What Brokers

[dougie790]

For those that invest in stocks, what broker do you use and recommend? I am with Waterhouse at the moment and am considering Brownco, however they have some restrictions that are annoying. Any insight would be appreciated. Thanks.

Dave

[JPatrick]

Scottrade works reasonably well and is priced right.* $7 per trade including limit orders.* If you live somewhere that has an office you can call for assistance occasionally, that is helpful as well.
I've day traded bought and sold options with little problem.* However, if you need blinding speed, none of the discounters are for you.*

[MRGALT2U]

Quote:

Originally Posted by JPatrick Scottrade works reasonably well and is priced right.* $7 per trade including limit orders.* If you live somewhere that has an office you can call for assistance occasionally, that is helpful as well. I've day traded bought and sold options with little problem.* However, if you need blinding speed, none of the discounters are for you.*

I use Edward Jones, but have almost no activity. Kind of surprised they even bother to talk to me. But, they treat me like Donald Trump, so..........

JG

[Newell]

I don't typically trade stocks - only own a few ETFs and index funds. Schwab's new trading fees for larger accounts are fantastic. I just made a $1M+ trade for $9.95.

[Spanky]

I use E*Trade. I am not aware of any restrictions.

Spanky

[laurence]

Quote:

Originally Posted by oldbykur I don't typically trade stocks - only own a few ETFs and index funds. Schwab's new trading fees for larger accounts are fantastic. I just made a $1M+ trade for $9.95.

over a million? Geez, I feel small now! I use E-trade, but I don't trade a lot, I understand ScotTrade is the best.

[Martha]

Well Fargo is reducing trading costs for large accounts. If I recall it correctly, if you have over $250,000 with them, you get 50 free trades a year and if you have over $100,000 trades are $2.95. This is for online trading only.

[brewer12345]

I use Schwab. The reality is that commissions are so small in relation to other costs (spreads, etc.) that you might as well pick a brokerage that gives good service.

[greg]

Laurence: I use Scottrade. $7/trade for any number of shares or qualification (limit orders). Canadian orders are $22.95 I believe. My favorite part is that when I have difficulty I just telephone the local office and ask for my favorite "broker." He knows my history and mostly understands what I'm asking before I do. This is much better than the anonymous order taker I get elsewhere. I feel like a bigshot when they know my preferred name, "Sir."

[Newell]

After looking at the "what broker" issue several times in the past, I concluded that if I tried to optimize based on commissions I got one answer, if I tried to optimize based on money market rates I got a different answer, etc. For my particular situation, I finally arrived at a solution that seems to optimize across a number of issues.

I have a checking account at Schwab (in addition to some tax deferred and non-tax deferred investment accounts) that has a free on-line bill pay option and an ATM card that I can use anywhere without an ATM fee (Schwab reimburses my account for ATM charges). I have electronically linked my Schwab checking account (overnight electronic transfers) with Emigrant Bank which has a money market that currently pays me 3.25% on any short-term idle cash. Cash that I can tie up for one year is sent to Corus Bank for their 4+% one-year CD's. Cash that can be tied up for three years is sent to PenFed for their 5% three-year CD's.

A second, large account is held at Vanguard to take advantage of several of their low cost index funds. This account is not yet quite large enough to take advantage of their commission free purchase of Treasury auction offerings, but that is the goal.

All income, expenses and investments are tracked in Quicken, net worth is calculated weekly and linked to the Safe Withdrawal Retire Early Calculator for weekly recalculations, budgets are revised annually and portfolio balncing at 60/40 is done annually. Now that I think about it, I've got to get a life!

Not for everyone, but it works for me (admittedly some of the options require fairly large accounts).

[Whakamole]

I still have accounts at Scottrade, but I'm giving Brown & Co. a try.

Scottrade recently reduced their NTF funds, and it's now fairly pricey ($17?) for buy/sells.

Brown, on the other hand, has more NTF funds, and even the funds with transaction fees are $5. Works for me.

[riskadverse]

I have cybertrader for a broker - not sure I would recommend it for anybody but a frequent trader. Excellent execution (except when a NYSE specialist gets your order). They have slowly tacked on fees for data feeds etc. so I'm about ready to switch myself. I think Schwab (cybertrader's parent) might now be using their software, so I'll be looking there first.

[cute fuzzy bunny]

Quote:

Originally Posted by brewer12345 I use Schwab. The reality is that commissions are so small in relation to other costs (spreads, etc.) that you might as well pick a brokerage that gives good service.

Ding Ding Ding! We have good advice...

Only thing I can offer is that ameritrade sucks. I used brownco for a while, they were fine. But I only did a handful of trades with them.

[whattolearn]

i use http://www.lowtrades.com .... i'm a swing trader and sometimes daytrader ...never had a problem with them. and only $5 a trade online, limit orders or whatever... abt $14 to talk to broker... have heard complaints abt etrades and ameritrades, and now rumored etrades may be buying ameritrades...

[laurence]

Cute, I just recieved a notice from Etrade that my last trade took 3 miliseconds instead of 2 so my next trade is free. Now if only my next trade could be 3 miliseconds!

[whattolearn]

Quote:

Originally Posted by Laurence Cute, I just recieved a notice from Etrade that my last trade took 3 miliseconds instead of 2 so my next trade is free. Now if only my next trade could be 3 miliseconds!

wow- didn't know they had that kind of deal. wasn't meaning to bash them- i just weigh the per-trade cost against the benefits 'cause i do a lot of fast ina-and-out

[REWahoo]

Quote:

Originally Posted by whattolearn ...'cause i do a lot of fast ina-and-out

I admire anyone who is up front with their intentions. Big of you to openly admit you are attempting to screw "folks" on this board who bite on whatever you are selling.

REW

[cute fuzzy bunny]

Quote:

Originally Posted by whattolearn i use http://www.lowtrades.com .... i'm a swing trader and sometimes daytrader ...never had a problem with them. and only $5 a trade online, limit orders or whatever... abt $14 to talk to broker... have heard complaints abt etrades and ameritrades, and now rumored etrades may be buying ameritrades...

And what about the high cost of the spread these el cheapo brokers charge you vs someone that might charge you an extra couple of bucks for the transaction?

Looking at the cookies while someone takes your jar and walks away with it?

Good thing we have a real pro among us...

[unclemick]

I like the part where they pay you to buy stock - more rare nowadays - but a few DRIPs(there's that word again - and it's summer,not winter). I like the discount to market price - although that is not the driver in selection.

Heck - really? Why should anyone pay to buy a stock.

Doesn't work on telemarketer's/survey people - when I tell them my 'normal consulting fee' is 10k/hr or 200 bucks per minute - payable in advance. They kept on blathering as I hang up.