Quote:
Originally Posted by MoparCar
Again what a great thread! Thanks to the OP and Mr. Greg Weld!!!
Regarding online discount brokerage firms, what are everyone's favorites?
I know Greg and a lot of you use Schwab. I would like to, but it appears you need to do 35 trades per year to be an "active" trader and thus have access to all the nice features of their site. How about the standard platform (not an active trader) how does it look? While 35 trades doesn't seem like many, if we are just diversifying into say 5-10 stocks and holding them for a long term investment (at least a year and a day for tax purposes) will I every get to 35 trades just doing some initial investing? The minimum funds are not a problem. How about using a MAC instead of PC---any issues?
Scottrade looks great and gets great reviews, but they do not offer a DRIP program (dividend reinvestment program). I would probably use them if they offered this since they have offices very close to me, no unreasonable fees for the first time traders, etc.---But no automatic reinvestment of dividends....
E-Trade also looks good, but some of the reviews state a lot of hidden fees for inactivity, etc. Plus their trades are a bit higher in price.
How about the others-TD, Tradeking, OptionHouse, Fidelity, etc? They mostly all have low fees, good platforms, etc. but no local office to speak of.
Also, how about funding the account. Any experience with good/bad of each regarding transfers, wires, etc.?
Opinions, experience? I gotta get this going and my money working for me soon!
Thanks for all the great advice on this topic!
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Nobody can really answer all this for you -- you need to make a list of questions you want to have answers to - and discuss them with EACH BROKERAGE. Or visit their websites and see if you can easily find the answers your looking for.
Each brokerage has plusses and minuses.... and only you will be able to decide what fits for you.
I don't pay any fees at any brokerage...
Not even for wire transfers etc....