Brokerage Question
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Brokerage Question Hey, do you guys have any suggestions/ recommendations on a discount brokerage? We are currently using etrade and have had a good experience, but it'd be nice to have lower commissions. Thanks for any advice! We use Scottrade in two investment clubs and our own personal account. We are very satisfied. TD Ameritrade also has a good track record I hear. Both interact with AccountSync. Scottrade charges $7 and TD A charges $9.95. > Hey, do you guys have any suggestions/ recommendations on a > discount brokerage? We are currently using etrade and have > had a good experience, but it'd be nice to have lower > commissions. -------------------------------------------------------------------------------- Internal Virus Database is out of date. Checked by AVG - http://www.avg.com Version: 8.0.176 / Virus Database: 270.9.15/1835 - Release Date: 12/7/2008 4:56 PM We use www.firstrade.com and really like them. $6.95/trade, including stops and limits, no minimum to open an account, very club friendly, no hidden charges, and they answer the phone on the 1st or 2nd ring. If you click on Open An Account, you can find their FAQ and all the forms.
But before you jump, you should do a cost feasibility study between the fees Etrade will charge to transfer all your stocks vs. the total cost of trades. So for example, if you have 10 stocks and Etrade charges $50 to transfer them, that's $500. But if you only average one trade per month at $12, that's $144. In that scenario, it would take you 3-1/2 years to break even.
Hope that helps.
Lynn Ostrem
Crow River Investment Club
I am in agreement with Lynn that you should do you
due diligence when making a selection. One thing I did not mention about
Scottrade is they have in place now a transfer fee reimbursement if
you submit the final statement to them.
Marty Eckerle How much are you paying? |
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