Top Online Brokerages

[Vinayak 10]

There are 67 online brokerages and I thought it helpful to start a thread that will discuss the features and which trading platforms will be suitable for every unique trader.

 

My aim with this thread is to help traders find the lowest cost option with the best research amenities, client service, promotions, etc based on their individual preferences.

 

I will be analyzing various major online brokerages and smaller ones too. Here is an example of what I hope to bring to you in this "Top Online Brokerages" thread.

 

E*TRADE Financial Account Details:

 

Commission: $9.99 per trade

Account Minimum: $500

Account Fees: No annual account fee

Promotion: Make initial $10,000 deposit to receive 60 days of free trades & up to $500

Sign up here.

[edgararakelyan 10]

Has anyone tried the bank of america and Merril lynch deal? Apparently if you have a bofa account and open a merril lynch account with them you are given 30 free trades each month indefinitely, or better said that that's what the advertistement says so most likely theres a catch of some sort.

[Vinayak 10]

Scottrade: Best Pricing

 

With over 2.5 million total brokerage accounts valued at over $51 billion Scottrade is a great option for traders.

 

Scottrade is a privately owned discount brokerage so it has the liberty to not share its numbers as much as the other existing brokerages. Nonetheless, Scottrade offers much: no inactivity fees or account maintenance fees, along with premium features such as research amenities accessible free of charge, real time data, and one-on-one support online, over the phone and at the 505 branches.

 

Investors can trade all asset classes with Scottrade – stocks and option trading, treasuries, bonds, ETFs, CDs and mutual funds. Additionally, there is a no-fee Scottrade IRA and over 3,100 mutual funds that have no transaction fee. These are great for traders to get started with especially those with modest capital.

 

Who should sign up for a Scottrade account?

 

Casual investors will love the outstanding support and $7 trades offered by Scottrade along with its fairly convenient platform. Scottrade does offer unlimited free checks and free ATM withdrawals.

 

Account Details:

Commission: $7.00 per trade

Account Minimum: $500

Account Fees: No annual account fee

Promotion: One free trade for every $1000 deposited ($10,000 minimum, maximum of 250 free trades, must be executed in 6 months)

Sign up here.

 

Cons

The promotions do not match up to other major online brokerages. The discount brokerage is offering a measly one free trade for every $1000 deposited. Moreover, there is also an additional 0.5% principal value commission for equities under $1.

 

Conclusion: Scottrade has its advantage in its retail locations

 

These branches provide a better service for traders who want to use them to ask questions. It doesn't hurt either that many of these branches are storefronts in shopping malls.