July 29th, 2009
Best Bets in Online Brokerages
Consider these five online brokerages with low rates for stock trades and introductory offers whether you are a new investor or an active trader. With the Dow back over 9,000, if you are fidgeting on the sidelines, now may be the right time to get back into the market with our top picks.
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Introductory Offer
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Trade Costs
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Minimum
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Plus Points
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$100 off transfer fees when you switch to Scottrade
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$7 trades for stocks over $1, plus $1.25 commission
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$500 to open an account; $2,000 for a margin account
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Excellent customer service with service representatives available for extra service and chat support via phone, email, or at one of Scottrade’s 400 branch offices nationwide
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30 days of commission-free trading when you open your account with at least $2,000 before September 30, 2009; fund your account with $25,000 and also receive a $100 cash back bonus
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Flat-rate $9.99 commission per Internet equity trade, regardless of how many shares, account balance, or trading frequency
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$2,000 to open any non-IRA and $1,000 for IRA account
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Trading tools, like QuoteScope and Options 360, offer an extensive and well-organized trading platform, innovative resources, and educational materials; also the longest-running brokerage of these five with 30 years of experience
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Refund on transfer fees up to $150 for switching to TradeKing
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$4.95 per trade for market, limit, and broker-assisted trades; plus $0.65 per option contract, offering 19 different option chains
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No minimum account balance
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Does not charge extra for broker-assisted (call-in) trades; rated #1 in customer service by SmartMoney in 2008 for its short hold times, fast email responses, and online broker chat
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Maintain a $25,000 balance or execute 25 trades a month and you receive 10 free stock trade each month
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If you don’t qualify for the 10 free trades, stock trades are $4.50 and options trades are $4.50 plus $0.50 per contract
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No minimum balance; $2,000 minimum for a margin account
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Touted as the king of deep discount brokerages for its low commission rates, free monthly trading privileges if you qualify, and one of the lowest cost stock trades, option trades, and mutual funds in the business
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No introductory offer
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For Basic: $4 per stock trade, For Standard: 6 per month free, $2 each additional, For Advantage: 20 per month free, $1 each additional; $9.95 per option trade plus $1.50 per contract
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No account minimum; subscription fee is $0 for Basic, $12/mo for Standard, $20/mo for Advantage
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Good choice for those new to investing with Basic, Standard, and Advantage options to fit your trading needs, and the useful option of Automatic Investments, which schedules investments on a weekly, biweekly, or monthly basis
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Really? “With the Dow back over 9,000… now may be the right time to get back into the market”?
Are you sure? I might have phrased it “With the Dow back over 9,000 (having burst by 10% in two weeks) and the economy still in a shambles, right now may not be the perfect time to get into the market, but if you dollar-cost-average your way in, these are some brokerages to consider.”
It’s nice to see the brokerages side-by-side, but you can never time the market. Even if you think the long-term outlook of the market is good, you’re delusional if you think you’re buying low right now after recent gains.