I'm looking to take the jump into doing stocks myself, but Im not sure which company to go for. Ameritrade, Etrade, Scottrade...Theres a lot of them.
Any opinions or suggestions? A bit of background info to help...I can only spare $1000 for initial account funding(if required). I want to avoid any monthly or annual fees, while finding the cheapest transaction fee as possible. At this time I'm just going to mess around with penny stocks with some spare money I have. I also dont plan on making a ton of trades(at first at least).
If any of you could recommend a good place, I'd really appreciate it.
posted
GK37 Post this again on the board for the size you plan to buyI use ameritrade but may not be the best for pennys.
Posts: 1424 | From: Peoria, IL. USA | Registered: Oct 2003
| IP: Logged |
quote:Originally posted by VNGNTN1: GK37 Post this again on the board for the size you plan to buyI use ameritrade but may not be the best for pennys.
whats wrong with ameritrade for penny's? isn't it $11 a trade no matter what? I'm in the market for a new trader right now, I'm getting it up the bum at $30 a trade with my bank
posted
Ameritrade is fine for pennies, and a lot better than some brokers who have share restrictions, or scottrade that makes you call in penny stocks, etc.
I have been using ameritrade for some time, for almost any kind of trading and it works great. Excellent tools, great support, and no guessing about how much you are going to get charged. Plus you make 10 trades a month and you get $60/month worth of tools free with Apex (Level II, Streaming News, and Advanced Analyzer)
posted
Nothing wrong with Ameritrade. They sure don't have the best fill costs. These costs are hidden.
Posts: 1424 | From: Peoria, IL. USA | Registered: Oct 2003
| IP: Logged |
posted
Greenknight, Im planning in oppening an account with freetades.com You get 20 free trades per month after 20 trades they charge like $3.00 per trade. Cant get any lower than that. Now, you do need to credit $5,000.00 to open the account. And everything and I mean everything is done by internet and email, no phone, no regular mail. So..my advice check out there site. See if this fits your needs.
posted
Do you have to wait 3 days after you sell stock to use the $$ to buy more stocks with freetrades? thanks
Posts: 41 | From: Georgia | Registered: Oct 2003
| IP: Logged |
posted
About Scottrade and pennies: Scottrade has gotten alot friendlier with penny players. They now let you place orders for otc stocks with .0012 instead of their old way of having to go with equal pennies for bids like .01, .02 You do still have to call if the stock has no ask or bid though. I would of stired you towards Low Trades, but they have my account so messed up for about a week now that I've been spending all my time on the phone with them and at the site to see if they have it fixed. Its still isn't fixed they said tommorow, but I have my doubts. Take care! DD
Posts: 551 | From: Wisconsinite | Registered: Oct 2003
| IP: Logged |
posted
Well for now I'm going with Lowtrades. I mailed in my stuff a day or two ago, so I'm just waiting to hear from them
Posts: 160 | From: CA | Registered: Nov 2003
| IP: Logged |
posted
Greg: Whats the minimum balance for trading direct? Do they let you buy pink sheets with out a bid or ask with out calling them? I'm with Scottrade and Low trades. I like Scottrade, but my wife wants an account by her self. Low trades has been giving me problems so I plan on transferring that one when I get it built up. (thats if they ever get the balance fixed). Thanks and take care! DD
Posts: 551 | From: Wisconsinite | Registered: Oct 2003
| IP: Logged |
posted
I signed up with Scottrade because they seemed to be the best online trading co. with the smallest fees charged and only $500 minimum to open. This is fine for stocks over 1.00 ($7. per trade). But for pennies, or OTC, the charge is $12 per trade, plus a percentage for each share traded. If the stock goes below a penny, you are forced to call the sell into your broker (now your fee is $22.00 plus 1/2% of principal). The fee to buy and sell any subpennies will cost almost $50 in charges alone. Aside from the charges, their service is fine. I think they (Scottrade) must be doing quite well financially with all the fees they charge. So well, that I wish they were publicly traded in the markets - I'd buy some.
