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| Kingpin |
 Posted: Thu Mar 22, 2007 3:06 am Post subject: Online Brokerage Firms ??? |
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Investing Associate
Joined: 15 Jan 2007
Posts: 29
This Month: 0
14836.86 e$
Net worth: 14,836.86
Portfolio Value: 0.00
Monthly Return: 0.00%
Trades this month: 0
Churn Rate: 0.00%Items
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Who do you use and why ?
I am looking to throw 25 grand in some direction .
Possibly Scot Trade as of now .
What are your experiences with the one you use ?
Thanks |
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| X-investor |
| Posted: Thu Mar 22, 2007 4:53 am Post subject: |
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Investing Associate
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| I've used Firstrade some and have had no problems. Nothing grand, nothing bad, just run-of-the-mill disount broker. I read about a new broker in Entrepreneur magagzine called Zecco. It's the first online discount broker offering free trades as long as you keep it below 10 trades a day and 40 a month. SogoInvest and TradeKing are some other new cheap discount brokers. |
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| millzrm |
| Posted: Thu Mar 22, 2007 7:56 am Post subject: |
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Investing Associate
Joined: 12 Mar 2007
Posts: 41
This Month: 0
9179.40 e$
Net worth: 9,179.40
Portfolio Value: 0.00
Monthly Return: 0.00%
Trades this month: 0
Churn Rate: 0.00%Items
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It's the first online discount broker offering free trades as long as you keep it below 10 trades a day and 40 a month
How do they make money if they aren't charging 9.99 like TD Amertrade and ETrade? |
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| Dave Rathbun |
| Posted: Thu Mar 22, 2007 8:10 am Post subject: |
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CFO
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| I use E*Trade by default, since they bought out my former online broker. |
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| geb9696 |
| Posted: Thu Mar 22, 2007 9:47 am Post subject: |
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Investing VP
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| I use scottrade and e-trade. With e-trade know that if your account balance drops below 25k you will be charged a quartler maintaince fee. I have to go to class but I can give you more about my experiances using each brokerage later tonight. |
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| geb9696 |
| Posted: Thu Mar 22, 2007 12:54 pm Post subject: |
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Investing VP
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| Now that I have more time I would like to add to my previous post. I use both E-trade and Scottrade. From my personal experiance if a problem arises and believe me they tend to I would much rather be dealing with Scottrade compared to E-trade. With E-trade I have sat on the phone for hours trying to fix the problem. Scottrade kept me on the phone for no more then two minutes before my complaint was handled. While with any online brokerage you are going to have to monitor everything yourself Scottrade is much much easier to deal with when a problem arises. Also since there is a Scottrade 15 minutes from my house I am able to stop by there office if anything else happens. Overall, for me Scottrade is better but I also have less then 25k so the quartely e-trade fee applies to my account there which is annoying. Lastly, while I do not have an account with then I have been to the Fidelity office here in Washington DC and I was extremely impressed how well they treated me. That impression is why once my funds get larger I will be moving my accounts there. You may want to take a look at them. |
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| Dave Rathbun |
| Posted: Thu Mar 22, 2007 1:09 pm Post subject: |
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CFO
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E*Trade support stinks, there's no argument from me. I had accounts there and closed them, moving to another broker. Now I'm back because they purchased the broker I moved to.  |
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| Kingpin |
| Posted: Fri Mar 23, 2007 2:11 am Post subject: |
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Investing Associate
Joined: 15 Jan 2007
Posts: 29
This Month: 0
14836.86 e$
Net worth: 14,836.86
Portfolio Value: 0.00
Monthly Return: 0.00%
Trades this month: 0
Churn Rate: 0.00%Items
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what are the fees you are talking about ?
how much ?
thanks for ther replys everyone. |
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| zerolikedis |
| Posted: Fri Mar 23, 2007 3:28 am Post subject: |
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Investing Manager
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i use scottrade to buy mutual funds inmy roth (firstrade is about the same)
i uze zecco for stocks .. hey i am cheap plus i am not as good as i can be with buying targets .so i buy a few then when it goes down i buy more so my average purchase price is lowered . (investments like ge jnj ) |
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| X-investor |
| Posted: Fri Mar 23, 2007 7:09 am Post subject: |
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Investing Associate
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| millzrm wrote: | It's the first online discount broker offering free trades as long as you keep it below 10 trades a day and 40 a month
How do they make money if they aren't charging 9.99 like TD Amertrade and ETrade? |
Here's what Zecco says in their FAQ: "We make money from the interest on margin balances. It’s a small amount, about 3%, but on a large volume of customers it becomes a tidy sum. Secondly, we do charge commission for premium brokerage products like options trading."
