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Author Topic: Cheapest Brokers
explorer186
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TradeStation
Min Fee:$1.00
Share Fees:1-500 * $0.1,
501+ * $0.006
Min Requirements Per Month:25000 shares traded
Penalty Fee for Not Meeting Min Requirements:$99.95
Min. Account Balance:$5,000.00

Interactive Brokers
Min Fee:$1.00
Fee Cap:0.2% of trade value + ECN Fees
Share Fees:0.005 + ECN Fee
Min Requirements Per Month:$30 In Fees
Penalty Fee for Not Meeting Min Requirements:$10.00
Min. Account Balance:$5,000.00

Bank of America
Min Fee:$0.00
Trade Fee:$0.00
Share Fees:$0.00
Min Requirements Per Month:30 Trades or Under
Penalty Fee for Not Meeting Min Requirements:$5-$14 for Subsequent Trades
Min. Account Balance:$25,000.00

Zecco
Min Fee:$0.00
Fee Cap:$0.00
Trade Fee:$0.00
Min Requirements Per Month:40 Trades or Under
Penalty Fee for Not Meeting Min Requirements:$3.5 for Subsequent Trades
Min. Account Balance:$2,500.00

SogoInvest
Min Fee:$0.00
Trade Fee:$1.50
Share Fees:$0.00
Min Requirements Per Month:$15 Subscription Fee
Min. Account Balance:$0.00

TradeKing
Min Fee:$0.0
Trade Fee:$4.95
Share Fees:$0.01 for Shares < $2.00
Min. Account Balance:N/A


***Most of these brokers are not penny stock, which is good because you shouldn't be wasting away your money like that. Trust me, I KNOW!!!

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hbbus700
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Tradeking looks good at first, but if I buy 1M shares of a stock under $2, does that mean a $10K commision? Its late so I may be confused...LOL

From tradeking commision & fees
TRADEKING adds 1c per share on the entire order for stocks priced $2.00 or less.

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explorer186
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Sorry, that should have been: "Most of these brokers are not penny stock friendly."

The good thing about these brokers is that they allow you to invest in a stock (any non-penny) and you don't have to worry about making back at least your commissions from the stock. Let's face it, commissions are usually the most expensive aspect of trading. If you invest $2,000 in a stock, and your broker charges you $11 ($10 + ECN fees) for each trade, you are spending at least 1.1% of your money each time you get in and out of a stock. Let's say you purchase and sell five stocks with the same $2,000. This means you have to make back at least 6% to cover your expenses! Remember, this is just for trading in and out of stocks five times.

Think:
1. How many trades do you make in a particular day.
2. How many trades would you make in a particular day.
3. What is the return you need on your stock to make back your expenses.


With high commission fees, if you make two trades per day on average, you need to make back your $2,000 every 91 days. Now what was that return people claim they get on penny stocks? 100%? 300%? Well you need more than 300% when all you have left is $400. Oh, and how often do these 300 percenters come along. Not often enough I say.


Now with these low-priced brokers, you can trade the safe large cap stock markets freely without worrying about making back your commission fees. For example, using TradeStation, if I make 100 share trades one hundred times, I would only be charged $100 and having to make 5% to break even. Compare that with being charged $1,050 with the higher-fee brokers and having to make 95% to break even. THERE IS NO COMPARISON.

I hope the above inspires people to be smart about their money.

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explorer186
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Just2Trade
Trade Fee:$2.50
Min. Account Balance:$2,500.00

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NYSE Trader
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You make an excellent point...which is why I will be leaving etrade and going to interactive brokers. $1.00 trades I mean christ! Thats sweet!
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Mysticobra96
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My main thing is how reliable are these other brokers? What happens to your cash if the company goes under? At least w/etrade and ameritrade I don't really worry about losing my cash.
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Machiavelli
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Choicetrade.com .. and i would assume most of these companies are insured and such... but anyways there is probably a mention about such things in the paperwork they have you sign to open a account...

--------------------
Let the world change you... And you can change the world.

Ernesto "Che" Guevara de la Serna

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R1 Man
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One problem with ChoiceTrade. I made an account and screwed up last when I did it. They insist that the account would close as long as I don't add money to it but they send me emails all the time and its been about a year now.

I wouldn't trust any broker that isn't well known and has a guarantee of funds. Some of your replies above are just crazy.....do some DD before you give someone your money. Think about the report about how people from other countries make fake sites and scam people all the time. They had an episode on Dr. Phil last week about it. I missed it but heard about the scams. Just be careful!!

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Machiavelli
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i hope u don't watch oprah also lol

--------------------
Let the world change you... And you can change the world.

Ernesto "Che" Guevara de la Serna

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metal1
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Wells Fargo offers 100 free trades per month with 25k balance...don't know about pennies with them though..

Wells Fargo trade pricing may pressure industry
1:10 PM EST February 13, 2007
NEW YORK (MarketWatch) -- Wells Fargo & Co.'s decision to offer investors with $25,000 in deposits and loans 100 free stocks trades a month could pressure industry rivals to lower their own prices, but it's unlikely to make them lose customers.

Analysts say that the move is clearly a good deal for current Wells Fargo customers, but it probably won't lead to long-term woes for competitors who already have slashed their own prices in recent years.

