SmartMoney ranked their top discount brokers in Nov. 2005. The top 5 were:
We're liking firstrade if you want no frills. SmartMoney had this to say of the 6.95 a trade firm:
'Bond capability and accounting tools move this dirt-cheap firm into prime time.'
November 11, 2005 in Discount Brokers | Permalink | Comments (1)
The brokers in the basic discount-broker category focus on delivering reliable online trading at a rock-bottom price; they cater to self-directed investors who aren’t looking for investment advice. These firms have been adding features in the past few years, but many still won’t let you trade bonds online.
With an impressive array of tools and features—everything from ATM cards to precious-metals storage—Harrisdirect was tops in the category. The accountants who work at the brokerage have been busy: In January, Harris unveiled tax-lot accounting, enabling customers to choose which shares of a stock to sell based on tax concerns—the ones that have appreciated the least, or perhaps shares that were acquired over a year ago. Sounds a little dry, but several independent financial advisers told us that accounting tools are their No. 1 criterion for choosing a broker. “That’s what people need, especially when it’s time to sell,” says Ray Julian, a certified financial planner based in Boston. Not everything was perfect: We wished the broker had a single buy-write tool that would allow investors to buy shares of stock and sell call options in one step, creating a covered call. Another caveat: If you don’t have $50,000 with Harris, commissions jump to $14.95 from $7.95.
July 24, 2005 in Discount Brokers | Permalink | Comments (0)
Smart Money ranked the top 5 online discount brokers:
OptionsExpress
Murial Siebert
TD Waterhouse
Ameritrade
HarrisDirect
#6 is my current favorite online discount broker, Firstrade. they have $6.95 trades, lowest of the top 6 but definitely no-frills. OptionsExpress is "nearly flawless" online trading at $14.95.
May 01, 2005 in Discount Brokers | Permalink | Comments (0)
Scottrade, a Discount Broker, allows individual investors to conveniently, comfortably and cost-efficiently place trades online, while offering the service and added assurance of 218 branch offices. The company, created to provide premium service with deeply discounted commissions, currently maintains more than 1.4 million individual accounts. On average, Scottrade executes more than 60,000 online trades each day.
March 20, 2005 in Discount Brokers | Permalink | Comments (0)
CHICAGO, March 7 /PRNewswire-FirstCall/ -- In its annual review of online brokers, the March 7, 2005 edition of Barron's names Chicago-based optionsXpress (Nasdaq: OXPS - News) the top browser-based brokerage for the third consecutive year. In what Barron's referred to as a "remarkable display of consistency," optionsXpress was the only Online Discount Brokerage browser-based to receive a 4 1/2 star ranking in this year's survey.
Through its subsidiaries optionsXpress, an online brokerage, and brokersXpress, an online trading and reporting platform for independent investment professionals, the company offers a wide range of investor tools, licensed customer service and competitive commissions. OptionsXpress has been named the top online securities brokerage by Barron's in its last three annual surveys (2003, 2004 and 2005) and the top discount securities brokerage by SmartMoney in 2004. It was also named "Favorite Options Site" by Forbes Best of the Web in 2004.
March 13, 2005 in Discount Brokers, Online Trading | Permalink | Comments (0)
Discount brokers
A discount broker is a person or company that provides trade execution for a variety of different trades. For trades, the consumer tells the discount broker to buy, sell or short, for example, and the discount broker does exactly as asked, but, nothing more.
The discount broker provides a service that is ideal for those looking to save money. So long as you understands the trade industry and don’t require a lot of coaching, a discount broker is a great resource.
The world of discount brokers is a highly competitive. Because of that, with the exception of offering advice on what or when to buy or sell, the discount broker can be considered a very similar to full-service broker. Discount brokers will perform option trades and execute stock. This includes limit or stop orders and odd lots. They trade on the NYSE, NASDAX or AMEX. Most discount brokers will also trade US treasuries and bonds.
Discount brokers are so popular because their fees are generally much lower than that of the full-service brokers. With the fierce competition, discount brokers now to provide the same services as full-service brokers.
