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Thread: online brokers

  1. #1
    God/dess krchab99's Avatar
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    Default online brokers

    I am looking to get into tradeing stock and I wanted to know what online brokers you guys find to be the best and why thank you.

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    Senior Member susan22's Avatar
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    Default Re: online brokers

    If you're serious about it check out Interactive Brokers (http://www.interactivebrokers.com). They provide institutional level commission rates even to small retail traders. If you plan to trade significant volume, strategies involving also derivatives or are also interested in trading on international exchanges then IB is by far the best option out there.

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    Default Re: online brokers

    Susan, interactivebrokers.com looks absolutely fantastic !!!!! Way less expensive than the $7 per trade 'big name' online brokers i.e. TDAmeritrade, Schwab etc.

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    Senior Member susan22's Avatar
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    Default Re: online brokers

    I've been with them for many years now and have only good things to say. You have to be aware though that this is a direct access brokerage so you are expected to know what you are doing and can't expect much hand holding if you don't know the difference between a put and a call.

    They provide 24/7 customer service with additional call centers in Hong Kong and Switzerland besides the US which goes way beyond what AMTD, ET, SCH etc. would ever be willing to do for a customer. E.g. they will immediately call an exchange or ECN on your behalf even during after hours or pre-market trading if there is any order cancellation problem or if you ever happen to effect an erroneous execution outside the current market they will file a trade bust request for you within the 20 minute window and even eat the corresponding fees charged by the ECNs. A blessing if you trade high volume or automated strategies where you are bound to be affected by technical glitches once in a while.

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    Default Re: online brokers

    Thanks for the IB feedback, susan22 - I'd been wondering about opening up an account with them and never really had the confidence to, not knowing anyone else that had ever used it. I must admit, I found the demo interface a bit scary, but I guess one gets used to the trading screen style? I'll look at it again.

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    Default Re: online brokers

    I'm also interested...and feeling a bit sodomized by my $29-a-trade TDWaterhouse account.

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    Senior Member susan22's Avatar
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    Default Re: online brokers

    Clara, I'd suggest playing around with the demo system a bit if you're unsure. You should quickly get the hang of it. It does not involve much more than clicking on the offer to buy and the bid to sell. Everything else is typically set to reasonable defaults, so there's not really any need to study the whole system if you require just basic functionality. They also offer an alternative web-based interface that may be a better choice if you have just basic needs or if you are frequently using other peoples' computers. And you can even trade through a cell phone.

    There's no other brokerage, certainly not of this size and reputation, where you can get direct access executions at just half a cent per share as a retail customer.

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    Featured Member Katherine's Avatar
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    Default Re: online brokers

    Look through the threads I started in dollar den. I asked the same question, just don't remember what I named it. I think 'for those who invest' or something like that. I decided on and opened an account with Scottrade. No problems as of yet!!

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    Default Re: online brokers

    Quote Originally Posted by krchab99
    I am looking to get into tradeing stock and I wanted to know what online brokers you guys find to be the best and why thank you.
    How much are you looking to trade? How often? Are you an experienced investor? What is your risk tolerance? Are you familiar with downside risk protection, ie derivitives, etc.... Is this for playing money or is this for a significant portion of your famiy's porfolio?

    Basically, what is your goal exactly? I wouldn't recommend a discount broker unless you know exactly what you want to achieve, and how much you're willing to lose.

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    Default Re: online brokers

    Katrine is right......if you're not experienced, you have a greater chance of losing a LOT. Whatever you decide to do, I wish you a lot of success. The only advice I can give is to investigate EVERYTHING thoroughly!!






    (just click to donate FREE food to those in need...REALLY!)

  11. #11
    Senior Member susan22's Avatar
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    Default Re: online brokers

    Quote Originally Posted by Katrine
    How much are you looking to trade? How often? Are you an experienced investor? What is your risk tolerance? Are you familiar with downside risk protection, ie derivitives, etc.... Is this for playing money or is this for a significant portion of your famiy's porfolio?

    Basically, what is your goal exactly? I wouldn't recommend a discount broker unless you know exactly what you want to achieve, and how much you're willing to lose.
    I wouldn't recommend any kind of broker before these questions are answered. A broker's incentives are never aligned with your own provided your goal is income generation or capital appreciation and not just gambling thrill. A broker makes the most money by churning your account, i.e. making you trade as frequently as possible and for most people that does not tend to lead to their desired result long term.

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    God/dess krchab99's Avatar
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    Default Re: online brokers

    Quote Originally Posted by Katrine
    How much are you looking to trade? How often? Are you an experienced investor? What is your risk tolerance? Are you familiar with downside risk protection, ie derivitives, etc.... Is this for playing money or is this for a significant portion of your famiy's porfolio?

    Basically, what is your goal exactly? I wouldn't recommend a discount broker unless you know exactly what you want to achieve, and how much you're willing to lose.
    I am just starting and i am not putting any money in that would be a signigigant hit to my family this is just for experiment and even if i get good at it i will never put in more then i can comfortably loose. I am a complete novice i bought a book trading for dummies and I opened a trade king account. www.tradeking.com I am excited to do something that will be proffesinal and fun during all my time at home as a stay at home mom. For me its an exerise for my brain.

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    Default Re: online brokers

    Thank you :-). I'll try it again this weekend: I just felt really intimidated by it the first time, maybe it put me off too easily.


    Quote Originally Posted by susan22
    Clara, I'd suggest playing around with the demo system a bit if you're unsure. You should quickly get the hang of it. It does not involve much more than clicking on the offer to buy and the bid to sell. Everything else is typically set to reasonable defaults, so there's not really any need to study the whole system if you require just basic functionality. They also offer an alternative web-based interface that may be a better choice if you have just basic needs or if you are frequently using other peoples' computers. And you can even trade through a cell phone.

    There's no other brokerage, certainly not of this size and reputation, where you can get direct access executions at just half a cent per share as a retail customer.

  14. #14
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    Default Re: online brokers

    I would never recommend a beginning investor go out on their own and buy individual stocks, and certainly not get into day trading. If you simply want to experiment, do some paper (simulated) trading on a spreadsheet progam. You get all the excitment and experience without any of the risk, and paying any of the fees. Even at Scotttrade prices those commisions can really add up. Stick your real money into a safe investment (CD, money market) in the meantime.

    Also I'd recommend you bone up on some more literature first to learn the lingo and to learn the consequences related to decisons you make, esspecially in regards to taxes. The Dummies books series is fine, but you need one that teaches more about general investing options and isn't suited for active stock trading. Like say, this one...

    http://www.amazon.com/Investing-Dumm.../dp/0764599127

    You may discover after awhile that mutual funds may be more suited to your tastes, at least until you're comfortable with picking stocks.
    Former SCJ now in rehab.

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    Default Re: online brokers

    Thank you doc I will take your advise and get that book. I do plan to do a lot more learning and playing around before investing large amounts of money but i am intreasted in building up to day trading or swing trading in the future not now though i am not ready.

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