Posts: 109 | From: oak ridge, nj USA | Registered: Oct 2003
| IP: Logged |
quote:Originally posted by JOE COOL: Greenknight, Im planning in oppening an account with freetades.com You get 20 free trades per month after 20 trades they charge like $3.00 per trade. Cant get any lower than that. Now, you do need to credit $5,000.00 to open the account. And everything and I mean everything is done by internet and email, no phone, no regular mail. So..my advice check out there site. See if this fits your needs.
Good luck,
JC
what is the website for this? This sounds like it will be able to fit my needs sometime in the near future.
posted
hmmm nevermind, I found it. I think I will cancel my scottrade when I can and use lowtrades.com since the commission is always the same at $5 with no minimum balance.
Posts: 593 | Registered: Jan 2004
| IP: Logged |
I just heard some bad things about scottrade. People w/accnts have told me that thier system sucks and you can get frozen out and be unable to log in. That can cost you alot of money if you need to get out. Also, scottrade spends all of their $ on advertisements to attract new customers to replace the ones that left because of its inferiority to other sites.
Posts: 423 | From: Westchester County, NY | Registered: Jan 2004
| IP: Logged |
posted
TimN88: Yes you are correct. In the morning I have had trouble placing orders. I am switching ASAP.
Posts: 593 | Registered: Jan 2004
| IP: Logged |
posted
I have Ameritrade and Scottrade. I think Ameritrade is sooo much better b/c of after hours trading and trading flexability with penny stocks. The only reason I still have Scottrade is b/c they will let you buy another stock before the 3 day wait period is up on the stock you just sold as long as you don't sell this second stock within that 3-day settling period.
My question is do other places do that too or are they all like ameritrade (I have an old Datek account) where they hold your funds from trading until the time period is up??
Any suggestions on where to take my $$??
Posts: 6 | From: Gainesville, FL USA | Registered: Feb 2004
| IP: Logged |
posted
Scottrade is pretty fast and cheap, pennies will run you $12.00 + 1/2% of the principal per transaction. Only $500 to open an individual acct., or $2,000 initial deposit for a margin acct.The streaming quotes work well, and the account balances are real-time. I have been using it for about 2 months, and can't complain.
Posts: 15 | From: Orlando, FL., USA | Registered: Feb 2004
| IP: Logged |
posted
[QUOTE]Originally posted by kcbudman: [B]Good Question. I know at Scottrade you do. I am looking to improve as well.
You can use that money after you sell a security as long as you don't sell the newly bought security before the settlement date of the first. Then you will be in violation of SEC rules, this is commonly called a "free ride" transaction.
Posts: 15 | From: Orlando, FL., USA | Registered: Feb 2004
| IP: Logged |
posted
I am just starting in penny stocks and have decided to open a LowTrades account (mainly because FreeTrades doesn't allow Roth IRA). Which software do you use to perform technical analysis?
Thanks Joe
Posts: 11 | From: St. Clair Shores, MI, USA | Registered: Feb 2004
| IP: Logged |
posted
Jalexi, i use Scottrade and their software does this, but i did have to learn what to look for on charts. Im still learning how to read candles better. Freetrades may not have these features. You get what you pay for sometimes. You can get a free subscription to scottrader at www.scottrader.comPosts: 423 | From: Westchester County, NY | Registered: Jan 2004
| IP: Logged |
quote:Originally posted by TimN88: Jalexi, i use Scottrade and their software does this, but i did have to learn what to look for on charts. Im still learning how to read candles better. Freetrades may not have these features. You get what you pay for sometimes. You can get a free subscription to scottrader at www.scottrader.com
Thanks, TimN88. I used the free info from scottrader.com as a feed into MedVed's Quote Tracker tool. This seems to be working well.
Posts: 11 | From: St. Clair Shores, MI, USA | Registered: Feb 2004
| IP: Logged |
quote:Originally posted by TimN88: Bauer- that one is www.freetrades.com
I just heard some bad things about scottrade. People w/accnts have told me that thier system sucks and you can get frozen out and be unable to log in. That can cost you alot of money if you need to get out. Also, scottrade spends all of their $ on advertisements to attract new customers to replace the ones that left because of its inferiority to other sites.
How do you get to free trades? When you type in www.freetrades.com it only brings up a web address that is for sell. What gives?
Posts: 25 | From: United States | Registered: Jan 2004
| IP: Logged |
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