While investors may not move en masse to Wells, they are likely to begin to expect lower trading commissions at rival brokers, as the bank's deal echoes a recent move by Bank of America Corp.

"Wells Fargo's offer won't force the leading direct brokerages to cut their own commissions in the near term, because it won't take meaningful market share away from anyone," said Bill Doyle, an analyst at Forrester Research, on Tuesday.

He added his firm's research shows that just 4% of Wells Fargo customers would be willing to consider the firm for a brokerage account, and that few trade frequently enough to justify a switch.

However, Doyle said: "The expectations of direct investors in the United States will change for good, as consumers start to think that any trade could be free. Within the year, established direct players like Schwab and E-Trade will feel increasing pressure to reduce fees or offer relationship pricing of their own."

Currently, Well Fargo customers with $25,000 or more in brokerage accounts, credit balances (including up to 10% of mortgages), saving and checking accounts and IRAs will get 100 free trades a year. Those trades can be of stocks, mutual funds or exchange-traded funds.

Trades beyond the free limit will cost $5.95 each.

Bank of America, which introduced its own free-trading program last year, currently offers up to 30 free trades a month for customers with $25,000 or more in deposits.

That deal was unveiled in October 2006. See full story.

Since that move, the big three online financial-services firms, Charles Schwab Corp. , TD Ameritrade Holding Corp. and E-Trade Financial Corp. have kept prices unchanged, after a series of progressive cuts over the prior two year.

Now, Schwab clients pay fees of $9.95 to $12.95 per trade. Its rates are lowest for households with $1 million or more in balances who made 120 trades or more in the previous 12 months.

E-Trade's rates range from $6.99 to $12.99 a trade. The lowest rates are for the most active traders. TD Ameritrade offers all clients a flat rate of $9.99 a trade.

Fidelity Investments, which is not publicly traded, charges $8 to $19.95 per trade for stock trades.

Smaller startup firms like Zecco.com, SogoInvest and TradeKing offer free or low-priced trading.

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Clockworks
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I'm just looking at the list and it seems like Zecco is the best in terms of price. I don't know as far as to how secure it is, though. Anyone have any experience with them? I looked up on whois and this is what I came up with:

Domain Name: ZECCO.COM
Registrar: MONIKER ONLINE SERVICES, INC.
Whois Server: whois.moniker.com
Referral URL: http://www.moniker.com/whois/whois.jsp
Name Server: NS1.RACKSPACE.COM
Name Server: NS2.RACKSPACE.COM
Status: clientDeleteProhibited
Status: clientTransferProhibited
Status: clientUpdateProhibited
Updated Date: 26-sep-2006
Creation Date: 13-sep-2004
Expiration Date: 13-sep-2007

The expiration for the site domain is 13-sep-2007, dunno how trustworthy that is.

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explorer186
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Thanks NYSE Trader. I hope more people look at my points closer. Frankly, even $5 per trade is too much depending on what kind of funds you have, and what kind of trader you are.

R1 Man probably all of them insure your money, but there is also other information that makes them more legitimate:

TradeStation
Long-time proprietary broker turned retail broker.

Interactive Brokers
Probably the fastest growing retail broker that is hugely popular, especially with serious traders.

Bank of America
No comments needed.

Zecco
Made a huge debute on Wall-Street, among great attention and glitter.

SogoInvest
Is owned by Genesis Securities LLC., which requires a separate post altogther.

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explorer186
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Genesis Securities LLC. is said to be the cheapest broker around. It owns its own networks to the exchanges. I have heard of people paying only $0.005 per share. Someone else has to get the details of this company.
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Machiavelli
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quote:
Originally posted by Clockworks:
I'm just looking at the list and it seems like Zecco is the best in terms of price. I don't know as far as to how secure it is, though. Anyone have any experience with them? I looked up on whois and this is what I came up with:

Domain Name: ZECCO.COM
Registrar: MONIKER ONLINE SERVICES, INC.
Whois Server: whois.moniker.com
Referral URL: http://www.moniker.com/whois/whois.jsp
Name Server: NS1.RACKSPACE.COM
Name Server: NS2.RACKSPACE.COM
Status: clientDeleteProhibited
Status: clientTransferProhibited
Status: clientUpdateProhibited
Updated Date: 26-sep-2006
Creation Date: 13-sep-2004
Expiration Date: 13-sep-2007

The expiration for the site domain is 13-sep-2007, dunno how trustworthy that is.

All domain names expire yearly... so that has no bearing... even a domain such as walmart.com or other big companies with domain names have to renew it yearly...

--------------------
Let the world change you... And you can change the world.

Ernesto "Che" Guevara de la Serna

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Machiavelli
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quote:
Originally posted by explorer186:
Genesis Securities LLC. is said to be the cheapest broker around. It owns its own networks to the exchanges. I have heard of people paying only $0.005 per share. Someone else has to get the details of this company.

the $.005 is probably in addition to the commission... Choicetrade.com is still the best choice in my opinion... $5 is reasonable with no hidden fee's...

--------------------
Let the world change you... And you can change the world.

Ernesto "Che" Guevara de la Serna

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explorer186
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Bump.

The particulars are a little out of date, so maybe someone might want to update them.

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