http://www.zecco.com/reference/faq.aspx
Other websites also add that they are making decent money on advertising, such as Google Ads. I was reading the article below and they pointed out that Zecco will attract the novice investor which could be bad because small accounts won't generate a whole lot of spread revenue.
http://www.fool.com/investing/brokerage/2006/09/22/trade-stocks-for-free.aspx |
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| geb9696 |
| Posted: Fri Mar 23, 2007 8:34 am Post subject: |
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Investing VP
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| Kingpin wrote: | what are the fees you are talking about ?
how much ?
thanks for ther replys everyone. |
E-trade charges a quarterly maintance fee if you account is under 25k. |
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| Kingpin |
| Posted: Fri Mar 23, 2007 9:11 am Post subject: |
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Investing Associate
Joined: 15 Jan 2007
Posts: 29
This Month: 0
14836.86 e$
Net worth: 14,836.86
Portfolio Value: 0.00
Monthly Return: 0.00%
Trades this month: 0
Churn Rate: 0.00%Items
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| geb9696 wrote: | | Kingpin wrote: | what are the fees you are talking about ?
how much ?
thanks for ther replys everyone. |
E-trade charges a quarterly maintance fee if you account is under 25k. |
i got that part .. what is the figure ? or percentage ? |
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| geb9696 |
| Posted: Fri Mar 23, 2007 9:30 am Post subject: |
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Investing VP
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Your account will be reviewed on each quarter's Activity Record Date and a $40 Account Service Fee (ASF) will be assessed, if applicable, on the Fee Date, which is Wednesday during the last full week of each quarter as indicated below:
Quarter Activity Record Date Fee Date
Q1 2007 (12/27/06 - 03/26/07) 03/26/07 03/28/07
Q2 2007 (03/27/07 - 06/25/07) 06/25/07 06/27/07
Q3 2007 (06/26/07 - 09/24/07) 09/24/07 09/26/07
Q4 2007 (09/25/07 - 12/24/07) 12/24/07 12/26/07
You will not be charged an ASF if any of the following apply by the Activity Record Date (the Monday of the last full week of each quarter).
Account Types
Your account is an IRA
Your account is a Custodial account
Your account has been opened less than 12 months
Other Relationships with E*TRADE FINANCIAL
You have an E*TRADE Bank Money Market Account
You have an outstanding balance on an E*TRADE Bank VISA card
You have an outstanding balance on an E*TRADE Bank Home Equity Line of Credit
You have an outstanding balance on an E*TRADE Bank Home Equity Installment Loan
You obtained an E*TRADE Mortgage loan within the prior 12 months
You are an employee of a current E*TRADE FINANCIAL Corporate Services client
Account Activity
You execute one or more stock or options trades
You make a minimum of two bill payments using Online Bill Pay
You make at least three ACH deposits of at least $1,000 each
Minimum Balance
Your E*TRADE Securities account balance is at least $10,000
Your combined balance in linked E*TRADE Securities and E*TRADE Bank accounts is at least $20,000
Check Returned for Non-sufficient Funds $25 for first occurrence
$30 for second occurrence
$40 for third occurrence
Fed Call Extensions $25
Limited Partnership Fee $75¹ for re-registration on incoming transfers
$100 annually per limited partnership position for custody
Reorganizations $20 for mandatory actions (e.g., mergers, reverse stock splits)
$30 for voluntary actions (e.g., tender offers)
$50 for actions reflected on physical certificates
Restricted Securities Custody $150
Verification of Deposits (third parties) $20
Worthless Securities Processing $5
1 A one-time fee applied when the custodian of a limited partnership is changed from another brokerage firm to E*TRADE Securities. |
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| shabbang |
| Posted: Mon May 21, 2007 12:07 pm Post subject: |
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Investing Associate
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| E*trade, but only because I have to. |
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| mastermike311 |
| Posted: Fri May 25, 2007 3:07 am Post subject: |
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Investing Associate
Joined: 15 May 2007
Posts: 19
This Month: 0
9631.93 e$
Net worth: 9,631.93
Portfolio Value: 0.00
Monthly Return: 0.00%
Trades this month: 0
Churn Rate: 0.00%Items
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| What is the minimum amount of money you have to be willing to trade to use these larger trading sites like Scottrade? |
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