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I've had a Capital One Investing account (formerly ShareBuilder) since 2008 that I have used for stock investing separate from my 401K. Some of you might be aware that E-Trade is buying Capital One Investing's accounts, and therefore my account will become an E-Trade account later this year. I have been researching E-Trade, TD Ameritrade, and Fidelity as those three seem to align most heavily with what I am looking for, but I can't decide which one is the best one to go with. I'm open to others such as Merrill Edge and Schwab...I just haven't looked into them too deeply.
Basically, I am looking for advice on what broker you use, what you like or don't like about them, and any brokers that fit some or all of the criteria below:
1) Research tools / stock analysis - Morningstar and the like, and easy tools to compare ratios and financial data between different stocks. One weak area of Capital One is that their comparison tools aren't always the easiest to use.
2) Commission-free money market - One thing I will miss about Capital One Investing is their commission-free money market fund that is currently at a 1.85% rate. I have some uninvested cash in my account, and 1.85% while you wait is nicer than the paltry amounts savings accounts are paying these days. This is money that I will eventually invest, so I want to keep it fairly liquid. I haven't yet found any other brokers that have commission-free money market funds.
3) Customer Service / Reliability - I never had issues with Capital One, but I'm a little wary about some of the things I have read online about other brokers. TD and Fidelity seem to have pretty good reviews overall, but there are also some complaints including slow trade placement, bad customer service, website downtime during high traffic, etc. E-Trade seems to be pretty middling when it comes to customer service. TD Ameritrade has a local office in my city, which I consider to be a little bit of a plus even though I'm not sure I'll need it, but it is nice to have.
4) Trading tools - I don't do much daytrading, but I still like to analyze charts and am looking for a broker that has fairly robust chart analysis tools. When I invest in a stock, I typically start with fundamentals research, then move into chart analysis to see if there is a good entry point or if I should wait for a pullback.
I have - or have had - accounts with E-Trade, Schwab, Fidelity, and TradeStation, and currently have accounts with the latter three. I used E-Trade long ago, mostly for options, then went to optionsXpress (which was taken over by Schwab). I don't see a lot of added value to Schwab vs. other brokers, other than the usefulness of their stock information (far better than public sites like Yahoo finance) tools, so I will probably keep that account open with a small balance. I have had a good experience with Schwab, but they don't stand out in my mind, either.
I have used Fidelity and TradeStation for decades, and am very happy with both, for different reasons.
Fidelity has great service and integrity, and is great for retirement accounts and inexpensive brokerage transactions. Their Active Trader Pro platform is very good, especially when backed up by their web-based tools and research. I trade with it daily. I worked for Fidelity for a number of years, so I know they are a good company. Highly recommended.
I use TradeStation Securities mainly for the trading platform, which is highly programmable and customizable, and I do the vast majority of my technical analysis and decision making with tools I've programmed, or are available in the platform. There is a very active user community and forums, with tons of user-provided analytical tools and indicators, and lots of discussion of how to use them. Service is adequate, but it's not good for retirement accounts, IMO. However, if you want tools, and/or can learn some programming skills, it's a fabulous platform. I wouldn't suggest it unless you really want/need the platform.
If you need a customizable trading platfomr, MetaTrader is a good choice that is offered by many brokerages, so you might want to consider one of those, as it's in much wider use. I have too much proprietary code in TradeStation to make it worth switching platforms, otherwise I probably would consider doing so.
I've had a Capital One Investing account (formerly ShareBuilder) since 2008 that I have used for stock investing separate from my 401K. Some of you might be aware that E-Trade is buying Capital One Investing's accounts, and therefore my account will become an E-Trade account later this year. I have been researching E-Trade, TD Ameritrade, and Fidelity as those three seem to align most heavily with what I am looking for, but I can't decide which one is the best one to go with. I'm open to others such as Merrill Edge and Schwab...I just haven't looked into them too deeply.
Basically, I am looking for advice on what broker you use, what you like or don't like about them, and any brokers that fit some or all of the criteria below:
1) Research tools / stock analysis - Morningstar and the like, and easy tools to compare ratios and financial data between different stocks. One weak area of Capital One is that their comparison tools aren't always the easiest to use.
As far as research goes, Schwab & Fidelity stand out with TD not far behind. The Schwab research has Morningstar, Ned Davis, Credit Suisse, Argus and their own proprietary. Fidelity also has their own as well as some of the mainstream.
2) Commission-free money market - One thing I will miss about Capital One Investing is their commission-free money market fund that is currently at a 1.85% rate. I have some uninvested cash in my account, and 1.85% while you wait is nicer than the paltry amounts savings accounts are paying these days. This is money that I will eventually invest, so I want to keep it fairly liquid. I haven't yet found any other brokers that have commission-free money market funds.
Not sure what you mean by commission free. Most B/D's will not have a transaction fee on their sweep accounts. If you have a purchased Money Market, that is a different story.
3) Customer Service / Reliability - I never had issues with Capital One, but I'm a little wary about some of the things I have read online about other brokers. TD and Fidelity seem to have pretty good reviews overall, but there are also some complaints including slow trade placement, bad customer service, website downtime during high traffic, etc. E-Trade seems to be pretty middling when it comes to customer service. TD Ameritrade has a local office in my city, which I consider to be a little bit of a plus even though I'm not sure I'll need it, but it is nice to have.