The discount broker’s fees are low because they provide fewer products or bells and whistles. So long as the discount broker operates an effective system and the brokerage house provides a quality service, trading volume is kept very brisk and active.
Now days discount brokers can offer "no-load" mutual funds for a low commission. Many discount brokers are working with a “fund list” that offers free mutual fund purchases by special arrangements.
March 03, 2005 in Discount Brokers | Permalink | Comments (0)
Time rates the following Online Discount Brokers:
DLJdirect
www.dljdirect.com
RATING 9.3
RECOMMENDED FOR fundamentalist, long viewer, all-in-one
DETAILS At $20 per trade on limit orders, and down to 9.95 for active traders, it's the most complete Discount Broker package overall. It logged near perfect scores in five of our eight categories, with numerous research tools, products, services and securities (including precious metals), as well as tight interface design and around-the-clock customer service. While its trade screen will shine for any investor, DLJdirect gives special attention to investors with more than $100,000 in their accounts, including access to IPOs.
Charles Schwab
www.charlesschwab.com
RATING 8.7
RECOMMENDED FOR fundamentalist, long viewer, all-in-one
DETAILS The most expensive of the lot, at $29.95 per limit-order trade, but down to 9.95 depending on amount on deposit and activity. It's one of the most well-rounded sites, though, featuring an enormous number of research and planning tools, attractive charts and graphs and an intuitive design. Schwab's customizable home page lets you put your account information in one place for easy scanning at log-in. IPOs, solid customer support and online bill payment will cause less-frequent traders to consider this site, despite its more commissions. Online Discount Broker
Waterhouse Securities
www.waterhouse.com
RATING 8.6
RECOMMENDED FOR hard-core day trader, long viewer
DETAILS The best word for Waterhouse, among the Top 10 Discount brokers, is "compromise." Its limit-order commissions ($12 per trade) are lower than the other big discounters such as Schwab and DLJdirect, but they're higher than sites like Suretrade and Datek Online that are geared to hard-cores. Similarly, its basket of products, services and research tools is more basic than that offered by higher-cost services, but Waterhouse is more comprehensive when compared to the lean, mean deep discounter brokers. It scores high in customer support, simplicity, integration of data and research, and fees (it has the fewest of the group).
February 28, 2005 in Discount Brokers | Permalink | Comments (0)
According to a recent analysis by Credit Suisse First Boston, the average cost per trade among the top discount brokers is $15.75.
A quick comparison shows Charles Schwab, Fidelity and Quick & Reilly, offer a fairly high degree of research for $20 to $30 per trade) and more service than the "deep discount" brokerages, such as Suretrade, Scottrade, or Firsttrade which provide the less frills for $7 to $10 per trade.
February 27, 2005 in Discount Brokers | Permalink | Comments (0)
A discount broker is a stockbroker who charges a reduced commission, but provides no investment advice.
It used to be that only the wealthy could afford a broker and access to the stock market. The internet brought an explosion of discount brokers that let you trade at a smaller fee. However, it is important to remember that discount brokers don't provide personalized advice. Because of discount brokers, nearly anybody can afford to invest in the market.
For those who wish to do their own research or don't invest a lot of money, a discount broker is an excellent way to invest.
February 23, 2005 in Discount Brokers | Permalink | Comments (0)
When you open an Ameritrade® account, you'll pay just $10.99 for Internet equity trades, including stop and limit orders. You'll also have access to Ameritrade's newly redesigned Web site and powerful trading tools that help you take control of your financial future.
You can see how Ameritrade stacks up to other online discount brokers and online brokers by following this link - Ameritrade even has an interactive commision comparison tool you can use.
With Ameritrae you pay only $10.99 per Internet equity trade, including stop and limit orders. It doesn't matter if it's 100 shares or 10,000 shares, you still pay only $10.99 per Internet equity trade!
February 11, 2005 in Discount Brokers | Permalink | Comments (1)
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