBishop — Wed, 28 Dec 2005 00:26:19 -0800

Opinions on the best online online brokerage out there right now? I want to buy some stocks and do a little trading for myself away from my retirement account which is handled by a professional. Hard to pick between the big boys (e-trade, scottrade, etc.) or maybe there's a better option I'm not aware of. Any thoughts would be appreciated.

By: b1tr0t

b1tr0t — Wed, 28 Dec 2005 00:58:11 -0800

Reputation is everything when choosing a broker. I prefer Ameritrade to E-Trade, but will be moving up to a broker that provides some specialized services. Until I'm certain that the new broker does everything I want, and does it well, I will leave the bulk of my account with Ameritrade.

Back in the late '90s, there was a guy who kept a simple text-only list of deep-discount brokers and their service and fee structure. I don't know if he still keeps his list updated, but if you can find it, it is worth a look.

By: Hogshead

Hogshead — Wed, 28 Dec 2005 03:51:32 -0800

I'd like to repeat BillBishop's question but slanted for the UK.

By: any major dude

any major dude — Wed, 28 Dec 2005 06:06:13 -0800

I've been relatively happy with TD Waterhouse but they've just been bought by Ameritrade so I'm interested in what others think as well. When I opened my acct many years ago I was receiveing 6% interest on my Waterhouse brokerage acct. Now it hovers around 1%. Anyone have any accounts that offer a higher interest?

By: smackfu

smackfu — Wed, 28 Dec 2005 06:39:31 -0800

E*Trade's account maintenance fees are $40 per quarter unless you do a trade that quarter or have a $10,000 balance. If you don't trade very often, it's not a good broker.

By: mumeishi

mumeishi — Wed, 28 Dec 2005 07:28:04 -0800

I have tried Schwab, TD Waterhouse, and ScotTrade. I like Schwab, but I'm probably moving it all to ScotTrade. $7 trades, decent tools, and a good attitude.

By: Ferrari328

Ferrari328 — Wed, 28 Dec 2005 07:46:12 -0800

I'll second Scottrade. Cheap trades, very helpful if you need help.

By: Nelson

Nelson — Wed, 28 Dec 2005 09:13:49 -0800

I followed Datek into Ameritrade. Their online system is terrific. Great quote tools, fast execution, real time updates to your account. I'm still astonished at brokerages that don't show you how much cash you have until the end of the day. I'm not a day trader, but the bits should be up to the minute, not just the day.

By: AlexanderBanning

AlexanderBanning — Wed, 28 Dec 2005 09:25:23 -0800

Consumer Reports Money Advisor rated online brokers in their September 2005 issue. The top five brokers were: Firstrade (www.firstrade.com), Trading Direct (www.tradingdirect.com), BrownCo (www.brownco.com), Barry Murphy (www.barrymurphy.com), and Scottrade (www.scottrade.com). See the issue for the full report. Ameritrade and E-Trade received overall ratings of fair.

By: superfem

superfem — Wed, 28 Dec 2005 10:11:39 -0800

At $7 flat fee per trade and no inactivity fees, Scottrade gets you the most for your money. Definitely recommended over other brokerages with trade/activity fees that will cut into your margins.

By: kindall

kindall — Wed, 28 Dec 2005 10:37:10 -0800

I use Scottrade and have been satisfied. If you are looking for rock-bottom pricing, however, check out Marsco and Ameritrade iZone, which are both $5 a trade. iZone has a $5,000 minimum but if you don't have $5,000, you probably shouldn't bother trying to buy and sell indvidual stocks anyway. MarsCo has a $2,500 minimum. I have not used either of these extremely discounted brokers.

By: iurodivii

iurodivii — Thu, 29 Dec 2005 06:00:48 -0800

I have been a very satisfied Scottrade customer for about 5 years now. I would highly recommend them. But recently they had a SNAFU with their e-checks deposits; in that the company they hired out to handle processing the e-checks which i use to deposit into my acount bi-monthly, had their database compromised by a hacker (the official explanation). But they handled the situation to my satisfaction and I closed and re-opened my checking account (just as I would if i had my checkbook stolen) and still use them. I assume moving forward that they will be more vigilant with this sort of thing. So Scottrade is my recommendation.