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valunvesthere (23.23)

Which Online Discount Brokerage(s) do you use? And Why?



February 06, 2014 – Comments (4) | RELATED TICKERS: AMTD , ETFC , SCHW

STEP ONE: Mention brokerage(s). (if brokerages(s) not listed below please mention in your comment)

List of Online Stock Brokerages in United States

• Charles Schwab • E-Trade • Fidelity • Firstrade • Interactive Brokers • Lightspeed Web Trader • Merrill Edge • OptionsXpress • SogoTrade • TD Ameritrade • thinkorswim • TradeKing • TradeStation • USAA • Vanguard • Wells Fargo • Zions Direct • and others.

List of Online Discount Stock Brokerages in Canada 

• BMO Investor Line • CIBC Investors Edge • Credential Direct • Interactive Brokers • Questrade • QTrade • RBC Direct Investing • Scotia i-Trade (formerly e-trade) • TD Waterhouse • Virtual Brokers • and others.

STEP TWO: Mention brokerage(s) charging structure(s)

List of Fees, Commisions, and Rates 

• Initial funding requirement • Stock trade commission • ETF trade commission • Options trade commission • Annual account fee • Margin Rates • Foreign Exchange Rates • and others

List of Tools, Services and etc. 

• Trading Platform(s) • Real-time quotes • Real-time trades • research tools • commentary • and others

Who is this brokerage(s) suited for?

What is your experience with this brokerage(s)? 


4 Comments – Post Your Own

#1) On February 06, 2014 at 10:16 PM, rd80 (95.48) wrote:

Wells Fargo's WellsTrade

Not sure about initial funding.  When I opened the account, it was no fee with 100 free trades per year if you had more than $25k of business with Wells - that included mortgage balances.  Stocks priced above $1/share and ETFs are eligible for the free trades.  Don't recall the commish for options or margin rates.  As far as I know, the brokerage doesn't have forex trading.

Has real time quotes, real time trades, some research tools (S&P reports, Wells commentary and research).

Suited for someone primarily invested in stocks, etfs and mutual funds.  I think you can buy and sell individual bonds, but have never looked in to that.  You can trade options, but I think it's pretty basic buy or sell puts and calls and, as mentioned, I don't know the commissions for options.

I've been quite happy with the brokerage.  Biggest selling point for me is the free trades.  I think the last time I paid a fee or commisssion was 2008 when I bought Fannie Mae for <$1/share.

Disclosure - I'm also a WFC shareholder.

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#2) On February 07, 2014 at 11:36 AM, constructive (99.97) wrote:

Interactive Brokers

Suited for more active investors (>20 trades per year), professionals / semi-professionals, margin users, options traders, people who place more emphasis on fees and execution than ease of use.

Most trades are $1, with a $10 per month minimum. Lowest margin rates of any discount broker. Best price execution of any discount broker (especially for options). Extremely powerful trading platform (includes a lot of stuff that you won't use).

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#3) On February 07, 2014 at 11:37 AM, constructive (99.97) wrote:

I forgot, they have the best forex and foreign market access of any discount broker too.

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#4) On February 07, 2014 at 11:48 AM, jamiejackjet (22.62) wrote:

For Canadians Virtual brokers is the worst choice, you have to watch them when your stocks split, I had thousands of dollars disappear from my account  when Mastercard split 10 to 1, it took them a week to correct problem and put the money back in my account.






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