posted
Has anyone known who is the best broker who can save you money for broker fee ?
I am using Scottrade . I trade everyday and it cost me from $40 to $60 per day, 5 days per week. I paid $ 300/ week for broker fee. I think it is high for penny trading.
Has anyone known the broker who charge broker fee by monthly or yearly?
Thank you for your help .
Posts: 209 | From: Santa Ana, California | Registered: Nov 2005
| IP: Logged |
posted
I got choicetrade. Its a flat 5 dollar commision fee. I actually now pay 6 dollars because I got a quotetracker setup with choicetrade so I can watch streaming quotes on the same window I make my trades. I can drag any company that is streaming into my buy or sell area which is nice. I highly recomend paying the extra dollar. My trade executions are much easier since I dont have to go from one window to another. Also it allows you to trade pre and post market which is nice. Some states dont get choictrade though but Ca does. What I think is funny about choicetrade is that everytime I call it is always the same guy who answers the phone. How can he possibly answer all those calls? Choicetrade must be very small I guess.
Posts: 205 | From: ca | Registered: Aug 2005
| IP: Logged |
posted
I guess it depends on the level of service.
Choicetrade is one of the cheapest and many people like it. But if you want any additional services you will pay for it. Its a stripped down self service brokerage. I know some that had to pull certs and they were charged $50 plus the $16.50 TA charge. Not that you may ever need any of this just an example.
Ameritrade and E-trade are pretty close to the same and if you are an active trader (30 trades a quarter, a buy is a trade and a sell is another trade) you can get a lot of extras free like level II and realtime streaming news and many other servcice. The active trade accounts are Ameritrade Apex and E-trade Pro. Trades are 10.99 and 9.99 respectively.
TradingDirect is 9.95, don't know much about them but I heard they aren't the best for penny trading. Don't know that for sure.
Lowtrades is a lot like choice trades. Cheap but no frills with the same problems as choicetrades.
mytradz.com is 7.95 pre trade. Don't know much about them but have heard a few complaints
Izone is $5 trade and is a no frills service offered by Ameritrade. No phone support, everything has to be done online.
TDW is now apart of Ameritrade now.
Well I hope this helps a little. Just add .com and you can research them for yourself
-------------------- Invest with your brain not with your heart. Posts: 4405 | From: Bristol, Tn, USA | Registered: Aug 2004
| IP: Logged |
posted
If your going to play the market in short term, either by swing trades or daytrading then level II is a absolute must. You can never tell when to sell without it during a run. It makes the difference between making money sometimes and holding it to long and losing it. It can also show when to sell because its dropping. Here is a delayed one that Allstocks offers. Just click on depth/LII to see what level II looks like. Just remember this one is 15 minutes behind and isn't a great help in a run situation. Only realtime Level II will help there.
You really should look at it when the market is open. so you can see how MM's will line up on one side or the other. But you can type in like GZFX and it will show the last screen shot Friday before close.
[ November 26, 2005, 00:31: Message edited by: Ric ]
-------------------- Invest with your brain not with your heart. Posts: 4405 | From: Bristol, Tn, USA | Registered: Aug 2004
| IP: Logged |
-------------------- siggy: 'the poorest way to help the poor is to be poor' / jmichael1974 (yahoo) Posts: 836 | From: Atlanta | Registered: Aug 2004
| IP: Logged |
-------------------- All IMHO. Do not rely upon anything I post to base your financial decisions upon. Posts: 970 | From: Montana | Registered: Jul 2005
| IP: Logged |
posted
We have been using Scottrade for a few months now ($7 trades for regular stocks plus a 1/2% add-on for OTC stocks). Recently we switched over to MB Trading, which has "regular" stocks at $0.01 for the first 500, $0.005 after that, and $8.95 commissions for any OTC stocks (any qty).
Quick comparison : Type........Qty.......Scottrade....MBT Regular.....200........$7..........$2 Regular.....500........$7..........$5 Regular.....1,000......$7..........$7.50 OTC........10,000......$7.50.......$8.95 OTC.......100,000......$12.........$8.95 (OTC rates based on share price of $0.01)
So it depends on what types of stocks and how many you trade as to which broker would suit you better.
Cheers, Mike
-------------------- The measure of a man is not where he goes on Sundays, but who he is Monday through Saturday. Posts: 10 | From: Yuma, AZ | Registered: Nov 2005
| IP: Logged |
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