Fidelity has great customer service, and do a great job in training and dealing with retail clients. Schwab also has great customer service, their training is a bit lax in the regular retail client segment, but as you get into higher segments or trade teams you get more experience & more knowledge. Best thing about Schwab...just complain...complain...complain. You'll get free trades.
4) Trading tools - I don't do much daytrading, but I still like to analyze charts and am looking for a broker that has fairly robust chart analysis tools. When I invest in a stock, I typically start with fundamentals research, then move into chart analysis to see if there is a good entry point or if I should wait for a pullback.
As far as trading tools, the basic web based platforms are all the same, some fit your eye better than others, and require less clicks. Some simply have more intuitive layouts. As far as the active trading and charting capabilities, after being able to compare both Fidelity's Active Trader Pro & Schwab's StreetSmart Edge, I would side with Pro. Edge has some amazing features, and is very robust. Pro however as a trader gives me better charting, trade set up and ease of execution w/out having to set up hotkeys & click on tabs for different layouts. However, both are very good if you're just charting.
Not sure what you mean by commission free. Most B/D's will not have a transaction fee on their sweep accounts. If you have a purchased Money Market, that is a different story.
Sorry, I meant cash sweep...I didn't know the correct term for it. Capital One gives you the option of sweeping into FDIC cash account at .01%, or DGCXX money market fund at a 1.83% 7-day yield (which is what I am currently doing). They don't charge a transaction fee for either.
Do most brokers have money market accounts available such as DGCXX that you can sweep into without having a transaction fee charged? This is something I have tried looking into on Fidelity and TD's website, but haven't been able to find the answer.
Sorry, I meant cash sweep...I didn't know the correct term for it. Capital One gives you the option of sweeping into FDIC cash account at .01%, or DGCXX money market fund at a 1.83% 7-day yield (which is what I am currently doing). They don't charge a transaction fee for either.
Do most brokers have money market accounts available such as DGCXX that you can sweep into without having a transaction fee charged? This is something I have tried looking into on Fidelity and TD's website, but haven't been able to find the answer.
Yes, all cash sweep money markets will NOT have a transaction fee. That's a great yield, most I believe are in the .8-1.6% range.
I've had a Capital One Investing account (formerly ShareBuilder) since 2008 that I have used for stock investing separate from my 401K. Some of you might be aware that E-Trade is buying Capital One Investing's accounts, and therefore my account will become an E-Trade account later this year. I have been researching E-Trade, TD Ameritrade, and Fidelity as those three seem to align most heavily with what I am looking for, but I can't decide which one is the best one to go with. I'm open to others such as Merrill Edge and Schwab...I just haven't looked into them too deeply.
Basically, I am looking for advice on what broker you use, what you like or don't like about them, and any brokers that fit some or all of the criteria below:
1) Research tools / stock analysis - Morningstar and the like, and easy tools to compare ratios and financial data between different stocks. One weak area of Capital One is that their comparison tools aren't always the easiest to use.
2) Commission-free money market - One thing I will miss about Capital One Investing is their commission-free money market fund that is currently at a 1.85% rate. I have some uninvested cash in my account, and 1.85% while you wait is nicer than the paltry amounts savings accounts are paying these days. This is money that I will eventually invest, so I want to keep it fairly liquid. I haven't yet found any other brokers that have commission-free money market funds.
3) Customer Service / Reliability - I never had issues with Capital One, but I'm a little wary about some of the things I have read online about other brokers. TD and Fidelity seem to have pretty good reviews overall, but there are also some complaints including slow trade placement, bad customer service, website downtime during high traffic, etc. E-Trade seems to be pretty middling when it comes to customer service. TD Ameritrade has a local office in my city, which I consider to be a little bit of a plus even though I'm not sure I'll need it, but it is nice to have.
4) Trading tools - I don't do much daytrading, but I still like to analyze charts and am looking for a broker that has fairly robust chart analysis tools. When I invest in a stock, I typically start with fundamentals research, then move into chart analysis to see if there is a good entry point or if I should wait for a pullback.
Easy call, go with Fidelity. I've never had a problem since the early 90's with these guys!
Have used discount brokers as well as Schwab, Morgan Stanley Fidelity and Merrill.
I really like Fidelity and Merrill with preference to Fidelity for much better personal customer service. Personally, if you have retirement at one I would put the brokerage money at another. You never know, Fidelity's site went down a few times this year or last. Just nice to have the money split.
Depending on how much money you have to bring you can also get a nice little bonus. I got $1,000. Not chump change.
The cost of a trade these days is negligible for everyone unless dealing with very small amounts of investment money. When I started Fidelity wanted $25/trade IIRC, Scottrade was $7.95.
I have accounts at Schwab and Fidelity. Trades are $4.95 at each. I find the available research comparable. Schwab used to be better, but I think that are about equal now. The Fidelity web site is a little less intuitive, but everything is there once you get acquainted with it all. If you keep cash uninvested for a time, Fidelity offers more sweep account options (including some paying 1.8-1.9%). Schwab only offers MMA paying 0.4-0.5%. As a result, my Schwab account stays nearly fully invested.
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